A few weeks ago i stopped buying fruit and vegtables from the Supermarket. The prices were getting very high with little value for money. I now buy all my fruit and veg from a Farmers Market. There are a few of these around Perth and it is really worth the time to go and have a look. You will spend less and save money.
Yesterday i bought a 4kg of potatoes for $1.99 and in Woolworths a similar 4kg bag was $8.95. A 1kg bag of Pink Lady Apples i picked up for $.99.
Not only will you save money but you will improve your diet
Monday, May 30, 2011
Australian Tax Office Warn's About Dodgy Schemes
How many phone call's have you had when the caller says that the Tax Office is giving generous tax breaks?
Some Promoter's are just after your money. They offer high investment returns with no risk. Beware! you could lose your money and have to pay back any missing Tax, plus interest and penalties.
So how do you recognise a good investment from a bad one.
Beware of promoter's that promise no risk
Who say that you do not need a credit or asset test
Who promise that you will still profit from your Tax Refund even if you do not go ahead.
That the ATO has approved the investment.
Types of Tax Schemes
Transferring your money into an Offshore Tax Haven
Early access to your Super
Investments funded by loans that you do not need to pay back.
Claiming large deductions for donating goods to Charity
Remember if it sounds too good to be true it probably is.
Some Promoter's are just after your money. They offer high investment returns with no risk. Beware! you could lose your money and have to pay back any missing Tax, plus interest and penalties.
So how do you recognise a good investment from a bad one.
Beware of promoter's that promise no risk
Who say that you do not need a credit or asset test
Who promise that you will still profit from your Tax Refund even if you do not go ahead.
That the ATO has approved the investment.
Types of Tax Schemes
Transferring your money into an Offshore Tax Haven
Early access to your Super
Investments funded by loans that you do not need to pay back.
Claiming large deductions for donating goods to Charity
Remember if it sounds too good to be true it probably is.
Friday, May 27, 2011
How Much Will Your Mortgage Repayments be
Are you planning on buying your first home or maybe having a top up on an existing Mortgage.Then you need to budget for your repayments. The first step is using our Mortgage Calculator. It is easy to use ,you can change the amount of the mortgage,interest rate and life of the mortgage.
Saturday, May 21, 2011
Stamp Duty Calculator WA
Buyers entering the property market who are not first time buyers need to budget for Stanp Duty on the property they want to buy. The Stamp Duty fee does not cover Mortgage registration fee and transfer fee and other loan charges.
STAMP DUTY CALCULTOR
House $300,000 Stamp Duty $8,835
House $400,000 Stamp Duty $13,015
House $500,000 Stamp Duty $17765
House $600,000 Stamp Duty $22,515
House $700,000 Stamp Duty $27,2655
House $800,000 Stamp Duty $32,361
House $900,000 Stamp Duty $37,466
House $1,000,000 Stamp Duty $42,616
STAMP DUTY CALCULTOR
House $300,000 Stamp Duty $8,835
House $400,000 Stamp Duty $13,015
House $500,000 Stamp Duty $17765
House $600,000 Stamp Duty $22,515
House $700,000 Stamp Duty $27,2655
House $800,000 Stamp Duty $32,361
House $900,000 Stamp Duty $37,466
House $1,000,000 Stamp Duty $42,616
Super Contributions ,Too Much Super Can Mean Extra Tax
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Caps apply to contributions made to your superannuation (super) in a financial year. Any super contributed over a cap amount is subject to extra tax. The cap amount and how much extra tax you pay once you exceed it depend upon whether the contributions are:
concessional - which are generally made to a super fund for or by you in a financial year and are included in the assessable income of the super fund (for example, super guarantee, salary sacrificed amounts and any amount you are allowed as a personal super deduction in your income tax return)
non-concessional - which are generally made to a super fund by or for you in a financial year and are not included in the super fund's assessable income (for example, personal contributions you make from your after-tax income).
Summary of contributions caps
In the 2010-11 Federal Budget the government announced that, from 1 July 2012, the concessional contributions cap for individuals who are 50 years old or over will remain at $50,000 where their total super balances are below $500,000.
