Sunday, December 3, 2017

The Importance of Knowing Your Rights and Access to Personal Damages

claim for injury
It’s a well-known fact that the law practiced within Australia is one that is treated with the utmost importance in order to keep the rates of crime exceptionally low and in order to make it a comfortable and safe environment for the multicultural population of the continent. Yet, a lot of people don’t have much of an idea about the legal rights given to them by the Australian government.

Of course, there’s no question about the fact that one should always be certain of their legal rights regardless of what their country or city of residence is. There have been several instances in which the injured was unaware of their right which was the reason they never filed for a personal injury claim despite the odds being in their favour.

It is highly important to seek law advice, at the very least, when you’re involved in a serious injury – especially one that causes you great damages or losses. The personal injury law in Australia is rather simple and one that will get you your rights, if in the court of law, it is proven that you did not have direct fault in the accident in question or that the accident was entirely the fault of the opposing party.

Personal Injury Law in Australia

Personal injuries are not only detrimental to one due to their health, but they also cause one great discomfort in day-to-day life. The restriction and pain inflicted as the result of an injury is enough for the injured to take the matter to court. Upon winning the case, the injured receives huge compensation for the damage and pain that they had to bear.

Such cases are commonly handled by personal injury lawyers and unless the case is too complicated, you don’t need to worry about not acquiring access to the personal damages induced upon you. You must always remember that the access to personal damages is your legal right and there’s nothing that can stand in your way when it comes to that which is legally yours.

Compensation for Damages

Once it is proven in the court of law that the injured had no part in the accident that took place, their injuries are assessed and medical reports – if any ¬– are also taken into consideration. Once the damages are assessed, both parties agree to a set amount which the injured receives as compensation for their damages. In case the accident took place in your workplace, there are different workers compensation laws for the purpose as well.

The bottom line is that one who has to suffer as a consequence to something that wasn’t even their fault, they have every legal right to take the other party to court and receive compensation for the damages that they have had to bear. In Australia, there are absolutely no exceptions when it comes to the law so don’t be afraid to find out about your own rights.

Saturday, December 2, 2017

How Can You Save Tax with Mutual Funds?

mutual investments
Investing in mutual funds results in the higher availability of capital, which is vital for the success of businesses. Therefore, the government provides various incentives when you invest in Equity Linked Savings Scheme (ELSS). Under section 80C of the Income Tax (IT) Act, you are allowed to claim deductions from your taxable income on these investments.

Before discussing the tax benefits that are available on ELSS investments, let us understand these plans.

Equity-linked savings schemes (ELSS)

So, what are ELSS funds? They are a type of equity diversified fund where you enjoy both capital appreciation and tax benefits. While an investment in ELSS funds does not guarantee returns, the best-performing funds have earned huge returns over the long term. Fixed income tax saving investments like Public Provident Fund (PPF) and Fixed Deposit (FD) are unable to provide such effective earnings.

You may invest in an ELSS either as a lump sum or as a systematic investment plan (SIP). An SIP enables cost averaging and prevents from investing during market highs. However, you must remember that each SIP installment is considered as a new investment. This is crucial when you calculate your tax liability at the time of redemption.

Tax benefits of investing in mutual funds

• ELSS are also known as tax saving mutual funds. This is because you can claim deductions from your taxable income on your investment as well as earn tax-free returns. Under section 80C of the Income Tax Act,you may claim up to INR 1.5 lakh per annum as a deduction from your gross income during the financial year.

• ELSS funds’ investments are principally in diversified equities and thus the returns are closely tied to the performance of the markets. This is a type of mutual fund with a lock-in period of three years from the date of investment. In case you start an SIP in an ELSS, then each of your investments will be locked in for three years from the respective investment date. The returns on the investment made in ELSS funds are also tax exempted after the completion of the three-year lock-in period.

ELSS funds, the best option for tax saving

• As compared to other tax saving instruments such as PPF, which has a lock-in of 15 years, National Savings Certificate (NSC)and FDs; the lock-in period in ELSS is lower.

• Since ELSS is an investment in equity markets, staying invested in the same over a long term earns better returns as compared to other fixed-income instruments.

Things to avoid when investing in ELSS

1. Starting tax planning late and making hasty decisions

The detail working of mutual funds is complex and requires a lot of research on past performance, fund managers, and investment approach. There are several mutual fund schemes available in the market, ranging from high-earning funds to high-security funds. Give yourself sufficient time to analyze the options and complete tax planning because you cannot exit your investment for at least three years in case of an inaccurate choice.

2. Relying on short-term performance and returns

When analyzing past performance, look at a minimum period of five years. Furthermore, while returns are important, it is not the only deciding factor. You must determine if the fund philosophy matches your goals. Take the time to understand all the different factors before making your decision.

3. Investing only for tax savings

ELSS plans offer several tax advantages but these are still equity-oriented funds. Therefore, investing in these plans is risky though rewarding. You must consider the risk and return profile and not focus only on the tax benefits while making an investment decision.

