- Articles
- Changes to overseas working holiday tax
- Exciting new service offering at YML!
- Right Corporate Structuring
- Stamp Duty
- Annual Wage Review
- Interest Only Loans
- GOVERNMENT ANNOUNCES CHANGES TO THE WORKING HOLIDAY VISA MAKER PROGRAM
- Six Things that Can Keep a Business from Growing
- ATO ANNUAL REPORT
- How The Cloud and Automation Make Business Management Easier
- Avoiding the Wealth Creation Con Artists
- Why Business Owners Should Think Like Futurists
- Buying Property? Why You Should Care About Interest Rates
- Buying property through SMSF – what are the rules?
- 4 reasons to consider refinancing your home loan
- Big data for small business
- Does your super fund provide enough life insurance cover?
- HIFX - INTERNATIONAL PAYMENT EXPERTLY DONE
- Succession plan basics for small business
- Budget Alert – Should you put in place a Transition to Retirement strategy?
- FBT 2016 - WHAT YOU SHOULD KNOW
- How New Laws May Impact Your Use of an Earnout Right when Buying or Selling a Business.
- Transfer of Business Assets & Private Company Shares
- Financial Future Checklist
- Matters to Consider Before Setting Up an SMSF
- 6 Things that Work Better in The Cloud
- Can better inventory management improve business performance for Manufacturers?
- Should you register for GST?
- 5 Top Causes Of Stress for Small Business Owners Open page Preview for 5 Top Causes Of Stress for Small Business Owners
- 5 Reasons for Cash Flow Problems in Small Businesses
- Key man insurance, who do you need to insure?
- Finance options for buying a car
- Buying A Business? 5 Red Flags to Watch Out For
- Should You Take Your Small Business National?
- Upfront costs when buying a home and how you could save
- Insourcing vs outsourcing vs co-sourcing
- 7 Useful Web-Based Software Programs for SMEs
- Saving Tax Through Successful Loan Structuring
- Buy/sell agreements - do you need one?
- Newsletters
- New Work Tax Exemption (WTE) granted to SMSF Members
- New Tax Relief Introduction – Parliamentary Bill 2019
- Australian Immigration Visa Changes from 1st July 2019
- Land Tax Surcharge and You
- YML Insight April 2015
- Tax Liabilities to be reported to Credit Agencies
- Business Process Improvement
- Intelligent Process Automation (IPA) is here to stay
- Carry forward your unused Concessional Contributions
- 2015 Federal Budget Report
- Business Valuation
- Skilled Nominated Migration (190 Visa) – Live & Work in NSW
- YML Insight June 2015
- Prepaying Interest
- Superannuation Contributions at EOFY
- Financial Year End Planning
- Small Business Cyber Security
- How Business Process Outsourcing can bring value to your customers through technology
- Equity Crowd-Funding
- Low and Middle Income Earners – Tax Offsets
- Mortgage Insurance
- RBA Cash Rate Reductions - What it means for your Loan
- Insurance in Super
- Gift or lend to your child?
- GENERAL SKILLED MIGRATION (GSM)
- Proposed Superannuation Guarantee Amnesty – Have you correctly paid your staff super?
- How RPA and Bots are making Employees happier
- Super Guarantee – What Happens When You Get It Wrong
- Business Process Outsourcing – Take the Technology View
- The Importance of Estate Planning
- PRINCIPAL-AND-INTEREST VS INTEREST-ONLY
- UPDATE YOUR WILL
- SAFE HARBOUR FOR DIRECTORS OF STRUGGLING COMPANIES
- COVID-19 and Estate Planning – Your Will
- ATO is Auditing Rental Property Expense Claims
- JobKeeper 2.0 – Extension 1 and Extension 2
- How a Mortgage can improve your Financial Position / How a Mortgage can grow your Wealth
- REMINDERS! LAND TAX REGISTRATION and DEED OF VARIATION
- 2020-21 Federal Budget – Update
- UPDATING SMSF TRUST DEEDS
- SMSF - $1.6 MILLION TRANSFER BALANCE CAP
- CONTRACTOR vs. EMPLOYEE – EMPLOYER OBLIGATIONS
- FBT
- RPA for VEHICLE FLEET MANAGEMENT
- CRYPTOCURRENCY
- Using your Equity to Lower your Rate AND to Invest
- TRUST DISTRIBUTION IN 2018
- TAX PLANNING
- THE IMPORTANCE OF WITHDRAWING YOUR MINIMUM PENSION
- Bookkeeper Service – Why does your business need it?
