Cryptocurrency and its Tax Implications

Recently the ATO has announced that it has been cracking down on the profits made from cryptocurrency investing and trading. This along with the growth in popularity of Bitcoin and other cryptocurrencies as an investment choice mean we need to consider the tax impact of trading and investing in these products.

Personal Tax Returns: FAQs

We often receive queries about our personal tax return process and what various expenses you can claim as deductions, so we've compiled some of the most frequently asked questions for you.

Fringe Benefits Updates for 2021

On 31 March 2021, the Fringe Benefits Tax (FBT) year ends. With the ever increasing budget deficits as a result of COVID-19, the ATO will be reviewing whether all employers who should be paying FBT are paying it, and that they are paying the right amount.

2020-21 Federal Budget Summary: the Road to Recovery

By comparison to many, Australia has managed the COVID-19 pandemic well, but good management isn't enough to protect us from the $213.7 billion deficit in 2020-21. The Government has taken to heart the old adage, "You have to spend money to make money" to trade our way out of a black hole.

Working from Home? 7 Tips for Staying Productive

While working from home may be a dream for some, switching from a structured office environment to the comfort of your own home can be challenging in surprising ways. Learning how to work from home is important if you want to be efficient and effective at your job, so we've compiled some tips to help you stay productive while working from home.

Benefits of Hiring an External Bookkeeper

No matter the size, industry or successfulness of your business, you need a bookkeeper to manage your financial accounts. Beyond the convenience of managing day-to-day finances, a good bookkeeper keeps your business on track and gives you visibility over your business’ cash flow.

Final EOFY Tax Tips & Reminders

This has probably been the most difficult year ever for business owners due to the impact of COVID-19. This makes Tax Planning for 2020 and key actions before 30 June more important this year than for any previous year.

Travelling for Work: Which Expenses can you Claim?

With the ATO looking more diligently than ever at work-related deductions, it's vital to understand exactly what expenses you can claim. Travel expenses are often contentious - read on for more information on what expenses you can claim, and what evidence you need to keep to claim them.

COVID-19: Second Economic Stimulus Package announced

The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws.

Want to get your invoices paid faster to improve your business cashflow?

Staying on top of cash flow is critical for every business and the biggest cause of cash flow issues are late payments. An Australian Small Business and Family Enterprise Ombudsman Inquiry revealed that more than 40% of small businesses spend over 12 days each year chasing unpaid invoices. This means that payment delays can impact your business’...

Are you thinking of going for a loan?

After the Royal Commission, banks are restricted with their lending abilities, so don't expect to get finance approved simply because you have in the past. There's some fairly strict criteria you have to meet, so if you contact us in the early stages of applying, we can help you ensure that you'll meet them.

Improve your Profits to Grow your Business

Growing your business means more cash for you now plus a higher sale price in the future when you decide to eventually sell your business. To do this, you can increase your customers, find new markets, develop new products or services, and improve profit.

The latest on SMSF Investment Strategies

As a trustee of a self-managed super fund (SMSF), you are ultimately responsible for your own retirement savings and as part of this, you as trustees are required to consider how you manage your fund assets. As such, you are required to regularly review your fund's investment strategy.

New Hire: an Employee or Contractor?

When hiring a new worker, you must check if they will be an employee or contractor for tax purposes. It will affect your tax, super and other obligations and penalties may apply if you get it wrong.

Do you know which car expenses you can claim?

If you use your own car in performing your work-related duties, you may be able to claim a tax deduction for car expenses. However, many people claim more than they're entitled to, or less, because they aren't sure of what they're allowed to claim.

10 Tips to Help Rental Property Owners Avoid Mistakes

The ATO has been releasing helpful factsheets to help taxpayers avoid various mistakes when lodging their tax returns. Below is a list adapted from the ATO of 10 tips to abide by to save you time and money when preparing your rental property information for your returns.

The 5 Principles of Asset Protection

The correct business structure is essential for business improvement, tax minimisation, wealth creation and asset protection. Broadly, asset protection entails minimising your exposure to risks so that you may be able to protect or quarantine assets to reduce the damage if someone were to make a claim of some sort against you or your business.
1 2 3