Lenders' Early Offers Vs. Brokers' Tactics

Lenders' Early Offers Vs. Brokers' Tactics - Element

We recently invited Colin O’Loughlin, Director and Mortgage Broker of Arch Brokerage to the webinar. Here’s what he said –

“What we’re sometimes seeing, and not great from my point of view as a mortgage broker, but sometimes we can start an application for a client and then they can turn around and say, ”Hey, we lodged the discharge form”.  We tell them that they’re going to be leaving, and then they’ll try and trump potentially whatever’s made available to you.

So, one sort of thing that we are using is we are trying to leverage against your existing lender and say, “Hey, this is what’s available out there in the market. Can you come and meet this?”.

I also know that lenders are getting better at providing their best pricing upfront and stopping that toing and froing. Obviously, from a mortgage broker’s point of view, we don’t want to start doing the work whenever they’re going to come along and then try and beat the business. 

We will try and put you in the best position possible to get the best rate. Whether that’s staying with the existing bank or leaving, it just comes down to the research that’s conducted at that starting point that’s going to yield you your best interest rate available.”

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions. 

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax. 

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us. 

How To Escape The Mortgage Prison

How To Escape The Mortgage Prison Element

We recently invited Colin O’Loughlin, Director and Mortgage Broker of Arch Brokerage to the webinar. Here’s what he said –

Traditionally, whenever you’re applying for a loan, the bank will add around a 3% buffer on top of what the normal interest rate is. As interest rates go up, the bank will try to fund that loan based on it being a high 8% interest rate.

A lot of these lenders bring in a 1% buffer, or sometimes a no-per cent buffer in order to allow you to look at your borrowing capacity, does it give you the ability to do that and move between lenders without actually being held in the one lender all the time?

If you want to see if there’s something that you’re eligible for on that front, or maybe you’ve looked into this process and you feel like, “You know what? I do feel like I’ve been a bit of a mortgage prisoner. I’ve got no options.” Feel free to reach out. We’ll be more than happy to provide you with some options in that space.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions. 

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax. 

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us. 

Additional tax compliance requirements for professional firms

Additional Tax Compliance Requirements for Professional Firms - Element

If your business primarily sells products or is not considered a “professional firm,” you may be affected by the new guidelines published by the ATO regarding profit allocation arrangements. These guidelines will take effect on July 1, 2022, and will have a two-year transition period.

Professional firms include but are not limited to accounting, law, medical, engineering, architecture, management consulting, financial services & stockbrokers, businesses in building & construction (e.g. builders, plumbers, electricians), real estate agents and services such as waste removal and funerals.

Inspire accountants will provide detailed guidance to their professional firm clients on the new guidelines during the Annual General Meeting or during tax planning sessions.

We suggest that you speak to your accountant in the next couple of months to see how the new guidelines could affect your current arrangements.

Reference: shorturl.at/TUY01

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions. 

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax. 

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us. 

Running a home-based business from a company or trust?

Business At Home

To claim rent expenses under the company or trust, you will need to have a genuine market rate rental agreement between the owner of the property and your business. If you do not own your property, you will need a contract with your landlord. Alternatively, you may claim occupancy expenses (subject to eligibility) in your personal tax return against your salary. 

Examples of occupancy expenses are mortgage interest or rent, council rates, land taxes and house insurance premiums. Homeowners will need to consider capital gains implications should they sell their property in the future.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions. 

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax. 

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us. 

Typical Properties For SMSF Loans

Property Loan Element

We’ve previously invited Colin O-Loughlin, Director and Mortgage Broker of Arch Brokerage on the topic, “Buying A Commercial Property In SMSF”.

In this video, he talks about typical properties for SMSF loans.

Here’s what he said – 

What sorts of things usually get funding?

There are a few options:

  • Shops
  • Factories
  • Warehouses
  • Offices

People might be seeking funds for various reasons, like investing or finding a new space for their business.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions. 

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax. 

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us. 

Paid Family and Domestic Violence Leave

Paid Family And Domestic Violence Leave - Element

Effective 1 February 2023, employees working for non-small business employers (15 or more employees on February 1, 2023) are entitled to 10 days of paid family domestic violence leave. Both part-time and casual employees are also eligible for the leave.

For small business employers (less than 15 employees on February 1, 2023), paid leave will be accessible from August 1, 2023. Until then, they can still take unpaid family and domestic violence leave. 

Per Fair Work, Family and domestic violence mean violent, threatening or other abusive behaviour by certain individuals known to an employee that both:

  • Seeks to coerce or control the employee
  • Causes them harm or fear

Please visit the Fair Work website for additional information on who can access paid Family and domestic violence leave.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions. 