4. Redeeming your holdings after the lock-in period

ELSS investments have a minimum lock-in period of three years. You must not immediately redeem your holdings at the end of this time. If the fund performance continues to be healthy, it is better to remain invested. It is recommended you have an investment horizon of five to seven years at the time of investing to maximize your returns.

5. Switching between funds every three years

You must never switch from one ELSS plan to another at the end of three years as a habit. This is often done when the other fund performs better than your plan. Before making the switch, analyze the reasons for the performance. If the fund continues to under perform even in a positive market, you may consider switching.

ELSS has several benefits. It not only offers better returns but provides tax benefits. However, accumulating too many investments in the product is cumbersome and makes portfolio management difficult in the longer period. It may result in over-diversification and monitoring becomes difficult. Gain a balance to maximize tax benefits while ensuring your portfolio is easy to manage and monitor.

Friday, December 1, 2017

5 Ways To Save on New Teen Drivers Car Insurance

insurance for drivers
Insuring a new driver can be a huge expense for parents and families, especially because you don’t have any leverage to prove that your teen is a good and safe driver. We know that you’re doing everything in your power to give your teen the tools to drive safely, so here are some ways that you can cut costs on insuring your new driver.

1. Have your teen take an accredited driving course

There are many courses that you can choose to enroll your teen in to make sure that your insurance premium for your teen stays low. Make sure that you are signing your child up for an accredited course. Not only is this kind of driving course extremely beneficial because it will help your teen learn the basics of driving, it could save you a lot in car insurance costs over a three year period.

2. Insure your teen as an occasional driver

When you’re purchasing insurance for your teen, bundling car insurance policies or including your teen as an occasional driver could save you a lot on your car insurance. If you are planning on getting your teen a car once they get their license, make sure that you check the make and model for insurance and deductible costs.

3. Put restrictions on when your teen can drive

Driving in the winter, or driving at night are opportunities for accidents, regardless of your car insurance coverage. For the first few weeks, don’t allow your new driver to drive at night or in extremely poor weather conditions like rain or snow. Having a good driving track record is super important when a driver is new, and even the smallest accident could have your insurance premiums shooting through the roof.

4. Research insurance rates for make, model, and year of your car

If you’re thinking about getting your new driver a brand new car as a gift for receiving their license, be sure to do your research. If the make or model of the car you are choosing to insure is expensive, your premium will go up, and so will your deductible. Take a look at which cars are cheapest to insure, but are also safe to drive. It may be worthwhile to go for function over style when it comes to your teens first car.

5. Try usage based car insurance

One of the main reasons why new drivers car insurance rates are so high is because new drivers don’t have any sort of driving record. Insurance companies have to rely heavily on risk statistics to determine what to charge for your car insurance. Usage based car insurance monitors your driving habits over a trial period, and your insurance premium is adjusted accordingly. This is a great motivator for your young driver to drive safely, and you could save up to 25% on your car insurance depending on what car insurance provider you use.

Driving for the first time is a new and exciting experience! With the right tools, your teen will hit the road with the confidence and knowledge to stay safe, and you’ll have the best available car insurance for your unique situation.

When Taking Out a Loan is Not a Good Idea

loan for you
Managing your money is important but how you get it in the first place can be just as vital. If you allow yourself to take out loans in situations when doing so is definitely not appropriate, you will simply cause yourself more problems than you’ll be able to deal with.

These days, it’s easier than ever to take out loans and that’s one of the reasons why people are getting sloppy with their decisions and choosing loans when there are better and safer options on the table. To help make things easier for you, here are some examples of when it’s definitely not a good idea to take out a loan.

When You Just Want to Finance Your Lifestyle

If your income isn’t large enough to cover the kind of lifestyle you’re trying to lead, that’s a sure sign that your lifestyle is your problem, not your income. You need to make sure you’re living within your means because borrowing to finance that lifestyle will become unsustainable sooner or later.

When You Want to Pay for Expensive Legal Help

These days, lawyers are either very affordable or very expensive. If you’re in need of a lawyer, it might make sense to demand the best, but can you really afford that? It could be better to find a personal injury lawyer, or whatever kind of lawyer you need, that offers a no win, no fee deal to clients like you. It will certainly save you a lot of money.

When You’re Borrowing to Pay Off Another Loan

Borrowing to make up for your previous borrowing mistakes is a bad idea, even when it seems like the most sensible option for you. You can’t expect to try this without getting caught in a vicious circle of debt. In the end, it will all be very destructive and it will delay the point at which you finally move out of the red and into the black.

When Your Future Income is Uncertain

Loans need to be paid back; it might seem like an obvious thing to point out but if your income is not secure into the future, you will have trouble making those repayments on time. That’s when the fines and interests will start to mount up and you might eventually end up having things repossessed from your home to cover the payments you can’t make.

