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Tom and Kate approached us because Tom had recently started working for himself and needed an accountant. He works from a home studio and Kate works part time in the business. We first reviewed their previous year’s tax returns. By splitting their income, claiming depreciation and interest costs on the studio and work vehicles, we were able to have their last income tax return revised and they received an $18,000 return. In addition, with a

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Tip 1 Make your payments fortnightly instead of monthly. This is a very simple way of making an additional payment every year, without it costing you anything. Paying fortnightly instead of monthly can save you thousands in interest costs. When you pay fortnightly instead of monthly, you make 13 monthly repayments because there are 26 fortnights in a year. This additional and more frequent payment system result in large savings. Review these results of fortnightly

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A good way of reducing unnecessary expenditure and reflecting our spending habits is to look at the real cost of a good or service, in both time and dollars. The price of a snack might be $7, but you need to earn $13.20 to pay for it, assuming a 47% tax rate. If you have a business that shows a 10% net profit, before you claim an expense of $100, consider that you must generate

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Some of the world’s best wealth creators have made millions using this advice. Are these just plain crazy, or so crazy smart they might actually work? 1. Cash is made to be invested. Don’t desperately try to hold onto it like it’s scarce, otherwise you’ll miss opportunities that can change your $1 into $10. Pick your best shots, plunk down your money and take a chance on it. Don’t hang onto too much cash. It has

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Investors say they want new strategies that are less tied to broader markets, help insulate their portfolios from volatility, and help them to manage risk better. Markets in 2017 are poised to deliver expensive stocks and low-rate bonds. So, what should investors do? Alternative investments are essentially any asset that is not a public stock, bond or cash security. They are included in portfolios because they can either provide diversification benefits, income, enhanced returns or

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Wow. We’re already half-way through February. How are your 2017 financial goals panning out? If you didn’t set any, why not? Goal setting is not just a cheesy New Year tradition, it gives you direction and focus which improves your chances of achieving them. The top 3 dreams for Australians, according to a survey organised by the Financial Planning Association of Australia, are to have complete financial independence, have a lifestyle they dream about and

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1. Don’t Procrastinate A common mistake small businesses make is putting off bookkeeping needs. This can be a vicious cycle, if you put off the accounting work, it doesn’t go away. It grows bigger, and eventually, you’ll be faced with an overwhelming mess that you’ll need to sort out. The bigger the mess, the more you’re likely to procrastinate. Always send out invoices as soon as possible after providing goods or services, this is important

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Textbook financial theory advocates the well-known risk-return relationship. This theory states that investments that produce higher return such as shares and property produce higher levels of risk, while investment that tend to produce lowest returns, such as cash, also produce the lowest levels of risk. However, what the textbooks rarely point out is the effect of time on this risk/return relationship. In the short term this theory does hold true, but over the long term (10+ years)

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When Shinzo Abe, Japan’s prime minister, first met Donald Trump last November, he gave the then president-elect a gold-plated golf driver. For their second encounter, later this week, Mr Abe’s gift bag will contain something altogether more lavish: a plan to create some 700,000 jobs. Japan wants to help America modernise its crumbling infrastructure, and to co-operate on robot technology, space and nuclear power, according to reports released ahead of the meeting. Mr Trump’s criticism

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