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Unique solutions for our clients are delivered by a team of highly skilled and qualified staff members who thrive on helping our clients achieve their goals and desired lifestyle.
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Federal Budget 2018 Snapshot
On Tuesday 8 May, the federal government handed down its Budget for the 2018–19 financial year. This is the third BudgetContinued ATO focus on holiday home rentals
The ATO has recently advised that they are “setting their sights on the large number of mistakes, errors and false claimEmployee denied deductions for work-related expenses
An employee photographer has been denied deductions for travel expenses (when travelling with his family), and other purNew FBT rates for the 2018/19 FBT year
The ATO has released Taxation Determinations setting out the following rates for the FBT year commencing on 1 April 2018Preparing for the end of financial year
As we approach the end of the financial year, there are a number of smart strategies you could consider to help you streSTP – Single Touch Payroll in MYOB AccountRight
Employers of 20 or more staff (according to a simple headcount on 1 April 2018) will be required to lodge their payrollWhat is your current level of Life Insurance?
Have you had a look at your current level of life insurance lately? Yes, I know some of you will say ‘I have got insuranCommissioner’s speech highlights ATO’s focus areas
Recently, the Commissioner of Taxation highlighted the areas in which the ATO has recently increased its focus, includinSuper guarantee payable on ‘public holidays’ and ‘additional hours’!
The Federal Court has held that superannuation guarantee contributions were payable with respect to the ‘additional hourNew superannuation rates and thresholds released
The ATO has published the key superannuation rates and thresholds for the 2018/19 income year. – The Non-ConcessioInactive ABNs will be cancelled by the ATO
The ATO has recently advised that, in an effort to maintain accurate data, the Australian Business Register (or ‘ABR’) pNo need to actually ‘downsize’ for ‘downsizer contributions’
From 1 July 2018, individuals aged 65 or over may use the proceeds from the sale of an eligible dwelling that was theirFringe Benefit Tax 2018
It’s that time of year again. Time to ensure you are ready to lodge your fringe benefit tax for 2018. A fringe benefit iNew superannuation rates and thresholds released
The ATO has published the key superannuation rates and thresholds for the 2018/19 income year. The Non-Concessional ContNew small business benchmarks are available
The ATO has updated its small business benchmarks with the latest data from the 2015/16 financial year. In addition to hGuide to the new Small Business Super Clearing House
The Small Business Superannuation Clearing House (SBSCH) joined the ATO’s online services on 26 February 2018. ThGovernment to fix a problem with Reversionary TRIS’s
The government has released draft legislation to ensure that a reversionary Transition to Retirement Income Stream (‘TRIUber driver not an ‘Employee’
In a recent case, an Uber driver’s access to the Uber app had been terminated as a result of failing to maintainTaxpayer can’t explain where she got the money to pay her expenses
The Administrative Appeals Tribunal has upheld amended assessments issued by the ATO to a beauty technician, based on thATO’s focus on work-related expenses
This year, the ATO is paying close attention to what people are claiming as ‘other’ work-related expense dedBig changes proposed to eligibility for the CGT SBCs
The Treasurer has released draft legislation containing new “integrity improvements” to the CGT small busineGovernment Introduces Data Breach Notification Scheme
On February 22, the government’s mandatory data breach notification scheme came into effect. The scheme requires organi10 Tips for Conquering Paperwork
Feeling overwhelmed? Invoices, statements, receipts, bank statements, credit card statements, warranties, manuals, the lTaskforce to help digitise small business
The Government has established a Small Business Digital Taskforce, to be headed by entrepreneur Mark Bouris AM, to ensurReview of rules for early release of superannuation
The Government has announced that Treasury will review the current rules governing early release of superannuation on grATO extends due date for 2016/17 SMSF returns
The ATO will extend the due date for lodgment of self-managed superannuation fund (SMSF) annual returns for 2016/17 to 3ATO warning regarding small business record-keeping
According to the ATO, of all of the things that can cause small businesses to fold, “high on that list is poor recConsultation on ‘protecting superannuation entitlements’
Following the recommendations of the Superannuation Guarantee Cross‑Agency Working Group, the Government has released drFurther ‘affordable housing’ measures passed
