The government has warned taxpayers to be wary of scams that commonly appear around tax time.
Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before and after 30 June. Some of these will help to minimise your tax. Others will reduce your exposure to an ATO tax audit. We have outlined these important end of financial year action points below to assist you.
Recently, the Minimum Wage Panel (“Panel”) has today handed down its ninth minimum wage decision which increased the National Minimum Wage, together with all Modern Award minimum rates of pay, by 3.5%.
It’s now one week after the Budget was released, and in hindsight there were very few changes that affect most Australians.
Apart from the promised phased personal income tax cuts and the “overhaul” of the R&D tax incentive, the 2018 Federal Budget did not contain many measures that resembled significant tax reform.
There are new mandatory salary and super reporting requirements commencing 1 July 2018.
Single Touch Payroll (STP) is a government initiative that will change the way you report on your payroll to the ATO from 1 July 2018.
On 31 March 2018, the Fringe Benefits Tax (FBT) year ends. With the ever increase budget deficits, the ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount.
To help you meet your fringe benefits obligations, we’ve put together a list of essentials every employer needs to know about FBT and review every year, such as:
Protecting your business and your data in today’s online world is one of the most important things you can do.
Here’s our top 5 tips to help you and your business.
Welcome to 2018! There are 2 big changes in 2018 that may affect you and your business. Without wanting to panic you, big fines may apply if your business (and your employees) don’t abide by these new laws.
What's holding you back from taking control of your financial future? Discover the five mind tricks that can stop you from achieving financial success and what you can do to avoid them.
How can you make your business worth a larger amount when you want to sell it? Before we answer this question, remember: your business will only be worth what someone else is willing to pay for it.
What is the best way to provide children with financial assistance? Most parents think they are being kind when they gift money to children, but is that the best course of action? In our latest read below we look into two examples, and three tips to being smart, not sad parents.
Why do you own a business? It's interesting to consider this question because we are shocked at how many business owners haven't taken the time to consider this fundamental question...
Everyone wants a great tax refund (or the lowest tax to pay). We're here to help you claim every last dollar you can, by working for you, not Mr Taxman. Here are 4 key essentials to get you started.
After helping thousands of clients over the past 26 years, there's 3 key things I believe you will incredibly benefit from doing in the next month.
Happy new financial year! We hope last year’s was financially prosperous and here’s to another exciting year ahead.
However, as it is the new financial year, it’s time to ensure that you’re paying up to the correct award rates.
Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before and after 30 June. Some of these will help to minimise your tax. We have outlined these action points below to assist you.
We at Change Accountants are here to help you make smart financial decisions now so you can have a beautiful financial future. One way we do that is through careful tax planning! If you haven’t met with us yet, now is the time to contact us to arrange a tax planning meeting, so we can help you limit your tax payments, and grow your wealth.
From 1 July 2017, a new tax measure will come into play for small businesses, and we're here to help prepare you for this tax change.
Major changes to tax and superannuation have just been approved by the Government in early December 2016. These are the biggest changes in the last 10 years. They are significant.
Is your accountant ticking all the boxes and adding value to your business? Here's our promised final 5 out of 10 tips to getting the most out of your accountant while managing the cost of their service.
After eleven months of campaigning, the US has now voted and elected it’s 45th President, Donald Trump.
Family wealth can take a lifetime to accrue, but can also disappear in an instant through poorly considered generosity.
The Australian Tax Office (ATO) have released new tax tables that will take effect next week – whether you pay wages or receive a regular wage, here are some tips to get you ready for the changes.
The best accountants add value to your business, all for an affordable cost that you can control.
Do you run a business with employees? If yes, then we can guide you to take care of your Human Resources (HR) the EASY way.
Many aren’t aware that they can claim home office expenses. Whether your self-employed, a business owner or an employee - do you perform some of your work from home? If you do, here is a quick summary of the tax rules, and what home office expenses are allowed.
Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before and just after 30 June. Some of these will help to minimise your tax. We have outlined these action points below to assist you.
On Tuesday, 3 May 2016, the Federal Treasurer, Scott Morrison, revealed his first Federal Budget. The Budget announcements include some major superannuation tax changes, and other measures which impact individual income tax, small businesses, and corporate taxation.
Let tax planning be more than just getting a bigger refund. It’s the last quarter of the financial year. It’s the best time to review your profits, estimate your tax bill and determine what you can do to get your tax bill as low as possible (or your refund as high as possible).
How do I know if I need to pay FBT? What is exempt from FBT? And what to be aware of come 1 April 2016.
The new way of processing Superannuation Payments is almost here. Are you ready?
What if we could tell you there's a way to boost your superannuation earnings that reduces the amount of tax you have to pay on your contributions at the same time, would you be interested?
The holiday season is only a week away. What are you looking forward to doing then?
Fun and festivities with family & friends? “Yes please”, I hear you say.
Frustrating form-filling for FBT? “NO WAY”, you say (shhh, I can hear you from here!!)
