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A guide to administering deceased estates

 

We all know Benjamin Franklin’s quote “In this world, nothing is certain except death and taxes.” But as only an accountant can be macabre enough to find amusing, tax continues after death – even once you’re dead, the Australian Taxation Office (ATO) still requires you to lodge a tax return! Ok, so clearly not the deceased person, but their legal representative (usually the Executor) must assume that responsibility.

I won’t go through the entire legal process of how an estate is administered – I’m an accountant not a lawyer after all. But from a tax point of view, there are a few specific requirements. Continue reading “A guide to administering deceased estates”

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What young adults need to know about debt

Back when Bank Managers roamed bank branches, finance was far less complicated. (yes, it’s true, there were these people who you could meet IRL at the local bank!) You would have visited your bank branch to apply for your home loan or credit card or to open a new savings account. There wasn’t too much more to think about and often people banked with the same bank for their entire working life (I know, a crazy concept!). Now, we have to deal with student loans, “buy now pay later” options, whether we want tap and pay through our watch, should we have a credit card with a low rate or rewards points, how to get bonus interest on our savings every month and everything can be done online without ever talking to a person. And that’s before we even think about superannuation (don’t worry, I won’t go down that rabbit hole – I know we don’t have time!)

Last week we talked about young adults and tax. This week we take a look at finance and more specifically, debt and loans. Continue reading “What young adults need to know about debt”

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What young adults need to know about tax!

Over the last few weeks, I’ve had the pleasure of chatting to a few of my daughters’ friends. It’s so great to watch these people who you knew as “kids” turn into responsible, thoughtful and amazing young adults. Just where did the time go? But it did get me thinking that although they’re intelligent and educated adults, there’s a lot about tax and finance that we “oldies” have learned over the years and that we take for granted as something everyone knows. So for the next couple of weeks, I’m going to focus on tax and finance for young people. Today I bring you my top 4 things I think every young adult should know about tax. Continue reading “What young adults need to know about tax!”

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Tips for managing your debtors

In the last couple of weeks, I’ve had conversations with several clients about what to do with customers who don’t pay their bills either on time or at all. No one likes doing all the work and not getting paid. In small business, keeping a good cash flow is absolutely critical. If you have significant funds tied up in your accounts receivables, you have less working capital to fund the business, more stress, sleepless nights and less time to do the good stuff. And the longer debts remain outstanding, the harder they are to collect. So, what can you do to stay on top of your debtors, maximise your cash reserves and minimise the risk of not getting paid. Continue reading “Tips for managing your debtors”