Parliament has passed the legislation allowing first home buyers to save for a deposit inside superannuation through theThe Super Blog
Superannuation changes every employer needs to know! Small Business Superannuation Clearing House Transition to the porGifts and Other Benefits Provided to Staff at Christmas
It’s that time of year again, where businesses are planning their Christmas party for their staff and buying gifts. It’Numerous work-related expense claims disallowed
The AAT has denied a taxpayer’s deductions for work-related travel, clothing, self-education and rental property expenseOther GST News
The Government has released draft legislation on “improving the integrity of GST on property transactions”,Tool for applying the margin scheme to a property sale
The ATO is recommending that taxpayers use their recently updated GST property decision tool to work out if GST appliesTruck drivers’ reasonable amounts for travel updated
Following detailed consultation with the transport industry, the ATO has amended their determination for travel expensesATO’s annual closure
This year, the ATO’s annual office closure is between noon Friday 22 December and 8.00am Tuesday 2 January 2018. AATO relief for SMSFs reporting ‘transfer balance account’ events
The ATO has announced that, from 1 July 2018, SMSF event-based reporting regarding events impacting a member’s transferParliamentary update
The ongoing citizenship saga in Parliament has resulted in the Government losing its one-seat majority in the House of RPensioner Concession Card reinstated
If you’re retired or close to retirement, you’ll probably recall that the government changed the assets test for pensionHow to be financially prepared this Christmas
With Christmas just around the corner, here are 5 tips to help plan ahead and avoid a financial hangover on New Year’s DHow would life be for you if you got sick?
Let’s take some time out from our busy lives and have a think about how life would be if, because of sickness or injury,Can travel in an Uber be exempt from FBT?
The ATO has released a discussion paper to facilitate consultation regarding the definition of ‘taxi’ contaiReforms to stop companies avoiding employee entitlements
The Government will introduce new laws to stop corporate misuse of the Australian Government’s Fair Entitlements GuarantBinding Death Benefit Nomination (‘BDBN’) upheld
A recent decision by the Full Court of the South Australian Supreme Court has provided guidance about the operation of BATO’s occupation-specific guides
The ATO has developed occupation-specific guides to help taxpayers understand what they can and can’t claim as work-relaReporting of transfer balance account information
The recent superannuation reforms introduced the concept of a ‘transfer balance account’, to basically recorCould a Work Trial help your Recruitment Process?
Do you have trouble selecting and retaining the right employees for your business? Are your management processes constaNot my transactions!
Have you ever been contacted by your bank to notify you of suspicious activity on your credit card? It’s a horrible feelDo you need to put a GPS on your team?
Do you employ staff? Do you constantly chase your team for their timesheets which is putting you behind with your payroWomen and cancer: What you need to know
Being faced with cancer can have a devastating impact on women and their families. That’s why it’s so important to reducNavigating the options of aged care
Successfully transitioning between in-home care services, retirement villages and full-care accommodation is all about mDo you make voluntary superannuation contributions?
From 1 July 2017, you are eligible to make personal concessional (tax-deductible) contributions under Superannuation RefHigher risk trust arrangements targeted – Tax Avoidance Taskforce
The ATO’s ‘Tax Avoidance Taskforce – Trusts’ continues the work of the Trusts Taskforce, by targeting higherATO: Combatting the cash economy
The ATO has reminded taxpayers that it uses a range of tools to identify and take action against people and businesses tATO to be provided with more super guarantee information
The Government has announced a package of reforms to give the ATO near real-time visibility over superannuation guaranteNo small business tax rate for passive investment companies
The Government has released draft tax legislation to clarify that passive investment companies cannot access the lower cWHO IS ON YOUR TEAM
Whether it be in your personal or business life most of us require a strong, caring and informed support network aroundWhat Happens at XeroCon …. ends up in a blog
Last week Leanne and I had the privilege of traveling to Melbourne to attend Xerocon. This is an annual event to hear abWhy women and men invest differently
While women play an active role in everyday financial decisions, they are less involved in managing long-term investmentWhere in Australia can you afford to live?
