Federal Budget Analysis- May 2012

Last night in Canberra, Treasurer Wayne Swan delivered his fifth Federal budget stating that it was a 'Labour budget down to its bootstraps'.  

We have reviewed the budget and have selected some key elements that we believe are relevent to business owners. Please click here to see our initial analysis.

Here are some of the tax and superannuation highlights:

We were thrilled to see one of our Graduate Accountants, Shayley Venn, in the Macarthur Chronicle promoting the work she does with Youth Solutions. Shayley and the team have been developing  a campaign to increase awareness of the harmful effects of recreational drugs called "Give us a hand". The tagline for the campaign is: WRECKreational Drugs - don't let them wreck your night.

We all know that importance of being able to work well with people. It is funny though that most of us have not put much time, compared with our time spent on technical study, actually learning about people.

We teach our kids to read, to catch, to speak but do we teach them enough about money? Here are 11 tips we should be sharing with ourchildren right from the beginning:

1. Spend less than you earn

2. Invest the difference in long term tax-deferred investments (property)

3. Avoid buying status objects or leading a status lifestyle

4. Do not gamble or speculate on long-odds stocks

5. Understand that your parents will not give you money

6. Don’t spend tomorrow's cash today

7. Don’t compare yourselves to anyone financially

Most people barely check their physical health let alone their financial health. It's not through lack of interest but generally though lack of expertise.

Kelly+Partners' focus is in helping businesses and their owners get from where they are to where they want to be. In order to begin this process we profile our clients and complete a full ‘financial health screening’ to determine just where the client is, relative to the financial goals they have.

If you have not attended to your tax for 2011 time is running out or probably already has; the good news is a tax agent like Kelly+Partners is best placed to assist you to get your affairs up-to-date and manage the Tax Office for you.

As lodgement dates have passed, a tax agent like Kelly+Partners gets longer to lodge your returns than you do generally if you lodge them yourself. Further, because of the technical strength and size of our team we can complete your work quickly to minimise how far behind you end up.

A Chartered Accountant has completed one of the most thorough educational training qualifications on offer; their in-depth knowledge and experience sets them apart.

Chartered Accountants have:

Social media is such a buzz topic this year so what is it? Wikipedia defines it as follows:  

Recently Mike Conway the CEO of The Wiggles presented at the Hills Chamber of Commerce on ‘The Wiggles – their secrets to success’. Like most businesses that have found their place clarity around what they do and how to keep doing it is essential for continuing achievement. Check out The Wiggles' list:

Many of you know that my wife and I on March 1 welcomed prematurely our new little baby girl Audrey. In life and in business my favourite quote has always been ‘time is limited death is certain’ but when you see a little one where every minute counts, every gram is measured and life is so delicately playing our in the balance, it becomes very clear to see what is of value, who makes a difference in your life and the impact you want to make before you are no longer. Time is the only completely non-renewable resource.

Time Poem

To realize the value of one year: