Our Latest Accountancy News

What To Know About Commercial Accounting

April 9, 2024

Understanding commercial accounting is important for anyone running a business. It might offer you insights into financial decision-making and strategy. This blog introduces the key aspects of commercial accounting, aiming to provide a clear overview for business owners and those interested in the financial workings of a company. What Is Commercial Accounting and Why Does…

How To Find A Good Tax Accountant

February 19, 2024

Heather Moore

Tax Accountants

Choosing a competent tax accountant is a pivotal decision for individuals and businesses alike. A tax professional can offer valuable insights, maximise deductions and ensure compliance with ever-evolving tax laws. This blog delves into key considerations to help you find a tax accountant who aligns with your financial needs and goals. When choosing the right…

The ATO has begun utilising new powers that will allow it to disclose business tax debts to credit reporting bureaus, sparking concerns as businesses reel from ongoing lockdown restrictions.

The problem when the evidence doesn’t match what the taxpayer tells the ATO

February 6, 2024

Heather Moore

Case Study, Information, Money Talk, Spending

A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking. The case involves heritage farmland originally purchased for $1.6m that sold 7 years later for $4.25m and the GST debt that the ATO is now pursuing on the sale. In 2013,…

HomeBuidler: What is it and How do you access it?

Contractor or employee?

February 6, 2024

Heather Moore

Case Study, Small Business

Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns. Where there is a written contract, the rights and obligations of the contract need to support that an independent contracting relationship exists. The…

Can my SMSF invest in property development?

February 6, 2024

Heather Moore

Property, Self-Managed Super Fund

Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of large returns from property development. We look at the pros, cons, and problems that often occur. An SMSF can invest…

Stage 3 personal income tax cuts redesigned

February 6, 2024

Heather Moore

Information, Money Talk, Tax Accountants Newcastle

The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. After much speculation, the Prime Minister has announced that the Government will amend the legislated Stage 3 tax cuts scheduled to commence on 1 July 2024. Relative to the current…

Tax Return Deadline 2024: What You Need To Know

January 22, 2024

Heather Moore

Tax Accountants Newcastle

Understanding the intricacies of tax filing is not just about compliance; it’s an opportunity to optimise your financial benefits and avoid the pitfalls of last-minute rushes. This blog aims to explore this process, providing you with insights and practical tips to navigate the 2024 tax season. A Brief Look at Tax Return Deadlines Tax return…

Financial Consultant Talking To A Client

The Difference Between Bookkeeping And Accounting

November 27, 2023

localsearch

Accountant

Accounting, Bookkeeping, Financial Planning

Navigating the financial aspects of a business can often feel like piecing together a complex puzzle. Two key pieces of this puzzle are bookkeeping and accounting terms, frequently used interchangeably but are distinct in their roles and impacts. In this blog post, we’ll explore the core functions of both, how accounting adds more value to…

How to Stay Up-to-Date on Accounting Regulations

October 26, 2023

localsearch

Accountant, Spending, Tax Returns

Tax, Tax Return, Tax Time

In the dynamic world of finance and business, staying updated on accounting regulations is integral for financial success. With constantly shifting rules and guidelines, businesses should stay updated on accounting regulations to avoid hefty fines and maintain a positive reputation. This blog explains the importance of staying informed and how accountants play an important role…

Self-education: What can you claim?

October 6, 2023

Heather Moore

Accountant, Spending, Tax Returns

Tax, Tax Return, Tax Time

The Australian Taxation Office have released a new draft ruling on self-education expenses. We revisit the deductibility of self-education expenses and what you can and can’t claim. If you undertake study that is connected to your work you can normally claim your costs of that study as a tax deduction – assuming your employer has…

What To Know About Commercial Accounting

How To Find A Good Tax Accountant

The problem when the evidence doesn’t match what the taxpayer tells the ATO

Contractor or employee?

Can my SMSF invest in property development?

Stage 3 personal income tax cuts redesigned

Tax Return Deadline 2024: What You Need To Know

The Difference Between Bookkeeping And Accounting

How to Stay Up-to-Date on Accounting Regulations

Self-education: What can you claim?

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