At Southern Waters Legal we agree! Unfortunately we see first hand the expensive mess left behind when people attempt a DIY Will. Homemade Wills often cause significant delays in beneficiaries receiving their inheritance, drawn out expensive litigation and family disputes.
The first step is to review all the information you need to start the debt recovery process.
You should confirm who the invoice is made out to, and who issued the invoice. This will allow you to determine who you need to chase for the debt (the debtor) and who the money is actually owed to (the creditor).
You should then establish exactly what goods or services you provided to the debtor and how much the debtor owes you for these goods and services.
Do you have any employees whom you are paying superannuation? Superannuation is not tax deductible until it has been paid, accordingly you must pay before 1 July 2015 to be able to claim your superannuation tax expenses and be able to reduce your income tax bill.
Following separation, you may be entitled to child support, you may have to pay child support or otherwise come to your own tailored arrangement, whereby you share costs of the children. People are often confused by this process, and why wouldn’t you be, separation involves a lot of “firsts”
Broadly speaking there are three ways to address child support:
Superannuation is a way to save for your retirement. When you are a Contractor or Self-Employed, Superannuation is essentially your own obligation. There is no employer squirrelling away your 9.5% for you every pay run. Treat yourself as an employee and put Super away each year to ensure you can live comfortably in retirement.