Wednesday July 21, 2010

Financial Planning

As we announced last newsletter, we have teamed up with Finlife Advisers to provide the complete financial solution for our customers. We would like to introduce the Finlife founder and Managing Director, Travis McLean. Travis has a 10 year career behind him in the financial services industry. In that time, Travis has had close friends and relatives affected by claim events for risk insurance and has seen first hand the benefits that flow from adequate and appropriate insurance cover.

Travis has also been able to grow his funds under management part of the business at a time when so many financial planners have struggled and portfolio managers have lost capital. This has been achieved, through conservative and appropriate investment strategies and doing the fundamental things well. We think this approach fits in well with our culture and we sought Travis and Finlife out for this reason.

The following is from the Finlife Adviser’s website:

Finlife Managing Director Travis McLean has recently been awarded for the 3rd year running Galaxy of the Stars Top 10 Adviser qualification inside the Millennium3 Dealership Australia which has over 700 Advisers.

This award showcases and rewards the Top 10 Advisers Australia wide each year for outstanding business success.

Travis was awarded the "MVP 2008 ADVISER OF THE YEAR" and is the youngest business owner of the prestige Millennium3 "Galaxy of Stars". This award is presented to the Top Adviser each year voted on by the Millennium3 Dealership Group Directors.

Your Financial Affairs Will Be Stronger as a result of the services provided by our "MVP ADVISER OF THE YEAR" Travis McLean.

Not getting the attention you deserve from your Adviser? Why not try the Finlife Experience......

Please take the time to visit Finlife online and gain some perspective on this dynamic and industry leading business and feel free to call Travis anytime for an obligation free assessment. www.finlifeadvisers.com.au

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Byrne and Miller MGA Website

We have recently updated our website in our continued pursuit of functionality and presentation. Please have a look and tell us what you think.

www.byrneandmiller.com.au

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Early Tax Preparation

The ATO and our software providers have worked hard this year to deliver the 2010 tax software to us by the 24th of June.

We usually tell clients that we expect to be able to complete tax returns from the 14 July onwards. Given this development, we recommend you make an appointment now to bring in your information and have your 2010 tax return completed, or at least get the work under way.

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Human Resources

More changes from the 1st July.

From 1st July there are new changes to various awards affecting the pay and conditions for staff. If you haven't already prepared for these changes, then now is the time to act !
There are many businesses who have heard about the new Fair Work Act or seen media about the Modern Awards, yet have not acted on upon this information. If this is you, we can assist to get you in line with these changes to ensure your business is NOT at risk! Don’t pay the penalty of an investigation or law suit because you were too busy to make it a priority and take action. We are all busy running our businesses however when you employ staff you have a responsibility to ensure that you're complying with legislation and providing a valuable and safe place for your staff to work in.

For more information and a Free 30 minute Consultation on your businesses needs, please call Aveline Clarke on
0414 498 512.

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Financial Scams

Unfortunately we have had clients over the years who have been victims of financial scams of different types. To avoid this situation repeating, we have included a link to the ASIC website section known as FIDO http://www.fido.gov.au/fido/fido.nsf and will endeavour to provide additional resources and information in coming newsletters to help educate our clients.

The concern we share with many legitimate professionals, is that the public seem to fall for these traps again and again. It is real and it exists in and around the financial services, compliance and administration industry. In assessing an investment it is important to take advice from trusted and independent professionals such as your Accountant and Solicitor. Some other things to look for include:

- If the business is accredited as a financial services provider

- If a product disclosure statement is provided

- If the business is a member of the Financial Investments Complaints Scheme or FICS

- Check with ASIC through the FIDO website for any company history or complaints

As it says on the ASIC website in a number of areas, “If it seems too good to be true, it probably is”. Approach financial services providers knowing the facts and be aware of the process enough to ask these questions. Continue to ask these questions until you are satisfied that you understand the terms of your investment and you are comfortable with your decision.

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Deducting Tax From Employee Wages

There are new tax tables from the 1st July 2010.

The ATO has advised that it will no longer mail tax tables to businesses when tax rates change. New tax tables can be accessed on the ATO website www.ato.gov.au/taxtables

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Free Superannuation Clearing House For Small Business Through Medicare

On 6 November 2009, the Minister for Superannuation - Chris Bowen and the Minister for Small Business - Craig Emerson, announced that the Government will deliver its free superannuation clearing house service for small business through Medicare Australia. The clearing house service will be available for small businesses with less than 20 employees from July 2010. Key features of the service include:-

- Super contributions made to numerous super funds will be electronically paid to a single location [the clearing house] which will process the transactions

- Small businesses that use the clearing house service will have their super guarantee obligation discharged when payment of the correct amount is made to the clearing house

- The clearing house facility will be offered free of charge to small businesses with less than 20 employees, and

- The clearing house will manage employers’ choice of fund obligations.

http://www.ato.gov.au/taxprofessionals/content.asp?doc=/content/00141200.htm

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