Money saving tips for the kitchen

1.    When in doubt, make soup. Make a big batch of your favourite veggie soup, then do something different to it each time you serve it - blend some curry spices, add tomatoes, throw in some lentils, add bacon bits, serve with grilled garlic bread. (They were all different options, but you could do them all at once if you were really hungry).
2.    Self-preservation - There is growing interest in home preserving, baking, curing, brewing, sausage making etc.
3.    Listen to your grandmother - Turn off taps when you're done, save string, re-use bags and bottles, put lids on your saucepans (saves 20% energy and speeds everything up), and cut out waste. Think twice before you toss anything out. Greeks cook beetroot greens and toss in olive oil, Turks stew broad beans pods and serve with yogurt and dill, Chinese dry mandarin peel and add to stews for fragrance and flavour.
4.    Grow Your Own - Funny how we're turning back to growing our own fruit and veg. Even if it's just a pot or two of herbs you can keep on the windowsill of a flat, you will suddenly feel completely self-sufficient.
5.    Eat with the seasons - Because it's in season, it's more abundant, because it's more abundant it should be cheaper. Even if it isn't, it's better value because it's fresher and tastier. It also means the producers haven't had to find new ways of preserving shelf life and storage.
6.    Send the food processors broke - Not the ones you plug in and whiz, but the middleman who buy fresh unprocessed foods and do things to them, offering them to you with extra flavours you don't want or need. Instead, buy the fresh, unprocessed food yourself and keep your own 'processing' to a minimum, e.g. buy whole fish and whole chicken rather than fillets and pieces - you'll get better quality, and learn how to fillet and joint like a chef. Whole lettuces last longer than bags of mixed leaves, and unwashed is cheaper than washed. Don't buy ready-made vinaigrette, breadcrumbs, pre-chopped vegetables and pre-grated cheese. It's money down the drain, when you can do it yourself and save.
7.    Love your leftovers - Throwing food out is throwing money out. If you do have leftovers, take it for lunch the next day.
8.    Steak. Get over it - A plateful of vegies and pulses with a little bit of red meat is a lot cheaper than a plate of meat with a little veg and a lentil. Striking a better balance is better for your pocket and for your overall health. Make fish, chicken and meat go further by adding beans, lentils, chickpeas and rice. Turn your meal - planning around so that the most expensive ingredient is the 'flavouring' rather than the main event.
9.    Use eggs and cheese for protein, nuts and seeds for fibre and crunch, and yogurt and avocado for richness. And return to something as beautiful as a great steak-and-red-wine dinner to the special status it deserves... crave it, look forward to it, and enjoy the hell out of it. Just not every second day.
10.    Cook your own 'take-away' - Love pizzas? Learn to make your own, or use pita breads as the bases, and get some help from the kids with doing the toppings so everyone has their own. Are you a burger person? Try cooking salmon burgers, chicken burgers, or normal burgers with a bit less meat and more of your other fillings, such as beetroot, avocado, tomato, cheese and lettuce. Craving Greek/Lebanese? Cover the table with little dishes of dips, breads, raw vegetables, herbed rice, and skewers of home-made lamb or tuna souvlaki.
11.    Freeze - It's a fabulous feeling knowing you have tubs of chicken stock, pumpkin soup, chicken curry, Bolognese sauce, good bread, etc in the freezer. Frozen bananas make a great instant ice-cream - just soften and whiz.
12.    Buy ten get one free - Beware of the supermarket bonus offers, which often tempt you into buying two for one of something you didn't really want in the first place.

For more savings tips, speak to one of our financial advisors at 1300 55 10 45 or visit www.intellichoice.com.au for more details.

Seeking financial advice

When it comes to your financial future and your superannuation, the advice of a good financial planner should not be underestimated.

Financial planners can help you make the most of your current financial situation, provide financial advice on tax issues related to your investments, and help you lay the foundation for your retirement. However, after the failure of Storm Financial and Opes Prime, the spotlight has been placed on the shortcomings of the financial planning industry and you may be wondering how best to evaluate the financial advice you receive.

When you seek financial advice, it is important to know that your financial advisor has the appropriate skills and experience and that the dealer group he or she is associated with has the ability to deliver the ongoing services you require.

The following questions may be useful in helping you to assess the merits of a financial planner:

1.    Do they have a Financial Services Guide?
All financial planners are legally required to produce a Financial Services Guide (FSG), which gives you an easy to understand explanation of their fee structure and the services they offer. The FSG should enable you to make an informed decision about whether you want to use their services.

2.    Are they, or their company, licensed by the Australian Securities and Investments Commission (ASIC)?
An authorised financial planner must meet the knowledge, skills and integrity standards required by ASIC.

3.    What are their qualifications and experience?
Check that the financial advisor has appropriate qualifications, preferably at least a Diploma of Financial Planning. Ask how long they have been a financial planner and the types of clients they typically work with.

4.    Are they a member of a professional association?
We strongly advise that any financial planner you use is a member of the Australian Financial Planning Association (FPA), the Institute of Chartered Accountants in Australia (ICAA) or the Certified Practising Accountant (CPA). The FPA is the professional body for financial advisers in Australia, while ICAA and CPA are the professional bodies for Accountants in Australia. Members are bound to adhere to Codes of Ethics and strict operating guidelines to protect clients’ rights.

5.    What services do they offer?
Does the adviser only offer investment advice, or do they offer total financial solutions, including insurance, tax, estate planning and so on. Do they have formal ongoing review services? Do they offer investment administration services?

