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Before we dive into the year ahead, it’s a good time to reflect on how you and your team work together on a professional, and personal, level. Appreciation among colleagues is a key ingredient of all high-quality workplaces, and it needs to be fostered in a top-down approach. After all, research has shown positive reinforcement boosts morale,…
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Download a copy of our January Newsletter

Taxpayers continuing to work from home in the new year will be allowed to continue using the simplified working-from-home deduction method following a third extension by the ATO. The 80¢ per hour shortcut method, introduced in April 2020 in response to COVID-19, will now be in place until 30 June 2021. This is the third time…
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The ATO has provided the following update for bookkeepers The JobKeeper Payment extension two starts from 4th January 2021. Eligible employers need to complete a new decline in turnover test and the payment rates change for eligible employees. ‘To support employers and their intermediaries that may be taking leave over December and January we are…
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You may have heard that temporary full expensing under the Instant Asset Write Off (IAWO) has arrived, and that means larger businesses are now considering how they can make the most of it. The Instant Asset Write-off is a tax deduction designed to do what it says on the tin: allow business owners to write…
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Can a deliberate, virtual effort save office friendships? Three experts share ideas to help keep workplace friendships alive. As more and more businesses adapt to remote work, informal, hallway conversations seem like a distant dream. The office friendships that are built on these workplace interactions are now dependent on what happens through a screen. “People who…
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Download a copy of our December Newsletter

The Treasurer’s move towards allowing businesses to opt out of fully expensing certain assets will provide flexibility to businesses and prevent depreciation benefits from being wasted. Earlier this week, Treasurer Josh Frydenberg announced that the eligibility of the full expensing measure would be tweaked to allow larger Australian-based businesses to access the measure. The measure currently allows…
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Treasurer Josh Frydenberg has hinted at a possible pause to the scheduled increase to the superannuation guarantee as the long-awaited retirement income review is released. The 650-page retirement savings review, chaired by former senior Treasury bureaucrat Michael Callaghan, has found that increasing the SG rate to the legislated 12 per cent could cut working income…
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The Reserve Bank has warned the government against reducing support for the economy too soon, with Australia’s recovery from its first economic downturn in nearly three decades likely to be bumpy. In a speech to the Australian Business Economists (ABE) organisation, deputy governor of the Reserve Bank of Australia Guy Debelle has advised the government…
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E-invoicing could soon be mandatory for all businesses as the government ponders over the best way to roll out the new system. Options being canvassed by the Treasury in its recently released consultation paper include introducing a requirement that all businesses adopt e-invoicing through a phased approach starting with large businesses. e-invoicing involves a digital exchange…
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Maintaining your books isn’t something you should do solely as a tax-savings strategy; it can also prevent you from losing your sanity and getting dragged into a potential lawsuit over commingling your funds. Here are five significant reasons for maintaining a separate chequebook and set of books for each of your businesses: Corporate veil .First…
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There are several reasons why you may potentially have to transfer your home loan to another person. For example, if you own a property jointly with your spouse, ownership will change in case of a divorce. Or, if the owner is seriously ill or has passed away, change in the ownership may be required. If…
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No business owner sets out to commit bookkeeping fraud (well, the majority don’t); however, it does happen. Business tax and financial systems can be complex and confusing to understand, and inexperienced small business owners and entrepreneurs can sometimes make mistakes. On top of this, stress and exhaustion can lead to mishaps. Sometimes, completely unintentionally, bookkeeping…
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The pandemic has created a whole new set of challenges for accountants – from untangling complex stimulus schemes and adapting to new technology, to leading staff and clients through uncharted waters, and safeguarding their own and their clients’ businesses. This is how two CPAs have risen to the challenges of 2020. The gravity of the COVID-19…
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When taking out a mortgage, many people forget to consider the associated fees and expenses. Here are some of the extra costs that you’ll need to consider when you take out a home loan. Home loan application fees Most lenders charge a home loan application fee. This can range from loan to loan, and covers:…
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New businesses shut out of the cash flow boost and JobKeeper program may see their knocked-back applications reassessed after the Inspector-General of Taxation made inroads with its investigation. These genuine new businesses have found themselves ineligible for the stimulus measures because of a restrictive integrity rule, which requires entities to have notified the ATO of taxable…
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The Reserve Bank has announced a $100 billion “quantitative easing” program. What does that mean, and why did they do it?  Quantitative easing “Quantitative easing” is one of those economic terms that is too abstract, so it’s difficult to know what it means. But essentially, it’s all about manipulating interest rates. Historically, quantitative easing is…
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The ATO’s data-matching program with the Department of Home Affairs will be extended for another three years, with a particular focus on identifying compliance with the JobKeeper program. The Tax Office will now acquire data on active and newly granted visas in the period 2020–21 to 2022–23 financial years, building on its visa data-matching program that…
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Download a copy of our November Newsletter

