Save Tax – New Opportunities with Super for 2018!

  In the lead-up to 30 June 2018, we want you to be aware of new opportunities to save tax with super contributions.    Contributing to Super and Claiming a Tax Deduction With all the new contribution cap rules, it’s easy to forget that there is one way the Government has made it easier to save tax and get money into super. Before July 2017, only people who were self-employed…  Read more

Single Touch Payroll: What you need to know

Single Touch Payroll (STP) – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – comes into effect from 1 July 2018.   FOR EMPLOYERS Employers with 20 or more employees at 1 April 2018 must use standard business reporting-enabled software from 1 July 2018. The head count for ‘20 employees’ includes full-time, part-time, casuals (who worked any time during March), employees based…  Read more

Don’t Miss the Opportunity to Save Tax Before 30 June 2018!

  With the end of financial year (EOFY) approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June to reduce your tax and grow your wealth.   For 2018, key priorities are likely to be:  Maximise superannuation contributions without exceeding relevant caps Bringing forward deductible expenses Deferring taxable income, and Managing capital gains.   This is the first EOFY since the super…  Read more

Newsletter

The ATO’s FBT hotspots and what you need to look out for, did a Kardashian really just wipe US $1.3bn off the share price of Snapchat, the impending rules for GST on property development, and will your business be audited – a look at the small business benchmarks. The ATO’s FBT Hot Spots – Motor vehicles – using the company car outside of work – Utes and commercial vehicles –…  Read more

Newsletter

The new data breach rules come into effect – who is affected and what you need to do. Draft laws impose criminal penalties on directors who fail to pay workers super guarantee. And, the changes coming up in 2018.    New data breach laws come into effect  – The new data breach rules – who is affected and what you need to do.   Directors on ‘hit list’ for not…  Read more

5 Money Mindsets That Hold You Back

  What’s holding you back from taking control of your financial future? Discover the five mind tricks that can stop you from achieving financial success and what you can do to avoid them.   Fear of Failure Earning and saving money from your salary is all very well. But setting up an alternative income stream from an investment portfolio can help you make the most of your personal wealth potential.…  Read more

Newsletter

Merry Christmas   Christmas is a time that reminds us that there is more to life than work. Embrace the season and all the pleasures it delivers. We wish you and your family a peaceful, safe and happy Christmas. We look forward to exploring the New Year with you and seizing the opportunities it offers. Our office will be closed from 12pm 22nd December 2017 and will re-open on 2nd January…  Read more

Newsletter

Inside this month, how cryptocurrencies are taxed and the implications of trading and investing for you, your business and your SMSF. The black economy crackdown on cleaners and couriers, how small subsidiaries are being caught by Australia’s new multinational tax crackdown, ASIC’s new fees and penalties, and the tightening of the company tax rate rules. Cryptocurrencies, like Bitcoin, are independent and not regulated by any central authority. Until recently, these…  Read more

The Two Key Things that can Affect your Business Value

How can you make your business worth a larger amount when you want to sell it? Before we answer this question, remember: your business will only be worth what someone else is willing to pay for it. So, you may think it is worth $1 million, but if you best offer is only $500,000, then $500,000 is realistically what your business is worth.   How can you attract a buyer…  Read more

Newsletter

This month we explore the new laws that hold franchisors responsible for vulnerable workers, what you need to tell the ATO about your SMSF, the new safe harbour for directors of struggling companies, and the tax benefits for investing in affordable housing. New laws hold franchisors responsible for vulnerable workers Franchisors and holding companies could be held responsible if their franchisees or subsidiaries don’t follow workplace laws. The Government has…  Read more

Business owners – what is your end game?

Why do you own a business? It’s interesting to consider this because we are shocked at how many business owners haven’t taken the time to consider this fundamental question. From a big picture perspective, having a business provides you with a lifestyle. That’s it!   It gives you cash now to fund your family spending, and hopefully a lot of cash in the future when you sell your business. And…  Read more

How to get the most from your accountant | Part 2

  The best accountants add value to your business – here’s how to make sure your accountant is ticking all the boxes.   Here is our promised final 5 of 10 tips for getting the most from your accountant while managing the cost of their service. These are important issues to address. Your accountant can make a huge contribution to your business and personal financial growth.   6. An accountant…  Read more

Newsletter

  Qantas CEO Alan Joyce had a pie shoved in his face at a business breakfast in May 2017 for Qantas’s proactive position on same sex marriage. The protagonist, a 67 year old former farmer claimed that Joyce is, “… very much part of a network trying to subvert the federal parliamentary process around the issue of marriage equality.” The issue of corporate clout being used to promote social agendas…  Read more

Newsletter

Super concessions for first home savers and downsizers Does superannuation offer an avenue to help downsizers and first home savers? The Government seems to think so. Late last month the detail of the housing initiatives announced in the Federal Budget were released for consultation. We explore what’s on offer and the implications. Super concessions for downsizers If you are over 65, have held your home for 10 years or more…  Read more

How to get the most from your accountant | Part 1

  The best accountants add value to your business, all for an affordable cost that you can control Growing businesses rapidly find they need the services of an accountant in order to help them manage the finances of their business. But which services do you actually need, how should you pay for them, and how do you make sure you’re getting good value for money? Here’s our top 5 out…  Read more

What can I claim against my tax?

It’s tax time again. What can you claim to reduce your tax? Please take just 2 minutes to read this blog article. We’ll explain: Deductions you can claim The importance of a fantastic accountant The “tax trap” you need to avoid Links to more information about specific deductions   Deductions you can claim According to the Australian Taxation Office (ATO) website, there are 3 things you need to claim a…  Read more

Steps to Success

Business owners are always great at what they do. They know their business inside and out. But what happens when it’s time to sell your business? Do you have the results you need to justify the price you want? Most of the time, business owners need to start working on their business instead of in their business. What we are doing to help our business clients is acting as the…  Read more

Claiming home office expenses in your 2017 tax return

Many aren’t aware that they can claim home office expenses. Whether you’re self employed, a business owner or an employee – do you perform some of your work from home? If you do, here is a quick summary of the tax rules, and what home office expenses are allowed. If you perform some of your work from your home office, you may be able to claim a deduction for the…  Read more

Are you using the correct award rates?

Happy new financial year! We hope last years was financially prosperous and here’s to another exciting year ahead.   However, as it is the new financial year, it’s time to ensure that you’re paying up to the correct award rates. Here is a quick how-to-guide that we’ve put together to make sure you are up to date with the current rates!   To find your minimum pay rates: Head over to…  Read more

Your 2017 EOFY Tax Minimisation Tips

  Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before and after 30 June. Some of these will help to minimise your tax. We have outlined these action points below to assist you. BEFORE 30 JUNE 2017 Ensure your employee superannuation payments are received and allocated by your employees’ super fund prior to 30 June…  Read more

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