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25.01.2022 I am often asked this question.. please read on

25.01.2022 The RBA board met today and they have left the cash rate unchanged at 2.5%

23.01.2022 The very reason my business exists!

21.01.2022 Are you a contractor using an ABN.. Have a look at the Australian Taxation Office page today for more information as you may be deemed an employee by the ATO

21.01.2022 A simple yet effective profitability benchmark is your average dollar sale, which is always easy to calculate just divide your total sales by the number of tr...ansactions. Calculate this now and compare it with the average dollar sale from a year ago. Set yourself a target to increase this by 10 percent in a year’s time it’ll do wonders for your profitability! For this, and more, see our blog. See more

19.01.2022 Be wary of emails and phone calls from the ATO.. if you're not sure of their authenticity then please call our office

19.01.2022 Great reference for further information on the Budget

19.01.2022 The Budget will be released tomorrow night. Hold onto your seats for a ride!! Watch this page for updates.

18.01.2022 Budget Summary: * Temporary Deficit Tax of 2% announced for those on taxable incomes greater than $180,000 for 3 years from 1/7/14. * Retirement Age has been raised to 70 * Company tax rate to be cut to 28.5% from 1/7/15 * FBT rate to increase to 49% from 1/4/15... * No changes to personal tax rates but confirmed last year's budget announcement that the Medicare levy will increase to 2% from 1/7/14. * Substantial changes to Family Tax Benefits * Most dependant offsets to be abolished * Mature age worker offset to be abolished from 1/7/14 * Super G'tee rate to be increased to 9.5% from 1/7/14 For more information, please have a look at the Australian Taxation Office See more

18.01.2022 SG RATE... CLARITY AT LAST! For those of you that handle client payroll and Superannuation Guarantee (SG), Tuesday night’s Federal Budget provided some much-needed clarity on the SG rate that will apply from 1 July 2014. The SG rate will increase to 9.5% on amounts earned from 1 July 2014. The Government had planned to pause the rate at the current 9.25%; however this plan has been scrapped. The new 9.5% rate will continue to apply until 30 June 2018, after which it will increase to 10% and then incrementally to 12% by 1 July 2022 as follows:

15.01.2022 Tax Lodgment Due Date for 2013 tax year is 15th May. However don't fret - the ATO has extended this deadline to 5th June so there's still time to get your tax work to me.

14.01.2022 Newsflash: The RBA met today for the fourth time this year and as expected has kept the cash rate on hold at 2.5%

14.01.2022 I have a question from Ruth: Hi Liz. We are in the process of buying an investment property and have so far incurred various lending costs. Can you please tell me which costs are classed as tax deductible in your tax return and which are classed as cost base expenses for the purposes of calculation of capital gains tax at the time of sale of property? Are you able to provide a list of the cost base items which will need to be listed separately in our accounts? Also, if a ba...nk guarantee is used as collateral for the deposit (backed up by cash in a term deposit) how are the fees for the BG and the interest earned from the term deposit handled re tax deductions or cost base? Hope I have explained all that properly! Thanks Basically the answer is not easy! As nothing is when it comes to Tax Law in Australia! The ATO has quite a wealth of information on their website which can be accessed at http://www.ato.gov.au//Investmen/Rental-property-expenses/ Unfortunately most of the costs associated with purchasing or disposing of a property are considered capital in nature & therefore not deductible. These include solicitor's costs and Stamp Duty. However whilst some expenses may not be claimed up front they can be claimed over a 5 year period & these are called "Borrowing Expenses". These include Stamp Duty on Mortgage, Loan Establishment fees, Mortgage Broker Fees, Lender's Mortgage Insurance. With regards to the bank fees on the Bank Guarantee these would be considered Borrowing Costs whereas the interest earned on the Term Deposit should be taken up in your tax return as interest income. I hope I've been able to answer your questions & I do recommend you read the ATO's website.

11.01.2022 Phew - now that the BAS is out of the way.. it's time for those of you who haven't submitted your 2013 Income Tax Returns to get it sorted. Did you know that if you use the services of a TAX AGENT you get an extension to lodge your return until mid May of the following year? Please call/email or facebook us if we can help you with your tax... no question too small!

08.01.2022 Have you heard about the new ATO app that allows you to track your tax deductions? It looks like a great way to keep records of your donations, purchases of work related items, travel records etc. At the end of the year you can then share this with me to prepare your tax return. Check it out here

07.01.2022 Attention Small Business Owners!!! The ATO has released their app for access to Small Business Assist. With access to PAYG Wht calculators and access to search various topics this could well be worth while downloading.

06.01.2022 Reserve Bank announced interest rates are to stay on hold - good news!

06.01.2022 With the end of the financial year quickly approaching it's a great time to check your super contributions... make sure you haven't exceeded your caps and if you haven't, make any additional contributions if possible to reach your cap

03.01.2022 Don't forget peoples

02.01.2022 Small businesses: Save time by getting your BAS right the first time. Find tips on completing each section of your BAS at https://www.ato.gov.au//Preparing-your-Business-activity//

01.01.2022 Continuing on our Super theme of yesterday, have you considered salary sacrificing into super? You've probably heard this term before but what does it mean? Basically it refers to your employer redirecting some of your pay on a regular basis directly to your super fund before tax is calculated. When these funds are received into the Super Fund they are taxed at 15% so if your marginal tax rate is 30% or more, you're saving 15% in tax on this sacrificed amount. If you put in as little as $20 a week, you could boost your super by $94,500 over40 years (assuming you're 25 now ) or $29,000 over 20 years (assuming you're 45 now) & that's not even taking into consideration the tax savings each year. If you want to work out your personal scenario & what if on salary sacrificing, give me a call today!