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Understanding the Australian Small Business Restructure Legislation In the ever-changing economic landscape, many businesses face financial challenges that can threaten their viability. Fortunately, the Australian Small Business Restructure Legislation, introduced in 2020, offers a lifeline to eligible businesses. This legislation aims to provide a more accessible path for small businesses to restructure their debts, helping […]
How to Avoid Non Arms Length Penalties Self-managed super funds (SMSFs) offer a level of control and flexibility that many individuals find attractive. They allow you to take charge of your retirement savings, making investment decisions and even managing aspects of the fundās operations yourself. However, with this autonomy comes a layer of complexity, particularly […]
When is a gift not a gift? The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends. The case of Rusanova and Commissioner of Taxation is enough for a telemovie. The plot features an Australian resident Russian couple […]
At Walsh Accountants, we are dedicated to not only supporting the Gold Coast Women in Business Awards but also to empowering women through financial education. This commitment was exemplified on August 15, 2024, when we hosted our inaugural ‘Know Your Numbers Masterclass.’ This exclusive masterclass was offered to the winners and awardees of merit from […]
In todayās competitive landscape, businesses must continuously seek new avenues for growth. One effective way to identify these opportunities is by using a Growth Matrix. This tool helps businesses analyse their products and markets, guiding strategic decision-making and fostering sustainable expansion. The Growth Matrix Explained The Growth Matrix typically consists of four key quadrants that […]
Inflation, the rate at which the general level of prices for goods and services rises, eroding purchasing power, is a critical economic factor that affects businesses worldwide. In Australia, recent inflation trends have posed significant challenges for businesses, making it imperative for business owners to understand its impact and implement effective financial strategies. This article […]
A Summary of the 2024/25 Australian Federal Budget and how it impacts small business. Budget 2024-25 is a pre-election budget for the people with everyone getting a little something to ease cost of living pressures. Like the Price is Right gameshow, it will all come down to the price paid at the checkout. āÆFor business, […]
At this critical juncture of the year, the looming specter of tax obligations can weigh heavily on the minds of business owners, causing undue stress and uncertainty. Thatās precisely where Walsh Accountants steps in as your trusted ally. Our mission is simple: to alleviate your tax-related worries and empower you to proactively manage your liabilities. […]
Business & Entrepreneurial Support, Making your Numbers Talk, Business Growth Resources, Tax Planning
The 20K Small Business Energy Incentive isnāt just another policy ā itās a game changer. Whatās the buzz about? Picture this: youāre a small business owner with an aggregated turnover under $50 million. Youāre eyeing a future where energy efficiency reigns supreme, and fossil fuels take a backseat. Thatās precisely where the Small Business Energy […]
Business & Entrepreneurial Support, Making your Numbers Talk, Business Growth Resources, Tax Planning
Small businesses serve as the engines of innovation and economic vitality. To empower these enterprises, the Australian government will continue to allow businesses to take advantage of the $20,000 instant asset write-off scheme. This article is your go-to guide for understanding this tax relief program and how it benefits small businesses across the country. Understanding […]
Business & Entrepreneurial Support, Making your Numbers Talk, Business Growth Resources, Tax Planning
Salary sacrificing, a strategic manoeuvre within the realm of employment benefits, serves as an arrangement between employers and employees. This arrangement allows employees to relinquish a portion of their pre-tax salary in exchange for comparable benefits, amplifying their overall compensation package. Letās delve into the intricacies of salary sacrificing, exploring its mechanics, effective setups, and […]
Business & Entrepreneurial Support, Making your Numbers Talk, Business Growth Resources, Tax Planning
In todayās business environment, sustainability and cost-efficiency go hand in hand. Electric vehicles (EVs) offer a promising solution, not only for reducing carbon emissions but also for minimising tax burdens. One such advantage lies in the exemption from Fringe Benefits Tax (FBT) on electric vehicles. Letās explore how businesses and employees can leverage this tax […]
SMSF Division, Business & Entrepreneurial Support, Making your Numbers Talk, Business Growth Resources
From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change. The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-concessional contributions. The contribution caps […]
SMSF Division, Business & Entrepreneurial Support, Making your Numbers Talk, Business Growth Resources
In the realm of retirement planning, savvy business owners have a unique advantage to secure their financial future: via their Self-Managed Superannuation (SMSF) to purchase their business premises. Whilst any form of commercial or residential property investment via SMSF should provide a healthy return, this strategic move to purchase your own business premises not only […]
