With the new financial year is upon us, now is the time to use our tax planning guide to  reduce the amount of tax you will pay. Looking at all the options available, you can decide on the appropriate actions to take before 30 June 2022. For 2022, key tax planning priorities are likely to include: […]

Temporary immediate full expensing of assets means businesses can immediately deduct the purchase cost of eligible new and second-hand* assets. Is your business eligible to immediately deduct assets? Businesses that are eligible need to have an aggregated turnover of less than $5 billion. For businesses with an aggregated turnover of less than $50 million, temporary […]

There are some excellent tax benefits from superannuation contributions – you can take advantage of these by making your own voluntary superannuation contributions. We want you to take advantage of all opportunities available to you to help minimise the amount of tax you have to pay. Tax benefits from Superannuation Contributions Money invested in super […]

Do you have a Discretionary Trust? (also known as a Family Trust) Yes – well, you need to complete your trust distribution resolutions before 30 June. Failure to do so could see you paying extra tax of up to 47% of Trust profits. How can this happen? If a Trustee of a Trust fails to […]

A bucket company can help you save tax. Set up as a beneficiary to a trust, the term ‘bucket’ is used because the company sits below your trust and is used to pour money into to reduce tax. This allows you to cap your tax payable at a corporate tax rate. We want you to […]

Business owners can prepay business expenses making prepayments (up to 12 months) on expenses (e.g. loan interest, rent, subscriptions) BEFORE 30 June 2022 and obtain a full tax deduction in the 2022 financial year. Small Business Entity Concessions Small businesses can access a range of concessions including payment and reporting options. This applies to sole […]

Employers can have problems identifying whether a worker is an independent contractor or if they’re actually an employee for tax and superannuation purposes. Two landmark cases in the High Court last month have shone a light on how determinations are made specifically in relation to the totality of relationships. Many business owners assume that if […]

The Federal Budget 2022 is seen to be a safe, ballot box friendly Budget.  As expected, there is a focus on jobs, cost of living, home ownership and health, but there are many other highlights. Key highlights include: LMITO increased The Low and Middle Income Tax Offset has been increased for 2021-2022 by $420. Fuel […]

Cost of Sales (also referred to as cost of goods sold [COGS]) is a very important financial performance metric, as it tracks your ability to manufacture/deliver goods and services at a reasonable cost. As your Cost of Sales represents the direct costs related to the manufacturing of goods/services that are sold to your customers, what […]

The ATO has finalised its position on the allocation of profits from professional services firms – starting 1 July 2022. For some time, the ATO has been concerned about how professional services firms are structured – specifically, professional practices such as lawyers, accountants, medical practices, architects, engineers, etc., operating through trusts, companies and partnerships of […]

The ATO has updated guidance for trust distributions made to adult children, corporate beneficiaries and entities with losses. Depending on how arrangements are structured, there is potential for significant level of risk. Released in February 2022, the updated guidance directly targets how trusts distribute income. As a result of the ATO’s more aggressive approach, many […]

If you’re based in Queensland and affected by the recent flood disaster, the government has made available financial support packages and grants. Torrential rain and flood waters have impacted communities along the east coast from Maryborough in Queensland all the way to Grafton in NSW. Across south-east Queensland, at least 33 areas were inundated by […]

As challenging conditions brought on by the COVID-19 pandemic continue to put stress and strain on businesses, a growing number of business owners have sought advice and support from their professional advisors as well as their family/friends, colleagues and suppliers. The top 5 challenges facing businesses owners continue to be: Recruitment and labour shortages Supply […]

The federal government has recently announced a grant of up to $25,000 for small and medium food and beverage manufacturing businesses to assist with energy-saving projects. The aim of this grant is to assist businesses to improve energy efficiency practices and technologies and better manage energy consumption to reduce their power bills. They will be […]

Women in STEM and Entrepreneurship grants encourage participation of girls and women in science, technology, engineering and mathematics leading to STEM education and careers. This grant opportunity provides funding to grow and expand existing projects that support women and girls regardless of their background to build STEM skills and succeed in high growth employment areas. […]

Businesses struggling with the COVID-19 Omicron wave of the pandemic have been offered new financial support grants in NSW, SA and WA. These grants have just been announced by the three state governments and will be a very welcome cash injection for struggling small businesses. New South Wales The NSW government has announced a $1b […]

The beginning of the New Year is the perfect time to sit back and reflect on the year that has passed and get excited for the opportunities in the year ahead. Having clear goals set for yourself and your business provides a sense of DIRECTION, MOTIVATION and a clear FOCUS on what you are trying to […]

Every year, we are asked about the tax implications of various Christmas related gifts and activities. Here, we break down the top 4 Christmas tax questions. Staff gifts The key to Christmas presents for your team is to keep the gift spontaneous, ad hoc, and from a tax perspective, below $300 per person. $300 is […]

The 2021 Gold Coast Women in Business Awards was held on Friday 26 November. As a firm that specialises in accounting and advisory for business, Walsh Accountants relish the opportunity to sponsor the Gold Coast Women in Business awards as it gives us a unique opportunity to be introduced to so many inspirational and dedicated […]

Many people in Australia receive gifts or loans from relatives overseas. As a result, it is not uncommon for the ATO to scrutinise these transactions to ensure they are genuine and not undeclared taxable income or capital gains. If you are the recipient of a financial gift or loan from overseas, it is important that […]

On 1 November, applications for Director identification (ID) numbers opened. As part of its Digital Business Plan, the government announced the full implementation of the Modernising Business Registers (MBR) program with the Director ID the first step of the program. In the coming years ASIC & the ABR will come together to join one digital […]

Many business owners wonder what triggers an ATO audit and how businesses and individuals are selected from the millions of tax payers every year. Basically, the ATO will data match and look for anomalies (“red flags”). Government data matching has never been as sophisticated as it is today. This fast paced utilisation of technology provides […]

