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A guide to administering deceased estates

 

We all know Benjamin Franklin’s quote “In this world, nothing is certain except death and taxes.” But as only an accountant can be macabre enough to find amusing, tax continues after death – even once you’re dead, the Australian Taxation Office (ATO) still requires you to lodge a tax return! Ok, so clearly not the deceased person, but their legal representative (usually the Executor) must assume that responsibility.

I won’t go through the entire legal process of how an estate is administered – I’m an accountant not a lawyer after all. But from a tax point of view, there are a few specific requirements. Continue reading “A guide to administering deceased estates”

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Superannuation guarantee – the basics

Superannuation guarantee is legislated to increase from July 1, 2021 and last week the Treasurer announced a review into retirement incomes. Superannuation is on the economic agenda and the rate at which superannuation is paid could be changing in the future. It’s an important part of the Australian economy – it’s estimated that at June 2019, assets totalling $2.9 trillion were held in superannuation funds! So I thought it timely to go back and do a refresh of exactly what superannuation guarantee is, what your responsibilities are as an employer and what are your rights as an employee. Continue reading “Superannuation guarantee – the basics”

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A quick guide to navigating the GST

We’re in our 20th year of the Goods & Services Tax (GST) in Australia, so it’s only old timers like me who can remember the angst within the business community before it came into being! Largely, there have been very few changes to the system (helped I’m sure by any major changes needing to be approved by state governments) but I often get GST questions from people about to embark on their small business adventure. So, today is a refresher on some GST basics. Continue reading “A quick guide to navigating the GST”

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Personal Services Income – Are you affected?

This week I was asked a fairly straightforward question – I am a sole trader, operating with an ABN, can I claim travel to client premises? What’s the big deal you say, of course she can! But as is always the case with tax, the devil is in the detail. The other part of the email gave me some more facts. There is only one client, payment is made on an hourly rate and the travel involves a three hour round trip by car. Suddenly Personal Services Income (PSI) alarm bells were ringing and the answer becomes much more complex. Continue reading “Personal Services Income – Are you affected?”

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What are your new financial year resolutions?

I know I’m an accounting nerd, but surely I’m not the only one who loves the beginning of a new financial year? It’s time to draw a line in the sand, review what happened last year, but more importantly, focus on the endless possibilities that the future may bring.

How is your business going to grow in 2019/20? Are you going to leave it to chance or are you going to take control and focus on growing your business? Are you working harder than ever but don’t seem to have cash in the bank? Time to set your budget. And while you can start at any time of the year, it’s good to start with a whole new year in front of you! Continue reading “What are your new financial year resolutions?”

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All about cars (and tax!)

In my experience, people fall into one of two categories when it comes to cars. There’s me – I couldn’t care less what my car looks or performs like as long as it gets me to where I need to go. In a crisis, I’m able to check the oil and change a tyre, but other than that, I’m just not interested. At the other extreme are some people I know who drive very fancy (think expensive) cars, like to know exactly how it works and how it’s made and take pride in being able to change a tyre in under 3 minutes!

But, when it comes to cars and tax, we all follow the same rules. Today, we’re going through what tax deductions are available for motor vehicles as well as how you can claim eligible GST input tax credits. Continue reading “All about cars (and tax!)”

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Super Changes from 1 July. What does it mean for you?

There has been a lot of noise in the last couple of weeks about changes to superannuation that take affect from 1 July 2019. The changes arise due to some Productivity Commission recommendations. Their purpose is protect your retirement savings by limiting superannuation funds’ ability to charge fees and insurance on certain accounts. So, the big questions: does it apply to you? Will you lose out? and What do you need to do before 1 July? Continue reading “Super Changes from 1 July. What does it mean for you?”