6.    How are they paid for their services?
Find out if they operate on a flat fee, brokerage or commission basis. Ask them to explain all upfront, ongoing and exit fees which might be payable by you (directly or indirectly).

When seeking financial advice, always remember it's your money you are investing. Take the time to evaluate your financial planner's advice and don't be afraid to ask questions. To find out more about the services that a financial planner can offer and how they can help you build wealth, call 1300 55 10 45 or visit www.intellichoicefp.com.au

Intellichoice financial planning - new design

We have just revamped the Intellichoice financial planning website. Please visit our new website to view our various financial services and products on offer. We aim to provide our users with educational and useful information on financial planning, debt management, superannuation, retirement planning and more.

SMSF’s turn to term deposits

Many investors with self managed super funds (SMSF) are choosing to put all their funds into one asset class – most often this is cash.

As investors get older, they are more concerned with capital protection and move away from balanced portfolios with about 70% of assets in growth investments (for example property or shares) and 30% in defensive investments (for example, cash). About 20% of SMSF’s had all their funds in one asset class, most often thisis cash assets such as bank deposits and term deposits.

Understanding your role and responsibilities with a self managed super fund: Part 4

Complying with the super and tax laws is your responsibility, even if you use a super or tax professional, or a financial planner. So it’s important you understand what you need to do.

As a trustee for a self managed super fund, your duties and responsibilities include:

• making sure the fund’s sole purpose is to pay retirement benefits to members
• accepting contributions and paying benefits (pension and lump sum) according to the super and tax laws
• making investment decisions and complying with any restrictions
• ensuring an approved auditor is appointed for each income year
• completing administrative tasks, such as lodging annual returns and record-keeping
• reviewing and updating the super fund’s trust deed and investment strategy

If there are any changes to your SMSF, you will need to inform the ATO within 28 days. These changes may
include any of the following:

• trustees
• directors of the corporate trustees
• members
• contact details (contact person, phone and fax numbers)
• address (postal, registered or address for service of super fund notices)

To avoid penalties, make sure you understand and comply with your duties and responsibilities under the super and tax laws. If you don’t comply,  the ATO can:

• impose administrative penalties
• make an agreement with you to rectify the problem
• make your super fund non complying (which means your super fund loses its tax concessions)
• disqualify you as a trustee
• prosecute in the most serious of cases.

Investing your fund’s money
Being a trustee of an SMSF gives you more flexibility when it comes to investing your super fund’s money. Unlike some other super funds, you can choose the investments for your fund, so long as you invest according to the following:

• the super fund’s trust deed
• the investment strategy
• the super laws

While the super laws don’t tell you what you can and can’t invest in, they do set out certain investment restrictions you need to comply with.

For example, unless an exception applies, trustees generally can’t:

• lend the fund’s money or provide financial assistance to members and their relatives
• acquire assets from related parties of the fund including – fund members and their associates – all the fund’s standard employer-sponsors and their associates
• borrow money on the super fund’s behalf (certain instalment warrant arrangements are allowed) lend to, invest in or lease to a related party of the fund (including related trusts), more than 5% of the fund’s total assets
• enter into investments on the fund’s behalf that are not made or maintained on an arm’s length (commercial) basis

Appointing an approved auditor
You need to appoint an approved auditor to audit the super fund each year. An approved auditor will:

• examine your fund’s financial statements
• assess your overall compliance with the super laws.

An approved auditor needs to be a registered company auditor or a member of certain professional organisations. They need to follow professional auditing standards that require the audit to be conducted independently. An SMSF professional may help you fi nd an approved auditor. Before the annual audit, you or your SMSF professional needs to prepare information about your accounts and transactions for the previous income year. This information is then sent to the approved auditor. The auditor will provide you with a letter of engagement confi rming they accept the appointment and the scope of the audit. You need to give the auditor any further documentation they request so they can audit your fund.

Once the approved auditor has completed your super fund’s audit, they will provide you with the following:

• an audit report
• a management letter, which summarises the findings of the audit and any action taken or proposed by the trustees

You need to have an auditor’s report before you lodge your fund’s SMSF annual return. The law requires that you appoint your auditor at least 30 days before the annual return is due to be lodged. To ensure you lodge on time, you need to allow enough time for your auditor to conduct the audit.

The auditor will also notify the ATO if one of the following occurs:

• find you’ve breached certain super laws
• have concerns about your fund’s financial position.

Your annual responsibilities
As a trustee there are some things you need to do each year under the super and tax laws. There are also some things you need to do to make sure your super fund complies with the law and it operates effectively.
Use the following checklist each year to make sure you meet your annual responsibilities.

Aussies paying off the credit cards

Australian credit card holders are paying off their card debts faster than ever before.

According to new figures released on last Friday by Mastercard, approximately 70.8% of card debt is currently accruing interest, the lowest level in more than one year. Consumers are also more reluctant to make cash advances on their cards, wth cash advances falling 13% compared to one year ago. The growth in credit card limits has also slowed to just 3.5% in 2009 - down from 12% the year before.

Women get left with the debts

Women are most often the victims of relationship debt, or sexually transmitted debt, which are the names given to debts that are left over after a relationship breaks down.

Most partnership debt is initially racked up by the man in a relationship according to a new study by credit reference service Veda Advantage.

Relationship debt is also a problem in families and between friends. The consumer law action centre recommends getting independent advice before committing to a joint loan or providing security for someone else’s loan.