cash loans

2017 EOFY Tax Tips: Getting Your Finances in Order

As June 30th draws closer and the end of financial year looms on the calendar, now is once again the time to prepare for that annual meeting with your trusty accountant. Whilst you might think that tax deductions are the exclusive domain of high flyers and big business honchos, anyone who works for a living (i.e. salaried employees) is entitled to claim them. Whether it’s been a particularly busy or expensive year for you with work-related expenses galore, or just the regular course of events, it never hurts to collect those receipts you’ve been diligently stuffing away in a shoebox and get something back from the taxman. To help you get tax fit for FY 2017-18, we’ve put together two simple steps anyone can follow.

1. Collect Receipts & Track Your Expenses 

The first step for getting a handsome tax return at the end of financial year is to collect all relevant receipts and track all expenses relating to your work or source(s) of income. Since Australian tax law allows the deduction of any expenses incurred in generating an income, including taking your 9-5 work home with you, this is by far your best way to bring home the bacon after June 30! Thanks to the power of smartphones, collecting receipts and tracking your expenses has been made super-easy with these nifty apps:

  •  Concur (Desktop & Smartphone) – A handy tool allowing you to automate your travel and work-related expenses in addition to managing invoices. The ability to take a photo of a receipt to store for later is our favourite feature.
  •  Pocketbook (Smartphone)Pocketbook is a powerful personal budgeting app that allows you to track and categorise all of your spending.
  •  TrackMySpend (Smartphone) – Developed by ASIC, TrackMySpend does just that, helping you keep tabs on where your money goes for tax time.

2. Minimise Your Tax Liability (Legally of Course)! 

Having sorted out your shoebox of receipts, the next step is to book an appointment with a qualified tax accountant after June 30 so you can make the most out of any tax deductions you’re eligible for, whilst minimising the risk of landing on the wrong side of the ATO! In the meantime, here’s a few more things you can do before the end of financial year:

  • Bring forward any big work-related expenses before June 30

Big expenses like buying new work uniforms, laptops or equipment are all legitimate tax deductions, which can be instantly written-off up to the value of $20,000. Even enrolling into work-related courses or seminars can be tax deductible, meaning the possibility of extra cash in the bank!

  •  Claim all relevant tax deductions

Another thing to keep in mind is the large list of legitimate tax deductions available to all Australian employees, which the ATO details here. Many of these deductible expenses are generated during day-to-day employment and can include the following items:

  • Education expenses (attending industry conferences, seminars, enrollment fees etc)
  • Internet and mobile phone connections (a portion reflecting work-related usage)
  • Home office equipment costs (computers, printers, telephones etc)
  • Home office running expenses (heating, cooling, lighting, cleaning, carpet wear & tear etc)
  • Vehicle expenses (fuel, work-related travel etc) (a portion reflecting work-related usage)

Need a little extra help paying for that new laptop or seminar before EOFY 2017? Or how about bringing forward some of your other work-related expenses to keep your hard earned cash in your back pocket instead of handing it over to the taxman (and no, Jimmy Choo doesn’t make steel capped boots!)? Check out our smart little cash loans from Nimble!

 

You should read this bit: The above post contains links to a variety of application software (“App, Apps”) that is not affiliated or associated with Nimble. We do not have any control or responsibility over the content of the Apps. Use of the Apps may be subject to further terms and conditions imposed by the App provider, the owner of the mobile operating system and/or other related parties. The above links belong to a variety of websites and not Nimble, so clicking on, and using them, will take you away from Nimble’s website meaning we’ve got no control or responsibility over the content. Nimble does not endorse and is not affiliated or associated in any way whatsoever to the businesses named in this blog post. The information in this blog post is general information only and does not take into account your objectives, financial situation or needs. For tax advice relating to your specific financial situation, Nimble recommends seeking the services of a qualified Australian tax accountant. The information contained in this blog is correct at the date of publication.

Hot Tech Trends Changing Our Daily Life

Remember the good old days of dial-up internet in the 1990’s and the amazement we felt at being able to send emails to people anywhere in the world at any time? The excited “you’ve got mail!” we heard as a reply landed in our inbox? Or for that matter, the launch of the revolutionary Apple iPhone just under 10 years ago, which gave us the novelty of browsing the internet on the train to work, when sitting at the dinner table with friends and pretty much everywhere else? There’s little doubt we’ve all been swept up in these rapid digital technology changes that have occurred in a very short space of time. So if you’re keen to keep two steps ahead of the changing technological guard next time, we’ve put together a handy and up-to-date list of three hot tech trends set to change how we live our daily lives in years to come.

 

1. Internet of Things (IoT)

Ever wondered what your smartphone would say if it could talk? The tales it would tell about you! Or how much easier life would be if your fridge had a mind of its own and could send you a handy text to pick up a carton of milk on your way home from work? The Internet of Things (also known as IoT) is making all this and more a possibility, by connecting common devices or “things” via Wi-Fi.

 

  • Wearable Devices

Perhaps the most obvious example of the Internet of Things are wearable devices that have risen to fame in recent years, thanks to the launch of high tech gadgets like the Apple Watch and Fitbit to name a few examples. Able to track our daily movements and much more, these handy add-ons are helping make us more sci-fi by the day!

