Recent Posts by Lockwood and Ward

Contractors vs Employees – What are they?

Despite legislation to try and stamp out the practice of employees becoming contractors, there is an ever increasing number of people being hired on a contractual basis. Beware! A common misconception of employers is to think that by hiring individuals as contractors, the employer will no longer be responsible for employee tax obligations such as...
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Market Update March 2014

Despite a continuation of good returns for growth asset classes, farrelly’s consider that markets are back around normal levels, which means that most assets are still around fair value except for the US which is close to fully-priced as S&P500 approaches the 1900 level.  However, this means that we should expect much greater volatility this...
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Are performance reviews worthwhile?

As a business owner that employs workers, it’s important to understand the ever evolving world of human resource standards and observe how your business matches up. Currently, it has been noted that Australian businesses are using outdated performance management systems which chew up time without improving productivity. performance review article - image... 			
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ATO Wants to Name Debtors

The Australian Taxation Office (ATO)  is attempting to crack down on debtors and has suggested that the Abbott government could change the law to count tax debts in personal credit ratings. Second commissioner Geoff Leeper expressed his agreement, in a parliamentary hearing, stating that such a change could be one way to stop collectable debt rising....
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Has your tax refund been delayed?

Waiting for a tax refund can almost be akin to childhood Christmas memories. The excitement, the thrill, the sheer impalpable exhilaration of sleepless nights waiting for that day to arrive when Santa or in this case, the Tax Man processes your refund and you can finally pay off your credit card bill or book your...
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7 Causes of Business Failure (and how to avoid them)

Over the years, at Lockwood & Ward we’ve seen many businesses come and go. Whilst we would like to profess that all of our business clients stay afloat in the long run, there are certainly a few reasons why businesses go bust. We’ve listed a few here to keep any business owner well informed of...
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$1m for retirement may be too little for comfort

The latest Association of Super Funds of Australia (ASFA) figures suggest a couple both retiring at age 65 with their home owned debt-free off will now spend $58,000pa for a comfortable retirement, with a life expectancy around age 86, which needs around $1m in super. ‘Comfortable’ means being able to afford a reasonable car, good clothes,...
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Money can’t buy happiness….but there are ways it can help

Those of you already using our wealth consulting service will know we focus on helping you achieve the outcomes that are important to you, rather than simply helping you to grow your money grow as an end in itself. With Christmas now behind many end up feeling hollow after all the presents have been unwrapped and...
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SuperStream actions for SMSF clients by 31 May 2014

The Federal Government has changed to the way employer superannuation contributions are made to all super funds from 1 July 2014 for large employers and a year later for smaller firms. However, SMSF clients employed in businesses with more than 20 staff should comply with the new SuperStream reforms by this July to avoid employers refusing...
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All’s Fair in Love and Taxes

Discussing tax planning and finances are not usually what most people consider to be a romantic gesture of one’s love for another. However, when you feel yourself heading into a serious relationship, it’s important that you consider the practical tax and financial implications associated with your new found commitment. Whether you are thinking of...
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How to Avoid a Sickening Credit Card Bill

It’s that time of year again! When our wallets get lighter and our headaches get bigger! Whilst this is season that’s meant to be full of joy and happiness, all too often we wake up in January with a massive credit card hangover that can take us until the following festive season to get...
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2013 Market Review and Outlook for 2014

2013 ended up being a second strong year for investors, especially for those with a good allocation to shares, as threats in place at the start of the year faded and the world continued to enjoy low inflation, improving growth and low interest rates.

2014 is expected to provide...
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How to Become a Great Investor

Recent studies show that Gen Y are becoming more and more active in relation to investing their hard earned, deposable income. However no matter what generational bracket you belong in, the key to building a great investment portfolio is to start sooner rather than later and stay invested. And here are some tips to help...
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SMEs – Don’t Miss Out On the SME instant asset write-off!

As the end of the calendar year approaches, there’s another event that SMEs will have to watch out for besides being caught on Santa’s naughty list; this being the end of the current $6500 outright deduction for low value assets, otherwise known as the so-called “instant” asset write-off. The government is proposing to scrap the...
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SMSF – Not as easy as they sound

Self-Managed Super Funds are hardly a new trend; however they have gained some traction lately, with the government allowing SMSFs to borrow to purchase property. Everybody from property advisers to your next door neighbor seems to be raving on about this option. However, before you conform to this newest wrinkle, it’s well worth considering...
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Festive Entertainment and Taxes

The last thing on people’s mind at the end of the calendar year is superfluous things like taxes and bookkeeping. However, whilst your inhibitions may go out the window this festive season, you shouldn’t have to face a looming tax hangover in January. Many business owners and their staff are in the midst of planning...
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7 Deadly Sins for Self-Managed Super Funds

Whilst Gordon Gekko’s perennial “greed is good” speech has proven to be an affective campaign towards this deadly sin, SMSF trustees should not be so easily blinded. Trustees need to be aware of their own common mistakes and ensure that they are not performing one of the seven deadly sins of Superannuation. Read more

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