Home Loan Archives |

2020-01-29

Buying a property is one of the most important financial commitments an individual will ever make. It can be also an emotional activity. Many see the process of negotiating property prices when buying a home seeming difficult. there are some tips to prepare you for the negotiations and get the correct price. 1. […]

The Tax Office is watching your work-related deductions this tax time

First Home Buyer, Home Loan, Tax Advice

The Tax Office is watching your work-related deductions this tax time

2019-12-13

The Tax Office keeps an eye on its reported “tax gaps”, which represent the gap between taxes paid, and taxes owed but not paid. Its latest update shows a $1.8 billion gap in corporate Australia, and an $8.7 billion gap among individuals. The biggest revenue gap is constituted by individuals, and the Tax Office has long […]

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Connecting the dots for you

First Home Buyer, Home Loan, Tax Advice

Connecting the dots for you

2019-11-06

Let Rands Financial Services help you in connecting the dots – From your first home to your first Investment Property – We will walk with you throughout. The holidays are the perfect time to sit down together and assess your current year as well as your future strategies. Investing should be a longer-term strategy, and […]

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MAKE SURE YOU PAY THE CORRECT COMPANY TAX RATE AND APPLY THE CORRECT RATE FOR IMPUTATION

First Home Buyer, Home Loan, Tax Advice

MAKE SURE YOU PAY THE CORRECT COMPANY TAX RATE AND APPLY THE CORRECT RATE FOR IMPUTATION

2019-07-12

Most companies with an aggregated annual turnover of less than $50 million will pay tax at 27.5 per cent in 2018-19. Nevertheless, some companies with a turnover below $50 million will continue to pay tax at 30 per cent, particularly companies that earn nearly all their income from passive investments such as rental income or […]

If the Assets cost exceeds ATO Threshold

Interest Rate, Loans, Small Business, Tax Advice

If the Assets cost exceeds ATO Threshold

2019-07-09

When the assets cost exceeds the instant asset write-off limit Where the value of the asset is not possible for the instant asset write-off reduction, it will be allotted to the general small business pool and depreciated at a rate of 15 per cent despite the acquisition date during the 2019 year, provided the asset […]

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Maximise Depreciation Deductions

First Home Buyer, Home Loan, Loans, Tax Advice

Maximise Depreciation Deductions

2019-07-06

Maximise Depreciation Deductions – An important characteristic for small business in the 2019-20 Federal Budget on 2 April 2019 was the announcement that a small business entity (SBE) might potentially qualify for an asset write-off one under one of three varying caps during the year ended 30 June 2019. A medium sized business entity (MSBE) […]

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Be Up-front And Honest With Your Agent And The ATO

Bookkeeping, Small Business, Tax Advice

Be Up-front And Honest With Your Agent And The ATO

2019-07-03

Getting the basics right has never been more critical – good record keeping, substantiation, accurate account codes, correctly accounting for private use and reporting all cash transactions are crucial to assuring yourself, your tax agent and the ATO that your tax matters are in order. The ATO is becoming smarter with its data, and taxpayers […]

Make Trust Resolutions By 30 June

First Home Buyer, Small Business, Tax Advice

Make Trust Resolutions By 30 June

2019-06-30

As always, trustees of discretionary trusts are required to make and document resolutions on how trust income should be distributed to beneficiaries for the 2018-19 financial year by 30 June. If a valid resolution is not executed by 30 June, any default beneficiaries under the deed will become presently entitled to trust income and subject […]

Financial Factors to Consider When Buying Your First Home

First Home Buyer

Financial Factors to Consider When Buying Your First Home

2019-06-04

Many people dream of being able to get onto the first step of the property ladder. However, over recent years, many younger people have found it increasingly difficult to get onto that all-important first rung. While some people decide to rent instead, this is considered by many as dead money over the long-term, since you […]

Are you planning to own a Home – Part 3 – Impact of your credit history on the home loan

First Home Buyer, Home Loan, Interest Rate

Are you planning to own a Home – Part 3 – Impact of your credit history on the home loan

2019-05-24

Visit previous post in this series;Are you planning to own a home? – Then read this for key guidelines.Are you planning to own a Home – Part 2 Do you know that your credit history considerably impacts the success of your home loan application? One of the main things the lender is considering is your […]

Mortgage Broker Narre Warren Best Home Loan Rate

How to select a Mortgage Broker?