Queensland tourism and hospitality operators facing significant financial hardship as a result of COVID-19 travel restrictions may be eligible for the Hardship Grant. Grants of up to $100,000 are available for a range of eligible tourism and hospitality operators. The $80 million program will support these businesses to continue offering a viable product and be […]

Super stapling commenced on 1 November. If you are in business, you will need to adjust your process for on boarding new employees because you will play a key role in the Your Future, Your Super reforms. What is super stapling? A stapled super fund is an existing super account which is linked – or […]

For many years, Walsh Accountants have had a focus on supporting women entrepreneurship and the significant contribution women make to businesses. As such, in 2016 we made the decision to partner with and sponsor the Gold Coast Women in Business Awards. We love the way these awards celebrate the extraordinary achievements of women. The Gold […]

QLD COVID-19 financial support update Non-employing sole trader grant now available If you’re a non-employing sole trader that was financially impacted by a lockdown event, the Queensland government has made a $1000 financial support grant available to you. Applications are open now and will remain open until the 30 November 2021. For more information including eligibility […]

With COVID-19 impacting businesses across all industries, it may be time to consider if your team can work from home? If this is an option for you, it is essential that you implement procedures and policies that keep your team accountable to ensure continuity of your business Does your team have everything they need to […]

Update 16 August 2021 Applications for the $5000 COVID-19 Business Support Grants will open at 12pm (midday), 16 August 2021 The grants will be available to eligible small and medium businesses and large tourism and hospitality businesses across Queensland affected by the August 2021 COVID-19 lockdowns. For all the information, visit the Queensland Government grants […]

Update 28 July 2021 NSW’s COVID-19 lockdown will go for at least another four weeks, prompting the state and federal governments to announce more financial lifelines for businesses and individuals. Here’s what you need to know: As of next week, the COVID-19 Disaster Payment will be boosted from $600 to $700 each week if a person […]

Great news! The Queensland government has announced another grant available for Queensland businesses. The Business Boost grants program provides support to businesses to advance improvements in their efficiency and productivity. Your business may be eligible to receive a grant payment of up to $15,000 (excluding GST) to your proposed project. This support includes funded activities in 3 project areas: Future planning Specialised and automated software […]

The bring-forward measures and 6-member SMSF bill passes Parliament Bring forward measures – increase in age The bring-forward measures will amend the Income Tax Assessment Act 1997 to enable individuals aged 65 and 66 to make up to three years of non-concessional superannuation contributions under the bring-forward rule. Previously, members under age 65 at any time in […]

With the new financial year beginning, the Australian Taxation Office (ATO) has outlined the main areas on their watch list. They have advised that work-related expenses, rental deductions, and capital gains from cryptocurrency are its main focus areas this year. Work from home expenses The ATO is focusing on work related expenses after finding there […]

One of the most important estate planning decisions you will make is choosing who to appoint as your executor. In general terms, an executor is responsible for identifying, locating, managing and protecting assets and arranging payment of any debts and taxes before distributing the balance of the estate to the beneficiaries in accordance with your […]

A quick google of ‘productivity’ will lead you to an overwhelming avalanche of tips, tricks, hacks, and methods. But what really works? What methods are tried and tested? What could you implement to improve your day to create some more time? In celebration of World Productivity Day recently (20 June) we spoke to Walsh Accountants’ […]

If you are required to report to the QBCC, we encourage you to calculate your net tangible assets (NTA) before 30 June. Your NTA will determine your maximum revenue for the forthcoming year – ensure your NTA is adequate so you can trade at full capacity for the 2021-22 financial year. The minimum current ratio for […]

Self-managed superfunds (SMSFs) are popular.  Perhaps too popular with almost 600,000 SMSFs managing over $735 billion – more than 25% of Australia’s total retirement assets.  This popularity has irritated industry and retail funds with a steady stream of large member balances being transferred to SMSFs right when they were most profitable.  Members were advised and […]

With the new financial year just around the corner, it’s time to understand what will change and how this will affect you and your business. This year there are three changes that effect business and another four changes centred around Superannuation. Business Super guarantee rate increase to 10% On 1 July 2021, the Superannuation Guarantee […]

Walsh Accountants has been shortlisted as Finalists for the Australian Accounting Awards 2021 Scott Coghlan – Superannuation Specialist Accountant of the YearWalsh Accountants – Boutique Firm of the Year Accounting professionals have been at the forefront of the economic crisis, a time which saw unprecedented change and constant obstacles and challenges. The 2021 Australian Accounting […]

The Business Basics grants program provides support to businesses to increase core skills and adopt best practice. This support includes funded activities in 5 priorities: Professional business advice Business continuity and succession Training and coaching Website build or upgrades Strategic marketing services Business Basics Grant Program – Key Details Eligible business size:       Small […]

The Federal Treasurer, Mr Josh Frydenberg, handed down the 2021–22 Federal Budget on 11 May 2021. This was possibly the most anticipated budget in history as the government outlines its plans for economic recovery post-COVID. THE BIG NUMBER: Good news is Australia has experienced a stronger than expected economic recovery from the COVID-19 recession. This […]

Tax Planning is the epitome of creative accounting. It gives your Accountant the chance to look at your financial position and take advantage of numerous strategies and initiatives available to you to minimise the amount of tax you have to pay. 2021 is a particularly exciting year because there are multiple federal government budget announcements […]

The minimum percentage employers are required to pay is set to increase with the next increase to 10% due on 1 July, 2021. The scheduled increase of the super guarantee rate from 9.5% to 10% on 1 July 2021 is still yet to be officially confirmed by the Federal Government, with Australian Treasurer Josh Frydenberg […]

What does this mean for you? The Australian Government is lowering taxes for working Australians.  Changes to the tax rates were designed to back small and medium-sized businesses and support middle income earners. What has changed? Individual tax payer Lowering the 32.5 per cent rate to 30 per cent in 2024-25, increasing the reward for […]

The carry-forward rules allow you to make extra concessional contributions – above the general concessional contributions cap ($25,000 per year). An unused cap amount occurs when the concessional contributions made in a financial year were less than your annual concessional contributions cap. This carry-forward arrangement means you can contribute funds up to the unused concessional […]

