Whether you’re looking to get your affairs in order, buy a house, start a family or prepare for retirement, seeking quality advice from a qualified financial expert can help you achieve your goals sooner, and with more confidence.

What is financial advice?

Financial advice is about far more than just making money. It’s about creating new opportunities to help you achieve whatever you desire in life. A financial planner can help you work out what’s important to you. They’ll help you develop a plan that aligns your financial decisions to your lifestyle goals.

Financial planners also know your priorities can change over time, as can economic conditions, legislation and investment markets. They can help re-focus your plan, and track your progress along the way whether you’re starting out, building wealth or planning for retirement

Seeking financial advice will help you identify solutions to important questions such as:

• Will I have enough income to live comfortably in retirement?
• Is my family protected should something unexpected happen – what do I need to know about life insurance?
• How can I make sure I have enough money to fund my children’s schooling/education?
• How can I invest and structure my finances in the most tax effective way?
• How can I manage my debt and pay off my home sooner?
• How can I make my money work harder for me?
• What’s the best structure to protect my investments and assets?
• How can I maximise my entitlement to government benefits, ?
• What about estate planning?

What should I expect at my first meeting?

Your initial consultation with a financial planner will give you a chance to get to know each other.

Your financial planner will explain how their service works, and how it can work for you. You’ll have the opportunity to talk about your current financial situation and your financial goals.

Some questions to consider before your first meeting:

• Reflect on what you want in life. Start with the next few years. Are there any changes you’d like to make, or things you’d like to do? What about 5, 10 or 25 years from now? Where do you want to live? What do you want to be doing?
• Consider your attitude to money. Are you a spender or a saver? A risk taker or someone who prefers more certainty? When it comes to spending and managing money, what do you enjoy and what keeps you awake at night?
• Think about the financial issues you find most challenging. Where do you think you could be making better decisions? What do you think you need to better understand?

Talk to your spouse or partner about these issues too. When you visit a financial planner, you’ll want to discuss what it is you want to achieve together as well as your individual dreams.

What to bring along

To help your financial planner gain a clearer understanding of your current finances and the services that could be right for you, a little preparation can go a long way. If possible, try to gather the following information before your first consultation:

• Your income. If it’s easier, feel free to bring in tax documents, especially if you have income from multiple sources or you’re self-employed.
• Your assets. Including property, superannuation, savings and investments.
• Your spending plan. Or an estimate of where your money goes each month, including your mortgage or rent, personal or business loans and credit card debt.
• Insurance covers. Especially life, disability and income protection policies, if you have them.
• Questions. In addition to a list of your short and long-term financial objectives, bring any questions or concerns you may have.

Your first meeting is informal so don’t worry about gathering all the details. The important thing is to get started thinking about your financial future.

Please contact Integrity One if we can assist you with this or any other financial matter.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

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This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser before making decisions using this information.

There are many benefits to being a small business owner such as being your own boss, leading a team and the ability to give back to your community. A well-funded retirement account, though, is not one of these many benefits. Most of us believe that, when the time is right, we will sell our business and easily transition into retirement on the earnings generated from the sale. It’s certainly an appealing scenario. To pull it off, however, takes years of preparation and careful planning. This succession planning can be broken down into three categories – people, systems and finances.

People
Identifying and training the right person, or team, to take over the business requires the most time and effort. The smoothest and most obvious options will be family members or long-time, current employees. Start having these conversations at least five years prior to your anticipated transition date. If you need to look outside your current organisation, it’s crucial to start looking early for several reasons. First, it may take quite a long time to find the right fit. You’re not just looking for someone capable of executing the work. You’re looking for someone to take over relationships with clients and employees that you’ve built over decades. You’re looking for someone to run an operation that most in your community will still associate with you. Once you have selected a successor, the two of you should spend several years essentially tag teaming the job together. Make it clear to both your team and your clients that this person not only has your full trust and confidence, but you’re also transferring all of your knowledge through a clearly set out and transparent transition process.

