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If you’re a small employer with 19 or fewer staff, the countdown to your first single touch payroll (STP) report has already begun. The STP regime is a key part of the ATO’s plan to digitise and streamline tax and super reporting, and it intends to make the reports a...
In summary June closed out 2018/19 on a positive note with equities, bonds and commodities all rallying. The catalyst for this was central
banks moving further down the path of easing monetary policy to support growth. In the US, this has so far been limited to...
Self-managed superannuation funds (SMSFs) are generally prohibited from borrowing, but can do so under certain limited exceptions. One of the exceptions allows SMSFs to enter into a “limited recourse borrowing arrangement” (LRBA) which allows them to borrow to...
Tax time can often feel like a hassle, but it’s all worth it when that tax refund lands in your account. So, what’s the best way to spend
it? With last year’s average refund being $2,574, it’s no small question. And if you are one of the lucky ones to receive a refund...
Checking in on your goals, finances and health? We don’t think twice about taking our car in for a regular tune up. Why? Because we know it’s going to mean our car runs at its best and saves unexpected problems down the track. It follows then that we should take the...
With the Greater Brisbane population projected to rise to 2.95 million by 2030, Brisbane is considered one of the country’s’ fastest Growing cities. In anticipation of this dramatic population increase, the city is set to experience a $15 billion infrastructure boom...
The Reserve Bank’s decision to cut official interest rates is good news for anyone with a mortgage or hoping to buy their first home, but presents a challenge for savers. Whatever your personal situation, the question now is how to make the most of falling rates. On...
Submitting a claim for your work-related clothing expenses is common come tax time, with more than six million Aussies claiming deductions in the past financial year. But this year it’s a deduction that’s likely to bring your tax return right under the ATO’s...
Although most Aussies pay their tax bill on time, some can’t – or just won’t – pay what they owe. In the 2017-18 financial year, the ATO collected over $500 billion in liabilities from Australian taxpayers, with 89.5 per cent of us paying on time and 95.9 per cent...
In summary May was not a good month for global equity markets. The prime source of concern was the escalating trade dispute between the US
and China, leading markets to worry that slower global trade could push the US closer to recession in the near term. This...
Is it holding you back? These days, the phenomenon of keeping up with the Joneses is more pervasive than ever. The constant bombardment of images from advertisers, as well as our friends and family via social media is making Australians feel pressured to maintain a...
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Not many clients can say they have been with their accountant for close to 60 years, but when Laurie and Delcia Atzeni joined McConachie Stedman in the 60’s they were in for the long haul. In 1965, John McConachie purchased a small Toowoomba based accounting firm;...
With the uncertainty of the federal election now out of the way, we can look forward to some significant reforms to Australia’s existing tax system. The Morrison Government went into the election with a comprehensive suite of tax proposals and these are now likely to...
With the end of the financial year only weeks away, the ATO has announced that one of its key areas of focus this financial year-end will be
rental property, although returns from taxpayers using cryptocurrency assets are also expected to come in for close attention....
The end of financial year can sometimes feel like a race to the finish. To help you cruise through the finish line come June 30, we’ve prepared a handy list of tips for both businesses and individuals. Small business tips Pay expenses, delay income In most...
Following the return of the Liberal/National Party Coalition to Government, we summarise the key initiatives proposed. Individuals to pay less tax Providing the legislation is passed quickly, from 1 July Australians earning less than $37,000 will receive a tax offset...
YellowBridge QLD is a local not-for-profit, which helps people in the Toowoomba, Southern Downs and Lockyer Valley regions to access much-needed assistance in the areas of housing, disability support, youth and home services. Each year YellowBridge QLD’s 130 staff...
For over a decade, Facility Manager Doina Silvas has been providing care and assistance for the residents of the Nazareth Residential Aged Care (NazCare) community in Woolloongabba. Nazareth Residential Aged Care began its life as a low care facility called, ‘The White House’ back in the 1970’s.
Local couple Luke and Michelle Jensen, invested in Westridge and The Ridge Meats in June 2017. While they have only run the businesses a short while, they have been able to take the small butchery to new heights. Luke and Michelle employ 15 team members across their...
In summary April was a good month for equity markets, with latest data showing the US economy performing better than had been expected. In particular, the Q1 corporate earnings season reports gave the markets a boost. The US labour market remains very strong, with...
