IPS Group proudly sponsor:

Perth Soccer Club Balcatta Soccer Club Bayswater Soccer

Club Cockburn City

Soccer Club Monte Motorsport Priolo Motorsport Maria SS.

Annunziata (Inc) Kingsley Junior

Football Club Noranda Hawks

Football Club Camp Quality St John of God

Comprehensive Cancer Centre

6PR WA Special Needs Children’s Party

Leukemia Foundation Pink Ribbon Day /

Breakfast Princess Margaret

Hospital Cancer Support

Foundation of WA

A Word from Frank

Keeping our eye on Local Talent - WA At World Level

IPS UPDATE JUNE 2014

The State and Federal budget has now been delivered and it is amazing to see that Australia still has a few challenges in front of it.I love the way that Labor and Liberal give it to each other, with the Libs saying “Heavy Lifting” is required and Labor saying “they are going to block everything”.As individuals and business owner’s we can only concentrate and give direction to ourselves and our endeavours. Therefore, the moral of the story is to focus and concentrate on what we do best and have a positive attitude in what we do. This is my opinion on the political situation.On the WA front we have had changes to Stamp Duty for first home buyers, not only how much they pay but also a reduction in the first home buyers grant cut off threshold from $500,000 to $430,000 on new properties.On the Federal Budget high-income earners, families, students, the sick and needy will feel most of the spending cuts and tax increases. Overall everyone in Australia will lose

something in the Abbott government’s first budget as they seek to build a “nation of lifters, not leaners” as Treasurer Joe Hockey stated.

As the end of financial year is also fast approaching we at the IPS Group are pleased to offer our valued clients expertise advise in Financial Planning and Life Insurance (IPS Financial Solutions), General Insurance needs (IPS Insurance Brokers), review and offer competitive finance options in the personal and business lending areas (IPS Finance Brokers), as well as all your IPS Tax and Accounting requirements (IPS Accounting Services).

On a personal note I would like to thank all our clients for their continued support of the IPS Group and Happy New Financial Year.

“Let your future be lit by the knowledge of the past”

Regards

Frank Cusmano

As we all know, Daniel Ricciardo has been getting increased media attention, the disqualification from a strong 3rd place in the Australian GP and out driving his 4 times World

Champion teammate has not fazed Daniel Ricciardo at all.Watching how he handles the world media, the increased sponsorship commitments and his cool interview technique is a refreshing change to the very closed world of F1.His recent 3rd place in the Spanish GP, was a flawless drive under extreme pressure, as he slipped to 4th after a not so good start. It is a testament to his cool attitude that the media loves his bright smile that is becoming his Trademark.We will never forget those words across the pit radio in the Malaysian and Bahrain GP’S where his team mate was told “move over Sebastian, Daniel is faster than you!” Listening to Daniel on the Pit radio, reveals his maturity as a racer and his coolness under pressure. He had demonstrated a driving style that the experts say he has developed from starting his racing

career in cars that have not always handled that well and with this year’s rule changes, this past experience has given him an advantage over his more experienced teammate.The rest of this year’s GP calendar hopefully will have more Red Bull podiums and we all hope that a win is not that far away for the “Boy from Duncraig”.

Another exciting achievement was the selection of Mark Birighitti into the provisional

squad for the 2014 World Cup, Brazil. A fine effort from this lad, who started his playing career at Perth Soccer Club, which the IPS Group proudly supports Finally on our local talent,

it was exciting to witness the recent success of Johnny Silvestro as he triumphed through three days of knockout competition to take the coveted title of

“National Junior Boxing Champion in the 54-56kg weight division”. A great effort for his team of supporters, family and trainers.

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on

“You are now insured against fire, flood, theft liability, sickness, accident, death and any

attempts on my part to sell you more insurance.”

The end of financial year is fast approaching, which means tax time.There are a number of strategies you can put into place to trim your tax bill for this financial year before it ends on 30 June.Superannuation is a great vehicle to save for your retirement.There are several types of contributions that will not only help boost your super balance but also help reduce your tax liability.

1) Concessional Contributions (before tax) – allow you to claim a tax deduction.These include :

• Salary sacrifice contributions reducing your taxable income and therefore your tax liability

• Personal contributions where you intend to claim it as an income tax deduction.

