What is a Self-Managed Superannuation Fund?

Today’s Home Loan market is a complex proposition for potential borrowers, from First Home Buyers through to experienced property investors. Engaging a Mortgage Broker to assist you can make all the difference in being able to find a suitable loan from a maze of lenders, with complex lending rules and regulations currently in place. Mortgage brokers can do all of the leg work for you, including checking your borrowing capacity and ensuring you meet the lending criteria, of dozens of lenders, and you choose who you want to deal with.

It is important to note that a Mortgage Broker is required to work in your best interests by law, and consumers have legal protection if a Broker doesn’t do so. Hrkac Group Mortgage Brokers don’t charge any fees to our clients. If we do our job properly and locate a suitable loan for our clients, the Lenders will pay a commission to us. The commission isn’t added to your loan amount or interest rate, so it is a completely free, ethical and professional service we provide.

Why use The Hrkac Group’s Mortgage Brokers

1) We’re thorough

We discuss and analyse your existing situation, your home loan needs and requirements, and obtain all necessary information pertaining to your home loan application.

2) We make it simple

We explain the types of home loans available to you from a range of banks and specialist finance companies. Such as:

• Home Loans
• Investment Home Loans
• Vehicle & Equipment Loans
• Small Business Loan
• Refinances
• Debt Consolidations

3) Specialised & personalised service

Based on the information provided by you, and utilising specialist home loan software, we match your home loan requirements to a selection of home loan products offered by our panel of lenders.

4) Overview of costs

We provide an overview of your ‘Purchase Budget’ incorporating the relevant costs associated with your home loan application in writing.

5) In-depth view of products

We provide an in-depth overview of the home loan product or products you select, in writing.

6) We do the tricky parts

We complete and package your home loan application and deliver it to the lender’s assessment team on your behalf.

7) We dot the i’s and cross the t’s

We act as an intermediary between you and the lender, negotiating the terms and conditions of your loan. We will also answer any questions the lender’s assessment team may have, on your behalf.

8) Communicate with all parties

We liaise with your solicitor, real estate agent accountant, and any other related parties to ensure a smooth and timely settlement.

9) Going the extra step

We assist with future home loan requirements, whether you wish to check, change, or top-up your loan, or renegotiate your current home loan interest rate with your existing lender.

10) Keeping you updated

We act as a valuable information service beyond the settlement of your loan by providing you with relevant information on the home loan market, updates on products, and special offers that may be of interest to you.

 

Take control of your financial future by meeting with the best Mortgage Brokers in Geelong at The Hrkac Group. Make an appointment today via Contact Us, or phone (03) 5224 2366.

What is a Will?

A Will is a legal document that says how your estate will be distributed after you die. The property that you leave when you die is known as your estate. Your Will can also include your wishes about things such as who you want to care for your children after you die and your burial wishes.

 

Why make a Will?

Everyone should have a Will. A Will is a legal document where you say what you want to happen to your estate when you die. If you don’t have a Will, your estate may not go to the people you want it to.

 

What if I die without a current Will?

If you die without a current Will the law will decide what happens to your estate. This may mean that your estate is not distributed in the way that you wish. Your estate may be distributed in accordance with an old Will. Otherwise, the court will appoint an administrator to distribute your estate following legal rules known as the rules of intestacy.

That means, your assets may go to:

• your spouse or domestic partner, children or parents, or more distant relatives, or

• if you have no relatives at all, your property will go to the State.

 

Choosing an executor

An executor is a person or trustee company that will manage your estate after you die. Your Will names the executor and gives them the power to deal with your estate in accordance with the terms of your Will. Your executor must follow the directions in your Will. They can’t make guesses and change your directions even if they think you might have changed your mind. If they fail to act on the Will, the court or Registrar of Probates can ask them to explain. The court or Registrar of Probates can take this action themselves or when someone complains.

 

Who should I choose as my executor?

Your executor could be a family member, friend, lawyer or other professional, such as an accountant or trustee company. When choosing an executor, you should consider their circumstances and skill set to decide if they are suitable.

 

What should I consider when choosing an executor?

• You need to make sure the person you choose to be your executor has the skills and time to do it. You should ask them if they are happy to take on the responsibility.

• Your executor needs to be someone you can trust to carry out your wishes. It is their job to take control of your estate and make sure the right people get what they should.

• The executor also needs to be able to understand basic accounting and deal comfortably with a range of people, including banks and lawyers, and your family. Sometimes they may need to deal with disputes between beneficiaries or claims being made against your estate.

