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Business Owners – Know your Numbers

Business Owners – Know your Numbers

So I’ll be direct and straight to the point here, to be successful and stay alive in this current environment, business owners must know the financial position and performance of their own business at all times. Just knowing your bank balance is not sufficient. You...

Budget – Tax cuts/Payroll + Unlimited Asset Write Off

Budget – Tax cuts/Payroll + Unlimited Asset Write Off

I believe the biggest two things to come out of the Budget are: 1. Personal Tax Cuts; and 2. Unlimited asset write off (fully expensing asset purchases) until June 2022 Personal tax cuts – these changes have already passed parliament. The 19% bracket which used to...

What is the best way to get my employee a car?

What is the best way to get my employee a car?

This is one of the most common questions we receive.  I will try and keep the answer as simple and as brief as possible. If the vehicle is a commercial vehicle, for example a ute, van or tradie dual cab that will legitimately be used a lot for work purposes, then we...

Closed 20th Dec – 12th Jan

Closed 20th Dec – 12th Jan

Wow it’s that time of year again! Our last day for the year will be next Thursday the 19th Dec, and we will re-open Monday 13th Jan. Thank you to all our clients and friends for their support during the year and we wish you all the best for the holidays. Warm regards...

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 been...

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 businesses...

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:...

FREE First Home Buyers Workshop

FREE First Home Buyers Workshop

A local financial group we have worked with in the past (The Wealth Connection), are running a free first home buyer's workshop. The workshop will be held at the Thirroul Community Centre on July 12, 2018 from 6-8pm and will provide information on benefits available...

Office closure over the Xmas / New Year period

Office closure over the Xmas / New Year period

Just letting all of our clients know that our office will be closed from Friday 22nd December to Sunday 7th January, reopening on Monday 8th January 2018. No work, heaps of good food, extra drinks, sleep in, go to the beach with the kids, watch the cricket .  Not long...

Can I claim Fuel Tax Credits on my BAS?

Can I claim Fuel Tax Credits on my BAS?

You claim fuel tax credits on your BAS in the same way as you claim GST credits. You can register and claim fuel tax credits for eligible fuels (petrol & diesel are both eligible) you use in heavy vehicles if the vehicle meets the following conditions: It is used...

ATO BPAY Reference Numbers

ATO BPAY Reference Numbers

If you have noticed that your BPAY reference number is different on your most recent BAS or IAS to your usual reference number, don't fret! We have spoken to the ATO about this and they have confirmed it is just a glitch at their end that they're working on. You can...

MYOB Upgrade Required Old Cloud Version Being Decommissioned

MYOB Upgrade Required Old Cloud Version Being Decommissioned

For those clients using MYOB Version 2017.1.1 or prior, you may have noticed a message when logging on asking that you upgrade to the latest version before the 24th August as the old version will not work after this date (being decommissioned?). This is just a...