Minimum Financial Requirements from 1 October 2014 A new financial policy was introduced on October 1, 2014. The Minimum Financial Requirements Policy forms part of the Government’s Service Reforms. The new Minimum Financial Requirements (MFR) Policy no longer requires licensed contractors to provide financial information demonstrating they comply with the financial requirements yearly at renewal. Previously, each
Want to pay off your home loan faster…?
Debt Recycling is a clever strategy to help you pay off your home loan far sooner than what you ever thought was possible. It allows you to repay your home loan quicker saving large amounts of interest, which in turn builds your wealth sooner in an investment portfolio outside of superannuation and increases your tax
Time to Embrace Xero
At Initiative, we’re always trying to help simplify our client’s lives. We also recognise the importance of being able to run a business with accurate and up to date information at your fingertips. Our recommended solution to this age old problem is Xero. At Initiative we’ve embraced the use of Xero, so much so that
10 reasons why most people fail to create even modest wealth
Most people don’t achieve financial success. In fact, around 80% of Australians get to age 65 with less than $100,000 in assets outside their family home. At Initiative, we would consider $500,000 to be the bare minimum starting point for a decent retirement – and almost 90% of people aren’t even achieving that. So while
Research and Development Tax Offset
The Research and development (R&D) tax incentive provides a tax offset for eligible R&D activities and is targeted toward R&D that benefits Australia. It has two core components: a refundable tax offset for certain eligible entities a non-refundable tax offset for all other eligible entities AusIndustry jointly with the ATO manage and administer the registration
Xero Tip of the Month – Bank Feeds
Free up your time today Reconcile transactions from your bank, PayPal or credit card accounts in just one click. Always see accurate data You’ll be able to control cashflow and make better business decisions if you and your accounting professional can always see up-to-date financial information. Get anytime access on the go Whether you’re on
Tax planning… is it too late?
The end of financial year (30 June 2015) is just around the corner, which leaves you with less than two weeks to get your tax planning sorted. If you haven’t already considered tax planning, NOW is the time! We understand that life can sometimes get in the way, but if you, like many other Australians,
Protecting your income and why it’s so important
At Initiative, we are increasingly concerned about the number of clients who don’t have adequate levels of insurance, in particular, income protection insurance. Simply ask yourself, “If my income ceased tomorrow and I could not work for months or years, what would the impact be on my family? How would I pay for my weekly/ monthly expenses; the
SMSF Tax Planning – Tips & Traps
With the end of the financial year fast approaching it is time to look at some tax planning for your Self Managed Superannuation Fund. The following list provides some ideas, issues, and strategies that can be used (or need to be addressed) with your self-managed super fund before the end of the financial year: Ensure
Planning for your Financial Future
Some statistics around planning for your financial future There are just over 18,000 financial advisers with around 85% of financial advisers (that is, more than 15,000 of the 18,000 advisers) are associated with product manufacturers. In short, the bulk of the financial advisers in Australia are selling product rather than primarily providing financial advice –