Closely held entities with different salary and wage scenarios will not be explicitly targeted by the Tax Office’s ongoing cash-flow boost compliance program. Earlier this month, the ATO began contacting a number of cash-flow boost recipients who had made an “unusual or unexpected change” to the amount of salary and wages reported in their business activity…
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The global pandemic has become an unexpected catalyst for technology adoption. Experts predict the remote working tech accountants will need by next year. In the last few decades, many small and medium-sized accounting firms have remained cautious when it comes to adopting new technology. But the pandemic is disrupting the profession – in some cases,…
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When lodging your tax return, there are elements that can either increase or decrease the size of your refund. Some are easy to understand, while some are a bit more complex. If you aren’t a tax expert, those complex items can prove to be a bit tricky when it comes to lodging your return by…
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Mistakes happen: the email is sent to the wrong person, the decimal point is put in the wrong column. What does your response say about you and your organisation? Pointing the finger is frequently the response when things go belly up in business, but playing the blame game isn’t a good tactic for individuals or for organisations.…
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Now more than ever, professional accountants in public practice are well positioned to leverage their relationships with funding bodies to help deliver the best outcomes for clients. Many small and medium-sized enterprises (SMEs) are finding themselves under unprecedented strain, with many forced to defer loan payments and seek funding support while they grapple with severely…
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Employers will now have approximately one month to implement income tax cut changes as the ATO updates its tax withholding schedules. The Tax Office has now updated its withholding schedules and tax tables to reflect the new personal income tax thresholds that were passed by Parliament last week. The changes will apply to payments made on and from…
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Welcome to the 19th edition of the Australian Housing Outlook. The report, authored by BIS Oxford Economics and sponsored by QBE Lenders’ Mortgage Insurance, deep dives into property market dynamics during this extraordinary time and forecasts where prices are headed over the next three years. The way we live and work has fundamentally shifted during…
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Tax cuts, more incentives for business investment and payments for pensioners and aged care: tonight’s Federal Budget was a wide-ranging fiscal program to cushion the impact of the Covid-19 pandemic and kickstart an economic recovery. The Federal Government will run a budget deficit of $A213.7 billion with total debt peaking at $A966 billion by 2024…
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Download a copy of our October Newsletter

Around 1,200 individuals have been contacted by the ATO around a tax planning strategy involving the early release of superannuation measure. The Tax Office has now identified 1,200 taxpayers who withdrew money under the COVID-19 early release of super measure and immediately recontributed it in a bid to claim a tax deduction. The recontribution scheme,…
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The usual time of about 4-6 weeks it took for your home loan application to complete settlement is no longer valid !!  Turnaround times for getting your home loan application assessed are longer than usual, and lenders are constantly moving the goal post. How long will it take for my home loan to get approved?…
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Up to 12 million Australians on Centrelink will now have their real-time salary and wage data shared between the ATO and Services Australia under a new data-matching program. The ATO has now commenced the sharing of Single Touch Payroll (STP) data with Services Australia, formerly the Department of Human Services. According to a gazette notice…
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Critics of the Morrison government’s proposed sped-up tax cuts are demanding that Treasurer Josh Frydenberg move away from high-income tax breaks and instead look towards social spending, a new national advertising campaign explains. Endorsed by former Reserve Bank officials and senior bureaucrats, a new national campaign now opposed the government’s plan to bring forward income tax cuts…
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ME bank has forecast a subdued property market during spring under the “COVID-19 cloud”, a sentiment echoed by analysts. In his outlook for the Australian property market this spring, the non-major lender’s general manager, home loans, Andrew Bartolo, said that while there is usually an onslaught of listings and buyers preparing to pounce during this…
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Research suggests jargon has many positives. However, overdoing it could have a negative effect on your business or employees. It all depends on how you use it. Nice to e-meet you. Corporate lingo and office-speak. We all use it. And loathe it – especially when we’re the recipient. Synergy (a buzzword for teamwork) won the…
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The Commissioner of Taxation’s rules around the JobKeeper extension have now been registered, shedding light on the calculation of the actual decline in GST turnover test. Commissioner Chris Jordan has now registered three legislative instruments pertaining to the method of determining when a supply is made to calculate actual GST turnover; the alternative reference period…
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New home lending grew at its fastest clip in 11 years in July, while owner-occupier finance hit a new record. It comes as first home buyers jump into the market, largely replacing property investors. While the Commonwealth Bank upgraded its price forecasts on Wednesday, there are a handful of factors that could see the market…
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The ATO has launched a soft restart of its debt and lodgement activities as it looks to re-engage with businesses. Apart from Victoria, where businesses are working towards a staged reopening plan, the ATO has begun reaching out to businesses in other parts of the country as part of its debt intervention activity restart after such…
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Turning up to an auction to bid on your dream home can be a daunting experience. But going in with a bidding strategy can help ease some of those nerves and also give you an edge over other bidders. Money reached out to Andrew Cooley, partner and auctioneer with Cooley Auctions, to find out which strategies…
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As many businesses envisage an online-only presence and working from home becomes more prevalent during coronavirus, cyber security risks are on the up. A Google search of coronavirus returned about 2.8 billion results, while cyber security yielded a paltry 600 million or so. Yet with so many people working remotely, we greatly increase the points…
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Australia’s median property value fell 0.6 per cent in July and is tipped to fall anywhere between a few more percentage points and a whopping 32 per cent.  But according to Aussie Home Loans chief customer officer David Smith, that doesn’t mean prospective buyers should hold off on their purchasing decisions.  “We have seen a drop in house…
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If your business has received a grant or payment from the Australian Government or a state or territory government, you may need to include it in your tax return. Some grants and payments are assessable income and so need to be included in your tax return. Grants and payments that are assessable income include: JobKeeper…
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Download a copy of our September Newsletter

