News & Articles
Whether you’re looking to stay ahead of tax updates, seeking strategic advice to propel your business forward, or exploring financial best practices for your investment property, our curated content is designed to empower and inform. Dive into our comprehensive collection of articles and equip yourself with the knowledge to navigate the financial landscape with confidence.
Maximise Your Tax Deductions with the Small Business Skills and Training Boost
As a small business owner, you likely invest in employee training to keep your team skilled and competitive. What you might not realise is that these training expenses spent could qualify you for additional tax deductions under the Small Business Skills and Training...
Small Business Energy Tax Boost: Maximise Your Tax Deductions
If you are a business owner who invested in energy-saving measures during the past financial year, you may qualify for additional tax savings through the Small Business Energy Incentive. Designed for businesses with an annual turnover under $50 million, this...
5 BAS Mistakes Small Businesses Make and How to Correct Them
Accurate Business Activity Statement (BAS) reporting is crucial for your small business. It's not just about meeting regulatory requirements but also ensuring sound financial management. However, navigating BAS requirements can be complex, and errors in reporting can...
Avoid These Common Tax Scams in Australia This 2024
As Australians handle their financial duties, including filing tax returns and meeting various obligations, they face the ongoing threat of tax scams. However, there is a persistent threat of tax scams, as fraudsters continually develop more sophisticated methods to...
Tax Planning Strategies for Small Business Owners
Effective tax planning is crucial for the success and sustainability of your small business. Properly managing your tax obligations can significantly impact your business’s financial health, helping you maximise profits and support growth. Without a solid tax...
Cindy Su Wins Partner of the Year at the 2024 Australian Accounting Awards
We are immensely proud to announce that our managing partner, Cindy Su, has been awarded the prestigious title of Partner of the Year at the recently held 2024 Australian Accounting Awards. This accolade is a testament to Cindy's exceptional leadership, dedication,...
2024-25 NSW Budget: Impact on Property Investors
The recently announced 2024-25 NSW Budget has made headlines due to a dramatic shift from a projected surplus to a $3.6 billion deficit, revealed on Tuesday, June 18th. With the State’s AAA credit rating at risk, the Government is turning to land taxes for quick cash...
2024 ATO Audit Focus: 3 Key Areas
The Australian Taxation Office (ATO) has identified three main areas of focus for this tax season to ensure compliance and accuracy in tax returns. These key areas include work-related expenses, rental property income, and capital gains from cryptocurrency...
Bookkeeping Guide for Hotels and Restaurants
Proper bookkeeping is crucial for your restaurant or hotel's financial health. It's all about keeping track of your money accurately. But it's not just about numbers; it's about following the rules too. The Australian Taxation Office (ATO) has guidelines you need to...
Bookkeeping Best Practices for Small Businesses
What is Bookkeeping? Bookkeeping is the process of recording all the financial transactions of your business in an organised and systematic way. These transactions include sales, purchases, receipts, and payments made by an individual or an organisation. Bookkeeping...
7 Common Bookkeeping Mistakes
Accurate bookkeeping is essential for any business, laying the groundwork for financial stability and compliance with regulations such as those set by the Australian Taxation Office (ATO). Throughout this article, we'll pinpoint common bookkeeping mistakes and provide...
2024 Federal Budget: Tax Reforms, Small Business Support, and Social Initiatives
On 14 May 2024, the Australian Federal Government presented the 2024/25 Federal Budget. This budget outlines a comprehensive plan to strengthen the country's economy and provide more support to its citizens. Announced in a time of changing economic conditions, the...
Property Investment Strategies for Business Owners
Investment properties offer numerous advantages for business owners beyond just financial returns. They provide opportunities for wealth preservation, portfolio diversification, and tax advantages. Additionally, owning investment properties can serve as a hedge...
Director Identification Numbers: What you need to know
What is a Director Identification Number? A Director Identification Number, commonly known as a DIN, serves as a unique identifier for directors and plays a pivotal role in enhancing transparency and accountability within the corporate sector. Mandated by recent...
Tax Guide for Medical Professionals
With the ATO closely scrutinising work-related expense claims, medical professionals including doctors, dentists, ophthalmologists, therapists, chiropractors, among others, can benefit from the Australian Taxation Office's enhanced support and guidance. Recognising...
