From 1 July 2023, access to the Government’s Home Guarantee Scheme will be
expanded to joint applications from “friends, siblings, and other family members” and to those who have not owned a home for at least 10
years.
The eligibility criteria for access to the First Home Guarantee Scheme and Regional First Home Buyers Scheme will be expanded. From 1 July 2023, the schemes will no longer be limited to individuals and couples who are married or in de facto relationships, but will also include eligible friends, siblings, and other family members for joint applications.
In addition, the requirement for the applicants to be Australian citizens at the time they enter the loan has been extended to include
permanent residents.
The schemes guarantee part of a first home owner’s home loan enabling them to purchase a home with as little as 5%
deposit without paying Lenders Mortgage Insurance. Guarantees are capped at 15% of the value of the property.
Thirty five thousand places are available for the First Home Guarantee Scheme each financial year. From 1 October 2022 there will be ten
thousand places available each financial year until 30 June 2025 for the Regional First Home Buyers Scheme.
Eligibility to the Family Home Guarantee will also be extended. From 1 July 2025, the scheme will no longer be restricted to single parents
with at least one dependant natural or adopted child, but will also be available to borrowers who are single legal guardians of dependent
children such as aunts, uncles and grandparents.
The Family Home Guarantee guarantees the home loan of an eligible single parent with at least one dependent child enabling them to purchase a
home with as little as 2% deposit without paying Lenders Mortgage Insurance.
The guarantee is capped at 15% of the value of the property. Five thousand places are available to the scheme each year to 30 June 2025.
We'd love to help you experience life with greater choice.
here are the key dates you need to be aware of
Personal Finance Planning with the help of Xero and Smart Business Solutions If you were to add up all your earnings for a lifetime, the total would come to hundreds of thousands, if not millions, of dollars.
Did you, or a member of your family, have the Pensioner Concession Card cancelled because of the changes to the asset test? If so, it’s time to check your letterbox for a pleasant surprise.
As a business owner facing down the end of another financial year, you’re likely paying more attention to those all-important profit and loss margins.
Do you ever wish you started seeing a financial adviser earlier in life? Then consider setting your kids on their own financial advice journey sooner rather than later.
Personal Budgeting: The Key To Realising Your Financial Goals And DreamsIf you discovered a business owner was operating without a set budget, you’d probably think he/she was incompetent or not taking his/her financial obligations seriously.
When you’re having a baby it’s normal to focus on the practical aspects of preparing for the arrival of a newborn. In fact, there are so many things to consider that people often overlook the financial considerations. By taking the time to consider your finances ahead of time, you’ll be able to avoid financial pressures and really enjoy the special time with your new family member.
Got An Online MyGov Account? Be Sure To Read This The Online MyGov has caused major hassles for tax agents so we felt it was important to let you know. Over the past year, the ATO has made several changes to the way in which it communicates with tax payers and their delegated tax agents.
Rising property prices have made it harder for young people to get into the property market than it was for previous generations. Here’s how you can lend your kids a helping hand – without necessarily having to put up all the cash yourself.
Going through a separation or divorce raises a lot of questions
One of these relates to money. Given you’re likely to have many other issues to consider, it’s important to focus on finances as early as possible. The sooner you sort out your financial situation, the easier it will be to adjust to your new circumstances.
Just started a business? Or want to change your sole trader business to Xero?
We can help! Our workshop will provide you with the training and information you need to get your new business (or existing sole trader) onto Xero accounting software to provide you with real-time financial information so you can confidently make business decisions. When:
1st Nov (Morning Session @ 9:00am-12:30pm)
Cost: $50pp
As Xero’s Victorian Accounting Firm partner of the Year the team at SMART Business Solutions LOVE Xero and everything CLOUD.
Picking the right name for your business or company is an important aspect of beginning a new venture or revamping your current one.
Crowd funding: a revolutionary new way to back your business start up So you have an amazing new business, but no access to the capital you’ll need to successfully launch it? If this is the case, you have several options to secure funding.
