
Insights
News and discussion
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Super Death Benefit Nominations
December 4, 2023Superannuation is a significant asset, and planning for its distribution after one’s passing is crucial. A death benefit nomination serves as a vital tool in directing how superannuation death benefits should be allocated. -
Employment Termination Payments
November 30, 2023A brief summary of Employment Termination Payments and how it is taxed -
Tax Deductions for FIFO Workers
November 15, 2023Working in a Fly-In, Fly-Out (FIFO) job comes with its own set of challenges for not only your lifestyle but also your tax. Understanding the tax implications empowers you to optimise your tax position. In this article, we look at the typical deductions for FIFO workers. -
Wilson & Assoc Opens for business in Zetland
November 4, 2023Wilson & Assoc Opens for business in Zetland -
Main Residence Exemption
September 26, 2023If you are an Australian resident or, have met the eligibility criteria for foreign residents, you are exempt from paying tax on the profit made from selling your property. -
FAQs on Age Pension
July 13, 2023The Age Pension is a government-provided income support payment designed to assist older Australians who have reached the eligible age and met specific criteria. -
FAQ on Student Loans
July 13, 2023Student and Training Loans are government-provided financial assistance programs designed to help eligible students cover the costs of their higher education or vocational training. -
FAQ on Business Travel Expenses
July 11, 2023Learn how to maximise your tax deduction for business travel expenses while meeting all the ATO requirements. -
FAQ on Overnight Travel Expenses
July 11, 2023Learn how to maximise your tax deduction for your travel expenses. -
End of Financial Year Tips
May 15, 2023As year-end approaches, there is a small window for small businesses to get their finance in order, optimise their tax and plan for the next year. In this article, we take a closer look at five things you can do to get your finance and tax in top gear -
Federal Budget 2023-24 Snapshot
May 10, 2023• Surplus of $4.2 billion for current financial year •. Deficit of $13.9 billion expected in 2023-24 •. From 1 July 2026, employers will be required to pay superannuation on payday, rather than quarterly -
Federal Budget 2023 Breakdown
May 10, 2023High commodity prices and a strong labour market have delivered stronger revenues and enabled the Federal Government to post the first budget surplus in 15 years while also funding key programs and cost-of-living relief. Federal Treasurer Dr Jim Chalmers forecasts a surplus of $4.2 billion – or 0.2 per cent of GDP – in 2022-23, an improvement of $41.1 billion on last year’s October budget. -
Tax Deductions for Business Food & Drink
March 9, 2023Did you know that certain food and drink expenses can be considered business expenses and hence tax deductible? -
Are you STP 2-ready?
March 5, 2023Single-touch-payroll or STP is monthly online payroll submission directly from payroll software to replace annual manual payroll reporting. Phase 2 requires all businesses to start submitting payroll data by the 31st of March 2023. -
Working from Home? Did you know there are new rules for claiming tax deductions?
February 22, 2023For the 2022-23 financial year, the shortcut method will be discontinued. Only two methods are available to calculate these deductions: a revised fixed rate and the actual cost method. -
Self-Managed Superannuation Fund (SMSF) Part 2 – What you need to know
February 21, 2023Understand the aspects within having an SMSF such as contribution and rollovers, investing, paying benefits, and winding up. -
A Guide to Director Duties
February 21, 2023As a director, you hold significant responsibilities regarding the operation and management of the company. Here are several obligations you must fulfill as a director. -
Main residence exemption for foreign residents
November 2, 2022If you are a foreign resident, you may be entitled to the main residence exemption from capital gains tax (CGT) for property sold after 30 June 2020, if you satisfy the requirements of the life events test. -
CGT Discount for Foreign Residents
November 2, 2022If you are a foreign resident and you sold property after 30 June 2020, you may be entitled to the main residence exemption from CGT if they meet the criteria of the life events test. -
Changes to home office expenses
November 1, 2022There is an increased requirement for evidence to support your home office or work from home expenses claim. -
Capital Gains Withholding
October 30, 2022Capital gains withholding initially applied only to foreign residents for property transactions worth $2 million or more, when it came … -
Federal Budget 2022-23 Superannuation
October 26, 2022Federal Budget 2022-23 for business -
Federal Budget 2022-23 for Business
October 26, 2022Summary of he 2022-23 federal budget for business as delivered on 25 October 2022. -
Federal Budget 2022-23 Personal Tax
October 26, 2022Highlights of he 2022-23 federal budget for personal tax as delivered on 25 October 2022. -
Federal Budget 2022-23 Snapshot
October 26, 2022On Tuesday, 25 October 2022, Treasurer Jim Chalmers handed down the 2022-23 October Federal Budget. This second Budget for 2022-23 … -
Frequently Asked Questions on First Home Super Saver Scheme
October 24, 2022First Home Super Saver Scheme -
Frequently Asked Questions on Super Contribution Caps
October 24, 2022Common questions on super contribution caps. -
Frequently Asked Questions on Downsizer Contribution
October 24, 2022Frequently Asked Questions on Downsizer Contribution -
Changes to super from July 2022
October 24, 2022Stay abreast of changes to the down-sizer contribution, the work test, the bring-forward rule, the first home super saver scheme, and more. -
Frequently asked questions on bare trust or custody trust
October 8, 2022A bare trust or custody trust is a simplest form of trust in which the beneficiary has the absolute right to the trust's assets and income. It is commonly used to acquire a single asset for an SMSF in a limited recourse borrowing arrangement. -
Frequently Asked Questions on Fringe Benefits Tax
August 22, 2022A quick run down of the most frequently asked questions on Fringe Benefit Tax -
Accounting Health Check
August 19, 2022How to assess your accountant's performance and what to expect from a great accountant. -
Do I Need to Pay PAYG Tax and Super for Contractors
August 18, 2022Did you know you may be responsible to withhold PAYG tax and pay Super for subcontractors? The Australian Taxation Office …Do I Need to Pay PAYG Tax and Super for Contractors Read More »
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Self-Managed Superannuation Fund (SMSF) – An Introduction
June 29, 2022An introduction to understanding self-managed superannuation fund (SMSF) and how it allows you to take control of your retirement savings. -
Shared Equity Scheme
June 27, 2022Much welcoming news to the housing market that the Government has funded $780 million to help homeowners and buyers in specific categories under the Shared Equity Scheme -
Backpacker Tax Refund
May 11, 2022If you are a backpacker or travelling in Australia on a working holiday visa, you could be entitled to a tax refund! -
2022-23 Federal Budget
April 1, 2022On March 29th, 2022, Treasurer Josh Frydenberg announced the Federal Budget for 2022-23. Here are some key takeaways you should know. -
Basic Rules for Claiming Work Expenses
March 30, 2022The basic rules for claiming work expenses. -
Super Contribution Changes from 1 July 2022
March 24, 2022On the July 1st, 2022, various changes to superannuation contributions will come into effect. -
The Importance of Payroll
March 21, 2022Payroll is not just mere routine admin but one of the most important functions of business. -
5 significant values of having an External CFO
March 14, 2022Would you like financial leadership without the costs of a finance executive? Here is why an external CFO may be beneficial for you and your business. -
NSW Floods Financial Assistance | March 2022
March 10, 2022Have you been affected by the March 2022 storms and flooding? Here a list of financial assistance provided by the NSW Government that you may be eligible for. -
Disaster Recovery Small Business Grant
March 2, 2022Is your business affected by the storms and flooding the past few months? The NSW Government is providing a disaster recovery grant for small businesses and not-for-profit organisation. -
Temporary Full Expensing
February 25, 2022As a temporary COVID relief up to 30 June 2023, the ATO has allowed immediate expensing of asset in full cost in the first year. -
Starting a new business
February 2, 2022Starting a business is full of challenges and requires a lot of commitment. Here is a guide to help you get started. -
Understanding Cryptocurrency and its Tax Implications | Cryptocurrency Q&A
February 2, 2022Understanding Cryptocurrency and its tax implications during various processes. -
Can you get land tax exemption?