These proposed changes have not received royal assent and are not law
Caps apply to contributions made to your superannuation (super) in a financial year. Any super contributed over a cap amount is subject to extra tax. The cap amount and how much extra tax you pay once you exceed it depend upon whether the contributions are:
concessional - which are generally made to a super fund for or by you in a financial year and are included in the assessable income of the super fund (for example, super guarantee, salary sacrificed amounts and any amount you are allowed as a personal super deduction in your income tax return)
non-concessional - which are generally made to a super fund by or for you in a financial year and are not included in the super fund's assessable income (for example, personal contributions you make from your after-tax income).
Summary of contributions caps
In the 2010-11 Federal Budget the government announced that, from 1 July 2012, the concessional contributions cap for individuals who are 50 years old or over will remain at $50,000 where their total super balances are below $500,000.
These proposed changes have not received royal assent and are not law
Friday, May 20, 2011
Help For Homebuyers With Stamp Duty Changes
From the 1st of March home buyers do not have to pay stamp duty until their property purchase has been settled.In the past home buyers had to pay the Stamp Duty before the settlement.To be eligible the purchaser's settlement agent has to process the transaction through the Office of State Revenue's online duty system
Thursday, May 19, 2011
How To Get On The Property Ladder
With the high prices of Houses today,the would be 1st time buyers have to plan now how to get into the market.The only way to get on the ladder is to budget now and start a savings plan. Savings started today of 175 dollars per week would be 9100 dollars in a year or in two years it could be 18200 dollars.This amount could be double if two people are buying the house together This figure is not out of reach if the would be buyers are still living at home with their parents. This could be the only chance to save a deposit without the burden of paying rent.
In Perth single buyers are joining forces with a sibling to half the expense's of buying a house. Mum and Dad are even helping out by acting as a grantee. By doing this they are saving their children from having to pay Mortgage Protection Insurance.
Families in Perth are helping their grown up children buy their first home be using the equity in their home.
Banks will only lend money to someone who can show that they have a good savings record. The sooner the budget has a saving plan the sooner the goal will be reached.
In Perth single buyers are joining forces with a sibling to half the expense's of buying a house. Mum and Dad are even helping out by acting as a grantee. By doing this they are saving their children from having to pay Mortgage Protection Insurance.
Families in Perth are helping their grown up children buy their first home be using the equity in their home.
Banks will only lend money to someone who can show that they have a good savings record. The sooner the budget has a saving plan the sooner the goal will be reached.
Sunday, May 15, 2011
Save Food Save Money
With a little bit of planing you can reduce your weekly food bill and eat well.I went to a Farmers Market this weekend and bought my fruit and vegetables for this week.I will plan the meals for this week around the vegetables that i will have . Today it was Roast Chicken with gravy,roast potatoes ,pumpkin and carrots. This meal for five people cost around fifteen dollars which would be at least half the price of takeaway.I find that making a roast dinner makes the cheapest meal and at the same time provides every one with a good serving of vegetables. So before you rush out and buy dinner check what you already have in your fridge,you may only have to buy a couple of items to make a good family meal.
Spend Less At The Supermarket And Save Money
I am always amazed when i am out shopping in my local supermarket, at the number of people with their shopping trolleys piled high. They must be spending a fortune. Do they eat everything or does half of what they buy go in the bin. I prefer to shop on a more regular basic only buying what i need for each meal. Do i spend more money this way? i am not sure but my fridge is only half full. I can also take advantage of daily specials at the supermarket. If the fresh fish looks nice then i buy some.
If we decide to go out to dinner then i am not wasting food as i will not buy any food for that meal.
If we decide to go out to dinner then i am not wasting food as i will not buy any food for that meal.
Monday, May 9, 2011
Flood Levy,How Much Will You Pay
The Australian Government has introduced a Temporary Flood and Cyclone Reconstruction Levy(Flood Levy)
It will be used to assist affected Communities recover from the recent floods. For example the rebuilding of Roads,Bridges and Schools. The Levy will only apply from the 1st of July 2011 to the 30th of June 2012.
