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Our latest articles:

JobKeeper is open!
JobKeeper registrations are now open.
We have created an updated video which explains all the changes that have come through in the last few weeks since the JobKeeper payment was announced. This can be found below.
Our fee details…

Guest post: Depreciation on investment properties
We have a guest post from our friends over at Capital Claims Tax Depreciation.
How claiming for depreciation boosts cash flow
Right now cash flow is front of mind for so many landlords. With the economy hurting, maximising cash flow from…

Instant Asset Write Off explained
*UPDATE* (November 2020)
A new article goes over the updates to Instant Asset Write-Off over here.
*UPDATE* (June 2020)
$150K Instant Asset Write-Off has been extended until 30th December 2020.
Read Josh Frydenberg's media release…

5 tips for working remotely (productively)
In the current climate, many businesses are needing to make changes to accommodate staff working remotely. If you are able to work from home the ensuing changes to your work habits can be challenging to negotiate, however there are things you…

Covid-19 FAQ’s
We’ve had alot of questions about assistance for businesses affected by Covid-19, so we are starting to compile them.

2nd Stimulus Package
23/03/2020
2nd Coronavirus Stimulus Package
The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow…

Covid-19 assistance
A constantly updated blog article with Covid-19 assistance measures and support for businesses.

coronavirus-stimulus-package-explained
CORONAVIRUS STIMULUS PACKAGE: A VIDEO FROM SHAUN
Shaun Farrugia has put together a video to explain the Government’s proposed Coronavirus Stimulus Package for business owners.
Today I’m going to give you some information…

The Stimulus Package: What you need to know
12/03/2020
The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus.
The yet to be legislated four part package focuses on business investment, sustaining employers…

How to get your payroll right
A series of high-profile examples of businesses underpaying their employees has brought the need to get payroll right into sharp focus.
Complex award and enterprise agreements can complicate payroll obligations, in terms of both regular salary…

FBT hot spots
With the start of the Fringe Benefits Tax year looming on 1 April, businesses are being urged to review their Fringe Benefits Tax (FBT) position.
The ATO’s top FBT problem areas
Motor vehicle fringe benefits
Failing to report motor…

Surviving a crisis: Coronavirus and beyond
10/03/2020
Empty restaurants and retail stores were one of the first signs of the devastating impact the coronavirus on Australian businesses.
Within a few months, the virus, now called COVID-19, has gone from being a largely unknown…

Could you live without your mobile?
We love technology, but do you feel like you’re trapped to the constant pinging of your phone, busier than ever?
You’re not alone, with the trap of always being ‘on’ a curse of the modern day world.
A 2019 report from BankMyCell…

Tradies: how does your insurance measure up?
As a tradie, you are largely dependent on your physical ability to earn a living. So, what would happen if you fell ill or had an accident? Would you be able to continue your current lifestyle?
Most tradies work in a far more dangerous…

The ins and outs of SMSF property investing
With a property market recovery underway, most notably in Sydney and Melbourne, Australian investors are once again pursuing their love affair with property investing.
For many investors, a popular way to invest directly in residential…

CGT and the family home: expats and foreigners excluded from tax exemption
Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. We explore…

ATO targets lifestyle assets
The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts.
The review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20 financial…

Bushfire relief from the ATO
Ten million hectares, lives lost, wildlife on the brink, billions in lost revenue and clean-up costs. For many, returning life to normal is a long way off this summer.
Among all the generosity from Australians, celebrities and businesses,…

Getting your balance back
Early in the year makes for the perfect time to dust yourself off and recommit to your version of a balanced, healthy life.
Consider all aspects of your life
Before rushing ahead to create new goals and habits, take some time to consider…

Logbooks: what you need to do
Using your car for work purposes? We explain what what you need to record, what you can claim and for how long.
What to record in your logbook
Your logbook for each car that you wish to claim must contain:
when the logbook period…