News, SMSF Division, Business & Entrepreneurial Support, Making your Numbers Talk, Business Growth Resources
Selecting the right SMSF (Self-Managed Superannuation Fund) accountant is a critical decision that directly impacts your financial future. A qualified and experienced professional can become your trusted partner, navigating the complexities of SMSF regulations, streamlining administration, and optimising your returns. However, choosing the wrong accountant can lead to wasted time, resources, and potential penalties. This […]
Business Growth Resources, Business & Entrepreneurial Support, Walsh Property, Focus Advisory, Walsh Health, Hospitality and Tourism, Women in Business, Corporate and International Tax, Making your Numbers Talk
In todayās dynamic business landscape, understanding the intricate relationship between profit, cash flow, and overall business value is paramount. While many business owners can decipher profit and loss statements, the gap between profit and cash flow often remains a mystery. This article serves as a guide for business owners seeking to harness the power of […]
News, Business & Entrepreneurial Support, Walsh Property, Walsh Health, Hospitality and Tourism, Women in Business, Making your Numbers Talk, Business Growth Resources
What are Key Performance Indicators (KPIs)? Key Performance Indicators (KPIs) are quantifiable metrics used to evaluate the success of an organisation in achieving its objectives. These metrics are tailored to specific goals and objectives and help businesses gauge their progress towards reaching these targets. KPIs provide valuable insights into various aspects of business performance, such […]
This year, the Walsh team embarked on a special mission to bring joy to those facing financial hardship by donating gifts and non-perishable food items to the Salvation Army Christmas Appeal. The event was an overwhelming success, all thanks to the incredible generosity of our wonderful team. In just a few short weeks, over 80 […]
This holiday season, the Walsh team is embarking on a special mission. In recognizing the challenges many face amidst cost of living pressures, we have been inspired to make a meaningful impact. To spread joy and goodwill, we are excited to announce that this year we will be supporting the Salvation Army Christmas Appeal. If […]
News, Business & Entrepreneurial Support, Focus Advisory, Hospitality and Tourism, Women in Business
What is Fringe Benefits Tax (FBT) Fringe Benefits Tax (FBT) is a tax levied by the Australian government on certain benefits provided by employers to their employees, their employeesā family members, or other associates in connection with employment. These benefits are separate from an employeeās salary or wages and can include perks such as the […]
News, Business & Entrepreneurial Support, Focus Advisory, Hospitality and Tourism, Women in Business
As the holiday season approaches, itās time for businesses to gear up for the unique challenges that come with managing finances during the festive period. Here are our top 10 strategies to help business owners maintain a healthy cash flow and ensure smooth operations during Christmas and New Year: 1. Send invoices early: Be proactive in […]
News, Business & Entrepreneurial Support, Focus Advisory, Hospitality and Tourism, Women in Business
As the holiday season approaches, business owners often grapple with a pressing question: āHow can I maintain cash flow during the Christmas and New Year period?ā The ability to manage cash flow effectively during the festive season is fundamental and can significantly impact your business success going into the new year. In this comprehensive article, […]
WINNER Dr Laetitia de Villiers – Co-founder Neutex, Partner Qscan Radiology Clinics Associate Professor Interventional Neuroradiology Gold Coast University Hospital, Director Neuroendovascular Training Gold Coast University Hospital FINALISTS Joanne Sheehy – Principal A.B. Paterson College Dr Claire Madden – Head Veterinarian Village Roadshow Theme Parks Walsh Accountants is a dedicated supporter and advocate for the Gold Coast […]
In business, ongoing success rarely happens by accident. Itās the result of careful planning, informed decision-making, and a well-constructed roadmap ā otherwise known as a business strategy. But do you really need one? How will it help and what should your business strategy include? In this article, weāll explore these essential questions to help you […]
Did you know understanding your businessās break-even point and target profit can be your roadmap to financial success? In the fast-paced world of Gold Coast business, understanding your business’s financial health is paramount to success. Two key metrics that every business owner or manager should be well-acquainted with are the break-even point and target profit. […]
Uncover the top ten benefits that make the business budget an indispensable tool for organisations of all sizes. The power of budgeting is an undeniable force that can shape the trajectory of your business ā regardless of whether youāre steering a multinational corporation or nurturing a startup from its infancy. Itās more than just a […]
As we begin the 2023-24 financial year, itās important for businesses and individuals to be aware of and comply with tax changes. These changes can have an impact on financial strategies and responsibilities for both parties, so staying informed is crucial. By understanding and adapting to the evolving tax changes, businesses and individuals can effectively […]
