Already Broken Your New Year's Financial Resolutions?

Are you having trouble keeping your new year's financial resolutions?

At a glance: According to a BankWest survey, one in five Australians will have broken their New Year's financial resolutions by Easter.

BankWest have conducted a survey that has shown that at the start of the year, about half of Australians had set themselves a financial goal. The survey showed that some people making New Year's financial resolutions intended to either start saving or increase their savings while others were looking to reduce debts and curb their spending.

However, the survey has revealed that one in five Australians find it difficult to keep their financial resolutions due to higher interest rates, increasing rents and higher priorities. According to BankWest head of marketing and products, David Rose, the key is sticking to a habit of putting a little bit away on a regular basis. Mr Rose said, "Starting and maintaining the discipline is crucial. If you do it month after month, you clear the debt and build up nest eggs."

BankWest will be launching a new section on its website www.getsaving.com.au to provide visitors with tips on how to meet their financial goals.

Remember: You should check and see whether or not you are meeting your financial goals. Speak to your financial advisor about ways of starting and maintaining the discipline of saving more and spending less. Contact us if you require any clarification or advice.

Using websites to Maximise Business Profit

Are you a business owner interested in growing your business?

 Greg Smith, CEO of Lifestyle Money (www.lifestylemoney.com.au) was recently asked for ways in which to grow small businesses, particularly how small businesses can use their website to maximise business profits.

Greg advised "While a presence on the web is pretty much a necessity for any business these days, it may not need to be your major focus.

"First of all, you need to determine who your major customers are and how they prefer to buy your product. How you set up and use your website will be determined by whether you're going to deal directly with the public."

Greg stated "One of the temptations of the Net is to spend a lot of time and money building an elaborate website. Forget it! You can set up a nice site for less than $1000. "I hate to disappoint, but the chances of someone seeing your site without you promoting it heavily (and spending a lot of money on search engines and online advertising) is extremely low, especially from overseas, because your site is just one of 4.2 billion web pages. The web's a powerful marketing and sales tool, but if your business is primarily for Australians then forget the extra bells and whistles.

"Make your website simple to navigate, keep it updated and highlight the people who matter. This way you won't waste time and money trying to maintain a website few people will see.

"The web is just another tool you need to use wisely."

You should ensure your website is simple to navigate, updated and relevant to the people who matter. Contact your accountant if you require any clarification or advice.

 

By Justine

Education Tax Refund - What Expenditure is eligible?

Are you a parent who receives Family Tax Benefit Part A?

With the end of another tax year looming, parents are reminded to compile records of any expenditure relating to their children’s education for the Education Tax Refund [ETR]. The Education Tax Refund is designed to support parents by offering refunds for their children's eligible education expenses of up to:

a. $375 per year for primary school students; and
b. $750 per year for secondary school students.

The Following table shows the eligible and ineligible expenditure for the purposes of the Education Tax Refund:

Eligible Expenses	Ineligible Expenses
Laptop Computers	School Fees
Home Computers	School Uniforms
Printers	Musical instruments
USB flash drives	Donations
Disability aids to assist with computers	Building Levies
Computer repairs	Transport
Home internet connections	Tutoring
Educational computer software	Sporting equipment
School textbooks	School photos
Stationery	Computer games
Prescribed trade tools for secondary courses	Tuckshop expenses

Parents can claim a refund for these education expenses in their income tax returns at the end of the financial year.

Please contact us for further information or if you have any questions.

By Sophia