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Take charge this financial year

Take charge this financial year It’s a brand new financial year, and it’s time to take charge of your finances! Whether you’re an aspiring budget master or looking to level up your money game, here are some tips to kickstart your financial success. 1. Set clear financial goals Take a moment to define what…

ATO’s 3 key focus areas for this Tax Time

ATO Watch List 22/2023 A reminder that the ATO has announced that its 3 key focus areas for this Tax Time are: rental property deductions; work-related expenses; and capital gains tax (CGT) The ATO is continuing to prioritise areas where they often see mistakes being made and by addressing these hope to support…

Federal Budget 2023 – Key Announcements

The 2023-24 Federal Budget was delivered last night by the Treasurer. Read below our summary of the announcements: Personal Taxation Personal tax rates unchanged for 2023-2024 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes commence from 1 July 2024, as previously legislated. The 2023-2024 tax rates and income…

How Small Business can Honour Earth Day

Earth Day is an annual celebration that takes place on the 22nd of April and is a great opportunity to make a positive impact on the environment by adopting sustainable practices at home and within in your business. Along with investing in our planet, adopting sustainable practices can actually save small businesses money in the long…

Changes to Work From Home Deductions

The ATO recently released updated guidance on the methods to use when calculating Working from Home (WFH) deductions. These new rules apply from 1 July 2022. The updated options are: Revised fixed rate method Actual costs method The previously available Short cut (80c per hour) method is no longer available for use from…

ATO turns up the heat on holiday home deductions

An alert this week from the ATO warned accountants to ask the right questions of their clients when it came to their holiday home deductions as it would pursue those doing the wrong thing. ATO is on a warpath to eradicate those over-indulging in deductions, accountants must be prepared to ask more questions of their…

Record keeping for Self-Managed Super Funds

Whilst self-managed super funds (SMSFs) provide members with a high degree of control over their retirement savings, with this control also comes responsibility. As a trustee one of your responsibilities is to ensure proper and accurate tax and super records are kept. Whilst an annual SMSF financial and compliance audit requires the trustee to provide…

End of Year Payroll

To help reduce filing errors it is important to review key information before you report to the ATO. Our friends at Xero have created a detailed EOFY Payroll checklist to help you navigate the end of year payroll process from start to finish: XERO EOFY PAYROLL

Federal Budget Summary 2022-23

The 2022-23 Federal Budget has been delivered by the Treasurer this week. Read below our summary of the key announcements: Personal Taxation PERSONAL TAX RATES UNCHANGED FOR 2022-2023 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes commence from 1 July 2024, as previously legislated. The…

Our Wealth Blogs

Teaching children healthy money habits

Teaching children healthy money habits As a parent, you try to ensure your children have the skills to make smart financial decisions. For example, you tell them about the importance of saving or the power of compounding interest. But did you know that you could be sending them negative money messages without meaning to?…

Cashflow tips to keep top of mind

We all like a good cost saving tip, even if it is something we already know. It never hurts to revisit some top tips and take a look at our current situation to see if there are savings to be made. Any little savings we make throughout the year can be diverted to a bigger…

What to consider when transferring your wealth

We spend a lifetime generating wealth but few of us spend the time to ensure it’s passed on in the way we want it to. Having a plan in place for how and when you want your wealth to be transferred, will help all parties understand your intentions and the process. While there isn’t a…

Why does insurance matter?

The unexpected events of the past few years have made financial protection a front of mind matter for most Australians. Now more than ever we appreciate that life does not always go the way we plan. Having a plan in place if things do take an unexpected turn can mean that our health, lifestyle and…

First Home Super Saver Scheme – How does it work?

From 1 July 2022, if you’re a first home buyer you can release up to $50,000 (up from $30,000) from your voluntary super contributions to help you buy your first home. Under the scheme, voluntary concessional and non concessional contributions made on or after 1 July 2017 may be released from super to help you…

More employees eligible for super from their employer

Superannuation Guarantee (SG) requires employer to pay a minimum level of super support for eligible employees. One criteria for an employee to be eligible is based on that employee’s monthly earnings being at least $450 per month. However, this threshold is abolished from 1 July 2022. This measure primarily assists low-income earners to have employer…

Inflation – What Does it mean for Me and my Money?

Inflation is a hot topic at the moment. But what exactly is it, and how does it affect you and your money? Inflation is making news daily through wage inflation, energy inflation, food inflation, fuel inflation… and not just in Australia, but in many other countries too. In simple terms, inflation means that the prices…

How do you know when the advice is right?

Seeking advice can turn your life around and put you on a path to a happier and more secure financial future. But where do you start? Who do you trust? How do you know you are going to get value for money? There are many questions that may pop into your head when you think…

Developing Better Money Habits

The cost of goods and services will always be on the rise. The increasing cost of goods and services is a reality most Australians have to deal with. Data from the Australian Bureau of Statistics shows that living expenses for employee households were up by 1.1% from March 2020, compared to March 2019. This may…