February 2, 2022Determine your eligibility to claim land tax exemptions and concessions depending on how you own or use your land. -
Types of trust and how it works
February 2, 2022Understanding the types of trusts to help you find a trust that suits you and your financial needs. -
Latest Changes to Small Business Fees and Charges Rebate
February 2, 2022NSW Government expands the small business fees and charges rebate to help businesses recover from impacts on COVID-19 -
2022 Government Support for Small Business
February 2, 2022NSW Government launches job-saver style support program for small business for 2022 -
Director ID
November 8, 2021All director's are now required to apply for a director ID. -
October 10 Update on Small Business Financial Support
October 28, 2021New changes to small business financial supports including JobSaver and Micro business grant payments and updates to the small business fees and charges rebate. -
October Update on COVID Support & subsidies
October 22, 2021New updates on COVID support and subsidies including reconfirmation of JobSaver eligibility, small business fees and charges rebate and many more. -
Work from home short-cut method extended
October 6, 2021The ATO has extended the short-cut method to the 2021-22 year. -
JobSaver August Update
August 10, 2021A new update for the JobSaver payment where a new comparison base can be used to apply. -
NSW COVID Grant Update – August
August 10, 20213 alternative decline calculation bases means you may qualify for the NSW COVID Grant -
JobSaver Update
July 26, 2021JobSaver payment is now open for application -
NSW Government COVID-19 Support Update
July 19, 2021Details of eligibility criteria and claim support -
NSW Government COVID-19 Grant for Business
July 15, 2021Get $7,500 if you have a 30% reduction in turnover, $10,500 for 50% reduction, and $15,000 for 70% or more. -
NSW Government COVID-19 Financial Support for Individuals
July 15, 2021COVID-19 Disaster Payment for individuation suffering loss of income from COVID-19 restriction at $600 per week for losing 20 hours or more, or $375 for losing 8 to 20 hours per week -
Credit Impairment – Differences between U.S. GAAP and IFRS
September 1, 2020The IASB and the FASB have each issued new guidance for impairment accounting. -
JobKeeper 2
September 1, 2020The Government has extended JobKeeper to 28 March 2021. Employers seeking to claim payments will need to reassess their eligibility and prove decline in turnover. -
Claim tax deductions for your car
June 23, 2020Know all about tax deductions for your car: what you can claim, how you can claim, and which works best for you. -
Home Office Deduction – the Actual Cost Method
April 8, 2020If you work from home you have 3 alternative methods to claim home office deductions: the shortcut rate method, the fixed rate method and the actual expense method. -
Home Office Deduction – the Fixed Rate Method
April 8, 2020If you work from home you can claim home office deductions at a fixed rate for running costs, and separately claim occupancy, phone and internet expenses. -
Home Office Deduction – Claim a higher deduction with the shortcut method
April 8, 2020The ATO has announced a simplified shortcut method for individual taxpayers to claim deductions for working from home as a result of to the Coronavirus shutdown. You can claim 80 cents per hour for the period from March 1 to June 30, 2020. -
NSW Government $10K COVID-19 Grants
April 3, 2020NSW small businesses may be eligible for $10K grants from the State Government to help cope with the COVID-19 shut-down. -
Childcare Relief Package
April 3, 2020The Government's 1.6 billion Childcare Relief will provide free child care to around one million families and provide support for 13,000 child care and early learning services. -
JobKeeper Payment
March 31, 2020The Government announced on the 30 March 2020 that they are providing a JobKeeper payment for eligible employers and their employees. -
Government Coronavirus Stimulus Package
March 26, 2020The key features of the Government’s Coronavirus Stimulus Package as announced on 24 March 2020 for individuals and businesses. -
6 tax questions when starting a business
February 14, 2020When starting a business you will need to look at the right structure, tax obligations and possible deductions, bookkeeping and compliance to tax laws. -
How to use the extended deadlines for tax returns?
July 21, 2018It is common practice to leave tax returns till extended due dates but completing your tax return and knowing your tax position early is advantageous in many ways. -
Share Sale vs Asset Sale
July 19, 2018Commercial, legal and tax considerations for a share sale versus an asset sale. -
5 considerations for choosing a business structure
July 19, 2018Before diving into the features of each business structure, it may be worthwhile to first consider the key factors …5 considerations for choosing a business structure Read More »
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The Pros & Cons of Key Business Structures
July 19, 2018In a separate blog, I outlined “5 factors to consider when choosing a business structure“. In this article, I want … -
Which is the right business structure for my business
November 3, 2015The most common business structures are: Sole trader Partnership Company Trust Regardless of the structure, all business entities must apply …Which is the right business structure for my business Read More »