Information Hub

Our Blogs

Work-related COVID-19 tests may be tax deductible

According to a government proposal, deductibility of tests would take effect from the beginning of the 2021-2022 tax year (that is, starting 1 July 2021) and would be ongoing. Individuals will also be able to deduct the cost of a test regardless of whether they are required to attend the workplace or have the option to…

ACT NOW Designate a trust beneficiary before 31 December 2021

The Land Tax (Discretionary Trusts) Amendment Bill 2021, introduced to State Parliament, gave trustees additional time to consider their land holding arrangements to 31 December 2021. As this date is fast approaching we suggest you act now! A trustee of a discretionary trust may nominate a designated beneficiary for pre-existing trust land and that nomination…

Christmas Accounting

As we approach the silly season, many employers are looking to recognise and reward their staff with Christmas parties, bonuses, gifts and leave. But it is important to know your obligations and to ensure expenses are correctly entered into your accounting software. Here are some of our top Accounting tips for this festive season: CHRISTMAS…

Keeping your Super safe

The Australian Taxation Office (ATO) have seen an increase in the instances of stolen identities being used to set up a new SMSF. Once a fraudster manages to register an SMSF, the criminals, of course, will then orchestrate rollovers into their bank accounts under their control and, unfortunately, abscond with the retirement savings of their…

Australian Director ID is here!

If you are currently a director of a company you need to apply for your own director ID. The fastest way to do this is online using the myGovID app (note this different to a MyGov login). A director identification number (director ID) is a unique identifier you will keep forever. It will help to…

What to exclude from your business’s assessable income

Not all payments you receive are assessable income for income tax purposes. If a payment you receive is not assessable income, you do not need to include it in your return. List of non-assessable amounts: The following amounts are not assessable, for example: betting and gambling wins (unless you operate a betting or gambling business)…

Financial advice helps you achieve more

We all have something we’d like to be doing more of. It could be spending more time on hobbies, less time at work and more time raising a family, more time travelling the world or reducing working hours as we get closer to retirement. One thing we all want to make sure of is that…

Tax treatment of cryptocurrency

The term cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on blockchain. Cryptocurrency generally operates independently of a central bank, central authority or government. The creation, trade and use of cryptocurrency is evolving rapidly. This information is the…

Side hustles are front of mind this tax season

The Australian Taxation Office (ATO) is reminding Australians that it is paying close attention to undeclared income from secondary work, including from the sharing or ‘gig’ economy this tax time. Assistant Comissioner Tim Loh has noticed some confusion about when these side hustles cross the line and become taxable. “Generally, when you provide your labour, skills…

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…