• Employer compulsory super contributionsMaximum allowable in 2013-2014 $25,000 if aged under 59$35,000 if aged 59 or older on 30 June 2013 From July 2014 $30,000 if aged under 50$35,000 if aged 50 or olderPlease note if you exceed these limits you may attract further tax liability.

2) Non-Concessional Contributions (after tax) - this can boost your super balance for retirement and are not taxed in the super fund.Maximum allowable in 2013-2014 is $150,000

3) Government Co-Contribution – low to middle income earnerIf your income is $33,516 or less for 2013-2014 income year you may be eligible for a super contribution of up to a maximum of $500 from the Australian Government if you make a personal contribution into super before the 30 June. If your income is between $33,516 to $48,516 you may be eligible for a part government co-contribution. You need to make a personal contribution into your super fund prior to the 30 June to be eligible. Each persons circumstance is different and we can help determine the best method and appropriate amount to meet your needs.

It’s time to start planning now so as not to miss out before end of June.Don’t delay – call us now

Financial Planning For End Of Financial Year - Simple Ways to Trim Your Tax Bill

Tax 2014 Be PreparedAs the financial year draws to an end, it is important to keep abreast of the information required to have your financial accounts and income tax returns completed on time as well as the changes for the incoming financial year.

Our website will provide a detailed Tax checklist which you can download to ensure all the correct documentation is provided to us in order to be able to complete your income tax return as quickly as possible.

Substantiation requirements remain the same for deductions without receipts at a maximum of $300.00. The Net medical expenses tax offset will only be eligible to you if you received the offset in your 2012-2013 income tax assessment for eligible out-of-pocket medical expenses above the relevant claim threshold. Business in the building and construction industry will receive from the Australian Taxation

Office reminders to lodge their 2013-14 Taxable payments annual report by 21 July 2014.

As from 1 July 2014, the Superannuation Guarantee Rate will increase to 9.5% from 9.25%. Businesses will need to ensure this update is carried out in their payroll software in order to meet their SG obligations.

Regards

Sal Modica

www.ips.net.au

Financial Solutionswww.ips.net.au

“I can claim a 70-inch plasma TV as a businessexpense because my accountant said it’s

important to look at the big picture.”

Superannuation is a great vehicle to save for your retirement.

There are several types of contributions that will not only help

boost your super balance but also help reduce your tax liability.

How To Increase Your Borrowing CapacityMaximising the amount a lender will hand over to you isn’t about trying to take on unmanageable levels of debt. It’s a matter of taking a few simple but smart steps that could mean the difference between toiling in that ‘fixer-upper’ or owning your dream home.1. Shop around for lendersDifferent lenders define income in so many different ways that it pays to use a credit adviser who knows their way around what’s included and what’s not. One lender may allow share dividends as income, while another lender may not.2. Shop around for the right mortgageA good credit adviser will help you choose the most ap-propriate mortgage. Even with one lender, your borrow-ing capacity can vary due to the loan type that you choose. If you add features such as a line of credit this can reduce the amount you can borrow.3. Update your financial recordsTry to have your PAYG income tax return as up-to-date as possible. This gives a better historical view of your income than just the two most recent payslips.4. Roll your debts into your mortgageUnsecured debts such as personal loans and credit cards have expensive monthly repayments, and these monthly repayments cut in to the amount you can repay on a mortgage.5. Reduce debt and credit limitsIf you have unused credit cards with limits that are more than you need, then cancel those cards. Also,

cancel any other cards – such as department store cards – that give you credit. Every $1000 on a credit limit – even if not spent – detracts from the amount you can borrow.6. Investigate family pledges

Guarantor or family pledges may let your par-ents or family take out a second mortgage on a percentage of their own property to guarantee repayment to the bank if you fall behind.

7. Consider shared equitySome lenders will give you a larger mortgage in return for a certain share of the profits when you sell. If you don’t make a profit, then the lender does not take a share.8. Take a long loanWhile 25-year mortgages have been the norm, that’s changing to 40 years in some cases. A longer loan cuts your repayments, but increases the total interest you will pay over the life of the loan.9. Save more of the depositLenders look for consistent saving records, preferably for more than six months. Saving more can be as simple – or as hard – as doing without that extra coffee, or taking your lunch to work each day. It all adds up and reduces the amount you need to borrow.

Be Prepared For The Winter Storms & Heavy Rains...We are all praying for it and it will come … RAIN

Winter will be here before you know it. While the weather is clear and fine, get those gutters cleaned and save yourself the headache of possible water damage.