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax. 

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us. 

The Key To Mapping Your Vision

We recently invited Sean Soole to a webinar on the topic  “How To Go From Stuck To Freedom In Your Business”.

In this video, he talks about the key to mapping your vision.

The Key To Mapping Your Vision Element

Sean says that your ‘Vision’ isn’t just a couple of lines or a quick blurb about what you want in life. When he looked at how we come up with these visions, he realised it’s often pretty messy. It doesn’t really give you a clear target. It’s like aiming for a summit, and everything has to fall into place perfectly to get there.

So, what he did is break these visions down into 12 different parts of our lives. Stuff like:

  • How we see ourselves
  • Money and wealth
  • Investments
  • Giving back
  • Being charitable
  • Hobbies and passions
  • Health and well-being
  • Our relationships, especially the intimate one
  • Our kids, family, and friends

These are the big areas that matter most to people. We think six of them are kinda like the basics everyone should have. The other six, you get to pick and choose what you want to go with. See, if there are 12, you might already achieved six of them. So, what’s left is just figuring out the other six and what you need to do in your business and personal lives to be able to feel like you’re living your vision. 

This vision thing isn’t just a checklist of goals. It’s more about how you feel and experience life and the world around you. But to make sense of it all, we break it down into pieces so it’s crystal clear.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions. 

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax. 

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us. 

How Bookkeeping Can Save You Money, Time And Improve Your Business

Bookkeeping Elements

The ATO will likely scrutinise business transactions in the event of an audit. If your business uses accounting software like Xero, you can attach a receipt/invoice to every transaction and leave a clear description of the expense. That’ll save you hours, including the accountant fees, which can easily range between $10,000 and $20,000 per audit event. Audit insurance will cover the accountant’s fees, but it doesn’t include the time you will spend providing evidence or information to your accountant or auditor.

In addition, when reconciling transactions, you want to avoid using generic account names such as General Expenses. You want to reconcile transactions to specific accounts that accurately reflect the type of expense. With a clear overview of your income and expenses, you can seamlessly review to cut costs, streamline operations, and, most importantly, maximise profit.

A well-organised financial record enhances your business’s credibility with lenders, investors, and potential business partners. Lastly, when it comes to tax time, you’ll have all the necessary information readily available, reducing stress and allowing your accountant to provide accurate advice.

 

We recommend most businesses have a good quality bookkeeper that can maintain a healthy set of books.

Bookkeeping Element 2

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions. 

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax. 

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us. 

Small Business Energy Incentive

The Australian government is offering a new tax break for small businesses that make energy-efficient investments. The Small Business Energy Incentive (SBEI) provides a bonus 20% deduction for eligible expenditure on assets that support electrification and more efficient use of energy.

The SBEI is available to businesses with an aggregated annual turnover of less than $50 million. Eligible expenditure includes the cost of:

Eligible Expenditure Image

The maximum deduction is $20,000, so you could save up to $20,000 in tax if you spend $100,000 on energy-efficient items.

Things To Keep In Mind About The Sbei
Small Business Energy Incentive - Element

The SBEI is a great way to save money and reduce your environmental impact. So if you’re thinking about making your business more energy-efficient, talk to your accountant about the SBEI today.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions. 

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax. 

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us. 

Stop Wasting Time On $25 An Hour Tasks

Stop Wasting Time On $25 An Hour Tasks - Element

On a recent webinar, we had the pleasure of hosting Sean Soole on the topic, “Transitioning from Stagnation to Empowerment in Your Business.”

Here’s what he said – 

My favourite thing is to stop doing $25-an-hour tasks. And for those of you who rely on notifications, consider giving them a little break. Trust me, they can be a $25-an-hour distraction. Whether it’s your phone, computer, or any other device chiming in, those constant dings and buzzes have a way of pulling you away from the important stuff. So, think about switching off those alerts for a while and regain your focus. We should only use notifications for their intended purpose, which is to serve as tools that enhance our task-execution abilities.

There are a few people that I’ve come across, who have the time, but not enough money yet. And that’s great because you’ve got the time to invest in other things that can produce the money. 

One of the issues people often face is that they don’t have any time and don’t have any money. That’s the worst scenario that you can be in. You’ve built this machine that you need to keep running, but it’s not producing enough money for you. That tipping point is where we need to apply some of the lessons such as stepping away from $25 an hour of work and doing the stuff that’s worth $500 an hour or more. What strategically could you do if you had more time?

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions. 

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax. 

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us. 

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