If you become sick or injured, Income protection insurance pays part of the income (up to 75%) that you will lose by not being able to work for extended periods of time.
FAQ
The average income insurance policy is around $45 per month., however, the cost can depend on a number of factors, including monthly income, industry, smoker status, age, and pre-existing conditions.
Yes, in fact, Income Protection Insurance premiums are the only insurance premiums which are tax deductible. However, premiums are not tax deductible if your policy is through your superannuation fund, and premiums are taken from your contributions. If you have a combined income and life insurance policy, only the premiums paid to protect your income are tax deductible.
Income protection insurance ensures that you can continue to pay your bills and provide for your household if you cannot work due to illness or injury. Income protection insurance provides security and peace of mind, giving you time to recover without financial stress. Statistically, 28% of income protection claims are made as a result of accident – it can happen to anyone which Is why income protection insurance should be considered highly.
Business Advisory is a service that links a business owner with an advisor to the same set of goals and keeps the business owner accountable to them. A business advisor provides expert knowledge and consultation on a range of topics such as business structure, internal process improvement, identifying opportunities for improvement or expansion, and improving communication within your business, just to name a few.
It’s never too early to speak to a financial planner about your retirement. They help to ensure you don’t run out of money in retirement by structuring your wealth in the correct way, and work with you to achieve the lifestyle goals you have for your retirement.
Financial advice is tax deductable, as long as the advice directly relates to earning an assessable income.
In Australia, Financial Advice can only be given by a financial adviser with an Australian financial services licence (AFSL). Financial advice takes your personal financial situation and objectives into account when providing advice and considers how this advice will affect you personally.
Without an Australian Financial Services Licence (AFSL), your accountant can only provide general financial advice that does not take your personal financial situation into account. To provide specific financial advice, your accountant must have an AFSL.
Process improvement is the process of identifying and improving upon processes within a business structure, in order to achieve increased productivity, profit or quality. There are five set steps for Process Improvement: Define, Measure, Analyze, Improve and Control (DMAIC).
Yes, an accountant can set up a SMSF once they receive a statement of advice to do so. An accountant without an AFS license cannot recommend that you set up an SMSF, as this is a financial product. Only AFS license holders can make a specific recommendation to set up an SMSF.
An SMSF accountant without an AFS can assist you in a wide range of tasks in relation to your SMSF, including the lodgement of tax returns, as long as they do not recommend that you establish an SMSF, or acquire or dispose of an interest in an SMSF. They also cannot provide advice on a specific investment strategy or contribution levels.