A Comprehensive Guide to Employee Share Scheme
What are Employee Share Schemes? Employee Share Schemes (ESS) refer to programs initiated by companies to offer their employees the opportunity to acquire shares or an ownership interest in the company. These schemes are designed to incentivise and reward employees...
Tax Guide for Lawyers
Understanding the nuances of tax deductions is critical for lawyers, particularly with the Australian Taxation Office (ATO) increasing scrutiny on expense claims. That's why it's crucial for you, as a lawyer, to understand what you can and cannot claim to ensure...
FBT Exemptions for Electric Vehicles
What is Fringe Benefits Tax (FBT)? Fringe Benefits Tax, commonly known as FBT, is a tax employers pay on certain benefits they provide to their employees, including their employees' family or other associates. The benefit may be in addition to, or part of, their...
How to find my ABN?
What is an ABN? An Australian Business Number (ABN) is a unique 11-digit identifier that allows businesses in Australia to interact with various government departments, including the Australian Taxation Office (ATO), and the community. It's used for various tax and...
How to Claim Fuel Tax Credits for Businesses
What are Fuel Tax Credits? Fuel tax credits are a financial return for businesses to offset the cost of fuel tax, including excise or customs duty, on fuel used in business operations like running machinery, equipment, heavy vehicles, and light vehicles on private...
When should businesses do record-keeping?
What is record-keeping? Record-keeping is the systematic organisation of all business financial activities, crucial for depicting your business' fiscal health. It involves documenting transactions, managing payroll, and ensuring compliance with financial and...
The 2023-2024 Federal Budget Updates – Key Tax Measures
The 2023-2024 Federal Budget was introduced amid daunting economic challenges, including high inflation, escalating interest rates, a persistent housing supply crisis, and an unstable global financial market. Nevertheless, the budget offers a glimmer of hope as it...
Fair Work Ombudsman focuses on payslips
Are you an Employer At a glance: The Fair Work Ombudsman is currently focusing on payroll governance including ensuring pay slips requirements are met. You should Payroll governance measures are important to ensure that you comply with requirements. Contact us if you...
Instant asset write-off ending 30 June 2023
Are you A business who intends purchasing or improving an asset before 30 June 2023? At a glance: You are still able to deduct the full cost of eligible assets up until 30 June 2023. You should Contact us if you require any clarification or advice Some pointers about...
What is the 2022 Property Market Outlook?
House Prices – Where are they heading House prices have continued to rise throughout 2021, however this trend could be set to end due to expectations that the Reserve Bank could lift interest rates sooner than anticipated. National property prices rose again in...
5 Lessons for the Property Investor
Tips for Property Investors In 1949 the book 'The Intelligent Investor' was published by Benjamin Graham, an iconic book on investment psychology and long term gratification - both key traits for astute investors. The book focuses on longer-term and more risk-averse...
How you can claim thousands in tax deductions
Claim thousands in tax deductions off your property tax bill Just because June 30 has been and gone, property investors don’t need to wait another financial year to get a tax depreciation schedule. Even if a schedule is ordered after the end of a financial year (FY),...
Property Investors fail to claim Depreciation Deductions
BMT still finding an average of $8,940 in depreciation deductions Many of Australia’s property investors are still missing out on thousands of dollars in tax deductions each year by failing to maximise or claim depreciation for their investments. While changes to...
Property Settlement- Here is what happens
What Is Property Settlement? Property settlement is a legal process that occurs after the price of the property has been negotiated and agreed on between buyer and seller, and the contracts have been signed and exchanged between both parties. The process for...
NSW’s Land Tax Relief And Tenancy Support Payments | COVID-19
NSW's Land Tax Relief And Tenancy Support Payments | COVID-19 Two new support programs will be available to property investors in NSW. The NSW government recently announced a land tax relief scheme for residential landowners who provide rental reductions to their...
What is my Property Worth?
What is your Property Worth? In a bullish market where dwelling values are rapidly increasing, investors and homeowners alike are eager to figure out the amount their property has grown in value. There are two simple steps to provide an indication as to the value of...
10 Tips for Saving for a Home Deposit
Ten Tips for Saving a Home Deposit Trying to get into the property market in Australia is not always easy, let alone trying to save 20% to get into the market without having to pay Lenders Mortgage Insurance (LMI). Read more about LMI here. Thankfully, with the...
