Business Update – 10 August 2022

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Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Markets continue to wobble The ASX followed Wall Street’s shaky lead last week, closing flat. Traders are reacting to a handful of uncertainties including surging inflation, recession fears, ongoing supply chain issues, and record low unemployment. What rising interest rates mean for those who don’t have a mortgage It’s…  Read more

Practice Update

Robert King

August 2022 Tax time focus on rental property income and deductions The ATO is focusing on four major concerns this tax season when it comes to rental properties. Concern 1: Include all rental income When preparing tax returns, make sure all rental income is included, such as from short-term rental arrangements, renting part of a home, and other rental-related income like insurance payouts and rental bond money retained. Concern 2:…  Read more

Business Update – 3 August 2022

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Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Business Council suggests rebranding to entice overseas workers To help weather the storm of high inflation, supply chain issues, and a skilled worker shortfall, Business Council of Australia released a paper proposing we “rebrand” to convince foreign workers to relocate here and help the economy. Economy in trouble as…  Read more

5 ways outsourcing payroll can help you

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When you start a business, you’re typically your only employee and payroll is about as simple as it gets. But as you grow, you hopefully find yourself in the position of needing to take on more employees. Before you know it, what was once a very straightforward task becomes a giant undertaking that’s sucking up most of your time. This is when it makes sense to outsource your payroll. While…  Read more

4 signs you’ve found the right financial advisor for you

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Most people need some help when it comes to financial planning and investing. That’s when we turn to financial advisors. With many options available, it’s important to ensure you choose a financial advisor that you can trust and feel comfortable with. So what are some signs that a financial advisor is a good fit for you? Here are some things to look for when deciding who is best for you…  Read more

How to keep your finances on track

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When it comes to your finances, it’s a good idea to check in on your progress periodically, to see if any adjustments to your budget or changes in your habits are necessary. Even if you’ve set your budget for the year, you may learn a new strategy or have a priority come up suddenly that causes you to shift your thinking. Here are ways to take stock of your finances,…  Read more

Business Update – 6 July 2022

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Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. How to keep your tax bill low With tax time upon us, here are 8 simple ways you can maximise your refund or keep your bill as small as possible. It’s a good time to catch up on your taxes It’s required to lodge your tax return every year,…  Read more

Tax update – June 2022

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ATO priorities this tax time The ATO has announced four key areas that it will be focusing on for Tax Time 2022: –   Record-keeping. –   Work-related expenses. –   Rental property income and deductions. –   Capital gains from crypto assets, property, and shares. Before claiming income tax deductions for their expenses, taxpayers must ensure: –   they spent the money themselves and were not reimbursed; –   if an expense is for both…  Read more

Self-Managed Super Fund Rules

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A self-managed super fund (SMSF) is a private super fund that individuals can manage themselves, meaning that they can choose the investments and the insurance. An SMSF is a popular and effective way of saving for retirement. However, being the trustee of your own super fund is a big responsibility and can come with a risk, so it’s important to know the rules before starting one. Here are some important…  Read more