- AUDIT INSURANCE – ATO Increasing Audit Activity in the Areas of Income Tax and Supe
- 5 Everyday Examples of IPA in Practice
- Deed of Variation – NSW Surcharge Land Tax
- Deed of Variation – NSW Surcharge Land Tax
- Is Your SMSF Investment Strategy Compliant?
- GST on Property Transactions has changed from 1 July
- INVESTMENT LOANS – IS IT WORTH TAKING OUT PRINCIPAL + INTEREST at 3.89% RATE*?
- GLOBAL TALENT SCHEME – Get the expertise your company needs…
- Business Intelligence (BI) in Small Business
- It’s started – Single Touch Payroll (STP)
- CAR LOAN – HERE’S AN OFFER
- Should you pay principal + interest on your investment property?
- Over 65? Downsize your home to contribute to your super!
- NEW Skilling Australians Fund (SAF) Levy
- Limitations to the Superannuation Death Benefit
- Did you know YML Group offers CFO Services?
- JobKeeper 2.0 – Extension 2 Commencing Soon
- NSW State Budget 2020-21 – Economic Stimulus Packages
- Would your business withstand one of its key people falling ill or dying?
- Superannuation Guarantee Amnesty – Self-Correct your past Super Guarantee Liability
- Non-Residents and SMSFs – Tax Alert!
- Managing your Money through this Crisis!
- Proposed Partner Visa Changes – NEW Two-Step Process
- YML Insight – Special Edition COVID-19
- FBT 2020 – What do you need to consider?
- Annualised Salaries – New Rules from 1 March 2020
- Economic Stimulus Package – JobKeeper Payment
- Superannuation and Pension Payment Changes
- Should I ‘fix’ my home loan?
- Economic Stimulus Package – Small Business Grants
- Working with Remote Staff – Business Process Outsourcing
- ATO Payment Arrangements – Avoid Overseas Travel Ban
- JOBKEEPER INCENTIVE – ENROLMENT REQUIRED 30/04/20
- GOVERNMENT INCENTIVES UPDATE
- Taxable Payments – New Compliance for Couriers and Cleaners
- Superannuation Guarantee Amnesty 2020
- Government announces Changes to the Working Holiday Maker Programme
- NEWS! CGT Main Residence Exemption to End for Foreign Residents
- EOFY Removal of Main Residence CGT Exemption for Non-residents
- YML Insight July 2015
- Economic Stimulus Package Updates
- BUY / SELL Insurance – What is it and how can it help your business?
- YML Insight August 2015
- Working from home: What deductions can you claim?
- COVID-19 – Rent Moratorium + Financial Support
- Applying For A Mortgage Is No ‘Walk in the Park’
- MyGov – What is it and how do you apply?
- SMSF – Would it suit you?
- Economic Stimulus Package – Small Business Grants
- Small Business Instant Asset Write-Off : NOW up to $25,000
- POWER BI - BUSINESS DATA TOOL
- Employees : Time and Attendance Platforms
- COVID-19 – Travel Bans and Exemptions
- COVID-19 – Workers Compensation and JobKeeper
- Funding to help small businesses re-open after COVID-19
- Digital Automation supporting Remote Work
- The Importance of Estate Planning
- Buying Property through your SMSF
- FBT 2019 – What’s new?