Housing affordability continues to be a major challenge for many Australians. But if you’re willing to live outside theGeoOp – Simplify your day!
Are you a business owner on Xero who has a team of staff working in various locations that all need different informatioAbility to lodge nil activity statements in advance
The ATO generally issues activity statements by the end of the relevant month under their normal processes, allowing theNew Approved Occupational Clothing Guidelines 2017
The government has issued new guidelines to set out criteria for tax deductible non-compulsory uniforms. The taxation laLimited opportunity to avoid ‘transfer balance cap’ problems
If the total value of a superannuation fund member’s pensions exceeded $1.6 million on 1 July 2017, they may faceKeeping ABN details up to date
The ATO finds that businesses tend to forget to update their Australian business number (ABN) details in the AustralianSingle Touch Payroll update
A limited release of ‘Single Touch Payroll’ began for a small number of digital service providers and theirALP announces massive (potential) changes to trust taxation
Although we don’t normally report on Opposition tax policies, this policy change is so fundamental, and the existiRU OK? Day
R U OK? Day is our national day of action dedicated to encouraging everyone to connect with the people they care about aWHAT ARE POWERS OF ATTORNEY?
Powers of Attorney are documents created to empower someone to make decisions on behalf of another. A person making a PoLet’s talk about insurance!
We all insure our cars (we even insure our pets), but how many of us have Life, TPD or Trauma insurance? Who is going tPaper vs. Electronic
In an electronic world when is it best to still have a piece of paper? It’s an ever growing trend; we have our phone bilThe Chase is on!
If you spending hours chasing clients to pay their invoices it means you are spending less time in your business doing tManaging the costs of child care
To make child care more affordable, the federal government offers parents two forms of financial assistance. Here’s whatUnderstanding the Medicare Levy
Ever wondered why your EOFY tax bill was higher than you expected? It could be because of the Medicare Levy. So what doeCar depreciation limit for 2017/18
The car depreciation limit for the 2017/18 income year is $57,581 (the same as the previous year). This amount limits dChange to travel expenses for truck drivers
The ATO has released its latest taxation determination on reasonable travel expenses, and it includes a big change for eAction to address super guarantee non-compliance
The Government will seek to legislate to close a loophole that could be used by unscrupulous employers to short‑change eNew threshold for capital gains withholding
From 1 July 2017, where a foreign resident disposes of Australian real property with a market value of $750,000 or aboveImposition of GST on ‘low-value’ foreign supplies
Parliament has passed legislation which applies GST to goods costing $1,000 or less supplied from offshore to AustralianGST applies to services or digital products bought from overseas
From 1 July 2017, GST applies to imported services and digital products from overseas, including: digital products suchATO warning regarding work related expense claims for 2017
The ATO is increasing attention, scrutiny and education on work-related expenses (WREs) this tax time. Assistant CommissSTARTING A NEW JOB? GET YOUR SUPER SORTED FIRST
When you start a new job, your employer will begin making regular contributions to your super. Contributing to super isEOFY resolutions for your small business
Welcome to the 2017/18 Financial Year! It’s already the end of July. By now your business resolutions should be set forWhy is estate planning important?
An appropriate estate plan ensures wealth is dealt with, after death, as intended, while minimising the impact of challeProperty owners: What the 2017 Federal Budget means for you
If you’re invested in property – or if you’re looking to buy your first home or downsize – the federal government has prGolden girls: What women need to know about money
Worried about running out of money in old age? We talk to retirement expert and women’s advocate Nicolette Rubinsztein aMaking a Great First Impression
Unfair as it might be, we make our first impression in a matter of moments. It takes just a quick glance, maybe only a fIs your new best friend’s name Vend?
