In this edition we remind you of the looming deadline for .au domain names, flag the rising costs of cloud-based software and recurring subscriptions, and look at what to do if your fixed rate mortgage is coming to an end like many Australians.
We’re also pleased to announce our new fixed fee tax and accounting model designed to make Financial Decisions an even more closely integrated financial partner for generations to come.
Action needed if you have a domain name ending in .au
If you have a small business, or own an Australian website domain (for example ending in .com.au, .net.au, .asn.au, .id.au or .org.au), you only have until 20 September 2022 to pre-register for the matching .au version.
The communication of this deadline has been easy to miss, so if you’re not up to speed let us explain the basics.
What does this mean?
The .au Domain Administration (auDA) – a not-for-profit organisation responsible for administering Australia’s .au domains – recently launched a new domain namespace called .au direct.
This gives eligible registrants the option to register domain names directly before the .au for the first time. For example, our business website is financialdecisions.com.au, so we can now apply to register financialdecisions.au.
Until September 20, businesses can apply to pre-register for new .au domains that match their existing domains before others have a chance to register it. After that date, it will become available to any other eligible registrants.
Why does this matter?
If you have a .com.au address and you don’t register the matching .au version, there is a risk that another business could register the new domain and be confused with your business.
There is also a concern that bad actors could impersonate businesses with fake sites or even register domains and try to force business owners to buy them back at a high fee.
What do you need to do?
To check your priority category and/or see if there are other registrants eligible for the .au direct name you seek, submit your existing domain name into auDA’s Priority Status Tool. If you are eligible you can follow the process to register the matching .au name.
For all the information about the new .au direct domains visit the auDA website
Cloud control: Taming recurring tech costs
With business costs on the rise and supply chains under pressure, many of our business clients are looking for ways to operate more cost effectively across the board.
One particular cost centre we’ve seen growing, especially over the last few years, has been the cost of subscription-based software applications, as well as associated devices, data, content and maintenance plans.
For businesses this can be everything from digital marketing tools and staff devices to productivity software, communications plans and professional resources. Not to mention the increasing number of streaming music, entertainment and sport services at home!
There’s no question that subscriptions can be a highly cost-effective model and great for cash flow, however left unchecked there is a tendency for costs to creep up over time and no longer match the business need.
As part of a general cost review, we recommend clients take a moment to run a mini audit to answer questions like: Do you still use all the subscriptions you have access to? Are you on the right plans? Are there lower cost options? How do you monitor usage and ROI?
While it doesn’t need to be a time-consuming process, here are a few simple steps that can save money and ensure you’re still getting value for money:
- Take a few moments to review recurring bills as they come in
- Compare supplier costs for thingslike energy, telco and insurance
- Talk to your existing supplier to confirm you are on the best plan – often they will sharpen their pencil to keep you from switching
- Deactivate or downgrade any services you no longer use.
Are you approaching the fixed mortgage rate cliff?
With so many Australians having secured fixed mortgages at record low rates in recent years, commentary from the country’s major banks suggests that a large and growing number of households will be rolling off those fixed rates in 2023.
While fixed rates have moved dramatically, and you may well have missed the window to lock these in, the variable rate is highly competitive. Just like with your gas and electricity, it is wise to review your rate and provider regularly to take advantage of the best deals available.
This approaching jump in costs is becoming a concern for more and more people, and is something that we’ve started talking to our clients about with common questions including:
- What happens when my fixed rate ends?
- Can I, or should I, extend the fixed period?
- What options do I have?
- Should I re-fix, switch to variable or split the loan into fixed and variable?
- How can I plan for a smooth transition?
If your fixed loan period is ending soon, or you simply want to review your mortgage or business loans to confirm you’re on the right path, we’d be happy to discuss your options.
New: Fixed fee tax and accounting model
As you may have already heard, Financial Decisions is pleased to announce a new fixed fee subscription model option for our business tax and accounting services.
This model is designed to smooth your cash flow and maximise your return on investment by freeing us to work more regularly and closely with your business every step of the way throughout the financial year.
Rather than quote and pay for advice each time, a monthly fee covers tax and accounting advice on demand. We believe this model builds a closer relationship where you can freely call your adviser at any time for advice as a trusted partner throughout the year.
You also have access to other financial, debt and legal advisers within Financial Decisions, so we can help you navigate whatever comes your way.
We’re Here for You
If you would like assistance with any aspect of your wealth creation, legal, tax and accounting and management strategies, please contact your adviser directly or feel free to call us on (02) 9997 4647.
Disclaimer: This publication has been compiled by Financial Decisions (AFSL/ACL Number 341678). Past performance is not a reliable indicator of future performance. While every effort has been taken to ensure that the assumptions on which the outlooks given in this publication are based on reasonable data, the outlooks may be based on incorrect assumptions or may not take into account known or unknown risk and uncertainties. Material contained in this publication is an overview or summary only and it should not be considered a comprehensive statement on any matter nor relied upon as such. The information and any advice in this publication do not take into account your personal objectives, financial situation or needs. Therefore you should consider its appropriateness having regard to these factors before acting on it. While the information contained in this publication is based on information obtained from sources believed to be reliable, it has not been independently verified. To the maximum extent permitted by law: (a) no guarantee, representation or warranty is given that any information or advice in this publication is complete, accurate, up-to-date or fit for any purpose; and (b) Financial Decisions nor its employees are in any way liable to you (including for negligence) in respect of any reliance upon such information or advice. September 2022
Contact: Financial Decisions PO Box 484 Mona Vale NSW 1660, T 02 9997 4647, F 02 9997 7407