Systems

Much of this transition process will be facilitated through systems. The more your business operates based on system, as opposed to based on you, the stronger position you’ll be in to hand it over to someone else. This can prove to be tremendously difficult in small businesses founded and run by one person over several decades. When it comes time to step away, we quickly discover that processes are not documented. It’s easy to take for granted the fact that you know how to operate so much of your business without consulting guides, checklists or procedures. You built it, you ran it, you know how it works. And indeed, this may have worked for many years. However, now that someone other than you is preparing to run the business, getting those processes out of your head and onto paper is a critical task. Again, the time to do this is years before the transition. Ideally, documenting and implementing systems that explain your function in the enterprise should be done from day one. Even if you are not thinking of succession anytime soon, growing your business can prove frustratingly difficult if you’re constantly pulled back into operations because your systems are weak.

Finances

The final piece of the succession planning puzzle is financing, which will require a significant amount of outside expertise. Defining your equity, untangling your personal finances from the finances of the business, setting a price and determining a purchase structure can be daunting tasks. That’s where we come in. We understand the complexity and nuances of succession planning. We will work with you to create a customised approach, unique to your business and your goals for retirement.

While succession may be far in the future for you, the time to start building the systems to facilitate a successful handover is right now. We’d love to sit down with you to have a conversation about this process in more detail.

Please contact Integrity One if we can assist you with this or any other financial matter.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

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This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. Please consult your adviser before making decisions using this information.

From 2 July 2018 the federal government will introduce a New Child Care Package. The new Package consists of a Child Care Subsidy, which replaces the current Child Care Benefit and Child Care Rebate.

Parents using the existing package must register for the new package before 2 July otherwise they will lose access to their payments.

Income brackets used to calculate subsidies have been increased to reflect CPI changes. Eligibility criteria has also been modified.

Parents are strongly encouraged to visit www.education.gov.au/childcare for more detailed information regarding the changes and to register for the new packages as soon as possible.

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrity@iplan.com.au

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This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. Please consult your adviser before making decisions using this information.

Are you paying Interest Only?

Until only recently recommending interest only loans for investment purposes was a standard wealth creation strategy; that is no longer always the case. If you are paying Interest Only on any loans, you need to review your strategy!

What does interest only mean?

A loan with a bank has a designated period. Residential mortgages are generally contracted over a 30 year term. If the entire term is “Principal plus Interest” (P&I), then each monthly repayment will be allocated to covering accrued interest plus an incremental allocation to paying down the principal loan balance. Interest Only (IO) loans however will have an initial period (for example 5 years) where the borrower pays only interest, with the principal repayment to start after the end of the interest only period (for example this means you pay the principal down over the last 25 years of the term).

Why Do That?

The primary benefit of this strategy is increasing the cash flow of the borrower, enabling re-allocation of funds to a more beneficial cause, such as paying off more expensive loans first, or for additional investment.

What Has Changed?

Whilst the interest rates applicable to P&I and IO were the same in the past, banks are now charging a higher interest rate for interest only lending, and the compounded difference to you could be thousands of dollars!

Does This Apply To You?

The Reserve Bank of Australia last changed interest rates in August 2016, decreasing rates at that time by 0.25%. Has your bank increased your interest rate this year? Possibly it has, given the changes in investment and interest only lending market rates are more segmented than they have been in the past.

What Should You Do?

It is an ideal time to review your current investment property and gearing strategy. A loan which has been suitable in creating wealth in the past may now comparatively not be as beneficial. If you would like to review your position please contact us as we do offer a no charge and no obligation review.

Please contact Nic Berry or Tom Bailey at Integrity One if you’d like more information on this topic.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrity@iplan.com.au

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Nicholas Berry Credit Representative Number 472439 and Thomas Bailey Credit Representative Number 472440 are Credit Representatives of Integrity Finance (Aust) Pty Ltd – Australian Credit Licence 392184.

This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. Please consult your adviser before making decisions using this information.

Most fees in residential aged care are regulated by government, but more and more care providers are charging for additional services – so check what you are paying for.

When moving into residential care three categories of fees apply:

• Accommodation costs – to pay for your room and access to the amenities where you live.
• Daily care fees (basic fee and means-tested fee) – a contribution towards your basic living expenses (eg food, electricity, care staff, cleaning services).
• Additional services – extra things that may add to your lifestyle or convenience (eg Foxtel, newspapers, meal selection, happy hours, transport services).

