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5 Financial Tips You Should Know Now You’re a Parent

Let’s face it parenthood changes everything.  From your social life to your ability to go to the bathroom in peace.  Things are no longer just about you and your partner, there are other considerations that must be made.  With parenthood also comes extra financial responsibility, there are extra costs and quite often less income coming in the door as one partner stays home or changes to part time work.

So here are five financial tips that you need to know now you are a parent:

  1. You should make sure you have a Will. I know you don’t want to think about it, but a Will is crucial in making sure that your children are well looked after should anything happen to you, your partner or both of you.  It gives you the ability to say how your assets will be distributed and even who should have custody of your children should the worst […]
By |August 20th, 2013|General Finance|37 Comments

Money Mummy’s Top Tax Tips

No one likes tax time, well maybe except accountants (they love that sort of thing), so I have decided to put together my top tax tips to help you get through tax time as painlessly as possible.   Here goes:

(1)    My number one golden rule when it comes to tax is that if the Taxman owes me money, (think refund), I get my tax done as quickly as possible.  If it is likely that I owe the Taxman, for example I have made extra cash through saving or investments, I don’t submit my return until the 31st of October if I am doing it myself.  If you use a tax agent, you can push it out even further.  Most tax agents have an extension until the 31st of May, but confirm with your agent to be sure.

(2)    Consider using the ATO’s online tax preparation and lodgement service called e-tax.  It’s […]

By |July 17th, 2013|Tax|8 Comments

2013 Budget Low Down: What Does It Mean For Your Family?

After spending a cosy night on the couch with a glass of wine and Mr Swan on the telly, the budget turned out to be a bit of a non event.  As with most budgets most of the unpalatable stuff had already been leaked and interestingly there was none of the major vote grabbing hand outs that you would expect from a government facing an election in four months time.  The fastest summary I can give from a family point of view is, baby bonus scrapped, Medicare Levy up and wave good bye to your promised tax cuts.  Oh and if you are a smoker the cost of your cigarettes will increase too.  So here is the low down on some of the things I think you really need to know from the Budget….

(1) Baby Bonus Scrapped

So let’s start with probably the most controversial policy change from a family point […]

By |May 15th, 2013|Federal Budget, Government Payments|2 Comments