News, Business & Entrepreneurial Support, Walsh Property, Focus Advisory, Walsh Health, Hospitality and Tourism, Women in Business
Stay ahead of the competition in todayās dynamic business landscape by gaining a comprehensive understanding of industry trends, performance benchmarks, and best practices. Our Industry Benchmarking Report empowers you to assess your business against the industry standard, providing a clear picture of where you stand. What will you discover with our Industry Benchmark report? Discover […]
News, Complex Individuals, Business & Entrepreneurial Support, Walsh Property, Focus Advisory, Walsh Health, Hospitality and Tourism, Women in Business
In the dynamic landscape of business, owners frequently face challenges that require them to adapt and evolve. It is crucial to recognise the trigger points that indicate the need for a review of the business structure, and to be proactive in seeking professional guidance. By engaging in such discussions, business owners can understand the potential […]
News, Complex Individuals, Business & Entrepreneurial Support, Walsh Property, Focus Advisory, Walsh Health, Hospitality and Tourism, Women in Business
Let’s be honest, no one enjoys paying tax – and you should never pay more than you have to. This is why smart tax planning strategies are so important! As we approach the end of another tax year, itās time to take a proactive approach to managing your taxes. In this article we will share […]
News, Business & Entrepreneurial Support, Walsh Property, Walsh Health, Hospitality and Tourism, Women in Business
Treasurer Jim Chalmers delivered his second budget for the Labor Government. The Treasurer’s second budget since Labor took office, it is heavily targeted at addressing the rising cost of living and boosting welfare, all while still aiming for balance, trying to avoid contributing to inflationary pressures, and to continue to foster economic growth and a […]
News, Business & Entrepreneurial Support, Focus Advisory, Walsh Health, Hospitality and Tourism, Women in Business
As a business owner, you must assess whether you are obligated to report FBT for your employees. FBT, or Fringe Benefits Tax, is a tax that is levied on non-cash benefits that employers provide to their employees in addition to their salary or wages. We have received notice from the ATO they are beginning to […]
News, Business & Entrepreneurial Support, Walsh Property, Walsh Health, Hospitality and Tourism, Women in Business, Making your Numbers Talk
In todayās fast-paced business environment, business owners are constantly seeking ways to optimise their operations, reduce their operating costs, and maximise their profits. While profitability is undoubtedly an important metric, it is not the only one that matters. As businesses navigate increasingly complex supply chains, rising costs, and ongoing financial stress and pressure, now more […]
The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions ā changing the goal posts for trusts distributing to adult children, corporate beneficiaries, and entities with losses. As a result, many family groups will pay higher taxes because of the ATO’s more aggressive approach. For reference, […]
Do you work from a home office and plan on claiming the deduction? The Australian Taxation Office has announced changes to the way you need to calculate working from home expenses and your record keeping requirements. In order to rely on the new fixed rate, the ATO expect taxpayers to maintain records of hours worked from home, […]
News, Business & Entrepreneurial Support, Hospitality and Tourism, Government Grants, Women in Business
Are you looking to replace or upgrade existing equipment to improve energy efficiency and reduce costs? ā Then the federal governmentās Energy Efficiency Grant is for YOU! Grants are available between $10,000 to $25,000 to cover up to 100% of eligible project expenditure.ā ā Are you eligible? You can apply now if you:ā Are an eligible entityā Have […]
News, Business & Entrepreneurial Support, Walsh Property, Focus Advisory, Walsh Health, Hospitality and Tourism, Women in Business
With the instant asset write off scheme set to expire on 30 June 2023, business owners have very little time left to purchase assets to claim the full deduction this financial year. What is the instant asset write-off? The instant asset write-off is a tax deduction that allows businesses to claim an immediate deduction for the […]
The high level of inflation has meant that the transfer balance cap (TBC) will rise from July 2023. The Transfer Balance Cap (TBC) is the maximum amount allowed to be used to pay a member a pension. From July 2023, this will rise from $1.7 million to $1.9 million. This means that members that have […]
Our new ATO SmartDocs mailing system enables us to download all ATO mail on behalf of our clients and distribute it electronically. What can you expect? When you receive electronic mail from the ATO, you will receive a text (SMS) message. This will advise you to log into your email account and use the 6-digit […]
News, Business & Entrepreneurial Support, Walsh Property, Focus Advisory, Walsh Health, Hospitality and Tourism, Women in Business
At Walsh Accountants, our team are committed to elevating your understanding of numbers to help you manage and grow your business. Use these 8 practical accounting tips to run your business seamlessly. 8 top tips to understand and connect with your numbers Using reporting tools (such as Xero, MYOB, etc. or Business Insights and Dashboard reporting […]
