Using Smart Goals to Achieve More

As a small business owner, you’re likely always looking for ways to achieve more. Maybe you made a New Year’s resolution about it. You might have resolved to make more money, find more clients, or grow your business. It’s fantastic to have an idea of what you want to do, but how will you know whether or not you’re successful? That’s where SMART goals come in. SMART goals help you…  Read more

Newsletter

This month : ATO takes ‘gloves off’ on overseas income Are all your SMSF eggs in one basket? Rental property expense – what you can and can’t claim The $1.1bn small business tax shortfall   ATO take ‘gloves off’ on overseas income Five years ago, the Australian Taxation Office (ATO) offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that underreporting of foreign…  Read more

What are the hidden costs of buying a house?

A word to the wise if you’re shopping for a new home: the list price is only a baseline. You’ll want to have a substantial buffer in your budget for a host of additional unseen fees. This article will help you understand all the associated costs of buying a house so you’re prepared. Purchase Fees Appraisal Before a lender will approve your mortgage you may be asked to undertake an…  Read more

Can residential property fund your retirement?

  Thinking about retirement can be stressful. You need to plan for how long you think you’ll be retired, what lifestyle you’ll want to lead, and approximately how much you’ll pay to maintain your cost of living plus any additional expenses. There are a lot of unknowns and “what ifs” that you might not be able to anticipate, and many of them can affect your finances. Many people ask whether…  Read more

Don’t lose a tax deduction for non-compliant payments to employees

If you are running a business, you can no longer claim deductions for payments to employees/workers if you have not met your Pay As You Go (PAYG) Withholding obligations. This applies to tax returns lodged for the 2020 year onwards. The PAYG rules require that you: Withhold the tax amount from the payment before you pay your employee; and Report that amount to the ATO – in a Business Activity…  Read more

Newsletter

Inside this month, confusion over personal income tax changes and what you are really entitled to, why the Government does not want your business accepting cash payments of $10,000 or more, the tax treatment of compensation from financial institutions, and FBT and Uber style ride sharing services.   Confusion over personal income tax changes – what are you really entitled to? The recent income tax cuts that passed through Parliament…  Read more

Super, Insurance and Exit Fees

Confusion over superannuation and insurance: who is impacted by the 1 July changes. Single touch payroll exemption for directors and family members, and what the record number of tips to the ATO’s tip-line reveal.    Super, insurance and exit fees: The 1 July changes From 1 July 2019, new laws prevent superannuation providers from eroding member balances with unwanted or unnecessary insurance and exit fees. Plus, inactive accounts with low…  Read more

Why Bookkeeping is Crucial to Your Success

Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering…  Read more

Newsletter

Inside: Tax Time: Are you in the ATO’s sights? How to prepare for a tax office visit                                                                                                          …  Read more

Newsletter

Inside: What you can expect after the election Budget 2019-20: The pre-election announcements that are now law ATO doubles rental deduction audits A Labour Government on tax & super                                                                                  …  Read more

The Ballot Box Budget

This is a Budget not only designed to showcase the return to surplus (and by default the Government’s economic credentials) but engage voters with initiatives to make them feel like they are more prosperous. A massive infrastructure spend adds to this sentiment. The Government has also stated that it will keep taxes as a share of GDP within the 23.9% cap. All measures, of course, are reliant on the relevant…  Read more

The Australian Taxation Office issued an urgent warning about an email scam going around the country

The ATO has recently released a warning about a very convincing phishing email that’s been going around. Here’s how it works and how to avoid being scammed: How does it work? The email opens with a statement that you’re eligible to receive a certain amount of money. It displays the myGov logo to increase familiarity and seem legitimate. If you click on the link, it prompts you to fill out…  Read more

Xero Promotion

Need another reason to ditch your outdated accounting software and make the ultimate upgrade to Xero? From 1 July 2019, Single Touch Payroll becomes mandatory for all employers. To help you make the switch to the STP compliant software that’s easy to use, we’ve teamed up with Xero to convert your desktop accounting software to Xero and give you a 6 month* subscription for FREE. As this is a limited…  Read more

Newsletter

Inside: Single touch payroll extended to all employers Legislation in limbo Benefits during emergencies exempt from FBT International Women’s Day: Has anything changed?                                                                                              …  Read more

Newsletter

Inside: What would happen if… Tax warning on overseas income You’ve been scammed, hacked or breached!                                                                                                            …  Read more

Managing your Business Cash Flow Over the Holiday Period

December is usually the busiest time of the year for retail and hospitality businesses. But businesses in other sectors often find that their sales slowdown and their customers stop paying them for a few months. So cash flow dries up. Whether your business is large or small, well-established or in start-up mode, you need to take a planned approach to managing cashflow during the holiday season. Here are few tips…  Read more

Newsletter

Inside: No tax deductions if you don’t meet your tax obligations Contractor or employee? Defining workers in the gig economy Tax on shares: ATO extends data matching program                                                                                    …  Read more

Are you Being Data Smart with your Smart Phone?

Recently, the new shiny iPhone XS and XR entered the market. For all the Apple lovers out there, this might mean being the first to wrap your hands around the irresistibly smooth all-glass design, or finally upgrading your old glitchy iPhone to the new model. If this is you, I’m guessing you’re focused on the opportunity to start afresh, buy a new case, clear all those apps cluttering your current…  Read more

Newsletter

Inside: The accelerated tax rate reduction for small business The new rules for gift cards Travelling to and from your investment property How tampons became a national debate                                                                                    …  Read more

Don’t Say We Didn’t Warn You!

The Australian Taxation Office (ATO) is closing in fast on everyone who doesnt properly declare their income and pay the correct amount of tax. As your accountants, we want to help you be aware of what the ATO is doing and how you can protect yourself. How does the ATO know? The ATO is linking databases of property sales, car purchases, international plane flights, dividends paid from shares, and sales…  Read more

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