Most of us dream of the day we can stop working and start ticking off our bucket list. Whether you dream of cruising Alaska, watching the sunrise over Uluru, improving your golf handicap or spending time with the grandkids, superannuation is likely to be a major...
If you have a self-managed superannuation fund (SMSF), or are considering one, an important question to address is the trustee structure – that is, whether to have individual trustees or a corporate trustee? One of the main reasons many people choose individual...
We often like to think of artificial intelligence as some fantasy of the distant future, the stuff of sci-fi movies. But the reality is, it’s already here. From flight comparison websites to predictive text, AI is everywhere, but what is it exactly? AI is the...
At a time when governance is in the spotlight, the Australian Institute of Company Directors has updated its Not-for-profit Governance Principles. The second edition of the Principles provides a practical framework to help NFPs – big and small – understand and achieve...
The ACNC has reported a 6 per cent increase in concerns about charities in 2017-18. The 2018 edition of the commission’s Charity Compliance Report found that more than 1800 concerns were raised about charities. Key findings were: 1804 concerns were raised – up 6...
Travelling for work can be expensive. Whether it’s visiting clients in your home town or attending a conference overseas, it’s important to claim everything you are entitled to in your tax return. But be aware that the ATO is paying increasing attention to claims […]
Con artists make entertaining subjects for Hollywood scriptwriters (think The Wolf of Wall Street, Ocean’s Eleven and Catch Me If You Can), but there’s nothing enjoyable about being conned and fleeced in real life. On the latest figures available, Australians lose over $10 million […]
Over the course of a lifetime we have people around us who support and guide us. Initially it’s our parents, then as we get older it extends to teachers and coaches. Even when we enter the workforce it can still be helpful to have the guidance of someone more...
In summary In March, the world’s financial markets continued trying to come to grips with the nature and implications of the sudden slowdown in global growth in recent months. Data for the manufacturing sector in several major countries confirmed the slowdown and, in...
What started as an issue few people understood and even fewer cared about has suddenly become a flashpoint for self-funded retirees as we head into a federal election. Yes, we’re talking about cash refunds of franking credits. Even if you’re not directly affected,...
From 1 July 2018, people who are 65 years or older and meet the eligibility requirements can make “downsizer contributions” into their
superannuation fund of up to $300,000 per person, from the proceeds of selling their home. This measure was part of a package...
Much has been written in various business journals about the mythical stretch goal. Above and beyond your standard SMART goal (specific, measurable, achievable, relevant, time-bound) stretch goals aim to totally transform businesses, pushing them to new heights. Elon...
Have you considered hiring holiday makers, (also known as backpackers), in your business? If you have been thinking about taking on holiday workers, you aren’t alone. In June 2017 the Department of Home Affairs released its latest Biannual report. It showed a...
Paving the way to an election Treasurer Josh Frydenberg has delivered a ‘back in the black’ Budget aimed squarely at voters, stressing the Morrison Government’s commitment to financial discipline and low taxes. As expected, the Treasurer signalled sweeping tax cuts and major infrastructure spending if the Coalition wins the […]
Tax the centrepiece of Budget and re-election pitch As expected, tax is the centrepiece of the 2019 Federal Budget as the Morrison Government seeks to woo voters with just a few weeks to go before the federal election. With a key theme of ‘not increasing taxes’, Treasurer Josh Frydenberg’s […]
Working Australians have been promised bigger than expected tax cuts along with billions in increased spending on health and welfare for young and old. This was all made possible as Treasurer Josh Frydenberg delivered the good news that the Budget will soon be back in surplus for the first […]
In summary Around the world, February saw further signs of slowing growth, muted inflation and ongoing geopolitical risks. Key policymakers have responded with more of the “patience and flexibility” message they have been delivering in recent months. Central banks in Australia, the US, Canada, India, and Europe have all […]
Time is our most valuable and finite resource. But often in this age of buzzing devices and communication overload we can feel like we just don’t have enough of it. Like a hamster running around a wheel, we end up feeling simultaneously burnt out while going nowhere. But it […]
Under existing super rules, a person aged between 65 and 75 must meet the “work test” in order to be able to make voluntary (after tax) contributions to a fund. The work test requires the member to have been gainfully employed for at least 40 hours in a period […]
Who among us hasn’t daydreamed about receiving a windfall? In reality, people receive large sums of money in the form of inheritances, redundancy payouts and lottery wins all the time. Yet many soon find themselves back in their pre-windfall financial position. The wisest use of a windfall will depend […]