Those beautiful shrubs and trees may need a trim. Get out there or hire a contractor and tidy them up and save yourself the headache of possible damage from debris. Maintain your property and do what you can to secure your most valuable asset – your HOME

Most of all make sure your insurance is reviewed and up to date, not only on your House and Contents but any other General Insurance you may have for your business.

Contact your Broker to arrange a suitable time or

email us your enquiry. A review can be done anytime and not just at renewal date.

Insurance Brokerswww.ips.net.au

Finance Brokerswww.ips.net.au

How Do You Start A Flood?A lawyer and an engineer were fishing in the Carib-bean.

The lawyer said, “I’m here because my house burned down, and everything I owned was destroyed by the fire. The insurance company paid for everything.”

That’s quite a coinci-dence,” said the engineer. “I’m here because my house and all my belong-ings were destroyed by a flood, and my insurance company also paid for everything.”

The puzzled lawyer asked, “How do you start a flood?

To our valued clients

For your convenience when visiting the IPS Office you may park at the allocated bays located on the corner of Cape and Main Street.

A classic Italian bean soup from Piemonte - a real Italian staple. This is a hearty, sustaining soup with melted taleggio cheese, finished with extra virgin olive oil, that will keep you warm all afternoon.Ingredients30g butter, 2 tbsp olive oil,60g pancetta or bacon chopped,1 clove garlic sliced,1½ onions, chopped, 1 fresh bay leaf,1½ cups dried cannellini beans, soaked for at least 5 hours,

3 cups chicken stock, salt and pep-per, 80g taleggio cheese, extra virgin olive oil to drizzle,MethodHeat the butter and olive oil in a large pot. Add the pancetta, garlic and onions and cook over a me-dium heat for about 5-10 minutes, until softened and golden brown. Add the bay leaf, drained cannellini beans and chicken stock. Bring to the boil, skim the surface, partly cover with a lid and reduce the heat to a steady simmer. Cook for 1 1/2 hours or until the beans are soft, then season with salt and pepper.

Puree the soup. Tip: To ensure the desired consistency take about a cup of the liquid out and set it aside. Puree the soup and if it is too thick, simply add some of the reserved liquid. Chop the taleggio into small pieces and stir into the soup. Pour into individual bowls and finish with plenty of ground pepper and a drizzle of extra virgin olive oil.

We would like to welcome to the IPS Group: Jo Bubrzyck – Accountant with IPS Accounting, Ashley Hart - General Insurance Assistant with IPS Insurance Brokers, Amanda de Caen - Broker Assistant with IPS Insurance Brokers and Morena Strano - Administration & Marketing Coordinator with IPS Group. A special welcome back to Yolanda Wisniewska to IPS Insurance Brokers.

IPS Staff enjoying the company of John Worsfold.

Morena Strano, Frank Cusmano and Mike Anderton at the WA Italian Club.

Left to RightYolanda, Jo, Ashley & Amanda

WARMING WINTER SOUP - Piedmontese White Bean Soup

Address: First Floor Suite 7-8, 134 Main Street, Osborne Park WA 6017Phone: 08 9340 5400 Fax: 08 9340 5411 Email: admin@ips.net.au Website: www.ips.net.auDisclaimer: The information contained within this document is of a general nature only. Whilst every care has been taken to ensure the accuracy of the material contained herein at the time of publication neither the author or Licensee will bear responsibility or liability for any action taken by any person, persons or organisation on the purported basis of information contained herein.

Without limiting the generality of the foregoing, no person, persons, or organisation should invest monies or take action on reliance of the material contained herein but instead should satisfy themselves independently of the appropriateness of such action.

IPS STAFF UPDATES BALCATTA SOCCER CLUBAs a proud sponsor of Balcatta FC we are pleased to see that the Club is progressing well. They will soon commence building a new Grandstand and perimeter fence around the pitch as per the requirements of the new National Premier League.To help raise funds for this project, Balcatta FC are inviting loyal supporters, sponsors, friends, acquaintances etc to Sponsor a Brick.To show their appreciation for your contribution, it will be recognised with your name etched on an Honour Board in the clubrooms and the List will also appear in our Yearbook, Newsletter, Match Day Program & Website. You will also receive an invitation to the Season Launch as well as an invitation to the Celebratory Event at the completion of the Grandstand.

IPS Client Parking