Question 1

What is financial planning?

Accepted Answer

In essence, financial planning is evaluating an individual’s current income, expenses and assets in order to calculate a future financial situation.

Question 2

Are financial planning fees tax deductible?

Accepted Answer

You may be able to claim financial planning fees if they’re in relation to producing assessable income in the future.

Question 3

What is a financial forecast?

Accepted Answer

A financial forecast estimates the predicted future income, whereas a financial plan prepares the necessary steps required to generate future income.

Question 4

What is financial planning for a business?

Accepted Answer

Financial planning for a business is determining how it can afford to achieve its strategic goals.

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