Instant asset write-off extended, again With small business votes likely to be a key battleground during the Federal election campaign, the Morrison Government has announced its first tax sweeteners. Here’s a roundup of key developments in the world of tax. Boost to instant asset write-off Many SMEs will […]
From 1 July 2019, businesses will only be able to claim deductions for payments to their employees where their PAYG obligations have been met. Where the PAYG withholding rules require an amount to be withheld you must: Withhold the amount from the payment before paying workers Report withholdings to […]
Money makes the world go around. But when it comes to relationships, it can sometimes stop them in their tracks. Navigating love and money can be tricky, but it’s simpler when you learn to communicate about finances in an open and transparent manner. Sometimes easier said than done, we […]
Tax time comes around with alarming regularity, so why is it that we tend to wait till the 11th hour to get all our affairs in order? Good tax planning is about more than simply maximising deductions. It enables you to focus on the big picture so you can […]
In summary After a very difficult month in December, markets bounced back strongly in January as fears about US monetary policy and a potential recession were alleviated by a mix of reasonable data and conciliatory statements from the US Federal Reserve. The markets now believe the Fed will underwrite […]
When it comes to setting financial priorities, medium-term goals often suffer from middle child syndrome, not taken as seriously as the oldest or indulged as much as the youngest. The serious long-term goal of saving for retirement gets lots of attention, and rightly so. It’s super important. And next […]
First-home buyers (and even second- and third-home buyers) are often baffled by the jargon used by real estate industry professionals. This can result in expensive misunderstandings unless you take the time to learn the lingo. Here are some frequently misunderstood terms and concepts you should familiarise yourself with before […]
If you are considering making changes to how your business is structured, then this might be the push you need. Recently we sat down with Senior Manager, Petrina Stamos to talk about the benefits of having a family trust owning shares in your trading company. Petrina has over 20 […]
Not sure what the changes are or how they will affect your business? We have put together some information below to help you understand Single Touch Payroll (STP). What is STP? Single Touch Payroll will change the way you report your employees’ payroll information to the ATO. You […]
With almost 4 million Australians making work-related car expense claims, the Australian Tax Office (ATO) has the practice in its headlights. Not only are they on the lookout for people wrongly claiming, but they are also armed with enhanced technology to check these claims. As a result, you need […]
It can take many years and a lot of hard work to build a successful small business. When you finally decide it’s time to sell, tax is often the last thing on your mind. Yet it can have a big impact on how much of the sale price you […]
The Australian Charities and Not-for-profits Commission has released new guidance aimed at helping charities that wish to provide gifts or honorariums to people in their organisation. The principles can also be applied to other NFP entities. The new Gifts and Honorariums guide urges charities to approach the issue with […]
The Governance Institute has identified the top five governance challenges for aged-care organisations. They are risk management, workforce planning, compliance with regulations, financial sustainability and non-financial risks. New standards aim to simplify regulations for providers and encourage innovation, excellence and improvement. The changes affect Australia’s 2700 aged-care providers and […]
The Australian Accounting Standards Board has issued amending standard AASB 2018-8 Amendments to Australian Accounting Standards – Right-of-Use Assets of Not-for-profit Entities. AASB 2018-8 provides a temporary option for NFP lessees to elect to measure a class (or classes) of right-of-use assets arising under ‘concessionary leases’ at initial recognition, […]
Investors started 2018 full of hope, with the global economy and financial markets in good shape, but by year’s end they were uncertain and a little anxious about what lay ahead. Markets responded with last minute falls across all asset classes. The issues that weighed heavily at the end […]
Australia has enjoyed almost three decades of economic sunshine. But it’s worth remembering that dark clouds can appear without warning over both individuals and economies. You may have little control over being caught up in a round of redundancies or experiencing the fallout of an international trade war. But […]
If you work in the building and construction sector in Queensland, then you will likely be aware of the changes now in effect for payments and financial reporting. Not sure what the changes are or how they affect your business? We have put together some notes to help you […]
We hear the phrase ‘New Year, new you’ bandied around a lot at this time of year. As if the current you were an apartment on the Block, getting ready for a major renovation on January first. The truth is you don’t need to be a whole new you […]