Reddifords Personal Advice

03/12/2020

SCENARIO: Terry is an electrician and has gone out on his own as a sole trader for the last 10 months. He has earned $50,000 so far and is yet to pay his first year's business tax. He dislocated his shoulder and will be off work for 4 weeks minimum. ACC is denying his income replacement claim as by their records he has not had an income in the last 12 months to claim against. Terry needs the money and is risking re-injury to go back to work to make ends meet. What is he entitled to?

15/10/2020

Are you a new to business sole proprietor? You could be at risk - ACC 80% income replacement for a low first year declaration might not get you far.
Do not wait any longer!
Complete the form below to see how our advisers can help!
https://mailchi.mp/3c06f5d97393/acc

22/05/2020

Real talk for Small Business owners.

If you have a good accountant, they will save you money by reducing your declared income and therefore the amount of tax you have to pay.

That makes sense to most people.

What is often under looked, are the complications this has on your ACC. If you are injured and require ACC income compensation, they will pay you 80% of previous 12 months average earnings.

But thanks to your good accountant your declared earnings are lower, which means your ACC income claim could be lower than what you need to survive.

You can have your cake and eat it too. Talk to us to hear how you can change your ACC structure to ensure you get what you need.

21/05/2020

If you have an Australian Superannuation Account, you are able to withdraw up to $10,000 due to Financial Hardship from Covid-19. Especially if you are on first home market, that $10,000 can be put to use right away. You have until June 30th.

Please get in touch.

17/03/2020

We have had many clients asking how their Income Protection will work if they get Covid-19 and how the govt subsidy actually works.

If you have come in contact with someone who has the virus, you should self-isolate immediately. You are eligible for $585.80 per week. Your employer must apply for this here;
https://www.workandincome.govt.nz/products/a-z-benefits/covid-19-support.html

Your employer can apply every 14 days for every new case of self-isolation or extended isolation.

You will need to have registered yourself as quarantined at https://healthy.org.nz/

If you have Income Protection that pays 75% of your income, then it will pay after your waiting period has been reached and will deduct the govt subsidy from your claim.

If you have Agreed Value Income or Mortgage Protection then this will pay out on top of the govt subsidy, after your waiting period has been reached.

For many people, especially those with young families $585.80 will not be enough. This is a good opportunity to review your insurances to make sure you don't have to wait longer than 4 weeks to receive additional financial assistance.

We have a Wage subsidy and Leave Payment available to support employers affected by COVID-19.

15/03/2020

If your KiwSaver is just for your retirement, then you may have 20+ years till you can access it. This is not the first market crash, and it has always recovered. It is just a matter of time before it does. This is just a blip in the timeline of your investment and you should stick to your investment plan that put you in your fund.

If your looking to purchase your first house with your KiwiSaver and your worried this could foil your home ownership plans, then contact your Financial Adviser.

09/01/2020

Happy New year to everyone! Some excellent news to those who chose the "growth' funds within KiwiSaver.

Some depressing news to the 715,000 Kiwi's in default funds who have missed out. 430,000 people who did not chose to be here.

with 27% growth, why wouldn't you? Interested? Let us know.

24/10/2019

What runs through your mind when you hear the word 'Cancer'?

Wont happen to me?

23,000 people per year diagnosed in NZ.

What is your plan?

Stop putting these thoughts to the back of your mind and confront it with a plan.

Trauma Insurance pays out on the diagnosis of Cancers, Heart, Attacks, Strokes and 40 more conditions.

Would $100,000 help you feel more at ease with the terrifying prospect? This costs $20-$25 a month for a 30yr old.

What sacrifice will you have to make to be able to afford this?

New Zealand's dismal cancer statistics have been highlighted in a global index, putting the country proportionally second worst for new cases.

10/06/2019

How would you feel if you had to hand your tax refund back to the IRD because you chose the wrong PIR on your KiwiSaver?

What is PIR? - The tax you pay on your KiwiSaver earnings, with some earning 10% per year, this could be a big number.

How do you figure it out? - Look below.

Want to stay informed and grow your KiwiSaver? Get in touch with us.

28/04/2019

Whether you're male or female, we all takes risks in life to enjoy the finer things.

Dont rely on a Gofundme to save your parents the burden of paying your funeral costs.

$200,000 Life Insurance for a 30 year old is $20 a month.