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Consolidating your super

Posted on October 21, 2020 by admin

Consolidating your super can save you time and money. Consolidating your super means that rather than having multiple different accounts, all your super is in one account. Why you should consolidate your super: Choosing to consolidate your super means that you will no longer be paying fees to multiple super funds. There is also less paperwork to complete each time You will be able to track your super more easily Before you consolidate your super: Consider how changing super funds affects employer contributions: Certain employers may contribute more to one fund than another. In which case, you should consider switching […]

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What property investors need to look out for

Posted on October 14, 2020 by admin

All investments have an aspect of risk and property investment is no different. How comfortable you are with the risk is generally an indication of your financial situation, age and expertise. There are a few common areas that pose risks to properties that investors should be aware of before entering into the market. Market risk Like other forms of investing, there is the danger of the market crashing or seeing a significant turn. By investing solely in property, you run the risk of lack of diversification, meaning if the market were to shift, so would your investments. You can slightly […]

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Choosing a super funds

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Choosing a super fund requires taking multiple things into consideration. Such as its performance, the fees you will be required to pay, details of the insurance, and different investment options that are available. Performance Performance is one of the most important things to consider when choosing a super fund. Take a look at how the super has been performing over the years. Compare how one super compared to others, but remember to compare within categories. Low fees All funds will charge a fee – this could be amount or percentage or even both. Checking to make sure that you aren’t […]

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Insurance for your super

Posted on October 6, 2020 by admin

Most super funds offer insurance as part of their super plan. It is important to be aware of what types of insurance you are covered by through your super fund to help you determine if you need extra cover outside your super and if you have adequate support in the event that you cannot work. There are three types of insurance that can be available through super funds: Life insurance (also known as death cover): This is the most common of all personal super insurances and is part of the benefits your beneficiaries will receive when you die. Life insurance […]

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What is Salary Sacrificing for Super

Posted on October 1, 2020 by admin

One of the most effective ways to add to your super balance is through salary sacrifice. Salary sacrifice involves the employee agreeing to exchange a portion of their salary (before tax) for an increase in superannuation contribution by their employer. Contributions made through salary sacrifice are classified as employer contributions, not employee contributions. These are taxed at a maximum of 15% (if you earn under $250,000 per year) which is lower than the marginal tax rate most employees are charged. The amount that you ‘sacrifice’ cannot be assessed for taxation purposes i.e. it is not subject to PAYG. Employees should […]

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Amnesty means that 24,000 businesses own up to underpaying Aussies superannuation

Posted on September 24, 2020 by admin

An amnesty scheme which ended earlier this month has caused around 24,000 businesses to admit to underpayment of their worker’s super. A total of 588 million dollars will be distributed to almost 400,00 individuals. The scheme, which covered payments from the introduction of super in 1992, gave employers the opportunity to come clean without any consequences as long as they paid the unpaid super as well as 10% interest for every year the money was overdue. The ATO will be directing its attention at any businesses that did not admit fault and these businesses will face severe penalties. Many individuals […]

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What to consider when consolidating your super

Posted on August 26, 2020 by admin

The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more than one job. If this is you, it is important to identify and manage your super accounts because having more than one can be costly as a result of account fees from multiple funds.To combat this, you may want to consolidate your super, which moves all your super into one account. Not only does this save on fees, but it also makes your super easier to manage and […]

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What is an SMSF auditor and what do they do?

Posted on August 19, 2020 by admin

Self-managed super fund (SMSF) trustees are required to appoint an ATO-approved SMSF auditor no later than 45 days before lodging their SMSF annual return. An SMSF auditor is a professional who assesses your fund’s compliance with superannuation law and examines your fund’s financial statements. SMSF auditor eligible requirements Your SMSF auditor must be: Independent. SMSF auditors cannot audit a fund that they hold financial interest in, or have a close personal or business relationship with the SMSF members or trustees. Registered with ASIC (Australian Securities & Investments Commission) and holds an SMSF auditor number for you to provide on your […]

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Buying property through your SMSF

Posted on August 12, 2020 by admin

Using SMSFs to buy property has become increasingly popular among Australians in recent years, particularly since it became possible for SMSFs to borrow money to fund a direct property purchase. Residential property A residential property owned by an SMSF has some limitations as to who it can be leased to. To buy property through your SMSF, the property must meet the following requirements: It meets the ‘sole purpose test’ of solely providing retirement benefits to members of the fund. It is not acquired from a related party of a fund member. It is not to be lived in or rented […]

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How to select a default fund for your business

Posted on August 7, 2020 by admin

Business owners might be required to select a default fund for employees when they do not want to nominate their own superannuation funds. Funds should meet specific requirements that are stated as per super law, so it is important to select a complying fund. However, there are other factors that you may have to think about before selecting a default fund to make sure that you and your employees get the most out of it. PricingNaturally, one of the main considerations while selecting a super fund should be pricing. Funds that have a lower fee may not cover extras, and […]

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Small businesses and mental health

Posted on October 21, 2020 by admin

Owning and running a small business often means that you are responsible for most or all of the tasks that need to be completed. Often, owners will find their time being entirely occupied with their business. This can take a toll on their mental health and cause work related stress. Which not only inhibits one’s ability to complete the duties of their role, but also puts them at greater risk of developing mental health conditions.

Keeping work hours in check

Although it is tempting to focus on your business at all times, this can prevent individuals from participating in other activities which are important for physical and mental health. Business owners may feel motivated and enthusiastic to put extra time into their work, however, long work hours have been associated with poorer mental health, fatigue, burnout, worry, and irritability.

Creating a work life balance by setting time limits on work hours might be a necessary precaution at the start. Taking breaks during the work day and setting time aside during the week will be extremely beneficial.

Accessing support

Running a small business can often be isolating as there is rarely someone to share concerns of the business with. This will mean that owners are dealing with all of the issues on their own.

Discussing issues that arise with family or close friends can help reduce the feeling of being isolated. Alternatively, there are groups of small business owners who, and business mentors who may be able to understand and relate to what owners are experiencing, and potentially provide relevant advice.

Maintaining a healthy lifestyle

A healthy lifestyle can help individuals manage stress and work towards improved mental health. This will also improve the ability to focus and concentrate when working.

Developing good sleeping habits is a great way to kickstart this process. It can also be helpful to try different relaxation techniques such as meditation and exercise is an important start. Remember that this is a trial process, so trying different techniques to find the most effective one is essential.

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