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HomeBuilder Explained

Due to the Coronavirus pandemic, the Australian Government made a number of announcements about relief packages to help Australians through this difficult period. The most recent relief package announcement was to introduce the HomeBuilder scheme in an effort to stimulate the building industry, creating jobs and economic growth, and for those lucky enough to be…

ATO Releases ‘One Stop Shop’

The Australian Taxation Office (ATO) has today updated it’s website with essential information about tax and superannuation changes that have now become law following the passage of the Government’s Economic Support Package through the Parliament. The site is ato.gov.au/coronavirus. Commissioner of Taxation Chris Jordan acknowledged that many people are being heavily affected by the challenging economic…

Tax Return Checklist

Is your 2019-20 Tax Return lodged? Click below to view a summarised Tax Return Checklist. If you have any queries, please do not hesitate to contact us.

Relief for Commercial Tenants due to COVID-19

The article below provides a concise review of information in relation to the Relief for Commercial Tenants due to COVID-19. Evictions will be put on hold over the next 6 months for commercial and residential tenants. A code of conduct applies to retail, office and industrial commercial tenancies between owners, operators, other landlords and tenants.…

Payment and Support for Households and Businesses due to COVID-19

Due to the Coronavirus Crisis, the Australian Government has introduced various initiatives to assist households and businesses during this uncertain time. Businesses The instant asset write off is increasing from $30,000 to $150,000 for assets purchased and ready to use between 12 March 2020 and 30 June 2020. This is for new or second hand…

JobKeeper – How to Continue to Get Paid

Many of our clients who are eligible and who have enrolled for JobKeeper have received their April reimbursement. In order to receive your payments for future months you will be required to prepare & lodge your monthly business declaration with the ATO. The declaration can be made using the business portal or through your registered…

JobKeeper – The Steps to Getting Paid

Click the link below for JobKeeper Key Dates: JobKeeper Key Dates Step 1 – Enrol Please check your eligibility and enrol if you meet all the eligibility requirements. You have until 31 May 2020 to enrol if you are eligible and want to receive payments for April and/or May. You can enrol after 31 May 2020…

Lifestyle Assets

The ATO has revealed it will be requesting a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high value motor vehicles and aircraft. Insurers have been asked to provide the ATO with policy details for “lifestyle assets” over certain asset value thresholds…

SMS scam targeting natural disaster victims promises 8%

The ATO is warning the community about a new SMS scam which promises an 8% bonus on 2020 tax returns to victims of recent natural disasters. ATO Assistant Commissioner Karen Foat said this is a classic case of fraudsters impersonating the ATO in an effort to collect personal information from people like names, addresses, emails,…

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…