As part of the 2020–21 Budget, the government announced that it will provide support to businesses and encourage new investment through a loss carry back regime. Eligible corporate entities that previously had an income tax liability in a relevant year and have subsequently made taxable losses can claim a refundable tax offset up to the […]

There are close to 40,000 Australian citizens and permanent residents registered with the Department of Foreign Affairs and Trade (DFAT) stranded overseas trying to return home to Australia. India and the UK have the most individuals registered to return home, followed by the US, the Philippines and Thailand. With so many expats heading back to […]

With JobKeeper coming to an end on 28 March 2021, businesses that qualified for phase three of the support scheme now face the reality of surviving without financial assistance. This can be a frightening reality for businesses that have not recovered to pre-COVID performance and have employees that rely upon them. Communicate with your Employees […]

With the goal of getting domestic travellers to offset the spending of international visitors, the $1.2b domestic travel stimulus package will offer 800,000 half-priced flights. Available from 1 April, the half-price flight program will initially operate to 13 key regions, including the Gold Coast, Cairns, the Whitsundays and Mackay region (Proserpine and Hamilton Island), the Sunshine […]

On the 11th March, Prime Minister Scott Morrison announced a $1.2 billion stimulus package to support the domestic tourism sector with Australian travellers offered half-price flights to travel interstate. As part of its targeted support announcement, the Morrison government also announced an extension to and expansion of, its SME Loan Guarantee Scheme. Open to recipients […]

On 8 March 2021, we would like to wish all the amazing women in our lives a Happy International Women’s Day! Today is a day for reflection, recognition, and celebration – and with such an amazing group of women within our team, we have a lot to celebrate! The theme for International Women’s Day 2021 is […]

Walsh is proud to support the Hummingbird House charity ride, an event which was recently held on Saturday 27 February. Hummingbird House is Queensland’s only children’s hospice, providing accommodation and care at the end of life for children with a life-limiting condition and their families. The charity ride was organised by the Gold Coast based […]

Identifying and embracing new ideas is a challenge for many businesses, especially those businesses who have not made this a key focus of their culture. This can be a major source of frustration for business leaders who realise that in order for the company to be as successful as it can be, it must be […]

One of the measures announced in the 2020-21 Budget was the temporary immediate expensing of depreciating assets. These rules allow businesses  with an immediate deduction of 100 per cent of the cost of eligible depreciating assets. When is the eligibility period? The rules apply from budget night 6 October 2020 and will run through until 30 June […]

From 1 July 2021 the Transfer Balance Cap* (TBC) will increase by $100,000 from $1.6M to $1.7M.  However, only members who have not yet commenced a pension will be eligible for the full increase with a new cap of $1.7M.  If you have an already established pension, you will receive a proportional increase based on the unused […]

As women in business we have a great ability to build communities and rally support of those around us. Communicating and collaborating is something we thrive at. And so it was interesting to read in the Financial Review this week an article indicating that female led or co-founded businesses are raising 25% more in equity […]

Many business owners become frustrated when their advisers don’t understand them or their business as well as they would expect. Whilst many business owner’s goals are similar, from an adviser’s perspective, there is such a wide variety of both long-term and short-term objectives that business owners have. Overlay these with the differences each business owner […]

In 2020, the Queensland government introduced a number of land tax relief measures in response to the impacts of COVID-19. These measures have been extended for the 2020-2021 assessment year. If you are a land owner, you may be eligible for one or more of the following land tax relief measures: a 3-month deferral of […]

We are proud to announce that Walsh Accountants have been named on the Australian Financial Review Top 100 Accounting Firms for 2020 for the third year, having made our debut in 2018. In a year which has brought considerable uncertainty for individuals and businesses, we remain keenly focused on the needs of our clients. Partnering with our […]

Thanks to a nomination from Walsh Accountant’s Robyne Dole, our client Amy Degenhart has recently been recognised as a Finalist in the Innovation and Technology category of the Gold Coast Women in Business Awards. This is the latest in a string of accolades Amy has collected in recognition of her pioneering micro-lot housing project ENVI […]

Baby Give Back is an amazing not for profit organisation based on the Gold Coast which helps families in crisis through the generous donations from the community. Our staff donations here at Walsh Accountants have contributed to making a positive impact on the lives of vulnerable babies, children and their families.  Having filled the car […]

The City of Gold Coast encourages local suppliers to register on the Gold Coast Supplier List. It’s entirely free for suppliers and, once successfully registered, your business profile will be badged as a Gold Coast Local Supplier and be visible to City of Gold Coast buyers and to others searching the Marketplace for suppliers in the area. […]

The HomeBuilder scheme provides a tax-free grant to those building a new home or renovating.  The Assistant Treasurer recently announced an extension of the HomeBuilder scheme from 1 January 2021 to 31 March 2021.  For all new build contracts signed between 1 January 2021 and 31 March 2021: eligible owner-occupier purchasers will receive a $15,000 […]

The Gold Coast Women in Business Awards were held on Friday 27 November at the Gold Coast Convention and Exhibition Centre. These Awards are a very powerful platform that celebrate the achievements of women and female leaders across the Gold Coast region.  Being an award category sponsor for the past five years, we at Walsh Accountants […]

One of our senior managers, Mark Wood-Collier, has recently taken networking to new heights. Mark was invited to participate in a novel networking event involving indoor sky diving. The activity was also attended by other daring Gold Coast based professionals and executives and the group thoroughly enjoyed getting outside of their comfort zones. Mark explains: […]

Mark Wood-Collier17 November 2020 Recently I was enjoying an al fresco breakfast with a friend in the Burleigh Laneways, our shorts still wet from our traditional post-run dip at Tallebudgera Beach. We eagerly awaited our food order, having burned over 1000 calories before breakfast. Fortunately, our coffee was rich and strong and our discussion was […]