News, Business & Entrepreneurial Support, Walsh Property, Focus Advisory, Walsh Health, Hospitality and Tourism, Women in Business
Now is the perfect time to set goals for your business to make 2023 your most successful year yet! 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 achieve for the year ahead. In this checklist you will find: […]
We have all heard that a large proportion of small businesses fail in the first three years, but we may not understand why.ā Those that rise to the top have a number of factors in common that differentiate them from those that fail.ā Whilst every business is different, we have identified ten important things that […]
Fringe Benefit Tax (FBT) is paid by employers on certain benefits they provide to their employees or their employees’ family, clients, or other associates. This includes when you provide entertainment to employees and others. Every year we are asked about the tax implications of various Christmas related gifts and activities. Your Merry Christmas should not […]
Too often business owners are so busy working within the whirlwind of their business, they lose focus on their vision and goals. OR, they simply do not have enough tools in their toolkit to help them achieve what they are working towards. Sound familiar? We want to help you! Through a series of thought-provoking questions, […]
You work tirelessly to manage and grow your business, but have you ever wondered what your business is actually worth? Value has many points of view, and some things have more value to the owner than they do to the market, so to ascertain true market value for your business, unbiased calculations are necessary. Business […]
Strategy in business is like the blueprint to a building project – it’s the guiding masterplan so you know exactly what direction you are heading and what you are trying to achieve. Strategy work can be time-consuming because the marketplace is constantly changing and trends evolving. This is why we have created our Strategy Stir […]
Everyone in business is carrying a level of risk as things can go wrong. What you need to understand is there are steps you can take to isolate and limit these risks as much possible, so you do not put your personal assets at risk. This is called Asset Protection. There are a number of […]
When your accountant prepares your financial statements, do you just glance over the detail and head straight to the profit figure thinking this the best indication of the success of your business? Interestingly, the profit figure of a financial report may not always be a clear indication of how the business is performing. By taking […]
Cash is the lifeblood of every business. For any business to thrive, cash flow is undeniably the single most important factor determining its propensity for success or failure. Run out and its game over! Here we share with you some tools and checklists – free to download. They will help you keep cash in your […]
Business benchmarking is the process of comparing a single business to similar businesses to assess its overall performance. Our comparison tool reviews a series of key performance indicators (KPIs) which are unique to each industry, thus providing each business with a unique report. KPIs analysed include: Productivity indicators: discover opportunities for improvement to ensure maximum […]
Now is the perfect time to set goals for your business to make 2023 your most successful year yet! 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 achieve for the year ahead. In this checklist you will find: […]
What fun we’ve had throughout our 12 days of Christmas! We hope you have learnt a lot which will help you better understand your numbers to manage and grow your business and protect your personal assets. Don’t forget to register for your “What’s important to me” survey for personalised assistance completely tailored to your needs, […]
News, Complex Individuals, Business & Entrepreneurial Support, Walsh Property, Focus Advisory, Walsh Health, Hospitality and Tourism, Women in Business
Thanks to new amendments and legislation passed in October 2022, Queensland small businesses looking to restructure by transferring assets from a sole trader, partnership or discretionary trust structure to a company structure can continue to access either a full or partial duty exemption on the transfer. This makes business restructures not so taxing on business […]
News, Business & Entrepreneurial Support, Walsh Property, Walsh Health, Hospitality and Tourism, Government Grants, Women in Business
The Queensland Government Business Basics Grants Program is opening for round 4. The Business Basics grants program provides support to businesses to increase core skills and adopt best practice. Your business may be eligible to receive a single up-front fixed grant payment of $5,000 (excluding GST). This support includes funded activities in 5 priorities: Training and coaching (business development, marketing, […]
Legislation commencing 1 July 2022 has opened some new opportunities for older Australians to get more money into superannuation. The change means that people aged 67 – 75 years can now make contributions from after-tax money, called non-concessional contributions (NCC), without the requirement to be working on at least a part time basis. How much […]