• Your executor needs to carry out their responsibilities after you die, so an executor who is much older than you, is unwell, or likely to move overseas is not a good choice, especially if you have children who may not benefit for some years.

• If you appoint a professional as executor, they will need to be paid from your estate. You should refer to payment for their services in your Will.

• Sometimes an executor might need professional assistance to undertake their role. Any costs associated with such professional help will be paid out of the estate before the assets are distributed.

 

Why it’s a good idea to appoint more than one executor

Even though you trust your executor, it can be good to have two people who can keep track of what is going on and make sure the right thing is done. You are allowed up to four executors, but this is not usually recommended.

If you choose to appoint more than one executor, make sure they can work together. If you appoint one executor, it is a good idea to appoint an alternate person in case your first person can’t (or won’t) take on the role after you die.

 

 Your beneficiaries

Who is legally entitled to benefit from my estate?

You are expected to look after your dependents in your Will if they need your help and you have the resources. Dependants could include people like your partner or children, even if they are adults. If you don’t include these people, they may be able to challenge or contest your Will. If their claim on your estate succeeds, the court will make an order to give some of your estate to that person. It doesn’t matter what wording you use in your Will, you can’t get around this if the court decides it is appropriate. Some of the costs of such claims may be paid out of your estate.

 

Making a Will in Geelong

Stuart and the expert Legal team at The Hrkac Group can help you through the Will making process, assisting you with any questions you may have along the way and give you peace of mind that your wishes will be complied with.

Want help with making a will in Geelong. Make an appointment today via email or phone 03 5224 2366.

As we’re gearing up for our busy period, we want to make sure your preparation for this year’s Tax Return appointment is easy and hassle free. From experience, providing the right paperwork, receipts and statement information is the key to ensuring you get the best out of your Tax Return appointment. With this in mind, our Accounting specialists have gathered together an informative checklist you can use as a guide.

Anyone can use our business or personal tax return checklists to prepare for their appointment – flag it in your inbox, bookmark it or even print it out. You can keep coming back to these guides, so you know what to bring to make your appointment run smoothly.

 

Personal Tax Return Checklist

Some important items to remember:

• A copy of last year’s Tax Return
• PAYG/Group Certificates
• Receipts for claims/deductions
• Self-Education costs
• Private Health Insurance Annual Taxation Statement

Business Tax Return Checklist

Some important items to remember:

• Back up or invite your Hrkac Accounting specialists to your accounting program
• Capital purchase documentation
• Payroll records

Download

 

Not all items on these checklists may apply to your return and you don’t have to bring these to your appointment, but they can be handy to keep on file for next year. If you are unsure about any of the items on the checklist, bring as much information as you can to your appointment, and we can help you know what is relevant to your tax return.

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This year, The Hrkac Group is taking online bookings for Tax Return appointments. You can use the link below to book your appointment online or use the top right button on our website whenever you’re ready.

Top Tip 2019:

Although technology is helping us improve our taxation processes, we don’t always have online access to the most up to date information available.

It’s important to bring your Group Certificate to this year’s appointment so that we can work with the correct and most recent information (we can’t always access your certificates online.)

If you have any questions or would like to book your Tax Return appointment, please contact The Hrkac Group here.

 

Liability limited by a scheme approved under Professional Standards Legislation.

Single Touch Payroll (STP) is a way of streamlining tax and super information to the ATO from your payroll or accounting software. Designed to provide ‘real-time reporting solutions, the implementation of STP will mean employers will now report figures at the time of payroll, and employees can access year-to-date tax and superannuation details as they require them.

So what does this mean for employers and employees alike?

 

For the Employers

All businesses will be required to comply with Single Touch Payroll from 1st July 2019. In the coming months, we will see new software solutions and options enter the market. Early adoption is possible, and some businesses may have seen this already as providers have begun rolling out new software options for those businesses wanting to uptake this method of data processing. Businesses utilising STP will be able to report employees’ salaries and wages, allowances, deductions (for example, workplace giving) and other payments, pay as you go (PAYG) withholding, and superannuation information, while eliminating the need to provide end of year payment summaries.

 

For Employees

The main change for employees is the introduction of real-time reporting meaning we will slowly see the reduced need for EOFY PAYG Withholding Payment Summary. This information will now be available via your myGov account, allowing access to year-to-date taxation summaries and super information, continuously being updated in real-time as your employer pays you. You will also be able to continually check your super contributions and receive your tax-ready payment summary information (income statement) via myGov.

For more information, visit the ATO website.