Immediate Tax Deductions for Property Investors
Immediate deductions are available for property investors Depreciation is the natural wear and tear of property and assets over time. It’s normally thought of as a high-value, slow-burn deduction as it takes up to forty years for an entire property to depreciate. But...
How to Find The Perfect Investment Property in 2021
Property Investments Tips - 2021 Are you wanting to buy your first investment property this year? Or maybe, you’re looking to grow your portfolio. Whatever your 2021 plan is, here are some tips to help finding the perfect investment property for you. Research,...
Why Property Prices Keep Rising
The Reason Why Property Prices Keep Rising As we come to the end of the financial year, improving economic conditions; supported by economic stimulus and effective containment and management of the COVID-19 health response have served as a strong catalyst for...
SMSF Investment Strategy
SMSF Investment Strategies – Dealing with increased scrutiny With the 2020/21 financial year entering the last quarter, it is timely for SMSF Trustees to consider the currency of the Fund investment strategy, in light of the increased scrutiny being applied to the...
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COVID-19 – Post-recession: How house prices will rise in the next 5 years
COVID-19 - Post-recession: How house prices will rise in the next 5 years Real estate investment has proven its resilience once again as prices have risen over the past 12 months and forecasts point to further strengthening, the Property Investment Professionals of...
How to save $17,000 on your mortgage – It’s time to talk to your lender!
Australians who are on older loans & mortgages, are being advised that simply switching to a better rate could see them pocket thousands of dollars over the life of a loan. A report collated by the Australian Competition and Consumer Commission (ACCC) found that,...
Are you Thinking about Building a New Investment Property?
Are you thinking about building a new investment property? With the numbers proving that new properties hold the most depreciation deductions, building new is a popular choice. Understanding construction costs can provide a ballpark figure of what to expect when...
This Renovation Tip can Save you Thousands
This renovation tip can save you thousands Renovating an investment property is different to renovating your own home. Whether the renovation is big or small, you will be taking a head over heart approach and doing what will help you improve your return on investment....
Perth Property Outlook 2020
The Perth Property Market Outlook - Update It’s been a unique year for Perth’s property market as WA has navigated the impacts of COVID-19. While garnering national attention in early 2020 when four consecutive months of price growth indicated the progression of...
NSW Discretionary Trusts: Surcharge Land Tax & Purchaser Duty for Foreign Beneficiaries
Recently enacted changes to purchaser duties and land tax arrangements will expand surcharges for trusts which include foreign persons as beneficiaries. Legislation passed to amend the Land Tax Act 1956 (NSW) and the Duties Act 1997 (NSW) provides that if a trust has...
Absentee Owner Surcharges | Duties Act 2000 (Victoria)
Absentee Owner Surcharges | Duties Act 2000 (Victoria) From the 2020 land tax year, an absentee owner surcharge of 2% applies to Victorian land owned by an absentee owner. The surcharge was 1.5% from 1 January 2017 and 0.5% for the 2016 land tax year. The absentee...
How Comprehensive Credit Reporting Will Boost Your Credit Score
The Comprehensive Credit Reporting has improved credit scores of many Australians since 1 July 2018. In fact, recent data show that almost half of Australians have improved their credit scores with the new reporting scheme. But what is Comprehensive Credit Reporting...
Have you considered setting up a SMSF?
Reasons for setting up an SMSF Most people invest their Superannuation in Retail or Industry Superfunds with their employers making contributions of Super guarantee contributions and sometimes salary sacrifice. Fund managers then make investment selection on behalf of...
Has your business made a tax loss this year?
An understatement is that this has certainly been a difficult year, and we are certainly seeing that many businesses have made a tax loss. A tax loss is when the total deductions you can claim, excluding gifts and donations, are greater than your total income for any...
JobKeeper Extension: What this means to business and employees
JobKeeper extension has been announced by the government. Payment for JobKeeper is now extended until 28 March 2021 for businesses and not-for-profit organisations severely affected by the COVID-19 pandemic. The payment extension, however, will be reduced and paid at...
ATO Employer Reminder – STP Data Needs to Be Finalized for 2020
A reminder has been issued by the ATO to employers reporting through STP (Single Touch Payroll). That applies to just about every employer, assuming that deferral or exemption isn’t involved. Employers need to have payroll information finalized for the income year of...
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