Investment Basics – Understanding Your Gains And Losses

When you’re reviewing your investments, it’s important to remember that income and returns come from two main sources, Capital Gains and Interim Income. Capital gain (or loss) This is the difference in the overall value of your investment between when you purchased it and now (or the date that you sold it.) You can work it out as: ((Current or sale price per unit – purchase price) * number of…  Read more

Your critical numbers

The Covid-19 crisis has created a “new normal” for businesses. Traditional ways of working are being challenged and we now need to innovate, adapt, re-engineer, and reinvent the way we work. Lockdown gave us time to consider our options, but two important questions often remain unanswered: How will we know if we are on track or not? Are our new plans actually working? It goes without saying that our success…  Read more

Finalising Your Single Touch Payroll

As an employer, you are obligated to report the wages you pay to your employees to the ATO. You would have noticed that in the past year you would be using Single Touch Payroll (STP) to do this. At the end of the financial year, once all your pay runs have been completed, you are required to finalise your STP. If you have 19 employees or less, you must finalise…  Read more

Downsizer Contributions into Superannuation

If you are 65 years old or older and meet the eligibility requirements, you may be able to choose to make a downsizer contribution into your superannuation of up to $300,000 from the proceeds of selling your home. Your downsizer contribution is not a non-concessional contribution and will not count towards your contributions caps. The downsizer contribution can still be made even if you have a total super balance greater than $1.6 million.…  Read more

Three ways to speed up invoicing

Everyone likes making money, especially small business owners. Invoicing, however, is typically one of the tasks that small business owners like the least. Chores like creating and sending invoices get set aside for other duties that are seen as more enjoyable or even more urgent. You tell yourself you’ll get around to it tomorrow, but tomorrow becomes next week, next week becomes next month, and suddenly you realise your client…  Read more

MyGov ID – All you need to know

What is MyGovID MyGovID is an app released by the Australian Government to allow business owner to access their online information with the tax office. This app is used as an authentication with the business portal and Australian Business Register (ABR), and a lot of other things in the future. Without this app set up, you will not be able to log into the business portal or ABR. How to…  Read more

Long Service Corporation – Building & Construction Industry

What is it? Scheme overview The Long Service Corporation manages a scheme which provides long service benefits for eligible workers in the building and construction industry in NSW. The scheme allows eligible workers in the industry to work for different employers or as contractors and qualify for a long service benefit that is paid for by a levy on building and construction work in NSW. The levy is collected by…  Read more

Understanding Your Statement of Cash Flows

The statement of cash flows, (also known as the cash flow statement), shows how your business has generated and used cash (and cash equivalents) within a specific time period. For each of the reporting categories, receipts and payments are listed (money in and money out), and this is reported as a net increase or decrease in cash held for that category. The net change in all categories is added to…  Read more

Invoicing Tips

Invoicing is a critical part of running a business. Big or small, it is essential for many reasons. Although invoicing may often be a demanding and time-consuming process, many don’t realise the implications of poor invoicing. If you’re invoicing isn’t up to scratch, not only will your cashflow be dramatically impacted but there may be taxation audit issues if there are no proper record of sales. Record keeping An invoice…  Read more

What Being Registered for GST Means for You

If your business, company, trust, partnership or self-managed superannuation fund is registered for GST, that means that your annual turnover is $75 000 or more. Or if you are a. taxi driver or a ride-share driver you will also be registered for GST.   You may be asking yourself, what does being registered for GST mean and what is the point? It essentially means that your organisation will be collecting…  Read more

Is your small business ready for Single Touch Payroll?

Are you ready for Single Touch Payroll? For employers with 19 or fewer employees, single touch payroll (STP) legislation will be coming into effect on the 1st of July 2019. Are you ready? What is Single Touch Payroll and what do the changes mean for your business and who does it affect? What will you need to do to prepare, so that you will be compliant? What is Single Touch…  Read more

What does an accountant do?

The best accountants can do much more than just tax and compliance work for your business. They’re troubleshooters and strategic advisors for small business. Basically, having an accountant means that you can operate your business with more clarity and confidence. Whether you’re working to get a startup off the ground, or taking the reins of an established business, you’ll see value from making an accountant part of your team. When…  Read more

Creating a small business budget

Small business budgets are empowering. They give you the knowledge and insight to eliminate wasteful spending and get to profitability faster. When setting a business budget, you need good numbers. Don’t guess at what’s coming in and what’s going out. You could be making assumptions that just aren’t true. Take the time to look into your accounts and dig out the real figures. It might sound like hard work but…  Read more

Keeping yourself, your business and your customers safe online

Access to the internet is a business imperative to connect to customers, transact business and network across geographies and industries. Likewise, a concern for individuals and companies operating online is keeping sensitive data and information secure from cybercriminals and hackers. Supporting customers with security The day to day impact of cybercrime has become a fact of life and a permanent reality for businesses. So, it’s important for small businesses to…  Read more

What Having an Airbnb Means for Your Tax Return

Tax is a complicated topic. Knowing what to include in your tax return can often be hard to get your head around. The following information will be handy to know if you are an Airbnb host or thinking of becoming one. Rental Income Any income that you earn from listing your property as an Airbnb you must declare in your tax return. This income will contribute to your taxable income.…  Read more

The “6 Year Rule” – Treating Your Home as your Main Residence after you Move Out

  As a general rule, a home ceases being your main residence once you stop living in it. However, you can choose to continue treating it as your main residence and therefore not be liable to any capital gains tax (CGT) on the eventual sale. Commonly referred to as the “6 year rule”, if you move out of the property and rent it out, you can continue to claim an…  Read more

The Value of a Good Car Logbook

Why is it important to keep a Motor Vehicle Logbook? Have you been using your car to fulfill certain duties related to running your business? If you are, you might want to start keeping a thorough record of your car-related expenses to ensure that you will be able to maximise your tax claim. Many taxpayers are missing out on the opportunity to maximise their claim because of poor record keeping.…  Read more

$10K Cash Limit

A Senate inquiry has recommended that a controversial bill that will criminalise business cash payments above $10,000 be passed with the proviso that the start date be pushed back, among other recommendations.   The bill, which proposes to make cash payments above $10,000 a criminal offence with imprisonment of two years and a fine, was originally set to commence from 1 January 2020, but Assistant Treasurer Michael Sukkar has now…  Read more

Claiming a personal Super Contribution as a tax deduction

If you are like many eager Aussie savers and choose to make voluntary additions to your Super during the financial year, you can claim these as a tax deduction (up to $25k).   However, there is a bit of a process in order for the ATO to accept it, and there are a few calculations to consider before diving headfirst into it. Consider your taxable position, if you have earnt…  Read more

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