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Tax and superannuation reporting obligations have just gotten easier and digital! What does this really mean, one might ask? On 28th December 2014 the Minister for Small Business, Bruce Billson MP, and the Assistant Treasurer, Josh Frydenberg MP announced the introduction of a ‘Single Touch Payroll’ system. Under this new interactive tool, accounting software willRead more

If you operate your own business, then now is the time to start planning for your tax bill! Not in June when all the “tax time” sales are on. Below is a list of five generic tax planning tips that, if implemented before 30 June, may help to reduce your business tax bill. Income DeferralRead more

There has been a lot of long overdue talk recently about the Australian Tax System. Tax reform is back on the agenda, the government has issued its Discussion Paper which states the obvious, we need to fix the tax system but it doesn’t go any further in making suggestions on how this should happen. TheRead more

At the risk of being unpopular, I think Tony Abbott might be a genius. Not a Nobel Prize winning scientist type genius, more like a chess champion that lulls you into a sense that he has no strong game plan only to win at the end type genius. I first thought it when he heldRead more

Are you a trustee of a self managed superannuation fund (SMSF)? Do you have a knack of investing in paintings by unknown artists, who later become famous like Monet or Pro Hart?  Do you know a thing or two about wines or spirits, which in coming years will appreciate in value, such as a Grange Hermitage?Read more

Australia has recently signed a joint declaration with Switzerland to increase cooperation between the two countries to build closer ties and tackle tax evasion. The declaration is another step towards greater tax transparency and supports the ATO’s push for all jurisdictions to receive the right amount of tax. Under the declaration, Australia and Switzerland haveRead more

As the 2014/2015 financial year end fast approaches it’s time to begin planning so you’re able to maximise your possible tax refund. Reviewing the nine months that have passed is a great place to begin and plan for your visit to your accountant to complete your tax return. The end of the Financial year canRead more

Most people understand the benefits of a negatively geared rental property or financial investment. An asset is usually negatively geared because the interest on the loan to finance the initial purchase, along with depreciation and holding costs, is greater than the income received. The investment loss allows taxpayers to reduce their taxable income by theRead more

Summary Receipt Bank is a great application to help record your expenses,with the ability to integrate with many accounting packages. How does it work? Easy.. Simply point your smart phone’s camera at the invoice, take the image and then upload. Receipt Bank extracts information from the document (supplier name, total amount payable, GST) and importsRead more

Future in the cloud – myob/xero, cloud accounting How many of our wonderful clients still own a typewriter? My guess would be that very few would have one and if they do its probably collecting dust in their shed and not much use to them. Now I’m not saying anything negative about typewriters, they wereRead more