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Thirroul Head office

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Blog

Can I pay my child a wage from my business?

Can I pay my child a wage from my business?

If there is real work performed, and payment is at market rates, then the short answer is YES. Although minors under 18 can only earn $416 from investment income before being slugged with massive tax, they can however earn income for effort i.e. wages, without this...

Will you get an extra $1,080 in your tax return?

Will you get an extra $1,080 in your tax return?

We've had a lot of questions about the extra $1,080 being given to taxpayers for the 2019 FY. Is this applicable to me? Has this been included in my tax return? When will I receive it? This tax offset is called the Low and Middle Income Tax Offset (LMITO) and has been...

96% of Clients Extremely Satisfied or Very Satisfied

96% of Clients Extremely Satisfied or Very Satisfied

Our team were quite overwhelmed with the results of our customer satisfaction survey.  Thank you to all those who provided their feedback. It was an anonymous survey so we expected the feedback to be quite honest, and yes there were a few suggestions which we will...

Pay employee Super TODAY + end of year Payroll

Pay employee Super TODAY + end of year Payroll

Wherever possible, we suggest you pay all employee super TODAY, for this quarter or month (depending on what cycle you are on).  Super is due by 21st of July anyway so you may as well pay it now and get the deduction this year.  If your final pay run has already...

3D’s Awesome New Artwork

3D’s Awesome New Artwork

We thought you might like to see some recent artwork we had carried out on our office here in Thirroul – 3D all the way!

Asset Write Off Increased to 30K but Ceasing 30 June 2020

Asset Write Off Increased to 30K but Ceasing 30 June 2020

The budget proposal to allow assets under $30,000 (excl GST) to be written off immediately has passed both Houses of Parliament and is now in play as of 3rd April 2019 (subject to Royal Assent which should be a given).  This applies to all small-medium sized...

Top 5 Interview Questions for Job Candidates

Top 5 Interview Questions for Job Candidates

Hiring good people is one of the most challenging tasks in running a business. Here are the top 5 questions, in 3 different categories, to ask candidates according to seek.com. The top 5 motivational interview questions to ask candidates: Why are you interested in...

New Leave Entitlement for Family and Domestic Violence

New Leave Entitlement for Family and Domestic Violence

Family and domestic violence leave has now been added to the National Employment Standards, and applies to ALL employees in the Fair Work System from 12 December 2018. This new entitlement allows employees to access up to 5 days of UNPAID leave each year to do...

Providing Gifts to Clients, are they Deductible?

Providing Gifts to Clients, are they Deductible?

The short answer is, if the gift is classed as entertainment then NO, the expense is not tax deductible, however if the gift is not classified as entertainment, then YES it is tax deductible. Entertainment normally relates to immediate consumption of the item....

Do I need a Family Trust?

Do I need a Family Trust?

We often get asked – Should I setup a family trust? Or, should my business trade in a family trust structure?  The short answer is that yes, family trusts are often an excellent structure in which to run a business or to invest. The main advantages of a trust are:...