After an incredible 14 years at STS Accounting Group, our esteemed colleague Chris Henry has made the decision to retire. Chris’ final day will be on Friday 10th November 2023. Chris has been an integral part of our team, contributing his wealth of knowledge, experience and camaraderie. While we will deeply miss his presence, we […]
You may need to pay land tax if you own an investment property, holiday home, commercial property or vacant land in addition to your primary home. How does land tax work? Land tax is a state revenue. In Victoria, you pay land tax if the total taxable value of all the Victorian land you own, […]
If you’re employed full-time or part-time you are entitled to Personal and Annual leave and they’re accrued as hours on our payslips. Let’s find out what these leave types are: Annual leave Annual leave, sometimes called holiday pay, allows (full-time and part-time) employees to take paid time off work to go on holiday and enjoy […]
Debt hanging over our heads can be overwhelming. When it comes to getting on top of debt, the most important thing is to get started. Here are a few tips from moneysmart.gov.au to get you started. Find out what you owe First step is to get an idea of what money you owe. Start by […]
Sometimes a hobby or a side hustle can turn into a business. Let’s look at what constitutes being in business. Generally a business involves repeated and continuous activities you do for the purpose of making a profit. Profit can be in money but it can also be through other means such as being paid with […]
Whether you run a small business, work in a not for profit, a charity, or volunteer in a sporting club, there might be a grant for you. Libby Coker our (Labor) Federal Member for Corangamite has compiled a list of grant opportunities that are available for July, August and September. The Grant Bulletin includes grants […]
The ATO have put together some useful tips for employers to get sorted as we round out last financial year and get started on FY24. Single Touch Payroll (STP) finalisation: by now all employers should be using STP and you need to finalise your employees’ STP data for FY 23 by 14 July, as they […]
If you’re a new client with a Tax Agent, you’ll now find that there’s a requirement to undergo a proof of identity process. More info can be found from the ATO’s Agent Client Verification page. Strong client verification helps to protect tax practitioners, clients and Australia’s tax and super systems from misuse due to identity […]
Happy New Financial year! Now that 2022/23 financial year has closed, it’s a great time to get organised and download our simple Tax Return Checklist and see what records you need to compile to make your tax return as simple and efficient as possible. Additional investments If you have additional income from dividends, interest, or earnings […]
As the start of the new financial year rolls around, those employing staff and hiring eligible contractors need to be aware that Super Guarantee and Award Wages are increasing as of July 1st. Super Guarantee If you have employees, or hire eligible contractors, you’ll need to ensure your payroll and accounting systems are updated to […]
Low and middle income tax offset (LMITO) ended on 30 June 2022. This means the LMITO doesn’t apply for the 2022–23 income year. From 1 July 2022 you may be eligible for the low income tax offset only, if you earn up to $66,667. If you’re a lower/middle income earner, your tax return outcome may be different […]
If you’re an employer wanting to claim a tax deduction for super payments made before 30th of June, you’ll need to ensure you get your payment in well before the end of the month. The Small Business Super Clearing house (SBSCH) will be unavailable from Saturday 24th to Sunday 25th June 2023 due to a scheduled […]
Each year the ATO has a few key areas of focus that prioritise common mistake areas. This financial year’s three areas of focus are: rental property deductions work-related expense capital gains tax To maximise your claims and reduce the likelihood of an ATO audit or adjustments later, let’s deep dive into what they’re looking into: […]
If you rent out property – rental and/or holiday rental, there’s a plethora of record keeping requirements that are required by the ATO to stay on top of your investment requirements for the income and deductions related to the investment property. The ATO’s review of income tax returns found that common mistakes are; rental income […]
There are a number of ways you can grow your super to make a positive difference to give you more optionality for your lifestyle in retirement. If you are, or have been employed, you should make the most of employer’s contributions by: checking your employer’s super guarantee contributions are paid into your fund (if you’re eligible […]
Each year on June 1st, Student Loans have an indexation added to their loans to maintain its real value by adjusting it in line with changes in the cost of living. Historically these indexations have been 0.6-3.9%. This coming June 1st 2023, the indexation rate being applied to loans will be increased to 7.1%. As […]
Most businesses have assets which are expected to decline in value over time. These might include assets such as: machinery, tools and safety equipment, motor vehicles, furniture, computers and phones. Firstly we quantify the total cost of the asset and then know how much of the total cost of each asset you can write off […]
Times are tough – between inflation and increasing interest rates and supply costs there’s a lot to keep on top of to maintain good cashflow. Some tips to stay on the front foot with your cashflow include: Contacting utilities (electricity, gas, internet, phone, etc) providers to ask for a better deal; if they don’t offer […]
Capital gains tax (CGT) is the tax you pay on profits from selling assets, such as property or shares. The capital gain (or loss) is the difference between what it cost you and what you get when you sell (or dispose of) it. You report capital gains and capital losses in your income tax return […]
Whilst the 1st of July is the start of the new financial year and the first date that organised folks can lodge their tax returns for the previous financial year, there are a few stragglers who have not have submitted their FY 22 tax return as yet. As your registered Tax Agent we have until […]