With international travel grinding to a halt, and domestic travel severely restricted, the tourism industry has been suffering more than most.  The key objectives of the COVID-19 International Tourism Adaptation Grant program are to assist tourism businesses to: Pivot their product, service and/or marketing to a domestic tourism market Meet operating costs while the business […]

If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits. In the 2020-21 Federal Budget, the Government announced that businesses with a turnover under $5bn* will be able to offset any losses made between 2019-20 and 2021-22 against previously taxed profits between 2018-19 […]

This week Walsh Accountants supported the Perry Cross Spinal Research Foundation’s annual SIP Week challenge. We are very proud to support this worthy cause knowing every little bit raised helps fund ground-breaking research into finding a cure for paralysis here in Australia. We are so proud of our team who collectively contributed to raise $410.00 […]

Next week the Perry Cross Spinal Research Foundation is holding their annual SIP Week event to raise awareness and much needed funds for the continuation of ground-breaking research into finding a cure for paralysis here in Australia. In the spirit of the challenge, on Tuesday 3 November the Walsh Accountants team will be supporting SIP […]

Our Focus Advisory lead, Mark Wood-Collier, is an avid runner and a member of the Good Times Running Club (GTRC). As the name would suggest, the GTRC is a welcoming group with a social atmosphere. The club promotes a very supportive community for runners of all abilities to achieve their goals. The GTRC had their […]

Walsh Accountants Director Donna Bruce has committed to the Run for Autism campaign; raising funds for autism spectrum Australia Donna has been directly affected by Autism with her nephews Jordan and Hunter being diagnosed with the condition when they were 4 and 3 respectively. Donna says “I’m running for autism to help create a world […]

The 2020-21 Federal Budget incorporates the largest government spending package in over 60 years. As specialists in business and entrepreneurial support, we are excited by some of the measures that have been announced and the positive impact they can have on our clients businesses. We would like to draw your attention to what we believe […]

As announced by Queensland Treasurer Cameron Dick on 7 September 2020, the Queensland Office of State Revenue has released a new public ruling (Ruling) which introduces an administrative arrangement that provides an exemption from duty on certain small business restructures.   What are small business structures? Effectively, the exemption set out in the Public Ruling […]

Treasurer, Josh Frydenberg has delivered the Coalition Government’s Federal Budget 2020-21. Rather than focusing on bringing the budget back to surplus which has been the case in previous years, this year it is focused on rebooting the economy and creating jobs. Taxation JobMaker Hiring Credit Economy 2020/21 Federal Budget Highlights Taxation The Morrison Government will […]

The JobKeeper 2.0 legislation has passed Understand how to qualify via the updated Basic and Alternative Tests What doesn’t change with JobKeeper? Businesses already enrolled for JobKeeper before 28 September 2020 do not need to re-enrol for the extension.  They will need to continue to report monthly by the 14th day of each month. Businesses […]

You are in the process of buying a business – what should you look for? Every business is unique and Value is different to different people It is much better to spend your time, some money and energy now than either paying too much or buying a business that doesn’t meet your needs and expectations. […]

The Victorian Premier has announced a new business stimulus package including $3billion in cash grants and tax relief $1.1 billion in support of SME’s affected by coronavirus restrictions: Third round of Business Support fund grants which provides up to $20,000 for businesses with payroll under $10 million Grants of up to $30,000 for licenced venues […]

SMSF – Purchasing a property: What are my options? Download our guide today How to invest in property with Super An ever growing number of Australian’s are looking to get their super into the property market for capital growth and a secure income Walsh Accountants’ Head of SMSF – Scott Coghlan, has created a guide […]

Now more than ever, business operators should have a plan in place to manage during uncertain times. Even if your business is not directly impacted, it’s likely your customers, your supply chain, and your workforce will be to some extent. So, how do you plan for uncertainty when every assumption is subject to change? Now […]

If you are selling your business, merging, acquiring, or inviting in new investors, you need to understand the value of your business. To what degree does the pandemic impact on value? Should you discount or hold firm to pre COVID-19 performance on the basis that ‘we’re going to come out of it eventually’? Understand the […]

Written ten years after the worldwide bestseller Good to Great, Jim Collins returns with another groundbreaking work, this time to ask ‘Why do some companies thrive in uncertainty, even chaos, and others do not?’ Based on nine years of research, buttressed by rigorous analysis and infused with engaging stories, Collins and his colleague Morten Hansen […]

The author of ‘Goal-The Ball Doesn’t Go In By Chance’, Ferran Soriano was Vice-President of Barcelona Football Club. In his book Goal, he shows you how to lead a team in a high-pressure environment and explores how the choices people make in the heat of the moment can effect on the future of their business. […]

  The Coaching Habit – The change of behaviour at the heart of what this book is about is this: a little more asking people questions and a little less telling people what to do. To build an effective new habit, you need five essential components: a reason, a trigger, a micro-habit, effective practice, and […]

Celebrating success for our female Director Donna Bruce and also for the Walsh Team for making it into this year’s finalist for the Woman in Finance Awards. The Women in Finance Awards exhibits the industry’s most distinguished business woman recognising excellence across the entire financial services industry in Australia. We are so proud of the whole […]

On Friday 14th August 2020, the Treasurer released updated JobKeeper Rules in regards to a new test date for eligible employees from 3 August 2020 onwards. Under the original JobKeeper rules, an employee needed to have been employed by the entity as at 1 March 2020. The new rules allow that the relevant test date […]

On Thursday 6th August, our Business Development and Strategy Manager Mark Wood-Collier was given the opportunity to attend and speak at the Early Risers Breakfast which was held at the Southport Yacht Club. He discussed our Refresh, Reload, Relaunch planning, touching on the 4 key pillars in business – Strategy, Execution, People, and Cash COVID-19 […]

Morten Hansen’s book Great At Work is based around the deceptively simple question that continues to confound professionals in all sectors of the workforce. Now, after a unique, five-year study of more than 5,000 managers and employees, Morten Hansen reveals the answers in his “Seven Work Smarter Practices” that can be applied by anyone looking […]

