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Posted by on Jan 6, 2015 in Uncategorized | 0 comments

Financial advice for new graduates

After studying for so many years it can be very exciting to suddenly start banking a graduate salary. If you’re a young man, it can be tempting to start living it up, getting loans for new cars and eating out regularly. However if your lifestyle suddenly increases beyond your new income you’ll find yourself broke and eating instant noodles before you know it.

Here are some tips a financial advisor might propose to help you keep your spending under control.


While it can seem like you need to rush out and buy a set of new suits, remember than your colleagues are noticing less of your outfits than you expect as shown in this recent experiment by a TV host. By owning a single classic cut suit and accessorising with different shirts, ties and belts you can wear a similar outfit most days without raising an eyebrow and keep the focus on your work and not your fashion choices!

Keep your roommates

The cost of housing makes a large portion of most people’s salaries, so it’s well worth continuing your share house days a little longer. If you can’t deal with your university friends any more, look to share with other people on your graduate program. An added bonus is your roommates can collect your mail and water your plants if you need to travel a lot in your first year. Look for an apartment complex with a pool or gym and you’ll also save on gym fees.

Bring your own lunch

The cost of regularly buying lunches and coffees can easily exceed $20 a day. Make sure you have a coffee in a thermal cup with you each morning as you leave the house. Find a lunch buddy who brings in lunch for you both every second day, and you can make two lunches on the alternate days. This halves the work of making a lunch and helps keep lunches more interesting.

See if your lunch buddy will join you on a run or walk each lunch time to avoid the temptation to hit the shops, while keeping you both fit and getting some fresh air.


Join your local library. Now that the load of studying is past you can finally start reading for fun again. The library also has a range of ebooks for borrowing on electronic reading devices and DVDs for lending.

It’s a great idea to make contact with a financial advisor like Green Associates early on to start building an investment plan to help you build your wealth and save for large goals.

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Posted by on Jan 5, 2015 in Uncategorized | 0 comments

Don’t Spend Your Tax Return—Invest It

When a tax refund is on the cards, the notion of tax return investment is probably the furthest thing from anyone’s mind. Whether there will be a refund of $500 or $2,500, the temptation is usually to spend it or clear an outstanding bill. Choosing to use this money in a different way could actually determine your future financial position. It’s rather simple. Don’t spend a tax refund. Invest it.  

Future investment

People dream of having a little nest egg set aside for a rainy day, for a future property purchase or even for the essential retirement fund. The key to making dreams come true is to start.  It does not matter how much money makes up the first deposit. It’s never too early to plan for the future.

Use a tax refund to accomplish goals

Let’s take a look at how a tax refund can be wisely invested.

1. Invest in an emergency fund

Putting an unexpected sum of money from a tax refund aside for an emergency is definitely a wise move.  Everyone should have a shush fund for those moments that can and do crop up every now and then. The money must be easily accessible and also invested wisely so that a $500 deposit does not become $50 because of bank fees and poor investment choices.  

Resources such as Taxwise can help with the decision making process however as a rule of thumb, opt for a bank account with a high interest rate that may be an online service only.  Be wary of fine print that could lock it away for a period of time though.

2. Invest in long-term plans

Whilst the future can often feel like a lifetime away, establishing an investment plan so that dreams become a reality is worthwhile.  Long term plans can be kicked off with a tax refund.  It could be money for an education fund or saving up for a car. Get it started today.

3. Invest in property 

Investing money in property is a common method, however in this instance, the idea is to invest in an existing property. Channel a tax refund into a mortgage to ultimately save thousands on interest. Make much-needed improvements to a home is also to help improve its value long term.

4. Invest in business

Running a business takes time and money. A cash injection could be exactly what is needed or utilise a tax refund to help turn an idea into a reality. 

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Posted by on Dec 30, 2014 in Uncategorized | 0 comments

Do You Need an Accountant if You Are an Executor of a Will?

When it comes to wills, the laws are different in each Australian state and territory. But, they are somewhat uniform, and you can expect pretty much the same process, no matter where you live.

If you are the executor of a will, it is important that you hire an accountant to take care of the estate taxes. You are responsible for making sure that all inheritance laws are followed. Often, many of these laws can be confusing, especially when it comes to the inheritance tax and capital gains tax, which is why you need accountants to help. Here is some information on how inheritances are taxed.

Tax on the Inheritance Itself

When a person dies, it is not unusual for their estates to still earn income. For instance, they may have had unpaid wages owed to them, earning interest on money in bank accounts, shared dividends, or monies earned through the sale of their home and other assets. All of this income is taxable, and these taxes must be paid. No taxes are paid on anything that has already been previously taxed.

As the executor, you are responsible for taking care of the taxes, unless it has been arranged that the beneficiaries will take care of the taxes. Either way, it will be necessary to hire an accountant to make sure that everything is done correctly, especially if there is any confusion as to what has been paid and what has not.

Capital Gains Tax

You will also be responsible for the capital gains tax. This tax is applied when assets are transferred from the deceased’s estate, which is considered to have taken place on the day of their death. Generally, capital gains include shares in stocks, investments, and property, and any of these things that change ownership are subject to capital gains tax.

There is an exception to this rule. If the assets were given to a beneficiary or anyone who is acting as a legal representative for the deceased, of if they are passed from that representative to the beneficiary, they are not subject to capital gains tax. But, if they are passed to someone who is a foreign resident, or to a charity or another entity that is exempt from taxes, the capital gains tax will need to be paid.

This is sometimes very confusing, and all the more reason why you need to hire an accountant to help you. Talk to local resources such as KAMP Business Accountants to get a handle on how to accomplish your task as executor of the will.

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