To work out how much you will have to pay use the following rates below.
Taxable income
flood levy on this income
$0 to $50,000
Nil
$50,001 to $100,000
Half a cent for each $1 over $50,000
Over $100,000
$250 plus 1c for each $1 over $100,000
It will be used to assist affected Communities recover from the recent floods. For example the rebuilding of Roads,Bridges and Schools. The Levy will only apply from the 1st of July 2011 to the 30th of June 2012.
To work out how much you will have to pay use the following rates below.
Taxable income
flood levy on this income
$0 to $50,000
Nil
$50,001 to $100,000
Half a cent for each $1 over $50,000
Over $100,000
$250 plus 1c for each $1 over $100,000
Sunday, May 8, 2011
Tax Tips 2010/2011
Now would be a good time to start thinking about your Tax return. Time to gather up all your receipts and have them in order ready for when you go to a tax agent or maybe for your self if you are going to submit a return without the help of a Tax Agent
If you are going to use a registered Tax agent then all fees paid to that Agent for the preparation of your return are all deductible. You can also claim travel to your Tax Agent.
If you have children in school and receive FTB Part A then you will qualify for the Education Offset.This is a refundable tax offset on expenditure incurred on educational items. These include text books,Stationary,Computers, Software and Internet costs.The maximum rebate expenditure is capped at $780 for each primary student and $1550 for each secondary student.This can give up to $390 for primary and $779 for secondary. All receipts for expenses must be saved.
A net medical expenses offset is available if you and your dependants have incurred out of pocket medical expense's in excess of $1500.Eligible expenses include doctors fees,hospital accommodation and related charges,dental work,medicines. Where procedures are of a cosmetic nature only they will not be eligible expense's. If the dental work that you have is for the correction of a problem then the costs incurred will be counted towards the out of pocket expense's.The offset is 20% of all expense's after the $1500 threshold is reached.
If you are going to use a registered Tax agent then all fees paid to that Agent for the preparation of your return are all deductible. You can also claim travel to your Tax Agent.
If you have children in school and receive FTB Part A then you will qualify for the Education Offset.This is a refundable tax offset on expenditure incurred on educational items. These include text books,Stationary,Computers, Software and Internet costs.The maximum rebate expenditure is capped at $780 for each primary student and $1550 for each secondary student.This can give up to $390 for primary and $779 for secondary. All receipts for expenses must be saved.
A net medical expenses offset is available if you and your dependants have incurred out of pocket medical expense's in excess of $1500.Eligible expenses include doctors fees,hospital accommodation and related charges,dental work,medicines. Where procedures are of a cosmetic nature only they will not be eligible expense's. If the dental work that you have is for the correction of a problem then the costs incurred will be counted towards the out of pocket expense's.The offset is 20% of all expense's after the $1500 threshold is reached.
Saturday, May 7, 2011
Save Money And Eat More Fruit And Veg
It has been difficult lately to eat lots of fruit and Vegetables and that's because of the price. If you shop in Coles or Woolworths you will have seen the high prices too. Today i went to a Farmers Market about a 15 minute drive away. I have been before and made the mistake of buying too much and have ended up throwing food out.
Today i restricted myself to only buying what i would use for family meals this week. The savings were amazing.
Nadine Potatoes at Woolworths this week $2.99 a kilo, Farmers Market $.99 a kilo
Cauliflower at Woolworths this week $2.48 each Farmers Market $.79 each.
Cabbage at Woolworths this week $2.48 a half. Farmers Market $.99 each
Tomatoes at Woolworths this week $6.00 a kilo Farmers Market $.99 a kilo bag
Brown Onions at Woolworths this week $2.50 a kilo Farmers Market $.05 a kilo
I was happy with these great savings and i will plan this weeks dinners around the Vegatables that i bought today.