Kevin N Lawrence a ‘Tell it how it is’  kind of guy that has helped hundreds of CEOs and Executives  become more stronger worldwide. In the past two decades he has tried an tested every leadership skill set known and has now discovered the best 17 ways to become more successful and resilient as a […]

The funding for the arts; Arts and Cultural Recovery Package includes a range of measures to strengthen the sector’s foundations for the future, drive new creative work, employ artists and arts workers, retain our skilled and talented creatives, and importantly, ensure the activation of our venues. $11.3m to assist in offsetting revenue losses and stabilise businesses […]

The government has announced $2 billion – to be augmented by another $500 million from the states – for a skills package to boost training and job creation. The JobTrainer skills package will  guarantee support for thousands of apprentices in jobs across the country by subsidising their wages to keep them employed and their training […]

On Tuesday the 21st July,  the government announced proposed changes to JobKeeper which will come into effect in September 2020. Rather than winding up the stimulus in September, it will now continue to be available to eligible businesses through to 28 March 2021, however it will be at a reduced payment rate. Eligibility: To continue […]

With both state and Federal governments announcing a range of stimulus packages over the last 4 months, businesses and individuals have been receiving a number of different income streams, which has led to a number of queries as to how these are treated from a tax perspective. COVID-19 Cash Flow Boost The Cash Flow Boost […]

Ben Horowitz, a leading venture capitalist and combines lessons both from history and from modern organizational practice with practical and often surprising advice to help business leaders build cultures that can weather both good and bad times. What I have taken away from this book is that culture is how a company makes decisions. It […]

A huge congratulations to Lou McGregor for the launch of Finding Yellow Co! Finding Yellow Co is a refined approach to the creative agency model and brings all of your brand, public relations and creative solutions in the one trusted, centralised space. Few industries have changed more in the past ten years than the creative […]

The ATO is on a warpath against COVID-19 fraud. They’re using the tip line, tax returns, and single touch payroll to identify “inappropriate behaviour.” We always knew that a Government scheme swiftly distributing cash during a crisis was going to come with equally swift compliance and review measures, particularly when eligibility was self-assessed. Two major […]

Jobkeeper is scheduled to end on the 30th September With government support programs due to end on the 30th September, business owners (and individuals) have 10 weeks to prepare themselves to survive without government financial assistance. Some industries have been hit harder; and will take longer to recover than others. No one truly knows what […]

You want to invest in property with your Superannuation Fund? As with any significant purchase, it’s likely you will have to borrow funds to purchase your property. SMSF borrowing involves obtaining a loan from a bank or a related party, and together with the SMSF’s existing funds purchasing a property, either commercial or residential. It’s […]

$10k Small Business Grant – Get Your Application Ready for lodgement on 1st July We anticipate the demand for the second round of the Business Adaption Grant will be very high.  With the next round of funds being split evenly between regional & SEQ, we believe the time you will have to lodge your application […]

Supported by Sunsuper,  the Dream for a Better World Grant is offering funds to businesses that tie in with one of the UN Sustainable Development Goals. If you are in these ‘doing good’ categories they may be interested? To qualify, your dream (an innovative solution, project, or initiative) must aim to tackle a local or […]

They say necessity if the mother of invention; when the COVID-19 crisis brought about the development and launch of this of this new product for Croft Group, we couldn’t help but pay attention and take the time to celebrate their success! handjob. & hj. Australian Made. WHO Formulation. Sustainable by Design. Hand Sanitiser. Husband and […]

A number of Gold Coasters are amongst the Australians given Queen’s Birthday Honours today. A total of 933 Australians have been recognised, with 710 receiving awards in the General Division of the Order of Australia, 28 in the Military Division and 128 meritorious awards. We would like to acknowledge one awardee in particular – Perry […]

The Government has announced grants of $25,000 to encourage people to build a new home or substantially renovate their existing home. The HomeBuilder scheme targets the residential construction market by providing tax-free grants of $25,000 to eligible owner-occupiers, including first home buyers, to build a new home or substantially renovate their existing home. The grants […]

We are very excited to share Walsh Accountants have been named a finalist in AccountantsDaily Australian Accounting Awards Boutique Firm of the Year, and Tom Walsh has been named as a finalist in the Partner of the Year and Thought Leader of the year categories. We are so proud of the whole team at Walsh […]

This grant will assist QLD small businesses who have been forced into hibernation, or who had to significantly change business operations as a result of the pandemic. The program aims to help small business prepare for safe resumption of trading and recovery and access new opportunities to relaunch their business. The grant amount is a […]

As restrictions start to ease, it is time to plan your pathway out of hibernation and help unleash your potential in the post COVID-19 business world. Refresh, Reload, Relaunch planning Designed to allow you to think critically about your business, the direction you need to take out of hibernation, and the action steps that need to be […]

Deep strategy work is time-consuming because the marketplace is constantly changing. If you’re looking to effectively relaunch your business right now – time is of the essence so speed trumps precision. Review and define your strategy using these tools, worksheets, and asking yourself key strategic questions. Identifying your Strengths, Weaknesses and Trends will help get […]

It has been said that your people are the most valuable resource as every element of your business circles back to your people. By understanding and nurturing the human element to your organisation, you’ll be more profitable, lead more effectively, create brand loyalty, close more deals, and produce better work. However, you need to ensure […]

Act Now – you don’t want to look back with regrets to what you didn’t do, or what you didn’t take advantage of We need to adapt to the changes that are happening around us and accept that this will mean mistakes will be made. We need to be willing to fail fast, learn from […]

In order to have the ability to protect and support your company, your employees, and your customers – you need to stay alive. Cash; or access to it, will be the lifeblood you need to do this. For any business to survive, cash flow is undeniably the single most important factor determining its propensity for […]

Failing to plan is planning to fail. Business owners need to be proactive during uncertain times to avoid business catastrophe and unnecessary sleepless nights. The following 8 steps are for business owners to consider to survive then thrive. Step 1: Assess future sales revenue for the next three months –what do you need to keep […]