Retiring earlier and living longer: why every woman needs the right financial strategy to make sure their savings will last their distance
As Xero achieves a major milestone with 1 million users globally, their product development and new features continue to evolve.
As Xero Gold Partner's, Awarded 2016 Xero Partner of the Year (Victoria) and appointed to the Xero Accounting Partner Advisory Council, SMART Business Solutions is well positioned to provide you with all of the latest Xero Innovations to help you get the most out of Xero.
These sessions will cover:
- Latest developments & enhancements
- New releases coming soon
- Our
Since we receive a heap of questions about Xero from clients, we have decided to run these sessions every two months.
Whether you have just started using Xero or are a seasoned Xero pro, everyone can benefit from the latest tips from our
Topics for each session will change based on the latest developments, however, we can publish the topics two weeks in advance.
Morning tea will be provided
Session One:
Wednesday 4th October
10am - 12noon
Location: SMART Business Solutions Office, Level 1, 328 Main Street Mornington
Wondering about the best way to ease into your retirement years? A transition-to-retirement strategy may be the answer, but it’s important to know that the rules have recently changed. Here’s the lowdown.
Big businesses typically have an in-house Chief Financial Officer (CFO) , but this is not always an affordable option for small and medium sized businesses.
SMART Business Solutions was pleased to host a breakfast event this week on the topic of how can retailers thrive with Amazon coming.
Join us for our first Mornington Peninsula retailers breakfast and learn how you can not only survive but thrive in an Amazonian retail environment.
There's been a lot of talk recently about the threat of giants like Amazon on bricks & mortar stores. But it doesn't have to be all bad.
Presented by Craig Bass from VendHQ and Shannon Smit & Nadia Hughes, Directors of SMART Business Solutions, here's a taste of what we'll be covering and why you need to get on board the Amazon Express
What you'll get from attending this session
*Using Amazon for your gain
*How to compete with Amazon by not competing with them
*How to use technology to win
*Breakfast
Who Should attend?
*Retail owners and managers
*Business that engage with and service retailers
When: Wednesday 6th September
Time: Arrive
Location: Benito's Restaurant, 1196 Nepean Highway, Mornington
FIRST 25 REGISTERED RECEIVE COMPLIMENTARY TICKETS!
A healthy cash flow is vital to keeping your business operating optimally. Should a large percentage of your customer's delay, their payments or – in the worst-case scenario – refuse to pay you, your business could be placed in a very difficult position.
Building wealth is not a product, it is a strategy
An event not to be missed:
The 3 Key topics of discussion will be:
1. Australia : As funny as it sounds, is a hidden tax haven
2. There is only one reason you should pay tax - to avoid paying more tax!
3. Recent increased tax exemptions that benefit small to medium businesses
More and more often in the news today we read about the epidemic that is financial illiteracy running rampant amongst the younger generation. We lament the lack of financial education they’ve grown up with and wonder how they will ever survive in this world of fragile economies, overpriced real estate and cheap debt.
Property owners: What the 2017 Federal Budget means for youIf you’re invested in property – or if you’re looking to buy your first home or downsize, the federal government has proposed some initiatives that might impact you. Here’s what you need to know
With Xero, this process becomes so easy, it’s just a click of a button! However, it is important not to forget the vital steps that should be taken before pressing the publish button!
Well the end of financial year is nearly here so what can you do prior to June 30 to keep more money in your pocket and not the tax man?
Many proposals from budget night will also impact your future tax position. So take a read through and see which measures can potentially benefit your business.
Do you remember when our own team was part of the Australian Governments Board of Taxation Review into the Tax impediments for small business that was commissioned by the then Minister for Small Business, Bruce Billson? One of the key recommendations from the review was to reduce the BAS reporting requirements down to what the ATO actually need or use.
Is there an Agreement in place?