The Farmers Market that i went to was the 'Spud Shed' in Wangara north of Perth but there is a 'Spud Shed' south of Perth in Jandakot
Today i restricted myself to only buying what i would use for family meals this week. The savings were amazing.
Nadine Potatoes at Woolworths this week $2.99 a kilo, Farmers Market $.99 a kilo
Cauliflower at Woolworths this week $2.48 each Farmers Market $.79 each.
Cabbage at Woolworths this week $2.48 a half. Farmers Market $.99 each
Tomatoes at Woolworths this week $6.00 a kilo Farmers Market $.99 a kilo bag
Brown Onions at Woolworths this week $2.50 a kilo Farmers Market $.05 a kilo
I was happy with these great savings and i will plan this weeks dinners around the Vegatables that i bought today.
The Farmers Market that i went to was the 'Spud Shed' in Wangara north of Perth but there is a 'Spud Shed' south of Perth in Jandakot
Wednesday, May 4, 2011
Submit Your Tax Return For Free
The end of June is getting closer and that means the end of the tax year. Most of us will visit a Tax Agent and pay the Tax Agent to prepare and submit our tax return. How much we will pay depends on how complicated our return will be.
What if there was a way to submit your tax for free and have your tax refund in your back account within fourteen days.
There is a way and it is called E-Tax.
E-Tax is a free and secure service provided by the Australian Taxation Office. It is available 24 hours a day and 7 days a week.
It saves you time by ensuring that you only answer questions that are relevant to you.Tax debts are not due until the 21st of November even if you lodged your return in July.
E-Tax has built in checks to make ensure your return is completed correctly.
All calculations are done for you and an estimate of your assessment will be provided. E-TAX can also be used by more than on member of the family.
Sounds good and don't forget there will be no Tax agent to pay.When you are ready after June ,just visit the Tax Office Web Site and download E-Tax and follow the instructions on how to install it on your computer.
What if there was a way to submit your tax for free and have your tax refund in your back account within fourteen days.
There is a way and it is called E-Tax.
E-Tax is a free and secure service provided by the Australian Taxation Office. It is available 24 hours a day and 7 days a week.
It saves you time by ensuring that you only answer questions that are relevant to you.Tax debts are not due until the 21st of November even if you lodged your return in July.
E-Tax has built in checks to make ensure your return is completed correctly.
All calculations are done for you and an estimate of your assessment will be provided. E-TAX can also be used by more than on member of the family.
Sounds good and don't forget there will be no Tax agent to pay.When you are ready after June ,just visit the Tax Office Web Site and download E-Tax and follow the instructions on how to install it on your computer.
Tuesday, May 3, 2011
How To Rent A House Without Blowing The Budget
Is it time to move out of your parents house? Not ready yet to buy your own house so renting is next on the list.
To make it an easy and happy experience you have to start with a Budget.
First on the budget is are you planning on renting alone,with a friend or partner.
Next,how much can your afford to pay on the rent each week?
Pick the location that you would like to live in. Does the rent that you can afford match the location that you would like to live in? If the answer was no then look at neighbouring suburbs.
There are 3 lots of costs involved in moving into a Rental that you have to budget for. The Start up costs, Rental Periodic payments and your day to day living expenses.
Your Bond will be four weeks rent. Then usually two weeks rent in advance.
Then the periodic payments ,this is your weekly rent. Then the moving costs,hire of trailer or van.
Utility expenses (connecting to gas, telephone, electricity etc.
Moving into a Rental Property needs to be planned and budgeted for. So saving as much as you can before the move would put you in a good position.
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To make it an easy and happy experience you have to start with a Budget.
First on the budget is are you planning on renting alone,with a friend or partner.
Next,how much can your afford to pay on the rent each week?
Pick the location that you would like to live in. Does the rent that you can afford match the location that you would like to live in? If the answer was no then look at neighbouring suburbs.
There are 3 lots of costs involved in moving into a Rental that you have to budget for. The Start up costs, Rental Periodic payments and your day to day living expenses.
Your Bond will be four weeks rent. Then usually two weeks rent in advance.
