Brisbane Business Accountant - EOFY tax tips

Last Minute 2016 EOY Tax Minimisation Tips

The end of another financial year is upon us! As a business owner, there are many obligations that you need to consider and action just before and just after 30 June. Some of these will help to minimise your tax. To help you remember…
Brisbane Business Accountant - tax changes 1 July 2106 and small business owners

Key tax changes for businesses from 1 July 2016

There are a number of key tax changes you need to be aware of as a business owner. These changes will apply from 1 July 2016, and include: Small Business Entity (SBE) threshold turnover increased to $10 million. This allows many more businesses…
Brisbane Business Accountant - John Oliver on financial advisors

John Oliver on Financial Advisors: how does Australia compare?

If you watch comedian John Oliver’s weekly HBO show ‘Last week tonight’ you will have seen him lambast the US retirement savings system, and particularly financial advisors. While his mentions of teacup pigs and stock-picking cats were…
Brisbane Business Accountant - Senior couple on beach indicating Super savings

How much Super is enough?

By Ian Chester-Master How much Super you'll need to enjoy your retirement is one of the burning questions for a lot of people. Unfortunately, in many cases, people leave it too late, when there’s not enough time for them to build their…
Brisbane Business Accountant - coffee and calculator

Is your trust at risk of paying 49% tax?

By Wally Djachenko The rules around distributing trust income have changed in recent years.  Even though the message has been consistent for a few years now, some trustees are still leaving themselves open to the risk of paying significant…
Brisbane Business Accountant - Saving tax and minimising GST

How to save tax and minimise GST before 30 June

By Wally Djachenko The opportunities for end of year tax planning are almost gone.  30 June is just around the corner, and once that day comes, unfortunately there’s little you can do but count your pennies and add up your receipts. As…
Brisbane Business Accountant - Tax Planning Strategies

Tax Planning Strategies

First, the difference between tax planning and tax avoidance Tax planning is the process of arranging your dealings in a way that minimises the tax you pay. It's perfectly legitimate, as expressed by the Australian Taxation Office (ATO) themselves. You…
Brisbane Business Accountant - Superstream Deadline 2016

2016 Super Deadline Approaching

The new way of processing Superannuation Payments is almost here. In its bid to streamline the processing of transaction for superannuation funds, the ATO has introduced SuperStream. The main aim of SuperStream is to ensure employer superannuation…
Brisbane Business Accountant - Fringe Benefits Tax (FBT) 2016

FBT 2016: 5 Things Every Business Should Know

How do I know if I need to pay FBT? What is exempt from FBT? And what to be aware of from 1 April 2016.     The FBT rate increases from 47% to 49% from 1 April 2016. Employers need to take this new rate into account with current or new salary…
Brisbane Business Accountant - Bonus Super

Bonus Super (Government Co-contribution)

Currently there are two (2) avenues for low income earners to get Bonus Super payments from the Government totalling up to $1000 per year. LOW INCOME SUPERANNUATION CONTRIBUTION (LISC)* The low income superannuation contribution is up…
Brisbane Business Accountant - lost money lost super

Lost Money?

Do you have lost money? Do you have multiple superannuation accounts, but not sure who they are with, or perhaps you worked for a short period of time but are unsure if you had a superannuation account with that employer? Do you vaguely…
Brisbane Business Accountant business coaching service

Should your Accountant be your Business Coach?

I met with clients this week who run a successful, growing business. It's growing modestly, but that's the way they like it. And they want to go national. They have their challenges, sure, but generally things are looking up. I visited their…
Brisbane Business accountant upcoming dates for SMEs

Upcoming Due Dates – Tax & Compliance Lodgements – May 15

As at 15 May 2015 – Selected Upcoming Due dates for Tax & Compliance Lodgements (not comprehensive – contact us if you have lodgements not shown here to double-check the due dates). 15 May 2015 2014 income tax returns - for all entities…
Brisbane Business Accountant - Bonus Super

SuperStream - Mandatory for Employers & Super Funds

If you are an employer, or the trustee of a Self-Managed Super Fund, you may be required to comply with the SuperStream standard by 1 July 2015. SuperStream will become mandatory for all employers making super contributions, and most self-managed…
Brisbane Business Accountant - are you efficient or effective?

Are you Effective or Efficient?

And what's the difference? Does it matter? Don't these words really mean the same thing? No they don't, and being mindful of the difference can dramatically improve your results in life, work, business, and finance. Let me quote this adage:…
Brisbane Business Accountant - people seeking financial advice

What's the Value of Advice?

Paying hard-earned dollars for a TV makes sense. Paying a surgeon to have your appendix removed makes sense. Paying to have your car serviced makes sense. But why would you pay for professional advice? Surely you can make your own decisions…
Brisbane Business Accountant - super fund and end of year

Super Fund End of Year Requirements

You should check the due date for your annual return with your accountant. Because of super fund processing issues, the need to have your fund’s accounts audited prior to lodgement, and the large number of funds we always end up processing…
Brisbane Business Accountant - Trusts and penalty tax

Trusts could pay Penalty Tax

Over recent years the compliance requirements for trusts have tightened considerably. Neglecting these requirements could mean paying more tax or penalties. Distributions determined by 30 June All trust distributions must now be documented…
Brisbane Business Accountant - tax and compliance help

Upcoming Due Dates – Tax & Compliance Lodgements – July 14

As at 14 July 2014 – Selected Upcoming Due dates for Tax & Compliance lodgements (not comprehensive – contact us if you have lodgements not shown here to double-check the due dates). 14 July 2014 Individual PAYG Summaries - Due date…
Brisbane Business Accountant - help with taxable payments

Taxable Payments Report Due Soon

Any business operating in the building and construction industry who may have paid contractors for building and construction services during the 2013-14 financial year may need to lodge the Taxable payments annual report by 21 July 2014. This…