 

  • Voice Search

As well as being able to connect common digital devices into one big happy family, another quirk of IoT is the ability it gives us to talk directly to those devices to ask questions (hello Google!) or simply give commands (Alexa, turn off the lights)! Chief amongst voice search technologies worth keeping an eye on are Google Home and Amazon Alexa, coming to a home near you…

 

2. Fintech 

Gone are the days when taking out a personal loan, or any money for that matter involved finding time to line up in a stuffy branch of an established big bank. Thanks to the advent of Fintech (or financial technology), a range of nimble startups (no pun intended) have emerged to offer us alternative ways of getting our hands on cold hard cash.

 

  • Bitcoin 

The poster boy for fintech is Bitcoin, a cryptocurrency developed by a bunch of hardcore computer programmers who kindly released their invention onto the online world in 2009. Unlike traditional currency (i.e. the Aussie Dollar), Bitcoin works by allowing holders to conduct transactions online directly, without any meddling intermediary (such as the Reserve Bank or ATO). Transactions are instead verified by a blockchain, a fancy database that lives deep in cyberspace!

 

  • Nimble Algorithm 

Another innovation out of the fintech revolution is Nimble ourselves, with our top secret algorithm using machine-learning technology and behavioural data to assess every loan application against a broad range of various data sources, with potentially thousands of data points, all within minutes. This allows us to quickly assess borrowers’ applications and get our small cash loans transferred into approved borrowers bank accounts within an hour of borrowers confirming their loan, giving them access to their money faster, so they can get on with their life.*

 

3. Health & Fitness Apps

Keeping fit and fab has never been more important than in today’s image-obsessed world! Instagram and #fitspo workout selfies aside, there are some seriously cool gadgets and health & fitness apps on the market to help you get the most out of exercise and get rewarded for doing it.

 

  • Exercise Tracking 

As mentioned under the Internet of Things, wearable devices like the Apple Watch and Fitbit have entered the mainstream in recent years, allowing us to track our daily steps, monitor our heart rate, measure our walking or running speed and tell us how we’re doing on the calorie burning front amongst many more features. Don’t want to invest in the above? No problem, there’s plenty of stand-alone apps that work a treat on any smartphone, including Endomondo, Google Fit, Pocket Yoga and RunKeeper.

 

  • Lowering Health Premiums

Last but not least, thanks to the ability to measure our physical activity comes the opportunity to also be rewarded for that gruelling early morning workout session or even for just maintaining a regular gym routine. Qantas has got in on the act with their Qantas Assure program where you can earn frequent flyer points for being active, whilst insurance providers like AIA Vitality and Asteron Life are offering customers lower premiums.

 

Keen to get your hands on some of this cutting edge new technology? Check out Nimble‘s smart little cash loans to help you pay for that all-important pre-order or to impress your favourite tech-head with an unexpected gift.**   

 

You should read this bit: The above post contains links to a variety of application software (“App, Apps”) that is not affiliated or associated with Nimble. We do not have any control or responsibility over the content of the Apps. Use of the Apps may be subject to further terms and conditions imposed by the App provider, the owner of the mobile operating system and/or other related parties.  The above links belong to a variety of websites and not Nimble, so clicking on, and using them, will take you away from Nimble’s website meaning we’ve got no control or responsibility over the content. Nimble does not endorse and is not affiliated or associated in any way whatsoever to the businesses named in this blog post.

The information in this blog post is general information only and does not take into account your objectives, financial situation or needs.

The information contained in this blog is correct at the date of publication.

*Once your Nimble loan is approved, it’ll be transferred to your bank account within 60 minutes of confirming your loan, if confirmed by 4:30pm AEST during banking days. Otherwise, the payment will be processed on the next business day. Clearance time is subject to your bank. Depending on your bank, you may be paid within minutes of confirming your loan 7 days a week, including public holidays.

**This is not a loan offer. Loans are subject to meeting Nimble’s lending criteria and suitability checks.

What makes Nimble different?

In answering this I don’t want to talk about our customer service. Nimble is obsessed with customer service, we all know that.

Instead I want to talk about business philosophies. Thousands of books have been written on it. So surely the perfect business management model is out there, right?

Well if there was one perfect way, they wouldn’t have needed to write thousands of books on it would they?

Thing is, there is no one perfect way. The real world is too dynamic and variable.

After all, things change. The world changes. Your staff changes. Your customers change. Your product changes. Public perception of you changes. Your industry changes. Technology changes. Global financial crises change everything….

For us trying to grow a business this is scary. I mean it’s terrifying. You want to be able to produce perfectly accurate forecasts. Beautiful rising graphs….not rising too fast mind, just the right amount. You want a clear path. No surprises. No uncertainty.

Plus you’re a business founder so you can’t help being a perfectionist. You want to have all the information about what’s going to happen. You want to have the perfect solution.

So how do you deal with this? Here’s a few things I’ve learned:

1. ACCEPTANCE. The world is that way and there’s nothing you can do about it. In fact not only do you need to accept it you need to love it. It’s great. If things were always predictable nothing would ever change. There would be no room for creativity.

2. Stay NIMBLE. Be able to react quickly. That means no inertia. As soon as you sense things changing you need to recognise it. You need to move. Be a magician. Expect to have to pull things out of the hat at the last minute.

3. Have BALANCE. I’d almost call this wisdom. If you’re just reacting to everything, you’re out of control. So temper it with a calm, controlled awareness. I’m talking Zen-like. If this sounds exactly the opposite to step 2, then you’re probably right.

So you need some contrary qualities. But really what single person could have all these qualities? I don’t know many accepting, crazy, Zen Buddhists around.

Well you need to surround yourself with a team. A team with different personalities and skills. DON’T have clones of yourself and DON’T have to be the smartest one in your team.

Simple isn’t it?

 

The information contained in this blog is correct at the date of publication.