Our Latest News

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...

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...

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...

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...

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

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...

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...

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...

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....

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:...

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...

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...

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...

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...

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...

Treasurer Scott Morrison announced last December that the ATO plans to disclose tax debt information to credit reporting bureaus from 1 July 2017. The ATO will disclose to credit bureaus the tax debt information of businesses who have not effectively engaged with the...

If you're running a small business, listen up! Here are what we think the 3 most important changes from the 2017 Federal Budget are that you need to know about: The test for small businesses has increased from $2Mil turnover to $10Mil turnover. There's 90,000 of you...

On Wednesday, March 8 our office will be closed for the day due to office maintenance being completed. We will return to work Thursday, March 9 from 9am. Should you have any urgent queries while we are closed please email Jacob Quigley at jacob@3daccounting.com.au....

For the past 3 months we have been building a mobile application for your smart phone and/or tablet that has a lot of useful and up to date information all in the one place and it has now been launched! No more google searching or going to different websites trying to...

Are you with First Super or thinking about setting up an account with them? THINK AGAIN! We could not advise against this more if we tried! You might be able to transfer your super to them at the click of a button, but should you decide to withdraw it, the word...