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Should you use a personal loan?

Posted on April 18, 2018 by admin

A personal loan can come in handy if you need some extra cash to fund a purchase, but it may not always be your best option. Before you sign away, you will need to understand how personal loans work and if they are appropriate for your circumstances. A personal loan is when a person borrows a set amount of money over a time period, along with interest, fees and charges from a credit provider. There are generally two types of loans: secured and unsecured. Secured loans are secured by an asset, i.e., a car or home, in the case you would default on the loan. These loans have lower interest rates as the asset could be sold if you cannot repay the loan. Unsecured loans, on the other hand, are not secured by an asset and therefore generate higher interest rates. A credit provider has the ability to take you to court if you cannot repay the loan. One of the first things you should check when deciding on a loan is the interest rate. You can calculate how much interest you will pay over the lifetime of the loan by multiplying the annual interest rate by the term of […]

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Succeed in sales

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Closing a sale is the end goal for many business owners but often knowing how to close the deal is a challenge. Here are three ways to improve your sales approach: Remove your agenda A sales prospect can usually identify when a salesperson is running off an agenda. The salesperson comes across as pushy, they don’t match the prospect’s concerns with the product or service on offer, and they don’t give the prospect much time to talk. This approach can appear insincere and impersonal, thereby creating the opposite effect and driving the prospect away. Ask questions Dive into the prospect’s concerns and challenges by asking them questions to see if your product/service is suitable. Find out what is important to them and their expectations. If your products/services are a solution for them, pitch them or provide alternatives. Do not expect that your product or service is going to be a solution for everyone. Show value Value is a critical factor in a prospect’s purchasing behaviour. Using value-based selling can be helpful at generating more sales as it focuses on addressing the prospect’s problems by showing them the benefits of your product/service. Furthermore, providing examples of results, client testimonials and so […]

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How to catch out an illegal super scheme

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When a super scheme seems too good to be true, it often is. Many illegal super schemes are operating in Australia, so it is crucial to understand the characteristics of such schemes. A popular illegal scheme is one whereby an individual is enticed by being told they can access their super early to pay off a credit card debt, go on a holiday, buy a car and so on. Generally, such schemes are illegal as superannuation can only be accessed early by meeting a condition of release. Those promoting such schemes usually: – Encourage individuals to transfer super from an existing super fund to an SMSF to access super before they are legally entitled to; – Target those under financial pressure or who do not understand the super laws; – Claim you can use your super for anything you want; – Charge high fees and commissions, and risk losing some or all of the individuals super to them. Unfortunately, participating in these schemes subject the affected individual to identity theft from the promoter of the scheme. Identity theft is when someone uses another person’s details to commit fraud or other crimes. Individuals need to be aware that super is usually […]

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Changes to GST payments at settlement

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Buyers of new residential premises or subdivisions of potential residential land will need to pay the GST component of the purchase price to the Australian Tax Office (ATO) as of 1 July 2018. The amount of GST will not change. This change does not affect the sales of existing residential properties or the sales of new or existing commercial properties. Buyers will need to split the amount of GST from the total purchase price, pay the GST component directly to the ATO by a disbursement at settlement and pay the GST exclusive purchase price to the vendor. It is important to note settlements will not be conditional on the payment of GST to the Tax Office. It is the property developer’s responsibility to provide written notice to the buyers when they need to withhold. The liability for GST remains with the property developer.

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How to improve efficiency

Posted on April 16, 2018 by admin

Efficient businesses create more with less. They are driven by highly-motivated employees and inspirational leaders. They understand the power of time-management, organisation, and most importantly, managing their resources. To improve the efficiency in your small business, consider the following: “Eat the frog” Starting your day by “eating the frog first” helps to tick off the important items on your to-do list and avoid procrastination. Completing your hardest or most urgent task first is critical in developing self-discipline and meeting your deadlines. Once you do “eat the frog” all subsequent tasks will seem a lot easier and manageable, helping to get you into a more productive workflow. Create boundaries Technology is one of the biggest distractions in the workplace, so it is important to create clear boundaries with how you will use it while working. For example, you may choose you hide your phone or not attend to emails for certain periods of your working day. Work in intervals Studies show working in intervals rather than large time blocks is more effective in boosting concentration and overall productivity. Encourage staff to take regular breaks, and to work in intervals for higher levels of problem-solving and creativity. Reduce meeting time Wasting time […]

