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A Passion for Innovation




June Newsletter

Hayes Girling Financial Newsletter

Firm News
Welcome to our quarterly newsletter. Momentum has certainly continued throughout the first half of the year and doesn't look to be slowing down any time soon, with the tax season just around the corner.

As the end of another financial year approaches we encourage you to start preparing any documents you may need for us to complete your tax returns. Click here for our 2017 checklists for individuals and businesses.
In May Andrew was invited to attend the prestigious University of Pennsylvania – Wharton Business School, for a 3 day executive education program focusing on Growth and Innovation. Wharton Business School is currently ranked number 1 in the world, for their MBA and Executive MBA program and the opportunity to gain access to world class presenters proved too good an opportunity to miss.

With site visits and presentations from executives at Vanguard Investments (the worlds largest fund manager) in Malvern, Pennsylvania and T. Rowe Price in Baltimore, Maryland making a week long program with 20 other financial advisers and business owners from across Australia.

Andrew had the following to say about his time on the tour:
"The opportunity to meet and discuss current trends and issues with the Chief Investment Officer from T. Rowe Price who is responsible for the investment of approx $1.6 trillion US dollars gave me some amazing insights into the depth and breadth of research that these professional fund managers undertake in their search for appropriate returns and out performance of markets where possible.
We also got access to T. Rowe Price's political lobbyist who gave us a fascinating insight into the very topical US political landscape.

Coupled with three days from amazing presenters and educators at the Wharton Business School who really challenged the attendees to think laterally and take a wider look at what is happening in the world beyond Australia, to put in place plans to ensure that we are communicating with all of our clients the right way, and providing help in the areas that will continue to be relevant now and into the future, left me with some fantastic insights to bring back to the team and our wider Hayes Girling Financial family."

2017 May Budget

We were all keen to hear what was going to be announced at the May budget, and of course there were many items that hit our radar...
The Government announced that they will extend the instant asset write off for assets under $20,000 until 30 June 2018. This small business measure is available for businesses with an aggregated annual turnover of less than $10 million.

Lower threshold to HELP debt repayments - From 1 July 2018, a new minimum threshold of $42,000 will be established with a 1% repayment rate and a maximum threshold of $119,882 with a 10% repayment rate.
From 1 July 2017, the Government will disallow deductions for travel expenses relating to inspecting, maintaining or collecting rent for residential rental properties. Also, plant and equipment depreciation deductions will be limited to outlays actually incurred by the investors in residential real estate properties. Subsequent owners will no longer be able to claim deductions for plant and equipment purchased by its previous owner.
From 1 July 2017 first home buyers will be able to make voluntary contributions to superannuation to be withdrawn for a first home deposit. Up to $15,000 per year and $30,000 in total can be contributed, within existing concessional contributions caps. Withdrawals will be allowed from 1 July 2018 onwards and will be taxed at marginal tax rates less a 30% offset.
Superannuation Changes

On Wednesday 23 November 2016, the Federal Government's proposed changes to super rules were passed by Parliament. This means that from 1 July 2017, the amount you can put into super each year will be reduced – which could impact your retirement plans.
Please note if you are already retired and no longer making contributions, this change will not affect you, however there could be family member who could benefit from this information.

What's Changing?

Under the current rules you can make before-tax or 'concessional' super contributions of up to $35,000 if aged over 49, and up to $30,000 if aged 49 & below each year. But from 1 July 2017, this annual cap will be reduced to $25,000 for everyone. This cap includes all salary sacrifice amounts as well as compulsory employer contributions.

Click here for more information.

Contact us today

If you're currently making salary sacrifice contributions to super each year, it's important to know if these upcoming changes could affect your financial strategy and tax position.
With the changes taking effect from 1 July 2017, speak to us about how to make the necessary changes to your salary sacrifice amounts to ensure that you do not exceed the contribution cap, and incur additional contribution taxes.
The attached summary provides an outline of five of the most important changes to superannuation. It's worth taking the time to have a read of the summary and understand how the new rules could affect your financial strategy and retirement plans.

2017 WAFP Gala

Preparations are in full swing for our 2017 Women and Financial Planning Gala. We are excited to announce a new venue for this years event, that will be sure to bring a whole new feel. Can you guess where it is? Stay tuned as we are sending out Save the Dates shortly.
5 Minute health check

How would you rate your financial health? Unsure, why not take a few minutes to see how you score.
                                               
ATO App - myDeductions

The ATO have released an app called myDeductions which makes it easier and a more convenient way to file your tax deductions and income records all in one place. It is suitable for both individual employees and sole traders. You can add deductions or expenses, vehicle trips, income (if you're a sole trader) as well as photos of your invoices and receipts. Click here for links to the Android, Apple or Microsoft app stores.