First Home Buyer, Home Loan

How to select a Mortgage Broker?

2019-05-21

Who is a mortgage broker?The role of a mortgage broker is to help clients choose between several loan options according to their suitable needs. Most of the brokers out there, don’t charge fees. Instead, they decide to receive payment in the form of commission from lenders. Brokers have a legal obligation to make sure […]

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Why You Should Hire an Accountant for Your 2019 Tax Return

Tax Advice

Why You Should Hire an Accountant for Your 2019 Tax Return

2019-05-08

Hire an Accountant – When it comes to filing tax returns, there are plenty of people who end up in panic mode. For some people, the prospect of filing their tax return is a daunting one but they attempt to do it themselves in order to try to save the money. However, many people find […]

Are you planning to own a Home – Part 2

First Home Buyer, Home Loan, Interest Rate

Are you planning to own a Home – Part 2

2019-05-04

Why you should get a Mortgage Broker? Visit previous post in this series;Are you planning to own a home? – Then read this for key guidelines. As discussed in the previous post, the first step of purchasing a new property is more challenging to a First Home Buyer. With the limited knowledge and experience, First Home Buyers […]

Are you planning to own a home? – Then read this for key guidelines.

First Home Buyer, Home Loan, Loans

Are you planning to own a home? – Then read this for key guidelines.

2019-05-02

Purchasing a property could be a challenge. You may arrange your finance first or shortlist a property to purchase. You could indeed consider cut down your expenses with the goal of saving your deposit because you know owning a property would be impractical without saving in your hand. Irrespective of your approach, an acquisition of […]

Negative Gearing and CGT Proposal

Tax Advice

Negative Gearing and CGT Proposal

2019-03-30

Labor confirms 1st January 2020 – start date for negative gearing and CGT proposal. Labor has announced that it will implement its plan to restrict negative gearing to new investment properties and halve the capital gains tax discount from 1st January 2020. The date, announced by shadow treasurer Chris Bowen, will limit negative gearing to new housing, […]

What is Single Touch Payroll? How will it affect a small business?

Single Touch Payroll, Tax Advice

What is Single Touch Payroll? How will it affect a small business?

2019-03-03

Since 2014, ATO was discussing Single Touch Payroll (STP) and now it has been mandatory for all the employers to adopt STO since July 2019. Change to Single Touch Payroll With the implementation of STP employers are expected to report PAYG and Super information at each pay cycle rather than monthly or quarterly. Under STP Super […]

Why you should use a Mortgage broker?

Loans

Why you should use a Mortgage broker?

2019-02-15

There are myriad of benefits of using a mortgage broker to help you to find the best home loan which suits you. Mortgage Brokers work around your clock Mortgage brokers are generally willing to make appointments at a venue and time which suits you. This might be after work hours or on weekends. This is […]

Perfect Home Loans for Entrepreneurs – Save time save effort

Loans

Perfect Home Loans for Entrepreneurs – Save time save effort

2018-10-06

You’re ready to move forward with your next big goal. You know your capability of doing great things. Unfortunately, when you walked into your bank to get a loan for your next big dream, the bank sees it differently as you don’t have the paperwork to translate your hard work.Eventually you feel as if you […]

Breaking News.The Reserve Bank of Australia has announced its official cash rate decision for October following its monthly board meeting.

Loans

Breaking News.The Reserve Bank of Australia has announced its official cash rate decision for October following its monthly board meeting.