- Tax Time Checklist for Individuals
- Single Touch Payroll – NOW Mandatory for ALL Businesses
- Economic Stimulus Package Updates
- Should I leave my savings in the offset or in the redraw?
- Tax Planning and Restructuring to suit your Business
- Federal Budget 2019 – Immigration to Australia NEWS
- NOW is the time to consider your Year-End Super Contributions
- Federal Budget May 2016 - Superannuation and Social Security
- Federal Budget 2014-15 Update
- Federal Election 2019 Outcome – What it means for you
- STP – COMPULSORY Cloud-based Payroll Reporting
- AI and RPA changing the Future of Work
- SuperStream Deadline for Small Employers
- Superannuation Year End Considerations Continue!
- YML Insight February 2015
- Happy NEW Financial Year – ATO Changes Update
- Economic Stimulus Package Updates – JobKeeper 2.1
- Does your SMSF have an investment strategy?
- Business Process Outsourcing (BPO) – Remote / Offshore
- YML Insight March 2015
- General Outsourcing Services provided by YML
- How to get on top of your finances post COVID-19
- Other Topics
- RPA
- FAMILY TRUST DEED VARIATION
- ENCOURAGING NEWS FOR Permanent residency (pr) APPLICANTS
- WORK RELATED CAR EXPENSES - WHAT'S LEGAL?
- WHAT IS THE BEST WAY TO PAY OFF YOUR DEBTS?
- Business Protection Insurance
- Aiming to Make a Final Non Concessional Superannuation Contribution for 2016? Be Careful!
- Getting Organized and Planning Effectively This EOFY
- New Withholding for Non Residents
- Four Per Cent Stamp Duty Surcharge for Overseas Investors Buying Residential Real Estate in NSW
- Co-Sourcing: An Alternative To Out-Sourcing
- What Small Business Expenses Can You Claim?
- Israeli Tax of Trusts
- New Superannuation Rules
- YML Group App - Coming Soon
- Obtaining a Business Skills Visa
- Quick Tips to Pay Off Your Mortgage Sooner
- FBT on Christmas Gifts and Tax Deductibility of Christmas Parties
- Changes to the Assets Test for Centrelink Aged Pensions from January 1st 2017
- Why You Should Consider Co-Sourcing for your Business
- Is It Worth Fixing Your Loan?
- Co- Sourcing
- Shareholder's Agreements
- Tax
YML Insight August 2015
From Your Trusted Accountant
Is cloud accounting really worth all the hype?
The number of small business owners switching to cloud computing is expected to double in the next six years, according to a new US study from Emergent Research. That’s a massive increase from 37% to 80% - and here are six reasons it’s worth joining that 80% in the cloud.
- Improved bookkeeping Easy access, multi-level management, and vital record keeping all in a one-stop shop. Moving to the cloud will help you manage payroll tax, transactions, client details, inventory and other accounting records. Automate payment of taxes and invoices with ease.
- Multi-user access Collaborate on projects, manage content and share documents with multiple users in the cloud. Edit documents secure in the knowledge that all updated data and document history remains current and easily accessible from anywhere with an internet connection.
- Security and data recovery Servers crash. Malware and viruses attack networks. USBs and portable drives get lost. Internal systems get gutted by fire or water damage. Don’t become complacent about data security - lessen your risk with the cloud. Your data will be secure under industry best practice, 512-bit SSL encryption, and regular data back-ups; so in case of disaster you can instantly recover a recent system back up.
- Storage Gone are the days of constantly upgrading your groaningly full storage systems and predicting your required network data. Agile cloud systems store your data and expand as need demands. Efficiently access files, create your own data retention policies, and institute your preferred data management system with the cloud.
- Scalability Cloud systems are without boundaries - expand or shrink on the needs of your business, and add more resources into the cloud without a costly refit of IT systems.
