Hope your 2022 was a good one! We have certainly enjoyed being back in the office and having a good run at the year with none of the lockdowns and curve balls that the previous couple of years have thrown our way. Many thanks for our team and clients for a productive, enjoyable and interesting […]
If you use a vehicle for work then we can claim motor vehicle expenses such as fuel, oil, servicing and registration for your business. Here are some useful tips to make sure you’re claiming motor vehicle expenses accurately: If you operate your business as a sole trader or partnership (where at least one partner is […]
With all the best intentions we can have, sometimes we make mistakes that we might not realise until a little hindsight gives us perspective. In trying to round up and collate all our info for our tax return mistakes can be made on them too – but no need to fret, we can get in […]
Making the decision to move to Aged Care or a Retirement Community is a major life change and often a result of health, family, or financial issues. The range of options and different models available can be very confusing. There are many decisions required, but having choices available is a positive. Quality of care, fee […]
Depending on how your self employment is structured, you may or may not be required to contribute to your super as part of the Superannuation Guarantee. If you are self-employed as a sole trader or in a partnership, you don’t have to pay super guarantee for yourself. As you’re not deemed and ’employee’. However, you […]
Payroll tax is a tax imposed by each state and territory in Australia where the employer’s taxable wages (including any employer superannuation contributions and assessable ‘fringe’ benefits) exceeds the relevant threshold for the period. Although employees are straightforward in being included in payroll tax obligations, contractors can be a grey area depending on the circumstances. […]
The Australian Taxation Office (ATO) is introducing new regulations to help better protect Australian businesses which will impact all software providers servicing Australian organisations, including Xero. Multi-factor Authentication (MFA) is a process designed to secure how you log in to an app or website and verify it’s really you. From October 6th 2022, when you […]
You might have been impacted or heard of friends and family who have been affected by the recent Optus Hacking situation. Optus has revealed that while financial information and passwords of its customers were not accessed, the breach did compromise names, dates of birth, email addresses, phone numbers and some ID documents including drivers licence […]
If you’ve recently employed casuals or are about to recruit casual workers, employers are now required by Fair Work to provide a Casual Employment information Statement (the CEIS) to the casual employee before or as soon as possible after they start their new job. The CEIS provides new casual employees with information about their conditions […]
Good record keeping is an essential part of having your own Self Managed Super Fund (SMSF). Not only does it help you stay on top of keeping accurate financial accounts and statements, it will also help your SMSF auditor and your tax specialist work out the tax obligations relevant to your specific situation. Some of […]
Dabbling in Cryptocurrency (Crypto) investments…? If you’ve sold, traded or earned cryptocurrency in the last financial year, you’ll need to declare this to the ATO in your annual tax return as you would with any other investment. Though the tax can vay depending on the type of crypto transaction and your circumstances. Your tax responsibilities […]
This 2022 tax time, the ATO has announced that one of it’s four key areas of focus is ‘income and tax deductions from rental properties’. In particular the ATO is concerned about the omission of rental income and deliberate over claiming of rental deductions. The ATO is urging rental property owners to review their records […]
Accessing a suitable aged care facility can be a confusing process, at what is often a difficult time for the in-going resident and family members. The decisions that need to be made at this time may seem overwhelming, but having choices available is a positive. Quality of care, fee structure and finding a suitable facility […]
When we think of the things we have of value, our largest assets often come to mind. But when we start to list down all the the assets we have it’s often the long list of medium sized assets that end up consuming the volume of line items. An asset register is a detailed list […]
It’s a proud moment when your children get their first job. Getting their first job is their foray into changing their focus from being the ‘serviced’ to being ‘of service’. Whilst the excitement of where they spend their first paycheck is exciting for them. It’s worth ensuring that we help them get set-up as employees. […]
Haven’t seen your PAYG/BAS paper forms for sometime or can’t remember the last time you received one…? If you can’t remember the last time you received an ATO instalment notice for your PAYG and or BAS it might be prudent to check in with your accountant. The ATO can sometimes change their method of communications […]
As we turned the corner with the beginnings of a new financial year, we’re deep in tax time and it’s important to understand what can and can’t be deducted. With an incentive to reduce taxable income to increase a potential tax refund, sometimes we can sometimes be too optimistic with what classifies as a work-related […]
From 1 July 2022, there are two main changes to the Superannuation Guarantee (SG). The changes include: Superannuation guarantee increase from 10% to 10.5%. There is no longer a minimum income threshold – employees are now paid superannuation for all hours worked (subject to an eligibility criteria, additionally workers under 18 years of age are […]