COVID-19 and the subsequent economic shut down has led to a substantial drop in the take home earnings of large segments of the Australian population. This is putting extreme pressure on the everyday Australians. The state government is asking property owner to work together with their tenants so all get to the other side of […]

The impact coronavirus’ has had on Australian small to medium businesses has been severe. Social distancing and reducing non-essential travel has resulted in little to no patronage and reduced revenue for many businesses. Businesses are experiencing reduced cash flow and is impacting their ability to remain viable and pay fixed costs; such as rent. Commercial […]

The JobKeeper stimulus has been welcomed as an initiative to help businesses and their staff get through COVID-19 pandemic.  As our previous articles outline, to qualify a business must have shown reduced turnover of at least 30% when compared to a particular test period More information refer to JobKeeper – What Business Owners Need to Know […]

The JobKeeper stimulus has been welcomed as an initiative to help businesses and their staff get through COVID-19 pandemic.  As our previous articles outline, to qualify a business must have shown reduced turnover of at least 30% when compared to a particular test period More information refer to JobKeeper – What Business Owners Need to […]

The JobKeeper Payment is an initiative by the Australia Government to help businesses and their staff through the Coronavirus pandemic. The Government has released a series of Alternative Tests for JobKeeper Payment which means more businesses and individuals may now qualify for the subsidy. Businesses can claim $1,500 per fortnight per eligible employee provided they […]

The Australian Government has introduced the JobKeeper subsidy to enable coronavirus effected businesses to bounce back after the crisis. From 30 March 2020, eligible sole traders and self-employed people that operate via a partnership, trust or company, can claim $1,500 per fortnight for 6 months ending 27 September 2020, with the first payments being made […]

The Australian Government has introduced the JobKeeper payment to enable coronavirus effected businesses to retain staff and help them keep their businesses open; and bounce back after the crisis. From 30 March 2020, eligible employers can claim $1,500 per fortnight per eligible employee for 6 months ending 27 September 2020, with the first payments being […]

RACGP Foundation and HCF Research Foundation  are offering a Research Grant to General Practitioners for Impact of COVID-19 on General Practice. Purpose: Research to understand the impact of the COVID-19 pandemic on general practice. (e.g.  the use of telehealth and telehealth item numbers and evaluation of COVID-19 clinics) Funding provided by RACGP Foundation and HCF […]

As allied health care providers you are working in close quarters; and close physical contact with your patients is unavoidable. You are likely to have seen a drop in income as the restrictions have been enforced, certain services have been ceased, and you may already have made significant changes to your business model and everyday […]

The Coronavirus crisis has triggered a historical stock market plunge, lowering of interest rates and downward pressure on rent. This translates into massive financial pressure on self-funded retirees during a critical health crisis. The Government’s recent announcements to SMSF minimum drawdown and deeming rules are supporting retirees by potentially putting more money in their pocket […]

As a part of the safety net stimulus packages, the government announced that individuals that are adversely effected by coronavirus (COVID-19) can look to an early release of their Superannuation and  may be able to access up to $10,000 of their super before 30 June 2020 and another $10,000 from 1 July 2020 until 24 […]

As we all feel the impact of the COVID-19 crisis, we are very fortunate that the Australian government has provided numerous stimulus packages aimed at helping businesses weather this storm. Along with other measures, loan holidays and rental reductions negotiated with banks and landlords will help and provide much needed cash flow. This includes rent […]

Walsh Accountants can help you apply for the Boosting Female Founders Initiative which provides female founders of startup businesses with government funding to launch and scale their businesses into domestic and global markets. It will help female entrepreneurs overcome the disadvantages they face in getting access to finance and support, to grow their startups. Targeted […]

In this time of economic uncertainty, your bank/financial providers may be an ally for you with many of the major banks offering their customers support throughout the COVID-19 pandemic. Whilst support offered may differ between providers, many are offering deferred payments on existing loans whether that be for home loans, business loans, or equipment finance […]

We have had many sole traders contact us and ask “what the government has done for us in the stimulus package”. It may seem like most support is being given to employers, but we wanted to compile some information for you to consider for your sole trader business. Although the majority of this article is […]

The Australian government has announced changes to assist Australian businesses. If you’re in business, Walsh Accountants can help you navigate through all the stimulus and support packages that may apply to you. We have remotely mobilised much of our team and are deploying systems to enable us to be there for anyone as seamlessly as […]

UPDATE: QLD Government COVID-19 Job Support Loan About the scheme To assist SME businesses get through this extremely challenging time, the QLD Government has announced that it will provide support on procuring loans for SME businesses. Under the Coronavirus SME Guarantee Scheme, the QLD Government will provide a guarantee of 50% to SME lenders for […]

Update – Partner Income Threshold Increased Monday, 30th March For those who have applied for, or are seeking to apply for the Federal Government job seeker payment; partner income threshold has increased to $79,762pa.   Update – Fact sheet on income support for individuals. The Government is providing support for individuals to assist them during the […]

Update – Standing down Employees Prime Minister Scott Morrison and state and territory leaders agreed on Sunday night (22nd March) to a staged process starting with a shutdown of “principal places of social gathering”. The initial types of venues to be closed include registered and licensed clubs, entertainment venues, cinemas, casinos, nightclubs, indoor sports venues […]

Update – PM announces $130 billion job keeper plan to keep businesses alive Monday, 30th March – Prime Minister Scott Morrison has announced a $130 billion stimulus package to partially pay the salaries of workers around the nation for the next six months. The JobKeeper Coronavirus Supplement will see the Government pay Australian employers $1,500 […]

With the share market decimated, the banning of public events with more than 500 people and recommendations of self-isolation, it is inevitable that small businesses will be affected by the impact of COVID-19. So how is the coronavirus affecting businesses and what can you do to prepare for the impact? Employees As a hugely important […]

The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus. The yet to be legislated four part package focuses on business investment, sustaining employers and driving cash into the economy.   For business Business investment Increase and extension of the instant asset write-off […]

Business owners are constantly faced with the challenge of gaining competitive advantage over their competition. Developing their unique advantage may mean survival for some or a way to stay on top of competition for others.

