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Buying a House for the First time – What Makes Fixed Fee Property Conveyancing So Popular?

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The anxiety that you feel before buying a house is completely natural. After all, this is a huge step and requires a good amount of financial commitment for the next 10 to 15 years. A daunting task such as this cannot be done on your own. For this, you need a property conveyancer whose expertise and experience will not just ease your worry but will also help you have your dream house.

finance conveyancing au

Conveyancing fee is usually divided into two parts: Disbursement and the legal fee of the conveyancer. Disbursement is the cost, which the conveyancer has to pay to the third party, title deeds, searches, bank transfers, stamp duty etc. It’s a lot right? These charges fall anywhere between from $500 to $1000. However, this is not what we are here to discuss! Let’s move on to the subject at hand:

Fixed Fee Property Conveyancing

The one thing that most first-time home buyers are worried about is the conveyancer’s fee. Many people do not have the budget to pay the conveyancer according to hours, which is why they end up tackling the process on their own. Not involving a conveyancer in the process has its disadvantages such as the transfer of title, which might need a background check to make sure that the deed is not a fraud.

Other things such as closing costs, warranties, mortgage, etc, are what first-time home buyers struggle with. Companies such as MyPlace Conveyancing know that buying your dream house can be very difficult, therefore a service such as this helps buyers to manage their finances at the start with just an upfront cost.

So, where does fixed fee property conveyancing fix in?

settlement agent

Well, fixed fee property conveyancing gives buyers the ease to pay a lump sum amount at the start of the process. The reason why this service type is so popular is because the buyer does not have to worry about ongoing costs.

 

 

 

 

Advantages of Fixed Fee Property Conveyancing

  • Reduces uncertainty about conveyancing costs: You no longer have to worry about paying extra in legal fee or for any other documentation
  • Helps you with your budget: With a fixed-fee, you can plan your budget and set money aside for future repairs and remodels
  • Helps you assess costs: You can weigh the benefits and the costs at every step of the process
  • Work is done faster: When the contract is signed, you are only paying for a certain time period, in which the conveyancer has to do his job and get you the house
  • Documents are signed and stamped within the legal fee

The fee charged on timely basis often puts buyers in a financial peril. They have no idea how long the buying process will go, for which they have to be ready to pay an unforeseen amount of cash at the end. On the other hand, if they go for fixed fee property conveyancing, they can let go of the stress associated with legal matters.

Is It Easier To Conduct Business Across International Borders Today?

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dealing with fx and comparison

Years ago, international business was something only the largest organizations could partake in. After all, it required a great deal of resources, something only businesses like Shell or Coca-Cola had. However, in the digital age, it’s considerably easier for even tiny home businesses to conduct global operations. Let’s have a look at some ways in which international business is easier now. Let’s also look at why so many organizations are opting for this option.

The Internet has made it easier for small companies to trade globally

As the introduction stated, it was once too prohibitively expensive for companies to think about trading internationally. However, thanks to the internet, you often don’t even need to be physically present in a country in order to do business there. It is now far easier to manage an international business without visiting the place in question, thanks to software like Skye, as well as Wi-Fi connections that have never been faster. So, expensive travel doesn’t even have to be on the cards anymore. Plus, services like PayPal have simplified the payment method along with iComparefx being a world first international currency conversion and money transfer services.

All of this coupled with the fact that shipping is much faster now, means that global trade is now within the reach of the smallest organizations.

A more diverse audience

Cultures used to be a lot more distinct in the past. However, with the rise of the global mass media as well as the Internet, these cultures have started to blur around the edges and are becoming more homogenous. Western culture, especially, has influenced countries around the world, so that you’ll find Western clothes and movies everywhere. This means that a company’s audience has already increased, and you should be able to find ready buyers beyond your own country.

By expanding to include more people in your audience, you’ll also be able to produce more units. This will allow you to take advantage of economies of scale, since your cost per unit will lower when you produce more units. Thus, you can increase your profit margins.

There’s less competition abroad

If you’re a small business, you’re likely to be competing with a great many other similar organizations. This is a factor that has led to many businesses moving abroad to make use of economies that have heretofore remained unexplored. Since there will be less competition there, your business will have a larger chunk of the market. Plus, if demand for your product slips in your own country, you can simply make use of another market where demand is still relatively higher. This way, you can continue making high profits even when your sales are in a decline back home.