More and more aged care providers are offering residents additional services for an extra daily fee. The range of services and the prices charged vary widely.

These fees are not published on the MyAgedCare website, so when deciding where you want to live, ask the provider for a schedule of available services and the prices for each one.

Check your resident agreement

When you are offered a place in residential care will be asked to sign a Resident Agreement. This should detail (amongst other things) the cost you have agreed for your room, the type of room and what additional service fees you have agreed to pay.

Read the details carefully to decide:

• What services you are being provided and whether they are things you want.
• The fee you need to pay for these services.
• Whether you can opt-out and stop paying the fees if you no longer want to receive the services.

A recent court case

If the provider wants to charge you a fee for a service that you won’t receive the benefit of, this may not be allowed.

A recent court case found that aged care providers are not allowed to charge fees for asset replacement or the capital refurbishment of your room after you leave. These fees may apply in retirement villages, but not government-subsidised aged care services.

The judge ruled that these fees are not for the benefit of the paying resident but are for the benefit of the next resident. This means they are not allowed under the Aged Care Act.

Providers who have been charging these fees have stopped and may need to refund any fees previously paid for these purposes.

Next steps

Some simple rules may help you to understand your obligations and rights:

• Always read your Resident Agreement carefully before signing.
• If you are unsure about the fees specified, ask the service provider to explain the fees and help you understand what you are being asked to pay for.
• Query fees for services you don’t think you need or want to see if they are optional and allowed under the Aged Care Act.
• If you need advice, see your lawyer or ask us for help. We may be able to refer you to a lawyer who works with aged care contracts.
• Complaints about fees can be referred to the Aged Care Complaints Commissioner.

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrity@iplan.com.au

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This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. Please consult your adviser before making decisions using this information.

Most of us are now back to work after our summer break. But that doesn’t mean we can’t already start planning for our next holiday. Travel doesn’t have to always involve breaking the bank, but it does mean concessions will have to be made.

Avoid the busiest travel times and places

This requires you to be flexible with the dates you can travel. Everyone wants to travel to Europe in June/July so try going in the off season. This can avoid potentially expensive flights that are common during the popular travel times.

You should also look deeper into the lesser known destinations, by doing this you can experience the different culture of your destination as well as reducing travel costs and avoiding the large crowds.

Spend less on accommodation

Yes booking a 5 star hotel will be nicer. However if you don’t plan on spending much time at the hotel is it really worth the expensive cost? Keeping costs low on accommodation may not be as luxurious, but you can save that money to be able to travel for longer and see more places.

Stay in Australia

The best trips don’t always involve going overseas. There are so many amazing places to visit all over Australia such as the Great Ocean Road, the Sydney Harbour and Uluru. You can also road trip to destinations in Australia and save money on flights.

Visit family and friends

If you have family or friends who live at a place that you want to travel, including visiting them as part of your trip. This can also mean free accommodation for the duration of your stay as well as a free tour guide.

Get cheap flight notifications

Sign up to receive notifications from different airlines when they have cheap flights. That way if you have a specific destination you wish to travel to you can be the first to know when flights are cheap to go there.

Use discounts, coupons and reward points

This can be for flights, accommodation, dining or sight-seeing. Search the internet and brochures for any discount you can take advantage of.

Be wary of cheap flights to expensive destinations

Airlines may offer cheap flights to London or Tokyo and although the cost of the flight may be a bargain, the costs of staying in these places are still expensive. If you have your heart set on visiting an expensive travel destination then still take advantage of the cheap flight. However, don’t get sucked into travelling somewhere just because of cheap flights.

Hopefully these tips help you save money for your next travel adventure.

Article Source: Maya Kachroo-Levine, Forbes.com

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent

Croydon, Victoria 3136

Email: integrityone@iplan.com.au

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This article is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Integrity One Planning Services Pty Ltd is a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 (which is the holder of AFSL 225051). Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. We recommend that you seek personal advice from an advisor prior to implementing any of the information contained in this publication.