Too often businesses fall short of their goals because they don’t understand how to acquire and interpret data. Some cling to outdated reports that don’t reflect the contemporary market. Some get bogged down in so much information that it becomes meaningless. And...
Every small business owner wants their business to thrive, but it can be tough to keep the money coming in the door while staying on top of all the necessary paperwork. One way to ensure success is to understand the behaviours that separate a well-managed business...
Few of us like to think about death, let alone plan for it. But far from being morbid, getting your affairs in order and drawing up a Will is one of the kindest and most caring things you can do for your loved ones. Not only does a Will make your wishes clear but it...
Australia’s economy is growing at a slower pace than many would like, with small businesses in some sectors doing it tough. Recognising the warning signs of potential insolvency is key to trading through difficult times. An insolvent company is one that is unable to...
The ACNC has launched its ‘Governance Toolkit’, a collection of resources to help charities manage financial abuse, cybersecurity, working with partners and safeguarding vulnerable people. Each topic within the toolkit contains a comprehensive guide, useful templates,...
The ACNC has developed a handy self-evaluation tool that charities may use to assess whether they are meeting governance obligations. With the AGM season in full swing, self-evaluation gives you a chance to see if your charity is meeting ACNC standards. Download the...
In summary September’s market action was in clear contrast to the previous month. August’s concerns about global growth, trade wars and geo-politics gave way to a somewhat more optimistic mood in which the relative performance of key asset classes was reversed. In...
What a difference a year makes. In recent months, Australian shares hit a record high, the Aussie dollar dipped to levels not seen since the GFC and interest rates were cut to historic lows. Towards the end of 2018, shares were in the doldrums and while experts agreed...
The number of young adults living in the family home well into adulthood is growing. ABS data indicates, amongst adults under 35, nearly one third are still at home, and the trend is on the rise. If managed well, multigenerational living can be beneficial to both your...
The Government recently announced an independent review of the retirement income system. The review, which was recommended by the Productivity Commission in their report Superannuation: Assessing Efficiency and Competitiveness will look at the so called three pillars...
In summary August was a turbulent month for global financial markets. The concerns that emerged at the end of July about the trade dispute
between the US and China, and about how much the Fed might cut rates, all spilled over into August. Fears of global recession...
For most people, life insurance provides a safety net against unexpected events. This is particularly the case if you have a mortgage, debts or family who are dependent on you earning an income. In many cases, life insurance has been automatically offered through...
It’s been a long time coming, but up to 630,000 retirees could soon enjoy a small but welcome increase in their Age Pension payments following a cut in deeming rates used for the pension income test. Under the Age Pension income test, you are ‘deemed’ to earn a...
The landscape of Australia’s personal income tax system has changed significantly following the passage of the Government’s tax legislation through Parliament. Here’s a roundup of some of the other recent developments in the world of tax. Tax reform legislation..
Whether it’s to pursue a passion or to make a little extra money, more Australians than ever now have a side gig. But while freelancing, moonlighting and pursuing passion projects can be a great way to add value to your life, they can sometimes complicate how you go...
Negatively gearing an investment property is viewed by many Australians as a tax effective way to get ahead. According to Treasury, more than 1.9 million people earned rental income in 2012-13 and of those about 1.3 million reported a net rental loss. So it was no...
PB Agrifood Director, Peter Brodie grew up on a farm in Dalby. After deciding that a career in agriculture was for him, he enrolled in Gatton college to complete a formal education in the field. After graduation and testing out a Government role with the Department...
July was all about interest rates, with the Reserve Bank and the Federal Reserve both cutting. Here in Australia, the cash rate and bond yields are at new record lows. The RBA said it will pause to assess the impact of its actions, but did not rule out more cuts, and...
If like many Australians you’re looking for ways to put some cash away for a rainy day, a holiday or to earn extra income, the job has just become a bit harder. It’s also become more urgent if you are expecting a handy tax return. In early July, the Reserve Bank cut...
The introduction of the $1.6 million transfer balance cap (TBC) and clarification by the Taxation Office surrounding the ‘cashing’ of death benefits are two things that have recently highlighted the importance of balancing superannuation benefits between couples. Why?...
The Australian Charities and Not-for-profits Commission has released Protect your charity from fraud – the ACNC guide to fraud prevention. It’s opportune – fraud and financial crime are among charities’ biggest worries. The guide highlights some of the risks charities...
AASB 16 Leases became operative on the first of January. If you haven’t thought about it it’s time you did. Implementing Leases isn’t easy. More than 340 pages of authoritative material and four related interpretations replace the 30-year-old AASB 117 forerunner....
The Australian Accounting Standards Board has issued exposure draft Not-for-Profit Entity Definition and Guidance that proposes to replace the existing NFP definition. This draft proposes to: Retain the term ‘not-for-profit entity’ Revise the definition to align with...
For the first time in years, the planets seem to be aligning for homebuyers and property investors. Interest rates are falling, property prices largely appear to be stabilising and constraints on bank mortgage lending have been relaxed. It’s welcome news for first...
Apportioning your GST obligations For many small businesses, reporting the GST you collect after issuing tax invoices to customers can be a headache. But there is a way to save time and make the bookkeeping process a bit easier – if you meet the ATO’s eligibility...
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...