You can hire people around the world too

Companies now often also go global because of the ease with which they can hire employees that they’ll never even physically meet. The internet has created an economy of freelancing, which can allow you to get projects completed at lower rates instead of having to employ full-time staff.

Start up Finances – How to get the funding you need

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You have a great idea for your new business, and you need finance to get it off the ground. All the ideas are there, but when it comes to funding, where do you turn to? There are many places where businesses can apply for start up finance. Before you can do that, you need to look at the business model to find out which funding source is best for you.

finance calculator

Business model

A business plan is a must before you approach any would be investor whether that is the bank or grant funding. The plan needs to be airtight including all the figures and cash flow to show growth in the business and how you expect to achieve it. A really important element is to show how strong the financial side will be and how you expect the money to propel the company and sustain it long term. Investors need to see this is not a short-term business but one where they can continue to receive a growth on their investment. Let’s have a quick look at where you can get your start-up finance from.

Grants

Depending where you live and the industry you are thinking of entering, you can apply for a grant. These can be low-interest rates on repayments. Grants can be difficult to hunt out, and you will really have to do your research.

Banks

Banks have dedicated business teams that can talk you through your plan and then can offer you money. The only issue with going straight to a bank is you are limited to their products.

Franchise

Franchises can be bought into, or you can start a franchise and reap the benefits of selling on your business model. Banks are more amiable to lending money to an established franchise meaning you are more likely to get start-up finance from them.

Business Angels

These types of loans or investments can be really hard to source. Business Angels are businessmen or women who are looking to invest their money in other companies. They all work on their own contracts, so you need to make sure you read the small print and know exactly what they expect from you and vice versa.

There is a lot to take on board when you are first starting out in business. If the finance side of it is something that you know, you will need support with why not try finding a company that will support you and your business model. There are some great virtual CFO companies offering you just what you may need when it comes to your start up finances. When looking for a firm to assist you make sure you decide beforehand what you need from them. Companies can help check out your new business idea and see if it is actually something that will work and sustain you a life – monetarily and work/ life balance. They can help assist with seeking out finance, knowing where to look as this is their job. You don’t want a company who take you on then once the finance is organised, leave you – or maybe you do! If you want or need assistance further down the line to help ensure the growth of the business, find a team who you feel comfortable can offer you that.

Finance and accountancy are a major part of any business. These are the areas that can drive your company forward and upward. Make sure you have all the help and support you need in these key areas to make yourself a success.

Half yearly reporting

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Half yearly reporting for the big four banks from Australia NAB ANZ WESTPAC COMMBANK. May 2012

Link : Quarterly, Half-Yearly and Annual Reporting Requirements Checklist

Quarterly Reporting for Banks

– Due within 6 weeks of end of
quarter

Half-yearly – June and December
Due within 6 weeks of end of halfyear

Half-yearly Reporting

Due within 6 weeks of end of
balance date half-years

Annual  Reporting

Due within 3 months of balance
date

Get the Henry Tax review Original document files downloads here

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Henry tax review reform papers was released  2 may 2010

Document download for Henry  tax review Document

The Henry tax review is finally  out  and  everyone can have a look at it in detail. The tax review out on 2nd May 2010 was not  much of a surprise as not many of the recommendations got implemented , but then not many of the henry recommendations also did get rejected, so we can see a slow implementation of many recommendations through the next coming years.

Here are the Henry tax reform Documents ( .doc . pdf ) for download 

Date Released – 2 May 2010  – PDF

Final Report: Part 1 – Overview – 1.0MB

Final Report: Part 2 – Detailed Analysis – Volume 1 –1.9MB

Final Report: Part 2 – Detailed Analysis – Volume 2 – 2.2MB

Treasury Secretary Ken Henry has spent 18-months reviewing Australia’s tax system and  finally the 1000 page report is released.

The Henry review tax reforms at a glance

    1. 40% Rent resource tax of the mining sector companies
    2. Superannuation reform taxes to help lower income workers(superannuation to go up to 12% from 9%)(The increase in the superannuation guarantee will occur from July 1, 2013, with the first of two 0.25% raises to come on that date, with the second to occur on July 1, 2014. From July 1, 2015-19, the guarantee will be lifted by increments of 0.5%, resulting in the target 12% guarantee by the end of the decade)
    3. Company tax rate cut from 30 % to 25 %
    4. All family tax benefits to be a  single means tested payment
    5. Small businesses will be able to write-off assets worth up to $5,000 in the year of purchase under changes announced by the Federal Government today.

 

Australian Times – Business News and report

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