Tax relief for Victorian employers

As of 1 July 2017, employers in regional Victoria will now be eligible to receive a 25% cut to payroll tax rates.

The rate has been reduced from 4.85% to 3.65%, making it the second lowest rate in the country behind South Australia. Read more

Client Update – June 2017

As the days get shorter and we settle into the cooler months, the end of the financial year rolls around very quickly.

We have been recognised as an industry leader in the Acuity magazine, the national journal for Australian and New Zealand Chartered Accountants on topics surrounding team culture and the Federal Budget. To read any of the articles click here. Read more

Tax alert June 2017

Major changes to the rules applying to both superannuation (super) and business tax come into force on 1 July 2017, so taxpayers need to ensure they are prepared for the new regime. Here’s a roundup of the key tax changes: Read more

Tax tips for 30 June

When you file your company tax return this year, you can be guaranteed one bit of good news – the corporate tax rate has dropped from 28.5% to 27.5% for businesses with turnover of less than $10 million. Read more

Taking care of business when disaster strikes

When Cyclone Debbie swept across Queensland and Northern NSW in March 2017, the damage to homes, farms and businesses ran into the billions. While the initial focus has been on the damage to buildings, crops and infrastructure, business owners also face a loss of income until repairs are complete and they can resume normal trade. Read more

Stay safe from scams at tax time

It seems as though every year as people gear up for tax time, there’s a new type of fraud or cyber attack that crops up. Most people want to do the right thing when it comes to dealing with government authorities like the Australian Tax Office (ATO), and scammers take advantage of that. Read more

Tax debts to be revealed to credit agencies

 

Your tax debt will impact your credit rating

There are a number of changes happening at the Australian Tax Office (ATO) at the moment. A rather important one for a lot of business owners is that from 1 July 2017, the Government will allow the ATO to disclose tax debt information to Credit Reporting Bureaus.
Read more

Client update – February 2017

It’s hard to believe it’s February already, with the nation back at work and kids back at school after the summer holidays.

Maiden Gully CFACasual cash quarter

This casual cash quarter we are recognising the hard work that our local firefighters do, especially during the warmer months. We will be supporting our local Lockwood and Maiden Gully Fire Brigades through casual cash donations.

 

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Economic Update:

All eyes were on the US in January, where newly installed President Trump hit the ground running. Markets took this as an encouraging sign that he would follow through on promised tax cuts and infrastructure spending. An encouraging start to the US company reporting season and higher oil prices also boosted confidence, until confusion surrounding immigration policy prompted a late sell off.

In Australia, local shares lost ground over the month despite continued strength in iron ore prices and tame inflation. The consumer price index (CPI) rose by a lower than expected 0.5% in the December quarter, taking the annual rate of inflation to 1.5% from 1.3% previously. This leaves the door open for a potential further rate cut by the Reserve Bank if inflation remains in check.

Also in this issue:

  • Home office deductions explanation
  • Wine Equalisation Tax Rebate changes summarised
  • Tips on how to get your business on track for 2017
  • Venture Financial Advisors raise the topic of education costs
  • What we’ve been up to in the community.

We hope you find this issue informative, should you wish to investigate any of these matters, we encourage you to contact our office.

Home sweet home office

Home office

 

Making the most of home office deductions

Working flexible hours at home or running your small business from the spare room are becoming increasingly popular options for Australians. Read more

Do depreciation deductions apply to you?

Owners of income producing properties are eligible to claim tax deductions for a number of expenses involved in holding a property.

Most investors are aware of some of the deductions they are entitled to; for example, Read more