2017 Federal Budget Snapshot


 

Knox Business Life

March Newsletter

Hayes Girling Financial Newsletter

Firm News


Welcome to our first newsletter of 2017. We've had a wonderful start to the year, with plenty of news items to report. With the excitement of the holiday season behind us, it was straight back into the swing of things.

2017 Annual Count Conference


We are proud to announce that we have just been awarded Count's 2017 Excellence in Client Engagement Award at Count's Annual Conference in Sydney. We are honoured to receive this recognition by our professional community; more importantly thrilled to know that we are at the forefront with the way we engage with our clients.

Hayes Girling Financial was also a finalist in the 2017 Outstanding Quality Award, sitting top 3 in over 300 firms Australia wide. This is the third year running that we have been award winners and multi-category finalists.

Staff Updates


We welcomed Richard You to the accounting team in January, Richard brings an enthusiastic and fresh approach to the firm, be sure to say hello to him when you have the chance.

We are also happy to announce that Sheridan welcomed her second child, a baby girl in January. Both Sheridan and Holly Rose are doing very well and we wish them all the very best.

It's not too late!


For those of you that have not lodged your 2016 Income Tax Return, we recommend you contact us as soon as possible, as the ATO deadline for individuals is fast approaching. If you are pressed for time, you are welcome to email your documents to us atadmin@hgfin.com.au.
                                

Tax Planning Starts Now


There are 5 key things all business owners must consider right now. Some of these are brilliant wealth creation ideas. Please read on…

30 June will be here before we know it. Let us help you get the most out of the upcoming months.

Too often we end up disadvantaged - we procrastinate and do not take positive action. If you leave your tax planning until the end of May and early June, there may not be enough time to do anything significant to reduce your tax. Worse, you may neglect tax planning altogether.

So, for 2017, our invitation to you is to start now with your tax planning – a quick phone call will start the process – 03 9764 2244.

Click here for more information

Super Reform


On Wednesday 23 November 2016, the Federal Government's proposed changes to super rules were passed by Parliament. This means that from 1 July 2017, the amount you can put into super each year will be reduced – which could impact your retirement plans. So before the changes happen, it's a good idea to consider whether you should contribute a bit extra to your super.

What's changing....Click Here for more information

     

Private Sales – Car / Equipment under finance?

Are you looking to privately purchase a car or equipment under finance? Are you aware of the potential traps and risks associated with doing so? If not, we recommend you speak to a professional to take the worry away from you. At Hayes Girling Financial, we partner with a range of experts within the lending / financing space to ensure you receive the best possible advice when making these purchases.

Things to consider when purchasing a motor vehicle or equipment from a private vendor……..Click here for more information

 

Superannuation Reform

On Wednesday 23 November 2016, the Federal Government's proposed changes to super rules were passed by Parliament. This means that from 1 July 2017, the amount you can put into super each year will be reduced – which could impact your retirement plans. So before the changes happen, it's a good idea to consider whether you should contribute a bit extra to your super.

What's changing?

Under the current rules, you can make up to $180,000 worth of after-tax or 'non-concessional' super contributions each year. But from 1 July 2017, this annual cap will be reduced to $100,000 – so this financial year is your last chance to make the most of the current contributions cap.

If you are aged under 65 (any time during a year), the bring-forward provisions will still allow you to bring forward up to three years of non-concessional contributions. So from 1 July 2017, you'll only be able to make a maximum of $300,000 in non-concessional contributions in a three-year period, compared to the $540,000 limit that currently applies.

What's more, if your super account has a balance of $1.6 million or more from 1 July 2017, you won't be able to make any further non-concessional contributions at all.

Contact us today!

If you're currently making contributions to super each year, it's important to know if these upcoming changes could affect your financial strategy and tax position.

With the changes taking effect from 1 July 2017, speak to us about how to make the most of the current super caps while you still can.

         

Things to consider when purchasing a motor vehicle or equipment from a private vendor

 

We often receive inquiries on whether we can assist with financing the purchase of a car or other equipment from a person who is not a dealer or supplier. The good news is we can. This sale type is known as a "private sale".

When purchasing under this scenario some key items to consider:

  •  Can the person selling confirm they have legal title?
  •  Is the car or equipment under finance?

There are additional requirements with a private sale to confirm the above and we work with the vendor on your behalf to obtain.

Typically this includes:

  • The seller producing evidence that they own the goods (such as the original invoice from a dealer or supplier) and confirmation of payment OR a payout letter from the financier if the asset is currently under finance
  • A Certificate of Registration (if registered goods) 
  • A search of the Personal Property Securities Register ("PPSR") that confirms the details of the goods and whether any encumbrance exists
  • An inspection of the equipment by us or a representative for us

If the above steps are not taken, you could risk purchasing a vehicle or a piece of equipment that you don't get clear title to (ownership). In some instances this could leave you in the unenviable position of having a loan to pay but no vehicle or equipment.

