Key Person of Influence Workshop Ballina


There is a harsh reality to being an entrepreneur in 2020

The top 20% of businesses in any industry control 80% of the revenue.

Key Person of Influence WorkshopWhich means the bottom 80% are left fighting over the scraps.

Most business owners compete on price, trade their time for money, and struggle to achieve the freedom and success they deserve. They are stressed, constantly busy, and feel stuck. This is what business feels like for those in the bottom 80%.

And it boils down to one thing - Influence.

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Regular insurance reviews


Reviewing your insurance regularly to ensure you are properly covered!

We live in a world of constant change and people are often unaware how such changes can affect the insurance they hold. 

life insuranceThat is why we believe in the importance of regularly reviewing your insurance cover to ensure that it continues to reflect your current situation, needs and wants. 

To help you understand if your insurance policies suit your current situation, needs and wants we have added some common life and financial events below that may help you to determine if an insurance review is needed. If any of the events have occurred, or you think anything else may impact your insurance needs, please contact us directly and we will organise a meeting to review your insurance.

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Best Interest test


Coming soon the 'Best Interest' Test

If you followed the Banking Royal Commission and the subsequent media reporting you will have heard about a new "Best Interest Duty" that is being introduced for the broking industry. 

Image: WAGstockLet's be clear on one thing though, for us what is in your best interest is also in our best interest as well; so while there is always the odd rogue (as there is in every industry unfortunately) most brokers already act in their clients best interest – if for no other reason than it is good for business.

What is best interest? 

There are a number of variables in the equation that need to be considered and questions to be asked, some of these are:

  • How long will the lender take to give an approval?
  • Are the borrowers eligible for the lenders loan offer?
  • What is the interest rate and other fees?
  • Features and Benefits?
  • Time for an approval

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Super Guarantee timing trap


The Super Guarantee timing trap for employers

How employers are being caught out by the timing of superannuation guarantee payments.

trapEmployers can generally only claim a deduction for superannuation contributions in the income year in which the contribution is made. Super contributions are made when the payments are received by the trustee of a complying superannuation fund.

It's not uncommon for employers to be caught out by timing problems, many in the belief that the contribution has been made at the point the payment is made rather than when it is credited to the superannuation fund provider's account. Many forms of electronic transfer however are not guaranteed to be automatic or next day. BPay for example may take up to 2 days, a delay that is often not factored in.  Read more…

Super guarantee opt-out


Super guarantee opt-out for employees with multiple employers

Employees with multiple employers can now opt-out of superannuation guarantee from all but one employer.

exitEmployers are required to pay 9.5% superannuation guarantee for all eligible employees. But what happens if you are an employee with multiple employers? Until recently, these compulsory payments meant some employees risked unintentionally breaching their concessional contributions caps. New laws however provide a potential solution.

Legislation that passed Parliament late last month allows an employee to apply to the Commissioner of Taxation for an employer shortfall exemption certificate to opt-out of the SG system for specific employers. This certificate prevents their employer from having a superannuation guarantee shortfall if they do not make superannuation contributions for the period covered by the certificate.

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Collins Hume
is a CPA Business
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*Other than for the acts or omissions of financial services licensees.