What does this mean for you? As part of the 2013-14 Budget the Government announced that it will gradually phase out the Net Medical Expenses Tax Offset (NMETO) with a "use it or lose it" system. This will mean if you do not claim the NMETO in your 2012-13 tax return, you will not be eligible for the offset in any future year. If you received the NMETO in your 2012-13 tax return, you will be eligible to receive the offset for all eligible out-of-pocket...

  As a result of superannuation, life insurance, inheritances and homes, most people are worth more than they think. When organising your will, it is important to structure your estate to ensure that all of your assets are distributed to the people you choose, and that those people do not pay more tax than is necessary. Considerable savings are available if you take the time to plan your estate properly. One tool for structuring estates is the discretionary will o...

    Cultivate customer relationships and watch your business thrive. Word of mouth is still the most powerful form of advertising – a cliché perhaps, but true all the same. Relationship marketing can be vital in creating customer loyalty. It is important to ensure that the customer has the best possible experience every time they come through the door or have contact with the business. It is much more difficult and expensive to acquire a cus...

  With 30 June just around the corner, small businesses are beginning to wonder why their accountants say they have made a profit yet their bank balance never seems to grow. The simple answer is cash flow! Cash flow is the lifeblood of any business and managing your cash flow is key for successful business operations. How do you manage and improve your cash flow? Below are some helpful hints: Invoice your customers regularly and follow them up if they are ...

Following the death of a member of a super fund the trustee is responsible for administering the members balance by way of payout to beneficiaries or by allocating to a reversionary pension. To remove this uncertainty we recommend that members consider a Binding Death Benefit Nomination. Many of our funds have non-binding nominations in place that can be used by the trustee as a guide when distributing death benefits. The problem is that ultimately with a non-binding nominatio...