Tax concessions: helping small businesses
Running a business keeps you pretty busy, so it’s easy to overlook the help that’s available. Many small businesses don’t realise the government offers a range of valuable concessions that can make a real difference to their annual tax…

Recognising your greatest asset – you!
Want to make 2020 your year? The year you reach great heights?
Key to reaching those dizzying heights is recognising that you are one of your greatest assets.
Being self-aware and knowing your worth is crucial to positioning yourself…

Taking philanthropy to the next level
Australians are generous when it comes to opening their wallet for a good cause. But you may have reached a point in life where you want to make a more substantial contribution with control over how your money is spent. You may also wish to…

The power of a mentor
Over the course of a lifetime we have people around us who support and guide us. Initially it’s our parents, then as we get older it extends to teachers and coaches. Even when we enter the workforce it can still be helpful to have the…

Optimising your Xmas break
Whether you’re glued to your desk most days or have honed the work/life balance, we all need to take a break at some point. The end of the year is a great time to reflect on your achievements and recharge. But while December is when…

5 things that will make or break your business this Christmas
The countdown to Christmas is now on and we’re in the midst of the headlong rush to get everything done and capitalise on any remaining opportunities before the Christmas lull.
Busy period or not, Christmas causes a period of dislocation…

Recognising the signs of potential insolvency
Australia’s economy is growing at a slower pace than many would like, with small businesses in some sectors doing it tough. Recognising the warning signs of potential insolvency is key to trading through difficult times.
Basically,…

Safe harbour for directors of struggling companies
Australia’s insolvent trading laws impose harsh penalties on directors of companies that trade where there are reasonable grounds to suspect that the company is insolvent.
Criminal and civil penalties can apply personally including…

5 key SMSF rules
The lure of greater control over your retirement savings with a self-managed super fund may be enticing but the freedom to chart your own destiny also comes with the responsibility to comply with the rules.
An SMSF is a private super…

Adding a user into your Xero file
With all new clients we ask to add us as a user into your Xero file.
To help navigate this process we've created some screenshots to help explain how to do this:
1. Click on your Organisation name in the top left hand side of…

Christmas is coming – avoid being stung by FBT
As the festive season fast approaches, it’s time to start thinking about and planning for the break. If possible, we want to avoid paying more tax in the form of FBT this Christmas time. Because really, who wants to pay an additional tax? (not us!) We’ll show you how.

Employee or contractor: what’s the difference?
With the rise of the gig economy, correctly working out whether you are hiring an employee or simply engaging an independent contractor has never been more important. Getting it wrong can be costly, as a recent court ruling shows.
A Perth…

Vacant land deduction changes
Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land.
The amendments are not only retrospective but go beyond purely vacant land.
Previously,…

Calculating Super Guarantee: The new rules
From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer.
Under current rules, some employers…

How the ATO is cracking down on bitcoin
After years of puzzling over how to deal with cryptocurrencies, the world’s governments – and their tax authorities – are finally getting serious about regulation. In an effort to crack down on tax evasion and other criminal activities,…

Data security: protecting your business
The recent Facebook scandal demonstrates how serious data security breaches can be, but they aren’t limited to large organisations. Is your business data secure?
Simply sending a file to the wrong person or leaving your phone in a taxi…

Productivity: Stop being so busy.
A smartphone buzzes in your pocket. Ten tabs sit stagnant in your browser. Unopened emails, newsfeeds and gifs all claw for your attention. This is the plague of distraction. And in our efforts to always be ‘on’ our actual productivity…

Xero expenses
If you have a Xero account for your business and you have staff that are constantly purchasing business related things without a company credit card, the app Xero Expenses is fantastic.
Instead of asking staff to keep their receipts, giving…

Selling a business? Don’t forget about tax
It can take many years and a lot of hard work to build a successful small business. When you finally decide it’s time to sell, tax is often the last thing on your mind. Yet it can have a big impact on how much of the sale price you get to…

Positives and negatives of gearing
Negatively gearing an investment property is viewed by many Australians as a tax effective way to get ahead.
According to Treasury, more than 1.9 million people earned rental income in 2012-13 and of those about 1.3 million reported a…