Are you aware that if any of your children have a failed relationship, their share of your family wealth could end up going to another family?
To make things easier and faster for you, Change Accountants is now using an eSigning system which allows you to electronically sign documents received from our office.
Are you making the most of technology in your business?
What steps do you need to take to grow your business sale value? Business owners are always great at what they do. They know their business inside and out. But what happens when it’s time to sell your business?
What’s the best way to avoid disappointment at tax time? Start planning NOW to maximise your tax refund next year!
Would you like a holiday just from using a home loan with a LOW interest rate? If yes – then read on!
Change Accountants is thrilled that we have just won the 2015 Xero Accounting Partner of the Year award at the annual Xerocon event in Melbourne, Australia. Xerocon is the biggest accounting conference in Australia. Woohoo!
What’s your strategy to keep cash flowing through your business? Give yourself some security by preparing a Cash Flow Forecast for your business.
What do you need to remember, and what are year-end obligations?
As a business owner, there are many obligations that you need to consider and action over the next few weeks. Some of these will help to minimise your tax. We have outlined these action points below to assist you.
1.8 million Australian employees are set to receive a 2.5% pay increase.
From 1 July 2015, the minimum wages in Australia are set to rise by $16 a week. It has been ruled that all Modern Award minimum wage rates and the National Minimum Wage will increase by 2.5%...
There has been a recent surge in reports of scammers trying to force their victims to pay fake tax debts over the phone.
Last week we heard the Treasurer Joe Hockey deliver his second Federal budget, with some key surprises in it, especially for small business.
Apart from the usual general tax planning strategies (eg. incur business expenses prior to 30 June to claim a tax deduction this financial year), there are only 2 main ways to reduce your tax:
Establish a Self-Managed Super Fund (SMSF) - How to make it your family's wealth VAULT and legally pay NIL tax
Everyone is talking about SMSF's these days. Recent changes to the laws for operating SMSF's have in our opinion made them an option that every one of our client's needs to consider.
Very simply, a SMSF is a super fund that you fully control. You make all the investment choices - including shares, managed funds, property, and cash. SMSF's can now borrow from a bank to purchase investment properties.
There are five key things that all business owners MUST consider RIGHT NOW. Three of them are brilliant wealth creation ideas. Please read on!
In your lifetime you will encounter many, many expenses. Doctors and dentists, cars and houses, repairs and replacements but there are two expenses that dwarf them all.
If you were to watch the news recently (by recently I mean in the last 2 decades) you would think that Australia maybe about to lose its ‘Lucky Country’ tag. However research released by Credit Suisse Research Institute has Australia fairing very well in the wealth rankings.
At the weekend David Murray handed down his ‘Financial Systems Inquiry Report’, which included 44 recommendations, one of which was the prohibition on direct borrowing by superannuation funds.
Let the Change team show you how to save tax on your home loan (and get the BEST interest rate)
Several things cause fluctuation in the dollar however, historically the Aussie dollar has been most closely tied to three major factors:
1. Commodity Prices
2. Foreign currencies (in particular China and the US)
3. Interest rates
That’s what they say on the news anyway, but HOW do these things affect the dollar and what actually causes it to move?
There’s a lot of hype at the moment as the legislative calendar gets into full swing in the Senate. Recently the government successfully repealed the Mining Tax, which has come with a series of concessions.
Do you enjoy a good bottle of wine? How about that unmistakeable new car smell, holidays or eating out? Of course you do! We do too. In this article we’ll go through what you have to do to buy a home and still ENJOY all that life has to offer.
As the end of the financial year races towards us, we just wanted to give you a quick review of how the market has performed over the last quarter. We look at which sector had gains and which sectors weren’t so great.
1.5 million Australian employees will receive a 3% pay bump. The Fair Work commission has recently announced an increase of 3% to the minimum wage. In real terms this increases the minimum wage from $622.20 per week to $640.90 per week.
We all do it, we make irrational decisions based on emotion. So how can we protect ourselves from, well, ourselves?
What is SuperStream?
SuperStream is a new Government reform to simplify the superannuation system and make the payment and reporting of super contributions more efficient. Under the SuperStream reform super contributions MUST be made electronically and pass through the SuperStream Network.
New credit rating regulations find out who’s been naughty and who’s been good...
Next month, missing a credit card repayment will mean more than a ‘slap on the wrist’ letter in the mail and a possible fine. You’ll also leave yourself open to a nasty black mark on your personal credit rating.
This is general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this document, you should assess your own circumstances or seek advice from your financial adviser and seek tax advice from your accountants at Change Accountants & Advisors. Information is current at the date of issue and may change.
Change Accountants & AdvIsors Pty Ltd does not give any warranty as to the accuracy, reliability or completeness of information which is contained in this website. Except insofar as any liability under statute cannot be excluded, Change Accountants & Advisors Pty Ltd and its employees do not accept any liability for any error or omission on this website or for any resulting loss or damage suffered by the recipient or any other person.