Then the periodic payments ,this is your weekly rent. Then the moving costs,hire of trailer or van.
Utility expenses (connecting to gas, telephone, electricity etc.
Moving into a Rental Property needs to be planned and budgeted for. So saving as much as you can before the move would put you in a good position.
.
Monday, May 2, 2011
How Much Does It Really Cost To Buy A House
How much does it really cost to buy a house, apart from the mortgage there are lots of other costs that you have to budget for . Here are two examples of the costs involved, both are for a house with the selling price of 370000.The first example is with a 5% deposit and the second example is with a deposit of 20%
Number 1
Government charges
Stamp Duty on purchase $134900
Stamp Duty on Loan Amount $0
Registration of title transfer $205
Registration of mortgage $135
Fees
Mortgage insurance $10373
Loan Establishment fee $600
Estimated legal costs $600
Estimated upfront buying costs $25403
Loan to value ratio 95.0%
Summary
Purchase price $370000
Loan amount $351500
Deposit $18500
Total Contribution $43903
Number 2
Government charges
Stamp Duty on purchase $134900
Stamp Duty on Loan Amount $0
Registration of title transfer $205
Registration of mortgage $135
Fees
Mortgage insurance $0
Loan Establishment fee $600
Estimated legal costs $600
Estimated upfront buying costs $25403
Loan to value ratio 80.0%
Summary
Purchase price $370000
Loan amount $351500
Deposit $74000
Total Contribution $89030
The above Government Fees assume that you are not entitled to Stamp duty or any othe exemptions or concessions. For the first time buyer in Western Australia there will be no stamp duty to pay as the house price is under $500000. This would mean a saving of $13490.
On the second example there is no mortgage insurance to pay as the deposit required is 20% Making a saving of $10373
Number 1
Government charges
Stamp Duty on purchase $134900
Stamp Duty on Loan Amount $0
Registration of title transfer $205
Registration of mortgage $135
Fees
Mortgage insurance $10373
Loan Establishment fee $600
Estimated legal costs $600
Estimated upfront buying costs $25403
Loan to value ratio 95.0%
Summary
Purchase price $370000
Loan amount $351500
Deposit $18500
Total Contribution $43903
Number 2
Government charges
Stamp Duty on purchase $134900
Stamp Duty on Loan Amount $0
Registration of title transfer $205
Registration of mortgage $135
Fees
Mortgage insurance $0
Loan Establishment fee $600
Estimated legal costs $600
Estimated upfront buying costs $25403
Loan to value ratio 80.0%
Summary
Purchase price $370000
Loan amount $351500
Deposit $74000
Total Contribution $89030
The above Government Fees assume that you are not entitled to Stamp duty or any othe exemptions or concessions. For the first time buyer in Western Australia there will be no stamp duty to pay as the house price is under $500000. This would mean a saving of $13490.
On the second example there is no mortgage insurance to pay as the deposit required is 20% Making a saving of $10373
Sunday, May 1, 2011
First Home Buyers Save Money
Looking for your first home? Then its time to shop for your home loan. You will be in a better position to make an offer on a property if you already have pre approval from the bank.
Many first home buyers get their home loan through a Mortgage Broker. This service is free for you,the Broker will be paid commission from the banks.
You can also apply yourself to any of the big banks. The bigger the deposit you have,the better bargaining power you will have. There is competition between the banks for your business so why not make the most of their competitive rates. Save your self some money and apply direct to any of the banks yourself. A couple of them are advertising the no fee home loan. This sounds like you could spend less in setting up a mortgage so it is well worth a look.
Many first home buyers get their home loan through a Mortgage Broker. This service is free for you,the Broker will be paid commission from the banks.
You can also apply yourself to any of the big banks. The bigger the deposit you have,the better bargaining power you will have. There is competition between the banks for your business so why not make the most of their competitive rates. Save your self some money and apply direct to any of the banks yourself. A couple of them are advertising the no fee home loan. This sounds like you could spend less in setting up a mortgage so it is well worth a look.
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