- Save on resources Low costs, increased efficiency, and automatic free software updates means, with the cloud, you only pay for what you use. Your IT costs will drop because the cloud operator is responsible for the functionality of the cloud. Reduce your operational costs; streamline your business processes, while allowing your employees the same advantages of big business, without the operational costs. Create a level playing field, with the cloud.
If you’re looking to move to the cloud, or want a cloud accountant, contact us.
From Your Financial Adviser
I am over 40, what should I be thinking about to safeguard my future financially?
This is an excellent time for consolidation of all your hard work and assets. Try our over-40 financial security checklist, and see how you measure up. Do you….
- Have a savvy financial adviser? Your financial adviser should be an expert in your particular investment interests and goals, unpick the trends, and maximise your investment strategies. Meet regularly, and always check ASIC records to verify your advisor has the right qualifications and track record.
- Have an innovative accountant? Ensure your accountant is a partner in wealth creation, legitimately minimizing your taxes and creating extra revenue streams through strategies such as super fund investment. If your current accountant doesn’t match up, consider moving on.
- Have a debt reduction plan? This is crucial. Start paying cash wherever possible. Aim to keep all credit cards at zero each month. Plan to work off all other existing debts, such as mortgages, and prioritise in terms of which has the highest interest rates.
- Maintain your assets? Stocktake your existing assets, and then keep them in excellent condition. This covers everything from your house and car to any articles of high value that you’ve identified are assets unlikely to greatly depreciate.
- Have an emergency fund? Keep it stocked up and accessible. Budget a small amount of money each week into the fund so you’re covered for any unforeseen medical or other emergencies.
- Understand super performance? Understand how much money you will require to retire comfortably, in the lifestyle you desire. Make sure you understand your super investment products, and regularly monitor your account to ensure it is meeting your goals. Consolidate your super in the best product so you’re not paying fees for multiple unsuitable funds. Finally, think about setting up a self-managed super fund (SMSF). With the right advice and investment strategies, an SMSF can be tailored to suit your goals.
- Have multiple income streams for retirement? Which of your long-term investment products will be ripe for yield in twenty years? Diversify wherever possible, such as holding stock options as well as real estate. Look at what equity you can draw upon. Sometimes the modest but regular yearly turnover may be preferable to the high yielding but inconsistent product when planning for retirement.
- Have a business succession plan? If you own a business it’s a good idea to start thinking about how it will tick over once you retire. Start thinking about a likely successor, and consolidating the business so its structure won’t be shaken up by your departure.
If you said yes to more than four of these, then you’re well on your way to being financially secure. If not, this checklist will act as a helpful guide to find where the gaps currently lie in safeguarding your future.
From Your Finance Specialist
What are my options for borrowing to invest in the property market?
Whether you’re a homeowner, an experienced investor, a business owner, or all of the above, you may be thinking about expanding your real estate portfolio. You already know there are many things to consider when investing in property, but we can offer a few tips to enlighten and lighten the stress of buying property.
If you are in the market to borrow and buy an investment property, you may be aware that most lenders have reduced their LVR (Loan to Value Ratio) forcing investors to come up with a bigger deposit. If this is an issue that concerns you, there is still good news. Options are always available to make your financial goals work, despite any hurdles that may present themselves.
- You could save for a larger deposit. This might seem daunting, but the professionals at YML Group can assist you to assess your finances.
- You could buy a property using up to 20% of a parent/s’ property as a security. This is a decision that requires thought and consideration, and of course, a willing parent!
- If you already own a property, you could increase your equity in that property by making bigger monthly payments. By increasing your monthly payments to above the minimum amount, you could save yourself paying additional mortgage insurance.
- If you have a high limit on your credit card that goes consistently unused, it can be a good idea to reduce the limit on your credit card. If you have multiple cards, it’s also a smart plan to assess the limits, how often you use the cards, and whether you need multiple accounts. Lenders consider the limit on your credit card, not the actual debt, when assessing your request for finance.
For more information, tips, and financial guidance, give the finance specialists at YML Group a call. We’ll be happy to talk you through the process of investing in the property market.