Strategic planning – why even small business should care
Clients on occasion tell us that business planning is for ‘big business’ and they are best off ‘just getting on with it’. Whilst we agree there is no substitute for action, even small businesses can benefit greatly from ‘working on their business rather than in it’ for even just a moment. Why? Poor strategic management […]
Earned an income from the sharing economy?
It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return. Since 1 July 2023, the platforms delivering ride-sourcing, taxi travel, and short-term accommodation (under 90 days), have been required to report transactions made through their platform to the ATO under the sharing economy […]
Should you be the ‘bank of Mum & Dad’?
The great wealth transfer from the baby boomer generation has begun and home ownership is the catalyst. The average price of a home in NSW is $1,184,500, the highest in the country. Canberra is next at $948,500, followed by Victoria at $895,000, with the Northern Territory the lowest at $489,2001. With the target cash rate […]
Astounding Compounding
As we continue to see some more attractive interest rates being offered on bank deposits, I often get the question of – “why should I take more risk and invest, when I can get 5% in a term deposit?” It’s a good question, and we would always advocate for only taking the amount of risk […]
Company money crackdown
The ATO is cracking down on business owners who take money or use company resources for themselves. It’s common for business owners to utilise company resources for their personal use. The business is often such a part of their life that the line distinguishing ‘the business’ from their life can be blurred. While there are […]
What’s ahead for 2024-25?
Will 2024-25 be another year of volatility or a return to stability? Personal tax & super As you would be aware (at least we hope so after a $40m public education campaign), the personal income tax cuts came into effect on 1 July 2024. At the same time, the superannuation guarantee (SG) rate increased by […]
The changes to how tax practitioners work with clients
The Government has amended the legislation guiding registered tax practitioners to include compulsory reporting of material uncorrected errors to the Tax Commissioner. The Government has legislated a series of changes to the Tax Agents Services Act 2009 that place additional requirements on registered tax practitioners and how they interact with clients. The reforms are in response to […]