In the 2022-23 Budget 2.0 release in late October there were six updates that will affect Self Managed Superannuation Fund (SMSF) trustees and members. Cancellation of three-year audit cycle policy for certain SMSFs It had previously been proposed that certain SMSFs may be eligible for a three-year audit cycle rather than the annual requirements under […]
There was nothing released in the 2022-23 Budget 2.0 that would create a UK style crisis. The stage 3 tax cuts legislated to commence on 1 July 2024 are not mentioned, and most funding initiatives appear to be a reallocation of previous government initiatives, and the commodity driven $54.4 billion improvement in tax receipts has […]
The Optus and Medibank data breaches are top of mind for a lot of Australians, particularly those who have had their data compromised. For business, these breaches are a timely warning on the importance of understanding your obligations. This is not something that can be outsourced to IT but a whole of business issue. If […]
News, Business & Entrepreneurial Support, Walsh Property, Focus Advisory, Walsh Health, Hospitality and Tourism, Women in Business
The RBA has lifted the cash rate over consecutive months. That leaves us to ask a very important question – How high will interest rates go? Earlier, Reserve Bank Governor Philip Lowe told the Australian Strategic Business Forum that “…weāre going through a process now of steadily increasing interest rates, and thereās more of that […]
Women in Business, News, SMSF Division, Complex Individuals, Business & Entrepreneurial Support, Walsh Property, Focus Advisory, Walsh Health, Hospitality and Tourism
If you’re a company director, you must apply for your Director Identification Number (director ID) before 30th November 2022. What is a director ID? The director ID is a unique 15-digit identifier that directors apply for once and keep forever. It is aimed at preventing the use of false or fraudulent director identities. As a […]
News, Business & Entrepreneurial Support, Focus Advisory, Hospitality and Tourism, Women in Business
In a tight economy, a complaint we are hearing from business owners is customer fear of spending and the time it takes to achieve a sale. So, what can you do to overcome their fears and speed up the sales process? Sell the solution not the product Branding is wonderful but unless your brand is […]
Women in Business, News, Complex Individuals, Business & Entrepreneurial Support, Business Purchase Specialists, Walsh Property, Focus Advisory, Walsh Health, Hospitality and Tourism
To protect personal assets, it’s important that business owners operate and structure deliberately, and in a way to remove asset ownership from āat riskā individuals. Why? Because everyone in business is carrying a level of risk as things can, and often do go wrong. There are a number of options that can be taken to […]
Now more than ever there, there are more ways to boost your wealth with super contributions and the recent relaxing of the rules gives you scope to put money into your retirement fund, at a time that suits your circumstances and stage in life. Superannuation – the most tax-effective investment vehicle Since it became compulsory […]
As a business owner, do you measure your key metrics to help you understand your numbers to grow your business? It all starts with understanding and defining your critical number. Critical number All businesses have certain numbers that define success. Some figures, like profit, are universal. But what about other numbers? There’s certainly no shortage […]
News, Business & Entrepreneurial Support, Walsh Property, Walsh Health, Hospitality and Tourism, Women in Business
Small and medium business can now take advantage of a 120% deduction on skills training and technology costs. The 2022-23 Budget proposed a 120% tax deduction for expenditure by small and medium businesses on technology, or skills and training for their staff. This proposal has now been adopted by the current government and details released […]
When you receive your financial statements, do you just glance over the details and head straight to the profit figure because you think this is the best indication of the success of your business? Or perhaps you get too confused and overwhelmed with all the financial details so the profit figure is the only one […]
The best time for review and planning for your self-managed super fund (SMSF) is the beginning of the new financial year in July. Work through these checklist items and get 2022-23 off to a great start. SMSF Administration Tasks There’s some administration tasks that makes sense to do at the start of the financial year. […]
The Australian Taxation Office (ATO) investor toolkit is a great resource for anyone earning money from their investments ā whether you invest in property, shares, and/or cryptocurrency. The resources in the toolkit provide information to help investors keep the records they need to prepare their returns this financial year, and in the future. This year, […]
News, Business & Entrepreneurial Support, Walsh Property, Focus Advisory, Walsh Health, Hospitality and Tourism, Women in Business
With the 2022 tax season in full swing, the Australian Taxation Office (ATO) has revealed its top four tax time targets – these are the areas of focus this tax season where people tend to make the biggest mistakes. These are: record keeping work related expenses rental property income and deductions, and capital gains from […]
COVID-19, Women in Business, Corporate and International Tax, News, Complex Individuals, Business & Entrepreneurial Support, Walsh Property, Focus Advisory, Walsh Health, Hospitality and Tourism, Research and Development and Innovation