The concept of a shareholders' agreement is similar to that of a marriage contract except it involves all the shareholders of a corporation and their relationship with the company and each other.
We invite you to join a collective of highly accomplished and innovative people who share their insights into Business, Innovation, Technology and Efficiency in order to be at the forefront of business - regardless of your industry.
This year’s budget was not as action packed for small business as it has been in prior years.
While creating a driverless vehicle may be a distinct possibility in our near future, a business without people to guide and shape it is not a realistic proposition.
Hitting that brick wall? Are you overwhelmed by the number of different tasks you’re trying to manage in your business? Many businesses do not have absolute clarity around their team’s defined roles and responsibilities.
Contractor or employee? Follow these guidelines to stay on the right side of the ATO.
Taking on a contractor can be the ideal solution to tackling a particular project or assignment that demands specialised skills or capabilities your regular employees do not have. Possibly you just require an extra pair of hands, for a limited period, to ensure you keep your company’s workflow on track? Or perhaps you’re keen to bypass the formal recruitment process and its incumbent employee obligations?
Technology streamlined Michelle's busy medical practice and enabled her more time for surfing. As a progressive Holistic General Practice, using Xero, Vend and SMART Business Solutions provides real-time financial reporting enabling the business to make informed decisions.
Arrive on Time is a National Network of repair. Arrive of Time moved to Xero with the assistance of the team at SMART Business Solutions. Providing the owners with real-time business information to make informed decisions and being able to monitor their business on a daily basis, even while out sailing!
With the Government’s announcement of the New Start-up investment tax incentives introduced to Parliament this
Don’t be left up in the air by traditional IT solutions. Check out our top 10 advantages for small businesses switching to cloud computing.
Success is about planning. We want to help you achieve success.
Our Business Development offerings are practical and tangible services that help to create long term value. Business Planning is a great starting point.
The team are pleased to announce Smart Business Solutions - Financial Planning has been announced as a finalist in the Financial Advice Innovator of the Year in the 2017 FINTECH Business Awards
Why you need to get an accountant in 2017. An accountant or bookkeeper will free you up to focus on your core business.
If you discovered a business owner was operating without a set budget, you’d probably think he/she was incompetent or not taking his/her financial obligations seriously. Still, many households don’t have a budget in place.
The Mornington Peninsula Brewery moved to Xero and Dear Inventory with the assistance of the team at SMART Business Solutions. The updated solution provides brewery management with real-time business information to make informed decisions down to costing of beer per litre, can, bottle or keg.
What's happening in the Xero space? Here is what we uncovered during Xerocon San Francisco.
Have you noticed that your Xero has gone offline for an hour or two in the last couple of weeks? This is because Xero is moving to a new platform, one that will allow them to develop further the technology that they include within their software.
The past financial year has seen a marked increase in the number of Tax Audits with the Australian Taxation Office’s (ATO) notable inspection of business transactions across the board.
You might view Twitter and Facebook as frivolous time-wasters that have no place in the business arena. Five years ago I was my told by a friend, “your business needs a Facebook page”.
As you may already be aware, from the first pay period commencing on or after 1 July 2016, the national minimum wage will increase to $672.60 per week, or $17.70 per hour.
Thinking about renting out your personal or holiday using Airbnb or a holiday agent?
In May 2015, the ATO released official guidelines informing Airbnb hosts of their obligations to disclose any money they make from using the service.
The team at SMART have summarised our take on the budget and how it will impact locals on the Mornington Peninsula.
Victorian Treasurer Tim Pallas handed down the Andrews Government’s second Budget yesterday and while it doesn’t always get the same amount of media attention as the Federal budget, there are certainly some items that small & medium business and high net worth individuals need to be aware of.
Tax planning is more than just a financial necessity—it's a strategic advantage for businesses of all sizes. By proactively managing your tax strategy, you can significantly reduce your liabilities, enhance cash flow, and ensure full compliance with ever-evolving tax regulations.