You have identified that your business activities are eligible for the Research and Development (R&D) Tax incentive and you have registered the activity with Innovation Australia. So it’s straight forward to make a claim now, right? Unfortunately not. With the ATO focusing on R&D with increased compliance and audit focus, there are important rules that […]

The Research and Development (R&D) Tax Incentive registration deadline for those companies with a 30 June 2019 year end is rapidly approaching with the statutory deadline for lodging an application for the year ended 30 June 2019 being 30 April 2020. Eligibility Criteria for R&D Tax Incentive  You can only benefit from the program if your initiatives […]

Low interest rates, government instability, flat bank stocks and threatened changes to franking credits have led to SMSF’s starting to look at chasing the higher returns of crypto-currency. So, is cryptocurrency a bubble waiting to burst or is it the future? Is Crypto a currency? The ATO has released several papers on crypto-currency and has […]

WHEN WAS THE LAST TIME YOU LOOKED AT YOUR WORKPLACE POLICIES? If you’re concerned about your business’ policies, would you be interested in a free fair work health check? Last year, Fair Work issued penalties for over $4.4 million and conducted over 1,000 proactive investigations into Australian businesses. Don’t suffer the penalties, fines or pay-back […]

This is an article that shouldn’t have to be written but with another incidence of devastating domestic violence on the news, it highlights the importance of having the money & resources to escape an abusive relationship. Let us start by reiterating; your safety is number one priority and no amount of saving is worth staying […]

Don’t miss out on claiming the R&D Tax Incentive! If you are an eligible company with a 30 June income year, the deadline to lodge with AusIndustry is 30th April 2020 If you are planning to claim the Incentive and have not yet commenced the claim process, please contact Gavin Austin of our office on […]

We would like to wish one of our Accountants Lorraine Montgomery a Happy Anniversary! On the 10th February, Lorraine celebrated being with our firm for 31 years. Lorraine joined the Walsh & Walsh Chartered Accountants team in February 1983 and been part of the firms growth from 7 staff to a team of 30. As […]

The ongoing devastating bushfires that has ravaged south eastern Australia will leave an everlasting scar on the Australian landscape.  Below is a brief summary of initiatives that could help address some of the tax issues that the fires have caused. Australian Bushfires – Kangaroo hopping in front of flames in NSW. Photo credit: news.com.au Tax […]

This program provides targeted assistance for small and medium business that demonstrate high-growth and employment aspirations. The fund will enable successful applicants to purchase and implement specialized equipment to help them seize growth opportunities. Funding of up to $50,000 (excluding GST) is available for eligible businesses to purchase and implement highly specialized equipment. These purchases […]

What opportunities will this present to your business? In 2019, I attended the annual Family Business Australia conference in Melbourne. I was fortunate to hear a presentation by Vaughan Scott, Professor in practice (MBA Programs) at University of Louisville College of Business. Vaughan highlighted some interesting statistical trends that as a business owner; peaked my […]

As we begin the New Year, many people set themselves to the task of making New Year’s resolutions for themselves.   If you are a business owner and you want to continue to grow your business, then perhaps you should consider making resolutions and setting some goals for your business?  By setting goals for your […]

There are two main reasons why you should have a special purpose corporate trustee for your self-managed superannuation fund. Number 1: The 3 Ds – Death, Divorce and Dementia The future is uncertain but one thing that is certain is the avoidable impact of death, divorce and dementia or loss of capacity on a SMSF. […]

Protection from Superannuation Guarantee Charge for high income earners with multiple employees The government has introduced legislation which will prevent high income taxpayers with multiple employers from overpaying their superannuation contributions which results in an Excess Contributions Charge each year.  This will be especially welcome for medical practitioners who often fall victim of this system. […]

ALERT – TRUSTS HOLDING RESIDENTIAL PROPERTY IN NSW MAY NEED TO CHANGE TRUST DEEDS BEFORE 31 DECEMBER OR PAY FOREIGN SURCHARGES ON STAMP DUTY AND LAND TAX For Stamp Duty and Land Tax purposes, any residential land owned by a foreign resident in NSW will be subject to higher rates.  An additional 8% for Stamp […]

We are very proud to announce that Walsh Accountants have been named on the Australian Financial Review Top 100 Accounting Firms for 2019 The second year since making our debut in 2018. Thanks to the Team at Walsh Accountants To say we are proud to be included on the Australian Financial Review Top 100 Accounting […]

The Gold Coast Women in Business awards was held on Friday 18th October at the Gold Coast Convention and Exhibition Centre A powerful platform for Women in Business The Awards is a very powerful platform that celebrates the achievements of women and female leaders across the Gold Coast region. Being an award category sponsor for the past four years, […]

In 2014, the ATO offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that underreporting of foreign income is an issue but this time there is no amnesty – the gloves are off. How and what you are taxed depends on your residency status. The residency tests don’t […]

What are your options with purchasing a property with your SMSF? With the legislative restrictions and lack of competitive lenders, a limited recourse borrowing arrangement (LRBA) may not be the answer to all SMSF client prayers when looking to purchase larger assets in their SMSF. If you’re an SMSF Trustee, this may leave you wondering […]

The most common way of building your superannuation is through employer mandated contributions or superannuation guarantee charge (SGC). Therefore it is not uncommon for couples to have large disparity in their superannuation balances where one partner has continuously worked and the other has taken time from the workforce to care for children; or has worked […]

Do you have an Insurance Policy in your Superannuation Fund? Approximately 50% of Australians have multiple superannuation funds and therefore have duplicate insurances policies, informally know as zombie insurances. These double ups add up to an over payment of $1.9 billion! New legislation passed to protect your Superannuation The government has passed new legislation to […]

