When checking through your transactions, you might come across a transaction that doesnât look right. If this is the case, you should get into contact with your bank as soon as possible. An unauthorised transaction: Money transferred from your account without your permission A mistaken transaction: Paying the wrong person by using the wrong details…
Buying an existing business can be a great entryway into being a business owner â but it does come with challenges. Following these steps might make it easier for you to make sure that the business you buy is right for you. Understanding if you are ready for business: This doesnât just involve the financial…
Super (AU): Pros and cons of home reversion Home reversion is when you sell a share of the future value of your home whilst still living there. You receive a lump-sum payment and continue to own the remaining share of your home equity. Pros You are able to continue living in your home after you…
Luxury car tax or LCT is a 33% tax on cars that have a value (including GST) above the set threshold. However, the tax is only on the value which is above the threshold. Businesses and individuals that sell or import luxury cars are required to pay LCT. You can make LCT payments in instalments…
The transfer cap refers to the amount of money that can be transferred from your superannuation account to your tax-free âretirement phaseâ account. At the moment, the transfer balance cap is $1.6 million and all individuals have a personal transfer balance cap of $1.6 million. Exceeding the personal transfer balance cap means that you have…
The business management style you adopt will depend on the needs of your business, what motivates your employees, and your style of work. Therefore, you do have some flexibility when it comes to the choices you make and how you manage your business. However, there are some which you should always avoid due to the…
Your credit score can affect loans and credit you apply for. You are able to have errors on your credit report fixed for free. The following are typical errors in credit reports, that you are able to get fixed for free. Errors by the credit reporting agency â there may be instances where the agency…
New COVID-19 cases resulted in Victoria going into a short lockdown. Although the lockdown itself wasnât very long, the estimated damage to the economy was high. Experts are saying that the short lockdown could cost the state $1bn. Although there have been no new local cases since, some restrictions will stay in place. For example,…
When you own a rental property, keeping records is important. These will help you meet tax obligations. Generally, only individuals with their names on the title deed declare income and claim expenses. Remember that the records must be kept in English or should be easily translatable into English, and kept for a minimum period of…