For some reason or another, a recent dinner conversation turned to insurance…riveting hey?

Right from the outset I will point out that I am not a Licensed Financial Planner, nor am I an Insurance Broker (which means I cannot give you advice regarding insurance products and I don’t earn a commission from their sale).

But I do think it’s important to talk about the concept of insurance, and remind everyone to review their insurance on a regular basis.

There are so many types of insurance these days, but the most common financial insurances are life insurance, TPD insurance (total permanent disablement) and income protection insurance.

From a lifestyle perspective you might look at home and contents insurance, car insurance and private health insurance.

And if you are in business, professional indemnity insurance and key person insurance may be areas you need to look at.

Whatever your requirements, I urge everyone to see an expert in the field (if you don’t know one…ask your family, friends or work colleagues for a recommendation)…and ensure you review your insurance needs on a regular basis (at least annually), you’d be surprised at the life events that can have an impact on the value and appropriateness of your insurance!

Regards

It’s a public holiday here in Victoria today…we’re celebrating the Queen’s Birthday!

For some this means a day off work…but for others work is still on the agenda.

As such, I thought it was an opportune time to remind everyone about the importance of getting wage rates right.

Employers should ensure they are paying their staff at the correct rate, as well as meeting their other payroll obligations.

Apart from the legal risk of underpaying staff…wage rates can have a significant impact on workplace performance and ultimate business success!

Staff should also check they are being paid at an appropriate rate, and find out the implications of working on a public holiday if it relates to them.

I usually refer to the Fair Work Ombudsman in the first instance, but if you belong to a union or an industry body, they may be able to give you advice and if necessary you can seek expert advice from workplace lawyers.

So…if you’ve got the day off today, I hope its relaxing for you…and if you’re working, I hope it’s productive!

P.S. Minimum wages are set to change on 1st July, 2014…ensure your business is ready!

Regards

It’s Frivolous Friday!

Last week I attended a 30th birthday celebration for a family friend and I was discussing “Tiffany” with the birthday boy’s sister (you know who you are, here’s your post on Tiffany…read carefully because I’ll be quizzing you!).

We’ve talked a lot about the “little blue box” in recent times, and I’m so happy that she has finally been for a visit…and found herself a little something special…

I remember preparing for my first visit to a Tiffany store, and being so nervous…thinking that the sales staff would just look at me like I didn’t belong there..thankfully that wasn’t the case!

Everyone I’ve dealt with has been helpful and accommodating…even the door man, while serious in his security role, is friendly if you offer a smile or “hello/goodbye” as you pass through his door.

I love bling, and feel very lucky that I’ve been able to accumulate a nice collection of blue boxes…but I also like to window shop and look at the sparkles.  The beauty of being a frequent visitor to the Collins Street store is that it’s located right next door to the Lindt café (but that’s a post for another Frivolous Friday…)

Please…can someone tell me a romantic Tiffany story…please?

Regards

It is quite possible that this is the most common question I get asked in my role as an accountant!

The first thing I always point out when I’m presented with this question, is that the Australian taxation system is designed so that the amount of tax your employer withholds from your salary and wage should equate to your tax liability when you lodge your tax return.

In most cases you shouldn’t have to incur many, if any, expenses relating to your employment, but of course there are always exceptions…

In addition, I always ask the taxpayer if they understand that for every dollar they spend on work related expenses, they only save an amount equivalent to their marginal tax rate and will still be out of pocket for the balance of the dollar (and then give an example relevant to them so they can see the impact in dollars and cents).

In conjunction with the National Tax Accountants’ Association, The Tax Chic and LMB Consulting now have access to a fabulous new tool…”Deduction Finder”…as the name suggests, the deduction finder software has been designed to give you an indication on every deduction you may be entitled to claim…and provides some great explanations regarding the items you are not able to claim…

Want to find out what deductions might be applicable for your occupation?  Contact The Tax Chic and LMB Consulting for a consultation.

Regards