When someone dies, the person responsible for dealing with the deceased person’s estate generally knows as the executor will have tax and super issues to manage. There are no inheritance or estate taxes in Australia, however, beneficiaries of the deceased superannuation fund may be assessed on distributions from the fund after the date of death. […]
As part of the Digital Transformation Plan, the government has introduced a requirement for all directors to apply for a Director Identification Number. This will be a unique identifier that you need to apply for once and will keep forever much your Tax File Number (TFN). It will help address issues of fraud and remove […]
Retirement Village fees may appear complicated and opaque by potential residents. Understanding the basics of ingoing, ongoing, and outgoing fees is an important first step in understanding which option is right for you. A Retirement Village operator’s profit comes from 2 sources, firstly when the village is established and the operator provides the lease to […]
If your computer has been compromised, then you might only have yourself to blame. Did you know “Holden” is the tenth most popular password in Australia? And if it’s one you use, prepare to be hacked. However, you will be slightly more secure than if you chose “123456”, which was used 308,483 times too often […]
Getting paid is sometimes the hardest aspect of running a business. Ensure that you or someone in your organisation is charged with following up on invoices. Once you’ve sent an invoice, it is important to reconcile payment, and follow up with clients who have not paid. Here are 4 steps to take to follow up […]
Did you know that reduced tax rates may be available to eligible entities? These include companies, corporate unit trusts and public trading trusts. If your company is a ‘base rate entity, your company tax rate is 25% from the 2021–22 income year onwards. For your company to be a ‘base rate entity, it needs to […]
Whether you’re planning, starting, or growing your business, Business Victoria can help you to develop your business ideas and capabilities. A business expert will help to identify a clear direction for your business, discuss key issues and priorities, and develop a business action plan to achieve your goals, all for free. Available Monday to Friday […]
Bookkeeping and accounting are both important parts of managing your finances. At first glance, the two can seem quite similar, but there are a few main differences. Bookkeeping focuses on recording and organising financial data. Accounting is the interpretation and presentation of that data to business owners and investors. Bookkeeping typically consists of: payroll invoicing […]
As tax time approaches you should be thinking about the information needed to lodge your annual tax return. Do you know your personal Tax File Number? If you can’t find your tax file number (TFN) and have a myGov account linked to the ATO, you can find it online. If you think that your TFN […]
From 1 July 2021, COVID-19 tests purchased by employees for work purposes have been tax-deductible. If you have purchased COVID-19 tests please ensure you have your receipts on file and advise your accountant. Further information: if you provided (or reimbursed the cost of) COVID-19 tests to your employees for work purposes from this date, you […]
Do you have an SMSF, then you must ensure for any investments you transact on an arms-length basis. This means that the purchase and sale price of fund assets should always reflect the true market value of the asset, and the income from assets held by your fund should always reflect the true market rate […]
Investing in your child’s future early is a wise way to help them later in life, but it is not always straightforward and you don’t want to be burdened with unexpected tax obligations. Here are three clear steps to help you decide how to best invest on behalf of your child: Step One: Should […]
If you have more than one loan, it may sound like a good idea to roll them into one consolidated loan, however, at STS Accounting Group we advise that you first chat to one of our expert accountants, so you know the risks and ensure you will save money! Debt consolidation (or refinancing) can make […]
Client: Julian Kingma Business: Freelance Photographer Julian started his photography career at The Herald newspaper in 1988 as a cadet, eventually becoming the Head Features Photographer for The Sunday Age for 10 years. Since going freelance he has worked for various national and international publications including Gourmet Traveller, Conde Nast Traveller, Harpers Bazaar, Rolling Stone, […]
Most people know someone who’s been affected by a dodgy business that has shut down to avoid paying its debts. The business may seem to disappear, only to pop up under a different company name without any debt. This is called “phoenixing” and it’s illegal. Through the Phoenix Taskforce, we are working with other federal, […]
From 1 July 2022, you will need to pay super to your employees who earn less than $450 per month, provided they meet other eligibility requirements. This change expands super guarantee eligibility so that employees can receive super regardless of how much they earn. As we move closer to 1 July 2022, STS Accounting Group can […]
Are you thinking of starting a business, or have a business idea but not sure of the next steps? With the support of Business Victoria those wishing to start a business can receive one free 45-minute session with an expert who can advise on: marketing, website, digital marketing strategies employing and managing staff financial strategies […]
Second jobs usually have a higher amount of tax withheld from your pay. This is because you are already claiming the tax-free threshold from another paying job. Withholding tax at a higher rate means that you are less likely to have a tax debt at the end of the income year. When you start a job, your […]
We’re so excited to be celebrating the loyalty of four of our team at the Torquay office this month. Liz Milligan, who has been with our team for 20 years, Chris Henry, 13 years, Lee Davis, 12 years, and Kim Thomas who has been with us for 10 years this March! To celebrate the team […]
Client: Iain Lygo Business: Adventure for Life About Adventure for Life Established in 2009, Adventure for Life has become one of Australia’s leading corporate events companies. Iain had worked in tourism for 10 years and after a falling out with his employer has decided to start his own business because he knew he could […]