When You’re Trying to Keep Up With Peers

If you see that your neighbour has a new car, you might feel like you need one too. And if your sister in law is updating the kitchen, you might start to feel like your kitchen is due a renovation too. But this kind of social competitiveness is not worth landing yourself in financial hot water for. Keeping up with your peers is never as important as it seems in the moment.

There are plenty of situations in which loans can be useful but you should using them sparingly because you don’t want yourself to fall into a financial mess when that doesn’t need to happen.

Thursday, November 30, 2017

The Big Money Game Of Property Investment

property investments
You hear a lot about property investment on the news, but you mostly never think of becoming one yourself; however, you should give it another thought!

Investing is a big game, and even more so on the real estate market. If you have investment property on your side, you’re already doing better than most of the population in terms of your finance, but what can really be reaped from these houses or apartments that you’ve sown down to try and return an investment on? Here’s a few tips for you to consider when you’ve finally decided to start on the real estate market.

Why Should I Invest?

Because it’s one of the most lucrative markets in the world, and let’s face it, we’ll feel good about ourselves when we hand someone the key to a new home after a long and arduous search. There’s also the freedom of choice in what to do with your properties, and often enough people like landscaping out a house to make it look and feel better than ever.

You can either rent, or sell on property at a later date, depending on how much use you can get out of it and whether you can play the market well enough to gain back the most money from your original investment. Having a troubling property in your hands is always good to sell on immediately, whether it’s due to it being in a bad area or had recent damage. But if you have some apartments or a building in places like downtown New York or California, you’re going to want to hold onto them.

What About the Risks?

No investment is going to come without its risks, that’s just the balancing of the scales. The main problem is the fluctuation in market value, and how it can be up and down all over the country and you can often never keep a consistent price.

You have to learn to be patient whilst keeping an eye out for opportunities, as slow periods do grace us with their presence. This is where you can grab big money and better prepare for the fast pacing that’s coming next.

Tip: Find So Called ‘Turnkey’ Properties

This is a good way to get introduced to the fast paced world of real estate, and how you can get your feet on the ground when it comes to the investment/rental agreement. If you’ve never heard of that term before, it refers to buildings that have recently been renovated and can then be immediately rented out afterwards.

So look into turn key rental property investments for a good start up the property ladder; they’re one of the best projects to have on your side as usually another company will be responsible for the renovations themselves, which is good if you don’t have the ability to manage them yourself.

You can earn thousands per year on a rental agreement or get a lump sum when you sell off, so do it your way.

Wednesday, November 29, 2017

Received Plenty Of Unexpected Funding? Act Wisely With It

unexpected funds
Sometimes, through whatever means, a person may come into a large amount of money. This could be through an insurance claim, an inheritance, bereavement allowances, or even winning big on the lottery. It could be that your business idea has fully taken off, or that you have sold off your unused assets, and they have totalled more than you ever thought they could be worth. When you come into a significant amount of funding, the next question almost immediately pops up: how are you going to use it?

You can save it, growing it through bank interest or generally living from it work-free for a good proportion of time. However, as we all know, if you’re smart, this money could go a lot further than you originally expected. We’re talking about investment. If you place your chips in the right place, you may be able to gain a significant and annual return on this, which gives you the long-term security you may have desired. Acting wisely with your money is much more than hoarding it, although that’s much better than spending it frivolously. Coming into money means that many opportunities for investment await, and we’ve detailed some of the best opportunities for you to make sense of this:

Real Estate

By far the most predictable market is concerning real estate. If you have the funding, purchasing your own properties for renovation, renting or resale can become a great career, and help expand your profit even further. If you provide good homes to people, you are also doing a public service and good, despite the private nature of the business. Working in real estate on your own terms can be wonderfully rewarding.

Not only can you choose the location of the property you hope to renovate, but also allocate the best people you’d like to live there. There’s almost no better contribution to a community than making sure the properties which house it are well developed, safe and have all the modern requirements. You will be helping a family or young professional start their life, or give shelter to students as they study. With services that help you find turn key rental property, the whole process can be simplified further, and your investment can make stress-free money sooner than you think. There is potentially massive profits to be made here, as a good progression in the real estate market will allow you to purchase, sell or rent even more homes, and your portfolio will be strengthened.

Angel Investing

Angel investing is one of the main and most prominent incubators for smaller businesses. It pays to have some business sense in order to grow your funding this way, but if you are wise, you might be lucky enough to fund the next mammoth corporation, nesting yourself a tidy percentage as they grow. Part of the strength of this relationship is that you are always in the driving seat. Businesses will approach you left, right and centre with deals that they claim are too good to pass up. If you consult with a business partner, you will be able to separate the good from the bad reliably and develop ideas to even more wonderful places than expected. Be sure to change the terms of your investment and repayment percentage based on the amount of money invested, and the expectations of growth. This can be much more flexible than real estate investment because you are in the driver's seat. However, it does have an added risk. For that reason, vetting everyone you come across is a must, not a suggestion.

These two investment fields will grant you all the funding growth you may need. Move forward with courage and wisdom, and there’s no reason you won’t become a success.