Follow our handy Personal and Business Tax Time Checklists to make sure you’re prepared.

So it’s that time of year yet again! If you are new to lodging a tax return or if you are a new Start-Up Business or Sole trader/contractor – even if you’ve been doing it for years – getting all of your financial documentation together can be a daunting task.

If you just don’t know where to start, the Hrkac Group are here to help. We strive to take the guesswork out of Tax time and have put together helpful checklists for both personal and business taxation clients, so that you can be confident that you have everything in order.

For those looking to lodge a personal tax return, here is a list of some of the items required by your registered tax agent:

• A Copy of your previous years income tax returns (new clients only)
• PAYG payment summaries Group Certificates
• Dividends and other investment income
• All Rental Property Information
• Receipts for any possible claims/deductions including:
• Motor Vehicle expenses
• Any Travel expenses
• Uniform purchases and Laundry costs
• Self Education Costs
• Any Work related expenditures
• Tax agent fees paid during last financial year (new clients only)
• Your account bank details for any refund
• Any Gifts or Donations
• Income Protection premiums paid
• Private Health Insurance Annual Taxation Statement

For those of you running a business, here is a list of some of the items required by your registered tax agent:

• Backup or invite your agent to join your Accounting program
• (i.e MYOB/Reckon/Quickbooks/Xero)

• Bank Statements for all business accounts including loan statements
• Documentation for any new Capital purchases such as Motor Vehicles or properties
• Trade Debtors listing as at the end of the period
• Trade Creditors listing as at the end of the period
• Detailed payroll records
• Do you have any carried forward capital losses? If yes, how much

New clients will also need:

• a copy of most recent years financials and tax returns
• Previous accounting fees paid
• Personal and business details

Download our Personal Tax Checklist or our Business Tax Checklist here!

If you would like to know more or to make a time to see one of our Geelong based Personal or Business Tax Specialists, feel free to contact the Hrkac Group today!

The Hrkac Group has access to a Car Buying Service for both Corporate and Private car buyers with an impartial, cost-effective, and stress-free solution for purchasing your new motor vehicle. An average car purchase takes approx. 40 hours from start to finish, this service can eliminate all that stress.

The process is, we get to understand the client’s new vehicle requirements and can offer suggestions if required. We arrange a test drive at your local dealership in the chosen vehicle or it can be brought to your home or workplace without any obligation to buy. We handle all the price negotiations with our preferred dealers to ensure the exact vehicle you want at the very best price.

We can sort out your trade-in also to obtain the best price. We arrange the paperwork, car accessories, and registration. We can deliver the car to your home or work and we can take you through your new vehicle. If you prefer, your car can be picked up at the dealership. There are no fees for this service. You pay the best price that has been negotiated for your new vehicle.

Should you, your staff, family, or friends like further information, contact The Hrkac Group Finance Department, on 5221 2355 or email paul@hrkacgroup.com.au. We have had multiple clients use it so far and it has saved them time and stress and as a result, they have recommended it to others already.

Are you an employer? Are you aware of the recent changes?

As of October 1^st 2016 the ATO have put out changes to the PAYG withholding tax rate for employees earning over $80,000 a year.

These changes see the 32.5% Tax threshold increase from $80,000 to  $87,000 in the withholding schedules as a result of  personal income tax relief changes.

If any extra tax was withheld from your employees before the rate change on October 1^st, your employees will be credited when they lodge their 2016-17 income tax returns. No employer adjustment or refund is required.

Feel free to contact us at The Hrkac Group for advice on these PAYG tax rate changes and download the updated tax rate tables here.

Follow our handy Personal and Business Tax Time Checklists to make sure you have everything in order.

So it’s that time of year again! For some it has become like driving a car or riding a bike, you just go into autopilot and you can get everything in order without breaking a sweat. For others, in particular those that are new to lodging a tax return or for a new Start-Up Business or Sole trader/contractor, it can be a daunting task. Where do you just don’t know where to start?

Luckily at the Hrkac Group, we strive to take the guess work out of Tax time, and have put together some helpful hints, so you know that you have everything in order.

