As your trusted advisors, we are here to support you and provide specific advice for your unique situation. In this article, we share some general information to cover frequently asked questions (FAQs) and bring our valuable insights to your attention. Please speak to us about your specific circumstances as we see first-hand how professional assistance achieves the best outcomes.
Tax-related FAQ: How can I minimise my tax liability?
Tax planning is key to reviewing business structures and income/expense management such as adjusting investments at the right time, accelerating or delaying income, and adhering to tax laws. On an individual level, reducing tax requires identifying all eligible tax deductions and expenses and reviewing your superannuation contributions. Donations to a charity are another great way to support a good cause, feel good in your heart, and increase your expenses to offset tax liabilities.
Tax-related FAQ: When is the deadline for lodging taxes?
There are many dates for various entities in Australia, for most tax obligations the due date to lodge your 2023 tax return is 31 October 2023. For our clients, we can lodge tax returns later than and up to May 2024 in many circumstances under our tax agent lodgement programme. We recommend sending us your financial records early and as soon as possible to take advantage of tax planning opportunities. Please see our previous news article: the benefits of sending us your tax records early.
Financial Planning FAQ: What is the best way to budget and manage my finances?
Budgeting requires a disciplined approach to managing your income and your outgoings. Budgeting apps and tools can make the process easier to document and categorise your income and expenses. A clear view of your financial situation paired with your financial goals will allow you to prioritise between essential expenses and areas for cost-cutting. Some ideas to make your budget achieve your financial goals are differentiating between short-term and long-term objectives, having a fund to cover unforeseen expenses, and allocating savings to create financial growth. Budgets require regular review and adjustment to reflect changing circumstances being a barrier to achieving your financial goals. The BYRONS wealth management team can assist you with understanding your objectives and putting in place a budget to help you achieve your objectives.
Lending FAQ: How can I protect and improve my credit score?
It’s important to maintain a good credit score as it allows you to access all types of lending products from home loans to credit cards. It can take years to repair a damaged credit score so protecting it is just as important as improving it. The factor that has the most impact on your credit score is conduct. Good conduct requires timely and consistent payment of your all credit card debt, loan repayments and utility bills. Interestingly, your credit score is not directly impacted by the amount of lending you have but more so by your repayment conduct and the frequency and number of credit product applications. Caution is needed with credit enquiries as an excessive number of requests on your file may be interpreted as a ‘high risk’ customer by credit providers.
The key to improving your credit score is consistently demonstrating good repayment conduct over time. You can also obtain a free copy of your credit report once a year from credit bureau agencies (such as Equifax and Illion) to investigate and remove any credit enquiries or accounts that should not be there such as old credit cards or unknown debt. The BYRONS lending team can also help you obtain a free credit report so please feel free to contact us for further information.
The above FAQs are general advice only.
We recommend speaking to one of our accountants, financial planners, or mortgage brokers to see if there are any other opportunities available for you to get ahead and achieve your financial success.
Disclaimer: The information above is intended as general information only and should not be taken as advice. No action should be taken prior to taking financial advice tailored to your personal circumstances.
John (Hyo Suk) Kim is a credit representative (508336) of BLSSA Pty Ltd ACN 117651 760 (Australian Credit Licence 391237).
Byrons PWS Pty Ltd as Authorised Representative of Professional Wealth Services Pty Ltd | ABN: 58 174 609 776 | AFS Licence Number 312047