2018-10-02

The Reserve Bank of Australia has announced its official cash rate decision for October following its monthly board meeting. The central bank announced that it has once again held the official cash rate at the historic low of 1.5 per cent. Prior to the RBA ‘s announcement, economist at Corinna Economic Advisory, Saul Eslake, noted […]

Find out if you are eligible for a first home buyer grant or other incentives such as stamp duty reduction

Loans

Find out if you are eligible for a first home buyer grant or other incentives such as stamp duty reduction

2018-09-25

Did you know? You may be eligible for a first home buyer grant or other incentives such as stamp duty reduction. First home owner grant explained for Victoria and the Australian Capital Territory. Just like New South Wales and Western Australia those within Victoria and our nation’s capital are eligible for a $10,000 grant with […]

RBA keeps cash rate on hold at 1.50

Loans

RBA keeps cash rate on hold at 1.50

2018-09-04

A week after the first of the big four banks moved out of cycle from the official cash rate and increased costs for borrowers the Reserve Bank of Australia (RBA) has kept the cash rate on hold at 1.50%. Governor Philip Lowe had this to say in his official statement: “Conditions in the Sydney and […]

Part 3 – How we helped a young family (Tim & Christina Phillips) to buy an investment property and save several thousands.

Loans

Part 3 – How we helped a young family (Tim & Christina Phillips) to buy an investment property and save several thousands.

2018-08-08

Continued from previous blog post…. The client has read a real estate article which says to get the investment property loan as an Interest only repayment to take more tax advantages. Tim was further convinced that he could save %%EDITORCONTENT%%nbsp;484 per month which he could use to pay off the home loan and save home loan […]

Part 2 – How we helped a young family (Tim & Christina Phillips) to buy an investment property and save several thousands.

Loans

Part 2 – How we helped a young family (Tim & Christina Phillips) to buy an investment property and save several thousands.

2018-07-22

Continued from previous blog post…. The client wanted to purchase the property under Tim as Tim is in the higher tax bracket. Though this looks like a smart decision in short run, we had a different argument. When selling the property, Tim will have to absorb the entire capital gain to his taxable […]

Part 1 – How we helped a young family (Tim & Christina Phillips) to buy an investment property and save several thousands.

Loans

Part 1 – How we helped a young family (Tim & Christina Phillips) to buy an investment property and save several thousands.

2018-07-12

Phillips family found us through a family friend, who bought the first home using a mortgage arranged by us. Phillips’ objective was to buy an investment property & reduce the interest cost of the current home loan.Phillips family found us through a family friend, who bought the first home using a mortgage arranged […]

How to select a Mortgage Broker?

Loans

How to select a Mortgage Broker?

2018-07-10

Who is a mortgage broker? The role of a mortgage broker is to help clients choose between several loan options according to their suitable needs. Most of the brokers out there, don’t charge fees, instead, they decide to receive payment in the form of commission from lenders. Brokers have a legitimate obligation to make […]

Real Client Scenarios – Effective Savings on Home & Car Loan with our Refinance Service

Tax Advice

Real Client Scenarios – Effective Savings on Home & Car Loan with our Refinance Service

2018-07-09

Real time case study of Belinda* (real name changed for privacy purpose) Belinda* had a home loan and a car loan SCENARIO Real time case study of Belinda* (real name changed for privacy purpose) Belinda* had a home loan and a car loan. Home loan was $602k. Monthly mortgage payments to bank = […]

CASE STUDY #1 – How to reduce total interest on home loan

Tax Advice

CASE STUDY #1 – How to reduce total interest on home loan

2018-07-06

3 Tips on how to pay off your loan faster SITUATION Families looking for advice on how they can reduce the total interest charged on their home loan. SOLUTION So here was the couple of tips and advice I provided to this particular family after analysing their financial situation to help them reduce the […]

How to make investment property more tax effective

Tax Advice

How to make investment property more tax effective

2018-07-05

Take advantage of income splitting Take advantage of income splitting Another strategy that should be canvassed is income splitting. Couples should consider making investments in the name of the lower earning spouse to minimise the tax payable on income distributions and capital gains. The exception to this is negatively geared investments, which work to best […]

Early Access to Superannuation.