Are you an owner of a retail business and wonder how you could be doing things differently when it comes to your sales oChanges to the foreign resident withholding regime for sales of Australian real estate
Since 1 July 2016, where a foreign resident has disposed of real estate located in Australia, the purchaser has had to wChange to deductions for personal super contributions
Up until 30 June 2017, an individual (mainly those who are self-employed) could claim a deduction for personal super conSimpler BAS is coming soon
The ATO is reducing the amount of information needed to be included in the business activity statement (or ‘BAS’) to simExtension of the $20,000 SBE Immediate Deduction Threshold
In the 2017/18 Federal Budget handed down on 9 May 2017, the Federal Government announced that it intended to extend theRemoval of the Temporary Budget Repair Levy from the 2017/18 income year
The 2% Temporary Budget Repair Levy (or ‘TBRL’), which has applied to individuals with a taxable income exceeding $180,0Change is here!
Recently I found myself sitting in a room with 400 accountants all wanting the same goal, to learn about the changes inCould you be suffering from stress?
There are many different ways stress can impact on your life. Have a look at the following list and see if any relate toBudgets – Why do you need one?
It is nearly the end of the financial year and it’s time to look at how your business has done for the year and talk toSquirrel Street Add-on for Xero
Are you keeping your receipts in a shoe box? Did you know that this could be costing you more at your accountants? SquiRunning a business from home: are you covered?
Setting up a business at home can be extremely rewarding, especially if it gives you more time to spend with family. ButMake sure you’re AOK for EOFY
How do you best prepare for the end of the financial year? Adopt some of this advice and it could make a real differenceFBT: Car parking threshold
The car parking threshold for the FBT year commencing 1 April 2017 is $8.66. This replaces the amount of $8.48 that appUsing social media? Be aware of tax scams!
The ATO has advised that, in the lead up to tax time, it’s important to be aware of what taxpayers share on socialWho is assessed on interest on bank accounts?
As a general proposition, for income tax purposes, interest income on a bank account is assessable to the account holderBudget Update
The Government handed down the 2017/18 Federal Budget on Tuesday 9th May 2017. The Budget proposes (amongst several otheTravel Expense Claims Not Allowed From 1 July 2017
For many small investors who have purchased investments properties over the years in an effort to create a nest egg, theWhy give feedback?
One of the most effective ways a company can understand their customers is through feedback. There are many ways that c5 things to consider before a sea or tree change
Before you swap your briefcase for a beach towel, have you thought carefully about what life in a quieter location wilThe nitty-gritty of financial goal setting
There is plenty of advice out there about why you should save for your future, but little that explains exactly how. One7 Hacking Tactics Aimed at You
Hackers are only as successful as we are unsuspecting. Current antivirus software, secure passwords, backups, strong phMaking the dream purchase a reality
We all know the feeling – there’s a major purchase we want to make, but we’re worried it will break the bank. Whether itMother’s Day at The Money Edge
Mother’s Day is a time to show your mother how much you appreciate their love and efforts they make every day. The trueHave your bills sucked directly into Xero
Are you spending hours entering debtor invoice to Xero or worse paying staff to spend hours entering this information whFBT: Cents per kilometre basis
The rates to be applied where the cents per kilometre basis is used for the 2017/18 FBT year in respect of the private uFBT: Benchmark interest rate
The benchmark interest rate for the 2017/18 FBT year is 5.25% p.a. (5.65% applied in 2016/17). This rate is used to calcCosts of travelling in relation to the preparation of tax returns
The ATO has released a Taxation Determination confirming that the costs of travelling to have a tax return prepared by aChanges to the franking of dividends
Prior to this income year, companies that paid tax on their taxable income at 28.5% could still pass on franking creditsReduction in the corporate tax rate
The most significant difference between the Government’s original proposals and what was finally passed by Parliament waIncrease to the SBE turnover threshold
As was previously announced, the Small Business Entity (‘SBE’) definition has changed with respect to the turnover eligiAccelerated Depreciation for Primary Producers
Tax planning time is upon us once again and if you are a primary producer there are some very good tax deductions availaMindfulness – a powerful tool
Mindfulness is now recognised as a powerful tool that can help you upgrade your inner technology – the mind, to keep upIs Social Media making saving and budgeting trendy?
The word BUDGET is not usually associated with positivity or fun! A budget is often considered private and in the past