It’s easy to make mistakes when it comes to managing your rental property finances. Here are the three most common mistakes made by rental property owners: Keeping records for 5 years Forgetting to keeping financial records for at least five years after the property is sold. Did you know you must have evidence of your […]
How you calculate working from home deductions will change for the coming 2022-23 tax returns. If you’re working from home, you can deduct expenses you incur to work from home such as stationery, energy and office equipment. You can claim tax deductions for home-based business expenses if you operate some or all of your business […]
The Medicare levy helps fund some of the costs of Australia’s public health system known as Medicare. It is an amount you pay in addition to the tax you pay on your taxable income. The Medicare levy is 2% of your taxable income. We calculate your Medicare levy when you lodge your income tax return. […]
With the increased prevalence of cyber attacks on businesses and individuals it’s important we take precautions to ensure we’re safeguarding our information and access. Here are some tips that are worthwhile reviewing to stay on top of cyber security: Application Control – Application control is a security approach used in PCs that utilise Microsoft’s operating […]
When managing our Self Managed Super Fund (SMSF) it’s important to ensure that your in-house assets aren’t more than 5% of your SMSF’s total assets. An in-house asset is: a loan to, or an investment in, a related party of your fund (that includes: members of your fund, trustees, associates of fund members; relatives, business […]
Nothing like a fresh start to a new year to kick start a health kick or action that self help book we have just read. The ATO even have some top tips to start the year right for our super and tax. Some of their suggestions include: Is Your Hobby a Business or Not? If […]
Whilst we were busy preparing for Christmas in December, legislation by the Treasury Laws Amendment (Electric Car Discount Act 2022) was passed in both houses and received Royal Assent on the 12th of December 2022 to allow for an exemption from Fringe Benefits Tax (FBT) relating to electric cars – subject to certain requirements being […]
As we start a new year full of new adventures, now is as good a time as ever to get our life admin in order as we never know what might be around the corner. Some things that are worthwhile in reviewing at any major life change and are worthy of having in order include: […]
After 12 years of excellent service, Lee is moving on to other adventures. We’ll miss her dearly and she has left some big shoes to fill. We’re on the look out for a Full Time Administrator/Receptionist Based out of our Torquay Office in the Dunes Village. This role interfaces with all the aspects of STS […]
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 […]