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Staying ‘super’ compliant

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Employers have a legal responsibility to pay eligible employees superannuation to provide for their retirement. And although most employers do the right thing, some do try to bend the rules which can see them facing hefty penalties. Employees are entitled to superannuation if they are paid $450 or more before tax in a calendar month, this is known as the super guarantee (SG). To remain complaint, employers must pay SG quarterly using SuperStream. Not paying on time or not paying the right amount may mean you need to pay the super guarantee charge (SGC) and you cannot claim a tax deduction for super payments. Additionally, employers must report and rectify missed, late or underpaid SG contributions by lodging an SGC statement by the due date. The ATO reminds employers who are able but unwilling to meet their obligations that they are breaking the law. Firm compliance action is taken for employers who: – Repeatedly fail to pay the correct amount of SG – Attempt to obstruct the ATO’s ability to determine an SGC liability – Repeatedly fail to keep appointments – Repeatedly fail to supply information that is irrelevant, inadequate or misleading – Engage in any culpable behaviour to delay […]

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Fuel tax credit mistakes

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Fuel tax credits are provided to businesses who acquire, manufacture, import or use fuel in part of running a business. These credits can greatly benefit business owners but it is important to get the claim right. The ATO sees common mistakes made when calculating and claiming fuel tax credits, including: Wrong calculationsA common error is to calculate fuel tax credits using the cost of the fuel rather than the quantity of fuel multiplied by the relevant rate. The correct formula is: quantity of eligible fuel x correct fuel tax credit rate = fuel tax credits. Inaccurate recordsYou must keep accurate records of your fuel purchases and how the fuel is used in your business. If you claim less than $10,000 a year in fuel tax credits, you can use a range of documents to support your claims. Using an incorrect rateFuel tax credit rates change every February. Check the rates before you lodge your BAS. The current rates for fuel acquired from 5 February 2018 to 30 June 2018 are as follows: Eligible fuel type Unit Used in heavy vehicles for travelling on public roads All other business uses (including to power auxiliary equipment of a heavy vehicle)1 Liquid fuels, […]

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ATO alerts issued for unclaimed super

Posted on April 6, 2018 by admin

The Australian Tax Office (ATO) will be contacting 80,000 individuals, starting this week, to alert them of unclaimed super. An email campaign will alert members about ATO-held unclaimed super money from 5 April. On 16 April, 20,000 letters and SMS will be sent. The ATO currently holds unclaimed super money for around 5.38 million accounts, totalling $3.75 billion as at 30 June 2017. These alerts will form part of a number of strategies used by the Tax Office to reunite individuals with their unclaimed super. To claim unclaimed super money, individuals must create a myGov account which is linked to ATO online services. If you need assistance with unclaimed super, do not hesitate to contact our office today.

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ATO targeting holiday homes

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The Tax Office has rental property owners in its sights this tax season with a large number of mistakes, errors and false claims made by some using their own property for personal holidays. The ATO is reminding owners they cannot claim deductions for holiday homes that are not actually available for rent or only available to friends and family. Private use is entirely legitimate although it does reduce an owner’s ability to earn income from the property. Properties must be genuinely available for rent to claim deductions. This means you cannot use the property for your personal use or let friends and family stay rent-free and claim a deduction. For those who rent the property to friends or family at “mates rates,” they must only claim deductions for expenses up to the amount of the income received. In addition to rental properties, the ATO is investigating cases where taxpayers claim their property is available for rent but there is no intention of renting it out. Rental rates well above market rates and unreasonable conditions for prospective renters are just a couple of ways owners can be doing this. The ATO will also be scrutinising incorrect rental property claims. Data matching […]

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Recovering from a blunder

Posted on March 28, 2018 by admin

Mistakes happen all the time, and although they can be embarrassing, you can recover from them. Whether the mistake was minor or costly, handling the error with professionalism can save your dignity and credibility. Next time you forget to hit send on that important email, rest assured you can recover quickly by adopting the following tips: Gain some perspective It is only natural to feel ashamed or distressed when you make a mistake at work but looking at the mistake in a broader context can help you let go of these negative emotions. Most mistakes, unless they are life-threatening, can be corrected so forgive yourself and move on. Instead of wallowing, look at ways to rectify your mistake immediately. Acknowledge and apologise If your mistake has affected someone else or negatively impacted the business, acknowledge your wrong doings and apologise. Admitting you made the mistake shows self-awareness, responsibility and accountability. Try to avoid justifying your actions or over-apologising. Restore trust The best way to show you care about what has happened is by learning from it and ensuring it does not happen again. Correct the mistake as soon as you can and evaluate what you can do differently next time. […]

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Contact Us

You can contact us at the following:

Office Location
Suite 4, 12 Tindale Street,
PENRITH NSW 2750

Mailing Address
Suite 4, 12 Tindale Street,
PENRITH NSW 2750

Phone: 02 4721 7444
Fax: 02 4721 7755
Email: wmw@wmwright.com.au

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