2021 federal budget highlights October 7, 2020 | Accounting, Business, Tax Last night, the Federal Government unveiled its 2020/21 Budget on what they called a paved road to recovery. A recovery highly focused on creating jobs, jobs, and more jobs. We have all heard about JobKeeper and JobSeeker decreasing and eventually fading out in March…

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Where should I be holding my assets? October 2, 2020 | Accounting Have you ever thought to yourself, should I be buying this asset under my name or the trust/company name? The answer to this question is complicated, and requires a few things to be considered prior to pulling the trigger. It is a valid…

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Family Trusts – Who should I Distribute the income to? September 29, 2020 | Accounting What is a family trust? A family trust (otherwise known as a discretionary trust) is set up to hold a family’s assets or to conduct a family business. A family trust allows certain asset protection and tax benefits that other…

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Managing debtors and cashflow for small business owners July 9, 2020 | Accounting, Business, Tips and Tricks Managing debtors (otherwise known as accounts receivable) is a requirement of doing business for most businesses, small and large. A key aspect of well managed cashflow is keeping the gap between receiving money from customers and paying money…

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Family trusts in 2020 and end of financial year actions. June 30, 2020 | Accounting, Tax As the end of the financial year approaches it is important that you take care of essential housekeeping for your family trust (otherwise known as a discretionary trust). Not completing these steps in time, or incorrectly, may result in unnecessary tax, and the…

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Extension to the $150k Instant Asset Writeoff June 10, 2020 | Accounting, Business, Tax A few months ago, the Government announced that to assist with the recovery from the economic impact of Coronavirus, they have increased the instant asset write-off threshold from $30k to $150k for businesses making up to $500 million per year. This…

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2020 Business Tax Planning Strategies June 9, 2020 | Accounting, Business, Tax With the impact of COVID-19 on your business, whether directly or indirectly, tax planning for 2020 is essential. It is critical that you take every opportunity to optimise your tax and financial position before the 30 June 2020 deadline, even if your business…

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What has changed after 20 years with GST? May 12, 2020 | Accounting, Business, Tax 2020 marks the 20th anniversary of the implementation of the Goods and Services Tax, or GST as it is more commonly known. GST is a 10% tax applied to most goods and services (as the name suggests) and whilst it…

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Australian small businesses using Macs have the same financial tasks as those using PCs. But often it’s a challenge to find Mac accounting software that’s as feature rich as the Windows version. So, if you’re on the hunt for the best accounting software to run on your Mac, you’ll find you answer here. Hint: It’s…

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