To protect you from this scenario we and our agents perform all checks and obtain proof of ownership so you can enjoy the benefits of a private sale such as negotiating a better price than what you could obtain from a dealer or supplier.

Make sure you talk with us if you are wanting to finance a private sale.

 


 

Tax Planning

       

 

Tax Planning Starts Now!

There are 5 key things all business owners must consider right now. Some of these are brilliant wealth creation ideas. Please read on…

30 June will be here before we know it. Let us help you get the most out of the upcoming months.

Too often, we end up suffering because we have procrastinated and not made a positive decision to do something. If we all leave your tax planning until the end of May and early June, quite frankly there may not be enough time to do anything significant to legally reduce your tax.

So, for 2017, our invitation to you is to start now with your tax planning.

How our tax planning service works:

1.   First, we request from you details of your expected income and business profits for the 2017 tax year (1 July 2016 to 30 June 2017). This includes all:

  • wages / employment income
  • interest, dividends and rental income received
  • business profits / losses; and
  • any capital gains / losses you expect to make.

Based on this information, we estimate your taxable income and your tax payable before any tax planning strategies. For example, we may calculate (based on your information) that you have a taxable income of $100,000 for 2017. This would result in $26,832 tax and Medicare levy payable.

2.   Secondly, we discuss all your tax planning options. Some of these may be things to do in your business, and some of these may be investment / wealth creation options.

3.   Third, we provide you with a report that explains in plain English the tax planning strategies we recommend and exactly how much tax you will save.

4.   And finally, we provide you with an easy-to-follow action plan to ensure that both you and we can do everything that needs to be actioned before 30 June. 

Don't wait until June, now is the time to have a chat to us.

Contact our office today to get started!


 

ATO Data Matching

                                                         

The ATO are now obtaining credit and debit card information from banks, as well as information about online sellers from sources such as eBay in their latest data matching collection. Click the below link to find out how this could affect your tax.

https://www.ato.gov.au/Business/Large-business/In-detail/Business-bulletins/Articles/Credit-and-debit-card-and-online-selling-data-matching/?businessbulletinsFeb17

       

                                                                                         

 

 

December Issue

December 2016 Newsletter

Hayes Girling Newsletter

Season's Greetings from everyone at Hayes Girling Financial!
We appreciate all of your support this year and look forward to working with you again in 2017.Have a safe and joyous festive season with your family and friends.

Just a reminder our office will be closing on 22nd of December 2016 & reopening 3rd of January 2017

2016 at a glance

2016 is almost at an end, looking back it has been a wonderful year!
One of the major events being John and Jeanette Girling's retirement, concluding their 8 years with Hayes Girling Financial. At the same time Jenni Holt announced her retirement, after 25 years with the firm.
This allowed the opportunity for Andrew Surman to step into the new role of Managing Director partnering with Barry Hayes.

2016 Women & Financial Planning Gala

Hayes Girling Financial hosted their third annual Women & Financial Planning Gala, this year themed "Simplify Your Life".
A range of dynamic women presented their personal advice around obtaining a healthy work-life balance. The night was a great success with the two charities Fitted for Work and The Finian Foundation both receiving donations on behalf of the Count Charitable Foundation.
We are looking forward to hosting another Gala in 2017!

Donations

Throughout the year, Hayes Girling Financial were fortunate enough to be involved in the donation of $55,000 on behalf of Count Charitable Foundation to various well deserving charities.

New Staff

Hayes Girling Financial would like to extend a warm welcome to all of the staff members who have joined the team in 2016.

It's not too late to complete your 2016 Income Tax Return!

Start off the new year with no financial burden!
We know that this time of year can be very busy for most people, If you are yet to complete your 2016 Income Tax Return. Why not email your documents to us and save your valuable time for more important matters.

Pre-Christmas - Dealer Finance

We find our clients sometimes get caught up in the excitement of that new car feeling, and can make hasty decisions at the dealership when it comes to financing a new vehicle.

If you are considering a new or used vehicle purchase, come to us first to discuss how to save money and optimise your tax deductions.


Read our Blog for further advice

Getting to know our staff


We have just recently renovated the "About Us" section on the website.
Get to know our staff, what they do and what they love!


Find Out More Here

Keep your eye on 2017 for...

Hayes Girling Financial aims to bring you the most valuable information throughout the year, below are some of events to expect in 2017
Xero Budgeting Seminar
Superannuation Seminar
EOFY Seminar
Our Annual Gala
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1B 5 Kelletts Rd
Rowville VIC 3178
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Rowville 
(Narre Warren North office closed)

To schedule an appointment please contact our office on (03) 9764 2244 or click on the Request Appointment link above.

 

 


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1B/5 Kelletts Road
Rowville, VIC 3178
Australia 
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Phone: 03 9764 2244
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