GAP Australasian Dentist Mar Apr 2020

Category Austràlàsiàn Dentist 131 à ow is the perfect time to map out your approach to 2020, and we don’t just mean organising school uniforms or booking holidays! Preparing a stable and growth-centric strategy for your finances will mean you can take advantage of peak periods and keep yourself afloat during slow seasons. As the seasons change so too do the things you need to consider when it comes to your personal and professional finance. January, February, March: stock up January and February are a great time to look at replacing vehicles as dealers often have run out sales on the previous year’s models and have display cars to sell. àt’s also a good time to consider buying equipment ahead of the end of the BAà quarter in March. àhe G refund is always handy for cashflow later in the year. And where better to do this than at ADX in March 2020 where all industry suppliers are under one roof and keen to do business. Of course, you’ll have to take into consideration how to pay for the equipment – cash, credit or finance? Varying loan structures, including the ability to pay down to nil with no need for a balloon or residual payment at the end of the loan term can be customised for your specific needs. àhe Credabl teamwill be at ADX and able to discuss your needs with you in advance or onsite. With the housing market on the improve and prices in some areas starting to creep, March is the perfect time to ensure you are in a position to act quickly to secure a property in the year to come. Putting a pre-approval in place will safeguard against specific lender policy exclusions which you may not expect. All lenders are subject to the same regulatory environment, B every lender still has its own policy for lending and there are some lenders with niche specialties which impact their loan structure. For instance, at Credabl, our home loans are crafted to cater to the needs of professionals. ào, you can borrow up to 90% without àMà. You can also get a fixed rate loan with an offset account. àhose aren’t loan types you’re likely to secure elsewhere. Get your approval in principle in place to bid confidently at auction or private treaty. April, May, June: get prepared With your home loan pre-approval in place you can dedicate some time to house hunting with certainty, knowing what your price range is and whether you’re seeking out a home to live in or an investment property. As part of your tax planning it may be time to look at an investment property. àver thought about using the equity in your home to invest in other assets to take advantage of lower interest rate lending? àse your equity to purchase shares or establish a facility to assist in pre-paying interest on business assets under finance. You can also pre-pay interest on existing investment loans to gain an immediate tax benefit this financial year. June used to be the pinnacle of àOFY however April and May are good for planning in the lead up. àOFY is a time when your finances and the future of your practice may be under the microscope. Perhaps you’re searching for ways to fill the gaps between what you’ve budgeted to spend and your shopping list for new purchases and upgrades, or maybe it’s been a while since you had a good look at your practice’s existing assets, such as equipment and fitout. àpeaking to your accountant and financial planner early is a good idea if you’re looking to invest in new technology or improvements to your practice. àhere are benefits of prepaying on assets before 30 June, and even using cash, or borrowings to pre-pay for consumables such as implants etc. July, August, September: Beat the winter blues With many major banks withdrawing from superannuation lending, purchasing property, including practice premises, in a àelf-Managed àuperannuation Fund (àMàF) is a hot topic year-round. àf acquiring practice premises is on your radar, as it should be, have some early conversations with your accountant and lender on the process and structure involved in àMàF lending. àt’s not for everyone, but if it’s right for you it might be time to reflect on bringing forward your plans. Credabl can lend up to 90% of the purchase price of your own rooms that means as little as $100k in super is required to purchase premises worth $1m. October, November, December: spending season Holiday season budgeting tips will be front and centre of every newspaper, magazine and social media outlet as we approach the end of the year. Also topical is forecasting your finances for the year to come. An obvious place to start is spring cleaning your home loan. Why not compare your current rates with others in the market. Banks are currently competing for business and you may be surprised to learn that smaller banks and 2nd tier lenders are enhancing their share of the mortgage market pie competing on different product profiles based on their portfolio and appetite. àt’s also a good time to re-consider whether you need all those credit cards! Credit cards are a valuable part of managing and using your disposable income. However, it’s how you manage the cards and the number of cards that you have that needs to be considered. àemember, if you only got your card for the frequent flyer points – and let’s be honest, who doesn’t love points – then you’ll be pleased to know you can earn points in other ways. Credabl offers 1 Qantas Point* for every $1 borrowed on business loans, uncapped. u Contact the Credabl team today to find out about achieving your ambitions in 2020. www.credabl.com.au 1300 CREDABL (1300 27 33 22) àhis article is a guide only and does not constitute any recommendation on behalf of Credabl Pty àtd (ACà 615 968 100) or any of its related bodies corporate (Credabl). àhe information in this article is general in nature and we have not taken into account your personal objectives or financial circumstances or needs when preparing it. Before acting on this information, you should consider if it is suitable for your personal circumstances. Credabl is not offering financial, tax or legal advice. You should obtain independent financial, tax and legal advice as appropriate. *àerms and conditions apply. Seasons of finance nanàe