The government announces increased tax benefits in response to the Coronavirus, which includes $25,000 cash boost for eligible businesses as well as an investment incentive. The Australian Government announced its response to assisting the economy in light of the Coronavirus. This assistance will be provided through a $17.6 billion economic stimulus package. The purpose…
DetailsAre you ready to start a business? The prospect of starting a business is exciting. It’s hard not to get carried away with the excitement of a new business venture – but make sure you don’t fall into the trap of being too eager and so excited that you get blinded by the dream. …
DetailsBookkeeping is an essential business function in all businesses. Whether your business is a startup business or an established business, the need for accurate and timely bookkeeping and business finance management should not be underestimated. In Episode 8 of the Small Business All Figured Out podcast, Corinne Cole and Sheryl Cole talk about what…
DetailsAs small business accountants in Melbourne who work with hundreds of small business owners, we know what it takes to successfully start a business. Starting a business can be a very rewarding journey, when done right. It can also be a costly and stressful experience when not done right. When we were planning out…
DetailsWhat is negative gearing? Negative gearing. It’s a term you’ve probably heard before, but what exactly is it? Does it only relate to investment properties or can it be achieved with other investment types? More importantly, is it something you can benefit from? Have you tuned in to our podcast? Episode 7 is a…
DetailsIt may only be February 2020, but in the blink of an eye it will be Tax Time 2020. As accountants in Melton who have helped thousands of taxpayers understand tax deductions and prepare their individual tax return, we know that it’s never too soon for you to start thinking about your next tax…
DetailsIf you’re in business, you’re likely using a tax accountant to prepare your business tax returns, business activity statements, and financial reports. If you’re an individual taxpayer, you’re likely using a tax agent to prepare your personal tax return each year. But how can you be sure that the accountant or tax agent you’re working with…
DetailsIt’s not uncommon for landlords to be confused about what they can and can’t claim for their rental properties. What often seems to make perfect sense in the real world does not always make sense for the Australian Tax Office (ATO). In general, deductions can only be claimed if they were incurred in the…
DetailsHow employers are being caught out by the timing of superannuation guarantee payments. Employers can generally only claim a deduction for superannuation contributions in the income year in which the contribution is made. Super contributions are made when the payments are received by the trustee of a complying superannuation fund. It’s not uncommon for employers…
DetailsEmployees with multiple employers can now opt-out of superannuation guarantee from all but one employer. Employers are required to pay 9.5% superannuation guarantee for all eligible employees. But what happens if you are an employee with multiple employers? Until recently, these compulsory payments meant some employees risked unintentionally breaching their concessional contributions caps. New…
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