For those looking to lodge a personal tax return, here is a list of some of the items required by your registered tax agent:

• A Copy of your previous years income tax returns (new clients only)
• PAYG payment summaries Group Certificates
• Dividends and other investment income
• All Rental Property Information
• Receipts for any possible claims/deductions including:
• Motor Vehicle
• Any Travel expenses
• Uniform purchases and Laundry costs
• Self Education Costs
• Any Work related expenditures
• Tax agent fees paid during last financial year (new clients only)
• Your account bank details for any refund
• Any Gifts or Donations
• Income Protection premiums paid
• Private Health Insurance Annual Taxation Statement

For those who own a business, here is a list of some of the items required by your registered tax agent:

• Backup or invite your agent to join your Accounting program
  (i.e MYOB/Reckon/Quickbooks/Xero)

• Bank Statements for all business accounts including loan statements
• Documentation for any new Capital purchases such as Motor Vehicles or properties
• Trade Debtors listing as at the end of the period
• Trade Creditors listing as at the end of the period
• Detailed payroll records
• Do you have any carried forward capital losses? If yes, how much

New clients will also need:

• a copy of most recent years financials and tax returns
• Previous accounting fees paid
• Personal and business details

 

Download the version of our Personal Tax Checklist or our Business Tax Checklist here!

If you would like to know more or to make a time to see one of our Geelong based Personal or Business Tax Specialists, feel free to contact the Hrkac Group today!

What to look out for to ensure you’re not falling victim.

Have you received emails, phone calls or letters from the Australian Tax Office, demanding payments for outstanding tax bills using iTunes cards? Be careful, these could be part of a new sophisticated tax scam defrauding Australians.

Typically, when emails are used as correspondence, these emails contain links to fake websites that look remarkably genuine and may have attachments containing system-corrupting Malware or, in some cases, “Ransomware” which seeks payment for unlocking access to your own computer files.

Little can be done to stop scams such as these, with the criminals responsible often being based offshore and using techniques that are near-on impossible to trace by local authorities.

As your authorised Tax Agent, contact from the ATO about your taxation affairs should always come via our office. In particular the Australian Tax Office DOES NOT make phone calls soliciting payments for outstanding debt without first writing to taxpayers. Should you receive any direct contact purporting to be from the ATO, notify us immediately and we will work to verify it as genuine. Alternatively you can take matter up directly with the ATO in 1800 008 540.

Under NO circumstances should you pay an alleged Tax Debt without establishing its validity with us first.

Follow the link here to read the Tasmanian Police Media release. Follow the link here to read the Australian Tax Office Media Release.

If you have any queries or concerns or feel you may have been caught up in this scam, feel free to contact one of the Geelong based Tax specialists at The Hrkac Group.

What has changed and what you need to know.

In early November the Federal Government passed a bill to make an amendment to legislation regarding the repayment of Fee HELP/HECS Loans for those people who have moved overseas.

Previously, the legislation was that If you went overseas and said that you were no longer an Australian tax resident, i.e. you had no intention of ever returning to Australia (different to being an Australian citizen); your HELP/HECS Debt would just sit there regardless of what you earn overseas. If you never returned to Australia, you would never repay your debt.

Under the new amendment, regardless of whether you are an Australian Tax Resident or not; if you have a HELP/HECS debt and total worldwide earnings are over the relevant Australian Taxable income threshold; you are now required to make repayment under Australian law.

The following bills passed the Senate without amendments:

Education Legislation Amendment (Overseas Debt Recovery) Bill 2015 and Student Loans (Overseas Debtors Repayment Levy) Bill 2015 .

The Bills propose amendments to implement a 2015-16 Budget proposal to ensure that the same debt repayment obligations that apply to debtors who live in Australia apply to those who live overseas.

The Overseas Debt Recovery Bill will create an obligation to make repayments on their HELP and TSL debts based on their total Australian and foreign-sourced income, known as their worldwide income. This will be imposed as a levy (to be known as the “overseas debtors repayment levy”) through the other Bill.

If you would like to know more about how this may impact you either currently or in the future, feel free to contact one of our Geelong-based Tax specialists!

So for borrowers, what are our alternatives?

On Wednesday evening, Westpac announced their intention to increase the interest rate on their owner-occupier and investor loans by 0.2% and the likelihood of the other major lenders following suit is quite high.

With this decision affecting those with personal loan, investment loans and business loans alike, it begs the questions; what is our alternative to the major lenders?

Well, the Finance division at the Hrkac Group Geelong can help! We have been provided with some very attractive alternatives to the major lenders with application and annuals fees being waived, interest rates reduced to record lows and cash rebates for refinancing on offer, there are thousands of dollars to be saved every year!

There has never been a better time to come in and see our Loan specialists at the Hrkac Group. We will review your current loan and help you understand the best possible options available to you, all free of charge!

Contact us today to find out how to make the most of these great offers and beat the 0.2% rise!