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Beyond 50 Magazine
Taxing questions
Apia now offers free over-the-phone legal and taxation advice to members, so you have fewer financial worries come tax-time.
The month of June signals two things: the start of winter and the time to gather your financial documents and prepare those tax returns. It’s a time when we begin to consider how to secure the best tax return possible and, once it safely arrives in your hands, where and how to spend it. |
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As we’re all only too aware, taxation can be complex and there often comes a time when specialist tax advice is required. That’s why Apia is here to help.
Apia has always offered its customers free legal advice and, in a bid to help reduce the stress of tax time, is pleased to now offer its customers free tax advice as well.
You may be looking for some specific advice or simply want to talk to someone about your tax planning options. The Apia helpline is a valuable service that will put you in touch with experts who can assist you with any taxation or superannuation matter (See box for details).
As a valued Apia customer, you can now enjoy completely independent, confidential advice over the phone, whenever you need it.Alternatively, you can email queries to apiahelplines@nhs.com.au to receive expert advice online. Experienced staff will assist you in finding the right advice through qualified tax and legal experts and best of all, the service is free to all Apia customers.
In cases where your question cannot be immediately answered over the phone, an adviser may conduct further research and contact you the following day, either by telephone or email, with a response.
In circumstances where the issue is complex or involves reviewing or preparing documents, Apia’s service will refer you to a relevant professional.
To use the service simply call Apia on 13 50 50.
Good advice
Apia can provide customers with over-the-phone advice on the following taxation and superannuation matters:
- Tax deductions
- Personal tax returns
- Expenses and charity donations
- Family trusts or inheritance taxes
- Estate planning
- Capital gains tax
- Investment property tax issues
- Personal superannuation
- Superannuation rules and laws.
If you’re buying into an existing B&B business, Wayne warns, be sure to look closely at the books and consider what it is that attracts repeat business. “You really need to get to know what it is you’re buying,” he says. “In this business a fair bit of the goodwill is towards the owners, so that is often the reason for the repeat business, like a chef at a restaurant.
“The sort of income you can expect from a B&B varies, obviously, according to number of rooms etc,” he says. “With more than three rooms it’s possible to make it your sole source of income.”
The drawbacks of running a B&B are that you give up a degree of privacy and the inability to suddenly drop everything and go out to dinner. In a B&B you’re always working.
The original costs, whether you’re building from scratch or renovating a home that already exists, must also be taken into account and carefully budgeted. Both the Grants and the Georges spent several hundred thousand dollars on renovating and building. You will also have to ensure the gardens are constantly in tip-top condition and may even have to pay to have access roads and sheds built. Then there are the advertising costs - after all, nobody is going to show up if they’ve never heard of you.
But for many, the pay-off can be spectacular. “While we may be busy, we dance to our own tune,” Alan George says. “Most people only see our beautiful valley during the time they’re staying with us on holiday, but for us it’s a magical spot to live.”
Top tips for B&B success
- Think about whether you really want strangers living in your house.
- Do thorough market research to ensure you’re planning your business in an area tourists will want to stay.
- Create a realistic budget for everything - not just the building but also the landscaping, legals, insurance, repairs etc.
- Contact Bed & Breakfast and Farmstay Australia (www.australianbedandbreakfast.com.au) to find out where you can do a course in B&B management.
- Remember that shops selling items such as bathroom fittings, in rural areas or even in smaller cities, will offer far less choice than those in major cities.
- Once you’re up and running, constantly seek feedback from your guests to find out how you can improve your offering.
- Join an association and start to network with others who have experienced success.
- Never assume you can hire staff to cook, clean and garden etc - for the first few years it may be all up to you.