Shopping around for the best interest rates can literally save you thousands! Meaning more money in your back pocket! That’s because even the slightest difference in rates can result in significant savings on your repayments. By keeping repayments as low as possible, you can reduce financial stress and prevent personal insolvency. Read on to understand […]
Food and groceries are clearly necessities of life that fall under the needs list when establishing a family budget. We can, however, reduce average spending in this area when wants can be somewhat removed from the list. Most household shoppers know the golden rules of shopping, never shop while hungry and never take the kids. […]
Statistical information regarding the causes of personal insolvencies collected over the period of 2013-2014 revealed, unsurprisingly, that most insolvencies are not business associated. In fact, 81% of personal insolvencies were either not related to business, or the cause was unknown. Major causes of business related personal insolvency While most insolvencies were not related to business, […]
At times when bills are piling up, saving money may seem like mission impossible. Fortunately there are small steps you can start taking today to stay on top, improve your budget and boost your savings. Changing habits Sometimes it’s the smallest things that add up the most. Making minor changes can create a massive difference […]
If your bills are starting to pile up and you feel like you’re drowning in debt, bankruptcy may be an option for you. While this may be a stressful and emotional time, the process involved does not need to be complicated. You can, in fact, file for bankruptcy from the comfort of your own home. […]
Are a bankrupt’s assets their own? In recent case Di Cioccio vs. Official Trustee in Bankruptcy, the Federal Court determined that when bankrupts use income earned post-bankruptcy to purchase non-exempt assets, such as shares, during their bankruptcy, the assets will be held as after-acquired property, and as such will vest in their Trustee and made […]
The mid-year Economic and Fiscal Outlook was recently released by The Federal Government. Enhancements in the integrity of the tax system were announced, allowing the Australian Taxation Office (ATO) to disclose to credit reporting bureau’s the tax debt information of businesses who have not properly engaged with the ATO to manage these debts. As the […]
Who do you talk to when talking about your financial circumstances in Australia? Probably your accountant or financial advisor. Well that is good practice when you are trying to save money at tax time and reducing your tax liability, however is no good for issues surrounding bankruptcy. Accountants in general are not certified to deal […]
There are two ways individuals facing financial difficulty become bankrupt. Firstly if you have a debt of any amount that you cannot pay, you can apply to become voluntary bankrupt. Secondly if creditors have tried to unsuccessfully to recover debts that you owe that total at least $5000, the creditor can force you into bankruptcy. […]
