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?…
Read MoreTake 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…
Read MoreATO’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…
Read MoreFederal 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…
Read MoreHow 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…
Read MoreChanges 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…
Read MoreATO 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…
Read MoreCashflow 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…
Read MoreRecord 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…
Read MoreWhat 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…
Read More