After easing off on its debt collection activities during the height of the COVID-19 pandemic, the Australian Taxation Office (ATO) is now ramping up debt collection, actively pursuing the recovery of billions of dollars in outstanding tax liabilities. As a key part of the recovery program, the ATO has been writing to individuals and businesses […]
Anthony Albanese has been sworn in as Australia’s 31st Prime Minister and a government has been formed. We look at what we know so far about the policies of the new government in an environment with plenty of problems and no easy fixes. The economy The Government has stated that its economic priority is “creating […]
The ATO has announced the next phase of changes to Single Touch Payroll (STP). Single Touch Payroll (STP) Phase 2 will reduce the reporting burden for employers who need to report information about their employees to multiple government agencies. It will also help Services Australiaās customers, who may be your employees, get the right payment […]
In a bid to streamline and simplify the process for start-ups and founders, the Employee Share Scheme (ESS) received a significant revamp with regulatory reforms seeing a relaxation of the rules. Providing a boost for start-ups and founders who want to offer their staff equity, there will be around $550 million in tax incentives for […]
News, Complex Individuals, Business & Entrepreneurial Support, Walsh Property, Focus Advisory, Walsh Health, Hospitality and Tourism, Women in Business
You have a Div 7a loan, but you’re confused as to how, why, and what to do from here. In this this article we attempt to demystify Div 7A loans and explain everything you need to know. What is Div 7A? Division 7A prevents private companies from making tax-free distributions of profits to shareholders or […]
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A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up and how it will affect your business. 1 July 2022 changes for business Superannuation Guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase […]
Concerns are growing for medical and allied health practices over exposure to payroll tax obligations following the NCAT decision in the Thomas & Naaz Pty Ltd case. This ruling has set alarm bells ringing for many practice owners worrying that the structure of their service agreements will leave them exposed and liable to pay a […]
Hospitality and Tourism, Women in Business, News, Complex Individuals, Business & Entrepreneurial Support, Business Purchase Specialists, Walsh Property, Focus Advisory, Walsh Health, Business Sales Specialists
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 ā 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 […]
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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 […]
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A bucket company can help you save tax. Set up as a beneficiary to a trust, the term ābucketā 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 […]
Business & Entrepreneurial Support, Walsh Property, Focus Advisory, Walsh Health, Hospitality and Tourism, Women in Business, Making your Numbers Talk, Business Growth Resources
Understanding the Significance of Cost of Sales or Cost of Goods Sold (COGS). 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. It represents the direct costs related to the manufacturing […]
News, Complex Individuals, Business & Entrepreneurial Support, Focus Advisory, Women in Business, Corporate and International Tax
The ATO has finalised its position on the allocation of profits from professional services firms ā 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 […]
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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 […]
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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 […]
News, Business & Entrepreneurial Support, Hospitality and Tourism, Government Grants, Women in Business
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. […]
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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 […]
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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 […]
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 […]
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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 […]
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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 […]
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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 […]
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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 Accountantsā […]
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 ā 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 […]
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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 ā Key Details Eligible business size: Small […]
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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 […]
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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 […]
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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 […]
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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 […]
