Category: accounting

Important tax dates and obligations Q2 – FY 2023

Key tax & lodgement dates for the October to December quarter 2023 21 October July – September 2023 quarterly PAYG installment activity statement due for lodgement and payment. Only need to lodge if varying the amount. September 2023 monthly activity statements – final date for lodgement and payment. 28 October July – September 2023 quarterly […]

How much should you pay yourself?

Being the boss means you get to make all the big decisions about your business – including how much to pay yourself in wages, salary or drawings. As the owner, you might need to underpay yourself in the early stages of building your business, so you can reinvest the profits. But your time is valuable […]

Should you buy a building for your business?

Tired of paying rent for your commercial premises and considering buying a premises for your business? Owning a building works best if your business is well-established, you have money to invest, and you’re taking a long-term approach – it can take many years for this decision to pay for itself. The advantages of owning a […]

Important tax dates and obligations Q1 – FY 2023

Key tax & lodgement dates for the July to September quarter 2023 14 July Single Touch Payroll (STP) finalisation due Payers must issue PAYG withholding payment summaries to payees (that is, employees and other workers) for payments not reported through STP 21 July June 2023 quarterly PAYG instalment activity statement due for lodgment and payment. […]

Navigating Higher Interest Rates and Rising Costs: Effective Strategies for Managing Spending

In recent times, we have witnessed a significant shift in the financial landscape, marked by rising interest rates and an increase in the cost of living. In this article, we aim to provide you with effective strategies to navigate this changing environment and make the most of your hard-earned money. Review and Adjust Your Budget: […]

Concerned about Retirement? You’re not alone

Recent research* reveals a concerning trend in retirement confidence. When it comes to retirement, the outlook is a little bleak. The research highlights Australians’ confidence in the quality of their life after work is ebbing away. We expect to have less saved More of us think we’ll have a financially difficult retirement We’re less confident […]

Super – How am I tracking?

The whole point of superannuation is to help Australian workers build the savings we need to look after ourselves in retirement. But one of the most commonly asked questions new clients ask our financial planners is “How am I tracking?” Well the answer really depends on your retirement goals. According to the latest “retirees costs […]

Tax tips for self-managed superannuation funds 2023

Having a self-managed superannuation fund (SMSF) gives you control and flexibility over how you make investments and prepare for retirement. It’s important to get your deductions and record keeping correct for the SMSF audit process and the tax return, as there are strict laws governing SMSFs. An SMSF must be set up as a trust […]

Tax Tips for small business 2023

Common Tax Deductions for Small Business Are you claiming all the business tax deductions that you are entitled to? There are many expenses common to most small business, and there are other expenses that are specific to the nature of each industry and the goods or services that your business provides. Operating expenses include accounting, […]

Tax Tips for Property Investors 2023

If you have income from investment properties, now is the time to start gathering your records and reviewing your expenses for the 2023 financial year. Income to Declare All income earned from each property must be declared. If you have multiple properties, keep the records for each property separate to make the tax return more […]

Temporary full expensing is due to end soon – your tax deduction guide 2023

With the temporary full expensing (TFE) incentive due to end on 30 June 2023, the federal government has announced the reintroduction of the small business instant asset write-off. Businesses with an aggregated turnover of less than $5 billion The TFE rules provide for a full deduction to businesses for the cost of eligible depreciating assets […]

Tax Tips for Individuals 2023

Although your tax return is not due for a few months yet, the end of the financial year is near. Get ahead now by preparing all the documents required for your 2023 tax return so you can get your tax done quickly and get any refund due to you in your bank! Income The Australian […]

2023 Federal Budget

As expected, Labor’s second Budget was filled with measures aimed at easing the cost of living over the coming years, addressing the challenges of a slowing economy, and bolstering the healthcare system. There were a number of changes to superannuation, taxation, social security, aged care, housing and other measures that may be of interest to […]

Important tax dates and obligations Q4 – FY 2023

Key tax & lodgement dates for the April to July quarter 2023 21 April Lodge and pay March 2023 monthly business activity statement. 28 April Pay quarter 3, 2022–23 instalment notice 15 May Lodge 2022 tax returns for all entities that did not have to lodge earlier 21 May Lodge and pay April monthly business […]

Frequently asked questions about super

If the ins and outs of superannuation leave you confused, the answers to these frequently asked questions will help you understand the basics. How much do I need to retire? According to the Association of Superannuation Funds of Australia (ASFA), a couple requires savings of $640,000 if they wish to enjoy a ‘comfortable’ lifestyle in […]