Quarterly Newsletter - January to March 2008

Wed Mar 12 2008

Happy Easter!

Spectrum Financial Partners wishes you all a Happy and safe Easter holiday!

Spectrum will be closed from Friday 21st March and will reopen Tuesday 25th March.

Congratulations to team members Rafael who tied the knot in the Phillipines in December, and to Kevin for his upcoming nuptuals on Easter Saturday. 

Upcoming Deadlines

21st March - Due date for monthly BAS & IAS for last month lodged by any method.

31st March - end of FBT year - please take odometer readings for vehicles.

21st April -  Due date for monthly BAS & IAS for last month lodged by any method.

28th April - Payment Due for Superanuation for employees for last quarter.

15th May  - Due date for 2007 Income Tax Returns for Individuals, companies, trusts and partnerships.

21st May-  Due date for monthly BAS & IAS for last month lodged by any method.

25th May - Due date - BAS & IAS last quarter, lodged by ELS via tax agent. 

21st June-  Due date for monthly BAS & IAS for last month lodged by any method.

Dont forget to check out our website for the lodgement program calendar: http://www.spectrumfp.com.au/accounting-resources

SMSFs Can Now Borrow!

As if the Simpler Super laws did not bring enough exciting changes, the government recently enacted laws allowing a SMSF Trustee to borrow where it wants to acquire an asset.  Importantly, the borrowing possibilities are wide, the rules broad and with a good asset base in a SMSF the opportunities for leverage is significant. 

There are a number of benefits for a SMSF using leverage in the fund.  Of course great care must be had to what happens in the event of a loss in value of any asset acquired under a borrowing arrangement.  And as we are talking about a SMSF it is absolutely crucial to get the paperwork and documentation right the first time.  If a mistake is made it can result in serious financial penalties for the Trustee of the fund and potential financial consequences for fund members.

The New Borrowing Rules
The Superannuation Laws have now been amended to allow the Trustee of a SMSF to borrow in the following circumstances:
1. The borrowing is in the name of the SMSF Trustee.
2. The borrowing is to acquire an asset that the SMSF Trustee is allowed to acquire.  For example a SMSF can not acquire residential property from a member or their business, but their business premises would be suitable as would residential property from a non-related party.
3. The asset must be held by a separate Trustee ("the holding Trustee?) under an arrangement where the Trustee of the SMSF makes an instalment payment into the trust to obtain beneficial ownership with further payments required to obtain full legal ownership.  Any income such as dividends, rents or interest accrues for the benefit of the SMSF Trustee.
4. The borrowing is non-recourse and at the end of the loan period, provided all payments have been made to the lender, the holding Trustee will transfer full legal ownership of the asset to the Trustee of the SMSF.

It is crucial to get the best SMSF advice when considering the borrowing rules. 

Source: Grant Abbott

Upcoming Events

Strategy Session

Self Managed Superannuation Fund

We are very pleased to announce that we have secured the services of Australia's leading SMSF expert and author of the CCH "Guide to SMSF"s? - Grant Abbott, to provide you with a unique strategy session on the Simpler Super Reforms.
Grant will present a SMSF update and explain how you can borrow using your SMSF. A must see presentation for those using, or considering using, a SMSF.

Event Details

When:  Thursday 27th March 2008
Registration: 5:45pm
Start:  6:00-8:00pm
Where:  Marriott Hotel, Surfers Paradise
Cost:  $20 per person or $30 per double

RSVP
To Nasiema on 1300 55 65 35 or email nasiema@spectrumfp.com.au by Thursday 20th March.

Congratulations!

Spectrum was delighted to welcome its first baby when Tax Manager Carmen Vause gave birth to Joel Edward Vause, on 18th December 2007 at 9:01am. Weighing in at 8 pounds 9 ounces (3.880 kg), the team at Spectrum congratulate proud parents Carmen and Jason. 

URGENT - 2007 TAX DEADLINES - AVOID PENALTIES

As keeping your taxation obligations up to date is our priority, we ask that you submit your workpapers for your 2007 returns prior to 31st March 2008,  to ensure they are lodged before interest and fines for late lodgement are incurred. Once all of the necessary information has been received, we will  schedule your work for commencement.

This will give us both the opportunity to assess your financial situation and manage your future goals.

FBT Returns - Reminder

Please remember to record your odometer reading on 31st March 2008 for those lodging FBT returns.

Team Member Profile - Alan Gyoury - Finance and Mortgage Broker

Alan has been in the Finance industry since early 2006 and has had an extensive sales and
management career across the IT, Property and Finance industries, including running his own software and services companies in the UK and Australia.

He joined Spectrum in early 2007 and specialises across four main financing sectors:

? Development and Construction Financing.
? Investment Restructuring and Refinancing.
? Equity Release Financing.
? Residential Mortgage Funding.

Alan enjoys working closely with clients to ensure they are getting the best financing structure and package to suit their immediate and ongoing needs.

Alan is a fellow of the Australian Institute of Company Directors and holds an Executive MBA from Macquarie University.

Favourite Sport: Soccer
Favourite Team: Arsenal
Favourite Book: How to Win Friends and Influence People
Favourite Song: Simply the Best

Cash Flow Positive Loans

An exciting range of new investment mortgage products have recently been released. These allow investors to:

 - Establish cash flow positive properties from day one,
 - Release equity as it accumulates in the property,
 - Build in ensured capital growth,
 - Leverage into additional properties as equity increases,
 - Buy higher valued properties.

These products can be used to purchase or refinance, owner occupied or investment - vacant land and or construction. Full doc or low doc available. Up to 85% LVR.

Borrow up to 85% of the Asset value and cap fees !!

To learn more about these new and exciting new investment Mortgage and Loan products call Spectrum on 1300 652 152 for a confidential discussion.

Debt Consolidation

Have you too many loan accounts to manage?
Are you having difficulties tracking your loans and their interest rates?
Tired of interest rate changes and other bank charges and fees? 
Then why not consider Debt Consolidation?

Spectrum Home Loans and Finance would be happy to examine your loans to ensure you are getting the best loan available at the best interest rates available. Did you know by combining loans you may be eligible for a discount off the advertised interest rate?

Why not call Spectrum Home Loans and Finance for an obligation-free assessment of your current lending and loan structure? Call 1300 652 152.

Favourite Easter Recipe

Easter Egg Slice!

Ingredients
1 1/2 cups plain flour, sifted
1/3 cup caster sugar
80g butter, chopped
1 egg yolk
500g mini solid Easter eggs
1 cup shredded coconut
395g can sweetened condensed milk

Method
Preheat oven to 180?C. Grease a 3cm-deep, 16.5cm x 26cm (base) slab pan. Line base and sides with baking paper, allowing a 2cm overhang on all 4 sides.

Combine flour, sugar and butter in a food processor. Process until mixture resembles breadcrumbs. Add egg yolk and 2 tablespoons cold water. Process until mixture almost comes together. Using clean hands, press mixture into base of pan. Bake for 15 minutes or until light golden. Set aside to cool.
Unwrap Easter eggs. Place eggs over slice base to cover. Sprinkle with coconut. Drizzle condensed milk over the slice. Bake for 28 to 30 minutes or until edges are deep golden and centre is firm to touch. Allow slice to cool completely in pan. Cut into pieces and serve.

Notes & tips
Try using a combination of solid milk chocolate and solid white chocolate Easter eggs or brand varieties such as Violet Crumble or Cherry Ripe mini eggs.