Super Guarantee Amnesty Resurrected
The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time however, the incentive of the amnesty is strengthened by…

5 signs of a well run business
Every small business owner wants their business to thrive, but it can be tough to keep the money coming in the door while staying on top of all the necessary paperwork.
One way to ensure success is to understand the behaviours that separate…

Spring clean your business
This time of year we all tend to do some spring cleaning, and not just at home. Now that we are in the new financial year, you may have some numbers on how things are going and can clear out some unnecessary expenses.
The secret to a…

Cashless society
Australia is hurtling towards being a cashless society at a startling rate, with some pointing out that if the current trend were to continue it could be as soon as 2022.i
Though most would agree it’s unlikely that cash will be completely…

Rental property expenses: what you can and can’t claim
It’s not uncommon for landlords to be confused about what they can and can’t claim for their rental properties.
In general, deductions can only be claimed if they were incurred in the period that you rented the property or during…

SMSF trustees being contacted by ATO
The investment strategies of Self Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about a lack of asset diversity.
The ATO is concerned that, “a lack of diversification…

The small biz tax gap
Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’.
These new figures give visibility to tax compliance issues within the small business sector…

ATO take ‘gloves off’ on overseas income
Five years ago, the Australian Taxation Office (ATO) offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that underreporting of foreign income is an issue but this time the gloves are off.
How…

What is 2 step authentication?
Over the last year or so, there have been more and more websites asking for us all to set up 2 step authentication, Xero included.
But what is it anyway, why do we need it, and how do I set it up with my Xero account?
Cyber security…

Travel for work – what can I claim?
This is a question that we get quite often. Everyone likes to hope that they can go overseas and claim it as a business expense. But can you?
The short answer is sometimes, yes. But often not the entire trip.
Firstly there needs to…

Weirdest tax deductions revealed
Would you claim the Lego you bought for your kids throughout the year as a tax deduction?
One taxpayer did and it made the Australian Taxation Office’s 2018-19 list of most unusual claims.
The Lego was not the only claim for money spent…

FBT and Uber style ride sharing
When an employee uses a taxi service for travel to or from work or if the employee is sick, it is generally exempt from Fringe Benefits Tax (FBT) under the FBT taxi travel exemption.
The question is, what about Uber and other ride sharing services,…

Confusion over personal income tax changes – what are you really entitled to?
In early July all three stages of the Government’s personal income tax plan passed through Parliament and are now law. The amendments to the legislation are as follows:
The income tax rate thresholds to be progressively increased in the…

Own an investment property?
Get ready for tax time
Tax time has arrived, and we have put together some practical information to help rental property owners prepare and lodge your tax return this year.
There are helpful resources available for rental property…

Sponsoring a charity bike ride
We are excited to share that we are a major sponsor for a charity bike ride coming up in October.
Some of our long time clients will be participating in this ride, and we are happy to support them!
The bike ride will go towards MND…

Important due dates
We have recently created a poster for our business clients to remember some very important Australian business due dates.
We created this for our business clients, but they have been so well received that we've decided all business owners…

1st July changes: what you need to know
As of 1st July 2019 there were some changes that came into affect. This includes:
Insurance inside Superannuation funds
We let you know the tax tip-offs from the ATO
Laundry expenses are going to be reviewed
Who owns the assets…

Tax from your couch 2019
Life is busy – we not only get it, but this year we are actually embracing it by making a way to do your tax without actually coming in.
This year we have introduced a new way of doing tax. From your couch. Yep you heard that right.
It's…

Business books: what are we reading right now?
Shaun has an entrepreneur mindset that is always seeking out information. Always looking for something better, self improvement, business improvement: more success all round. He encourages his team and clients to do the same, and we thought…

June tax tips
Throughout June we will be sharing some tax tips for businesses this coming tax time.
These will be short and sweet and we hope you will learn something for this upcoming tax season.
1. Working from home
If you don’t have a dedicated…