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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 […]
The New Year is often the perfect opportunity to catch up on your business paperwork and invest time into making sure you are meeting your employer requirements. If you employ casual staff in your business, then making time this year to review employment contracts and workplace processes might be […]
Sometimes, when thinking about your long-term financial goals, they can seem so big as to be insurmountable. But the truth is, those that achieve financial success don’t usually do so by encountering a sudden windfall. Rather, they have in place a set of small habits that allow them to […]
Our team is gearing up to spread Christmas cheer during this year’s annual Yellow Bucket Appeal. Hosted by YellowBridge Queensland, this is the fourth instalment of the ‘buckets of joy’ initiative and the third year we have signed on as the major sponsor. From December, our team of accountants, advisors, […]
Last month, the firm attended the 2018 SMSF and Accounting Awards and proudly walked away with the esteemed Marketing Program of the Year award in hand. Hosted by Accountants Daily and SMSF Adviser, the award ceremony was held in Brisbane and attracted leading SMSF and accounting firms from across […]
Last month, we proudly walked away winners at the fifth annual Australian Accounting Awards hosted by Accountants Daily in Sydney. Firm Directors, Scott Maroske and Ben Horner attended the event on behalf of the firm, taking out the prestigious title of Marketing Program of the Year. Mr […]
Our team is gearing up to spread Christmas cheer during this year’s annual Yellow Bucket Appeal. Hosted by YellowBridge Queensland, this is the third instalment of the ‘buckets of joy’ initiative and the second year we have signed on as the major sponsor. From December, our team […]
Last month we walked away winners at the inaugural SMSF and Accounting Awards held in Brisbane. Hosted by SMSF Adviser on Thursday 26 October, our Director, Scott Maroske accepted the award on behalf of the firm for excellence in customer service.
We are proud to announce that McConachie Stedman is in the running to take out four of Australia’s most coveted SMSF and Accounting […]