Why you need a Power of Attorney

March 12, 2024

This article, written from an accountant’s perspective, provides insights into the importance of having a power of attorney as part of financial and healthcare planning. It covers the definition, types, roles in financial management and legal/healthcare decisions, reasons for needing a POA, choosing an agent, legal processes, and the importance of regular reviews. The focus is on the POA as a critical legal instrument for ensuring responsible management of one’s affairs in unforeseen circumstances.

Why you need a will?

March 4, 2024

This article, written from an accountant’s perspective, explains the importance of having a will as part of financial and estate planning. It covers the definition, purpose, importance of appointing an executor, guardianship considerations, specific instructions, tax considerations, the need for regular reviews, and the importance of seeking professional legal and financial advice. The focus is on the critical role of a will in ensuring that one’s assets are distributed according to their wishes and providing for loved ones.

Travel Deductions and what you claim

February 27, 2024

This article, written from a tax agent’s perspective, explains common travel deductions, documentation requirements, and tips for claiming these expenses on tax returns. It covers deductible travel expenses, documentation, car travel deductions, mixed-purpose travel, overnight travel, international travel, non-deductible expenses, and the importance of professional tax advice. The aim is to guide taxpayers in effectively claiming travel deductions while adhering to tax laws and regulations.

What is income protection?

February 20, 2024

This article, written from an accountant’s perspective, provides a comprehensive overview of income protection insurance, including its definition, importance, differentiation from other insurance products, coverage determination, tax implications, target audience, cost considerations, and the value of professional advice. The focus is to educate readers on the significance of income protection as part of their financial planning and risk management strategy.

Understanding your credit card

February 13, 2024

This article, written from an accountant’s perspective, provides an in-depth look at credit ratings. It covers the definition, calculation, importance, score ranges, ways to check and improve the rating, common pitfalls, and the value of seeking professional advice. The focus is to educate readers on the significance of a credit rating in their financial life and guide them in managing it effectively for better financial opportunities.

How much does short term debt cost?

February 6, 2024

This article, written from an accountant’s perspective, provides a comprehensive overview of the real costs associated with short-term loans. It covers aspects like high interest rates, additional fees, impacts on cash flow and credit score, the risk of a debt cycle, alternatives, and the importance of long-term financial planning. The focus is to educate readers about the potential financial pitfalls of short-term loans and encourage careful consideration and professional advice before proceeding with such financial decisions.

Understanding your credit card statement

January 30, 2024

This article, aimed at enhancing financial literacy and written from an accountant’s perspective, provides an overview of how to understand a credit card statement. It covers key areas such as the account summary, payment information, detailed transactions, interest charges, credit limit, rewards summary, fees, and the importance of staying informed about any changes. The focus is on empowering readers with the knowledge to manage their credit card usage more effectively.

Basics of Budgeting

January 23, 2024

This article, tailored for individuals looking to improve their financial management and written from an accountant’s perspective, provides basic budgeting tips. It covers understanding income, tracking expenses, setting goals, creating a spending plan, planning for savings, limiting debt, regular budget reviews, using budgeting tools, and the importance of patience and persistence in developing effective budgeting habits. The focus is on establishing a practical and adaptable approach to budgeting for improved financial health.

Buying your home

January 16, 2024

This article, written from a tax agent’s perspective, provides essential information for first-time homebuyers about understanding and securing a mortgage. It covers mortgage basics, types, deposits, pre-approval, features, interest rates, additional costs, tax considerations, and the importance of professional advice. The aim is to educate new homebuyers on the key aspects of obtaining a mortgage and encourage informed decision-making in the home-buying process.

Get ready for your tax return

January 9, 2024

This article, tailored for taxpayers and written from a tax agent’s perspective, addresses frequently asked questions about tax returns. It covers who needs to file, required documents, lodgment methods, claimable deductions, deadlines, self-lodgment options, correcting mistakes, record-keeping, handling tax bills, and the role of a tax agent. The aim is to provide clear, helpful information to assist individuals in navigating the tax return process.

Category: Business Accounting