Hospitality and Tourism, Women in Business, News, Complex Individuals, Business & Entrepreneurial Support, Business Purchase Specialists, Walsh Property, Focus Advisory, Walsh Health, Business Sales Specialists
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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
The City of Gold Coast encourages local suppliers to register on the Gold Coast Supplier List. Itās 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 […]
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 […]
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 […]
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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 […]
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You are in the process of buying a business ā 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. […]
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 ā 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 […]
Written ten years after the worldwide bestseller Good to Great, Jim Collins returns with another groundbreaking work, this time to ask āWhy do some companies thrive in uncertainty, even chaos, and others do not?ā Based on nine years of research, buttressed by rigorous analysis and infused with engaging stories, Collins and his colleague Morten Hansen […]
The author of āGoal-The Ball Doesnāt Go In By Chanceā, 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 ā 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 […]
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 […]
Morten Hansenās 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 āTell it how it isā 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 […]
https://youtu.be/jx0GthtoKWM 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 […]
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 […]
The ATO is on a warpath against COVID-19 fraud. Theyāre 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 ā 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 […]
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 […]
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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 ā 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 […]
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 ā 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 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 […]
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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 […]
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 […]
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 ā 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 ā Fact sheet on income support for individuals. The Government is providing support for individuals to assist them during the […]
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 […]
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 youāre concerned about your businessā 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 […]
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 ā 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 […]
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 […]
When managing a self-managed superannuation fund (SMSF), having a special purpose corporate trustee can provide significant advantages. The two main reasons for this are the protection it offers against major life events like death, divorce, and dementia, and the reduction in potential penalties from the Australian Taxation Office (ATO). A corporate trustee simplifies the process […]
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. […]
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 ā 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 youāre 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 a Self-Managed Superannuation Fund trustee, itās 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 TRUSTāÆ 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. Donāt worry; youāll still be paid the same way. However, there will be some changesāÆfor 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 Governmentās economic credentials) but engage voters with initiatives to make them feel like they are more prosperous. A massive infrastructureāÆspend 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 toāÆextend 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 wasāÆāÆfirst 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 donāt 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 āwidespread 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 āhit listā are home office expenses.āÆāÆWe guide you through what you can and canāt claim if you work from home. Last financial year,āÆ6.7 million taxpayers claimed […]
SMSF Division, Complex Individuals, Estate Administration, Business & Entrepreneurial Support, Business Purchase Specialists, Walsh Property, Focus Advisory, Walsh Health
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.āÆShape We humbly accept this award and would like to take this opportunity to once again thank our clients for the nomination.āÆāÆWe 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.āÆEvery year they publish small business benchmarks that outline what a typical business ālooks likeā 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 ParliamentaryāÆInquiry into Tax DeductionsāÆcreated some fairly sensational headlines about what and how deductions are being claimed ā $22 billion worth to be exact.āÆ 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 […]
