Accounting
4 red flags that mean it’s time to switch accountants
January 12, 2022 | Accounting A lot of business owners are frustrated with their current accountant, yet they decide to continue being a client of theirs. Why? It has been proven that sometimes people prefer to accept poor quality of something they know, as opposed to going out in the realm of the unknown and…
A summary on the temporary loss carry-back rules
May 26, 2021 | Accounting Designed to provide temporary cashflow support to companies that were in a tax paying position but now have a tax loss due to COVID-19 or faster deductions under the new instant asset write-off and full expensing measures. Corporate tax entities with ‘aggregated turnover’ of up to $5 billion can choose…
How to achieve the best tax deduction for your home office expenses
March 19, 2021 | Accounting Employees who work from home may be entitled to claim a deduction for expenses in relation to their home office. These could include electricity, phone, internet, or depreciation on equipment. If you are running a business from home, there are separate rules and allowable deductions which we won’t be focussing…
An easy guide to QBCC annual reporting
March 3, 2021 | Accounting QBCC reintroduced annual reporting in January 2019 due to a number of high-profile insolvencies. QBCC wanted more oversight into the financial information of its licensees. Until recently most licensees had 31 December as their annual reporting date. QBCC has now started providing licensees with their new annual reporting dates which…
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 2021, but where will…
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 strategy to hold assets in an entity…
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 investment structures do not. What are the benefits of…
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 to suppliers as narrow as possible. A wide…
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 loss of opportunities to optimise your family trust’s 2020 tax…
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 was originally limited to assets purchased or…