Serving Sydney’s Inner West
Many small business owners invest not only financial resources in their business but also significant time, blood, sweat and tears not to mention emotional energy in building their business. When it comes time to sell, it’s good to know that tax concessions are available so that the capital gains you’ve worked hard to achieve aren’t all eaten up by tax. Continue reading “Small business and capital gains tax”
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”
Back when Bank Managers roamed bank branches, finance was far less complicated. (yes, it’s true, there were these people who you could meet IRL at the local bank!) You would have visited your bank branch to apply for your home loan or credit card or to open a new savings account. There wasn’t too much more to think about and often people banked with the same bank for their entire working life (I know, a crazy concept!). Now, we have to deal with student loans, “buy now pay later” options, whether we want tap and pay through our watch, should we have a credit card with a low rate or rewards points, how to get bonus interest on our savings every month and everything can be done online without ever talking to a person. And that’s before we even think about superannuation (don’t worry, I won’t go down that rabbit hole – I know we don’t have time!)
Last week we talked about young adults and tax. This week we take a look at finance and more specifically, debt and loans. Continue reading “What young adults need to know about debt”
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”
Today let’s talk about housework – working from the house that is, not cleaning the house!
Working from home has never been easier or more convenient – super fast broadband (for some!); reliable technology and long commutes mean that for many employees, it’s an attractive option. And with the rise of the gig economy and many choosing to go solo with the benefits of being your own boss, it’s super important to maximise your home office expenses and not fall on the wrong side of our friends at the Australian Taxation Office (ATO). Today, we will aim to do all that and leave you with more time to relax (who cares about the housework!). Continue reading “Housework & tax deductions”
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”
The new financial year has begun which means Single Touch Payroll (STP) is here for all employers. Have you implemented the new system? Or are you still hoping it will go away? Well the bad news if you’re in the latter category, is NO! The good news is that you still have time to comply with the new system which is now a legal requirement. Continue reading “Single touch payroll, it’s here!”
Most people assume that your home is exempt from capital gains tax (CGT) and as a general rule, if you own your home and you live in it, you are exempt. But did you know that there are situations where you can rent your home out and not be subject to capital gains tax? Sounds like a good deal? Well let’s delve into some CGT detail. Continue reading “Capital gains tax: does it apply to your home?”
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?”