Tax Advice

Early Access to Superannuation.

2018-07-04

Read this before you fall prey to illegal operations Australia has strict rules in place surrounding access to superannuation and there have been reports of taxpayers being targeted by dodgy operators who are promising early access to superannuation for a fee. There are very limited circumstances where the law allows you to access your superannuation […]

Tempted to overinflate your tax deductible expenses on your 2017/18 tax return?

Tax Advice

Tempted to overinflate your tax deductible expenses on your 2017/18 tax return?

2018-07-02

Keep in mind that you may be audited by the Tax Office While there may be the temptation to overinflate your tax deductible expenses on your 2017/18 tax return, keep in mind that you may be audited by the Tax Office and will need to have records that substantiate your claims for up to five […]

Find out what changes for you from 1st July 2018

Tax Advice

Find out what changes for you from 1st July 2018

2018-06-27

Australian consumers must pay a 10% goods and services tax on all online goods bought from overseas From 1st July 2018, Australian consumers must pay a 10% goods and services tax on all online goods bought from overseas, bringing online purchases inline with tax requirements on goods and services purchased in Australia. All goods and services, including digital products and services, […]

Tax Time is almost here

Tax Advice

Tax Time is almost here

2018-06-25

Are you or your business legally and legitimately reporting all income this financial year Tax time is almost here. Now is the perfect time to start gathering your documentation relating to income, investments and deductions that will assist your individual tax return. Tax returns can be submitted from 1st July, however, most information from employers, banks and […]

Cash or No Cash

Tax Advice

Cash or No Cash

2018-06-21

Ensure your business is legally and legitimately reporting all income this financial year Cash is often used legitimately to pay for goods and services. However, it is illegal for people to use cash economy activities to hide income and avoid tax and superannuation obligations. Cash economy activities include businesses ‘skimming’ cash takings, paying ‘cash-in-hand’ wages, […]

Rands Unique Business Proposition

Tax Advice

Rands Unique Business Proposition

2018-06-19

Tax Accounting for small businesses At Rands Financial Services, we specialise in working with Australian families and small businesses and navigate them through the ever changing world of Tax & Finance. What does that mean for you? We spend hundreds of hours each year analysing current and new tax laws to make sure we […]

Small Business Affordable Tax Solutions

Tax Advice

Small Business Affordable Tax Solutions

2018-06-18

Small Business Affordable Taxation Solutions We offer efficient and affordable taxation solutions for your business including: ✔️ Business Tax Returns from $200.00 ✔️ Partnership Tax Returns from $300.00 ✔️ Company Tax Returns from $750.00 We’re heading into our busiest time of the year, so don’t delay, contact us on 0434 391 331.

10 tax hacks all small businesses should know

Tax Advice

10 tax hacks all small businesses should know

2018-06-13

Time is running out. Are you using your tax concessions effectively? 1. Access this immediate deduction Eligible small business owners can immediately deduct the business portion of most assets if they cost less than $20,000 and were purchased and installed between 7.30pm on 12 May 2015 and 30 June 2018. This instant write-off provision can […]

Budget – What you need to know!

Tax Advice

Budget – What you need to know!

2018-06-12

Removing tax deductibility of non-compliant payments. Budget, what you need to know- Removing tax deductibility of non-compliant payments. Where an employer fails to withhold an amount of PAYG from payments to an employee or to a contractor (where no ABN is provided), a deduction for the payment will be denied. This measure will commence from […]

Tax Time is coming!

Tax Advice

Tax Time is coming!

2018-06-12

If you’re a business owner, it’s time to start thinking about your company tax return. Tax time is coming! If you’re a business owner, it’s time to start thinking about your company tax return. Spending a little time getting your company tax information in order now can save you plenty of time in a few […]

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