Are you, or anyone you know, in Manufacturing? Could you/they benefit from The $50 million Manufacturing Modernisation Fund Earlier this month, our Principal Consultant Gavin Austin attended an AusIndustry briefing on a new “Manufacturing Modernisation Fund”.  The fund will potentially benefit any SME manufacturing business Applications for this grant close at 4.00 pm Thursday 31 October, […]

As the dust settles and the Walsh Accountants Entrepreneur’s Cup wraps up for another year, our team are so proud that we managed to organise and host another very successful event. It was a day full of fun and laughter with family and friends all whilst networking with the amazing business people of the Gold […]

The recent income tax cuts do not mean you will personally receive a $1080 tax refund when you lodge your tax return. Why? Let us help to clear up the confusion. This “payment” is a Low to Middle Income Tax Offset (LMITO). The first thing to remember is; being a tax offset; you need to […]

As a Self-Managed Superannuation Fund trustee, it’s difficult to know and understand all the rules around investing with your fund. The area of property investment can be very complex and many trustees are left wondering if they can renovate their property which is owned by their Super? Many self-managed superannuation fund (SMSF) trustees like and […]

Whether it is for diversification, investment preferences, or the fear of the next global stock market and housing meltdown, a common client question is “can my Self-Managed Superannuation Fund (SMSF) invest in gold? If so, what are the rules?” Why would you want to invest in Gold? Your SMSF is usually your largest wealth creation […]

A consistent theme this tax time is over-claiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its approach to data matching, taxpayers can expect greater scrutiny where their claims are more than what is expected. For you Work related deductions Last financial year, over 8.8 million taxpayers claimed […]

A consistent theme this tax time is over-claiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its approach to data matching, taxpayers can expect greater scrutiny where their claims are more than what is expected. Your BUSINESS There are around 3.8 million small businesses, including 1.6 million sole […]

A consistent theme this tax time is over-claiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its approach to data matching, taxpayers can expect greater scrutiny where their claims are more than what is expected. Your TRUST  Timing of resolutions Trustees (or directors of a trustee company) need […]

A consistent theme this tax time is over-claiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its approach to data matching, taxpayers can expect greater scrutiny where their claims are more than what is expected. Your SUPERANNUATION Not making your full superannuation contribution? Now you can catch up […]

STP works by sending tax and super information from your payroll or accounting software to the ATO as you run your payroll. When you start reporting: You will run your payroll, pay your employees as normal, and give them a payslip Your pay cycle does not need to change (you can continue to pay your […]

If your employer reports through STP, they will send us your tax and super information each time they pay you. Don’t worry; you’ll still be paid the same way. However, there will be some changes for you. We have produced the following summary factsheet as a handy resource: Single Touch Payroll for employees factsheet (PDF) Single […]

The ATO are cracking down on exempt car and residual benefits. This catches any ute, dual cab ute or van provided to employees (including business owners) for use in a business. They have now issued clear rules that taxpayers should follow to ensure they will not be targeted for audit, especially if claiming 100% business […]

This is a Budget not only designed to showcase the return to surplus (and by default the Government’s economic credentials) but engage voters with initiatives to make them feel like they are more prosperous. A massive infrastructure spend adds to this sentiment. The Government has also stated that it will keep taxes as a share of […]

Single Touch Payroll (STP) was introduced on 1st July 2018 for all businesses with 20 or more staff (substantial employers). The Bill to extend the Single Touch Payroll (STP) reporting requirements so they apply to all employers has now passed the Senate and will be Law. This means STP is set to be rolled out to […]

The Australian Tax Office (ATO) is utilising data provided by the Australian Investments and Security Commission (ASIC) to data match share trades. The ATO is accessing more than 500 million records detailing price, quantity and time of individual trades dating back to 2014. The information complements information that the ATO already holds from brokers, share […]

The Taxable Payments Reporting system was introduced to stem the flow of cash payments to contractors and rampant under reporting of income. Since the building and construction industry was  first targeted in 2012, the reporting system has expanded to include cleaning and courier services. Now, a broader set of industries have been targeted. If you have […]

New laws passed by parliament last month directly target the behaviour of taxpayers that don’t meet their obligations. Tax deductions denied If taxpayers do not meet their PAYG withholding tax obligations, from 1 July 2019 they will not be able to claim a tax deduction for payments: of salary, wages, commissions, bonuses or allowances to […]

From 1 July 2017, new rules came into effect that prevent taxpayers claiming a deduction for expenses they incur travelling to and from their residential investment property. The Government restricted travel deductions to curb “widespread abuse around excessive travel expense claims relating to residential investment properties….This will stop residential property investors from using the tax […]

Small business is still a vote winner with the Government and Opposition teaming up to accelerate tax cuts for the sector by 5 years impacting on an estimated 3.3 million businesses. Parliament recently passed legislation to accelerate the corporate tax rate reduction for corporate tax entities that are base rate entities (BREs). Under the new […]

For a while now, the Australian Taxation Office (ATO) has been concerned about tax deductions individuals have been claiming for a whole host of expenses. The latest on their ‘hit list’ are home office expenses.  We guide you through what you can and can’t claim if you work from home. Last financial year, 6.7 million taxpayers claimed […]

We are very honoured to announce that Walsh Accountants has won the 2018 Tax and Compliance firm of the Year for the SMSF & Accounting Awards. Shape We humbly accept this award and would like to take this opportunity to once again thank our clients for the nomination.  We really appreciate your recognition of our work and […]

How the ATO identifies audit targets The ATO is very upfront when it comes to their compliance activity. Every year they publish small business benchmarks that outline what a typical business ‘looks like’ in different industries. If your business falls outside of those benchmarks, the ATO is likely to take a closer look at why that […]

A recent Parliamentary Inquiry into Tax Deductions created some fairly sensational headlines about what and how deductions are being claimed – $22 billion worth to be exact.  In Australia, tax deductions are available for expenses incurred in producing assessable income. These are generally work-related deductions or investment related deductions. And, unlike some other countries, these expenses can […]