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For many of us, one of the key lessons from the past few months has been a new appreciation of time. For some, the shutdown of schools, gyms, restaurants and team sporting activities offered a breather from our jam-packed schedules. For others, setting up the office at home blurred the boundary between business and pleasure,…
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It’s been an unusual year for business owners and tax payers, and tax time will be even more critical than before. To maximise your tax return, be sure to consider these key deductions. Between lockdown restrictions, government stimulus measures and the approaching end of the financial year (EOFY), small business owners have already had an…
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Incorporating a fresh goal-management framework, like OKRs or SMART goals, is a great use of any downtime that COVID-19 has caused, or even just as part of your new financial year planning. The strategy behind the way SMEs and startups run their businesses rarely gets reviewed. Hustle culture demands for businesses to always be operating at…
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Treasurer Josh Frydenberg has announced that eligibility for JobKeeper 2.0 will now be based on single quarters, in light of the stage 4 restrictions facing Melbourne. The eligibility changes, which will apply nationwide from 28 September, will now require businesses to show the requisite actual decline in turnover for the September quarter alone, rather than…
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JobKeeper audits are expected to go on for two years, while the ATO’s scrutiny of employer obligations is set to continue over the next 12 months, says one audit insurance provider. Accountancy Insurance director Roman Kaczynski noted that while ATO audit activity is significantly down on previous years due to COVID-19, JobKeeper reviews have continued to…
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Download a copy of our August Newsletter

The ATO will not seek to recover JobKeeper payments from employers who made an honest mistake, a parliamentary inquiry has heard. Fronting a COVID-19 parliamentary committee, ATO second commissioner Jeremy Hirschhorn said that while the Tax Office had written to 8,000 businesses to inform them that JobKeeper payments would cease because of eligibility issues, it had…
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Victorian Premier Daniel Andrews has been called to grant the 16,500 tax and BAS agents facing six-week business closures with the flexibility to support clients through the stage 4 restrictions. Tax professionals based in metropolitan Melbourne will now be required to close their practices and work from home from 11.59pm on Wednesday as part of stage…
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The professional accounting and tax bodies will soon present the Treasury with a laundry list of issues to be considered in the design and execution of JobKeeper 2.0, as the profession aims to avoid implementation issues that encumbered the first version. A joint submission from members of the National Tax Liaison Group is expected to…
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Have you been putting off an upgrade to enterprise resource planning software? With the Instant Asset Write-off available to much larger businesses than ever before, now may be your moment to embrace ERP. The Federal Government has responded to the unique challenges caused by COVID-19 to provide targeted stimulus to Australian businesses, primarily in the…
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From Saturday 11th July we will operate as follows:                Mondays                             830am to 5pm                Tuesdays                             830am to 7pm                Wednesdays                      830am to 7pm                Thursdays                           830am to 5pm                Fridays                                  830am to 5pm                Saturdays                            9am to 1pm Call us on 07 3883 8999 to book your appointment with a tax specialist now.…
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A crystal ball would be required to predict what life will be like after COVID-19, but when it comes to what home buyers want in a post-pandemic world, patterns are beginning to emerge. New keyword search data from realestate.com.au shows a significant jump in nine work-from-home-related property features during the pandemic – illustrating that home…
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As housing prices across Australia remain unsteady in the wake of COVID-19, potential homeowners are calculating whether it’s the right decision to break into the property market. To help make an informed decision, we recruited home loan specialist at CUA, Joel Dooner, to provide some insight into considerations that should be made before you decide to take…
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The accounting profession has cautiously welcomed the extension to JobKeeper as it awaits further guidance from the Treasury and the ATO. The government has announced a reshaped, six-month extension to the JobKeeper program after it was due to expire on 27 September. JobKeeper 2.0 will now see different payment rates and eligibility requirements over the December…
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Over 1.7 million Australians have now lodged their tax returns in the first two weeks of the new financial year, leading the ATO to issue a cautionary note on trending mistakes with early lodgements. The ATO has now seen its “biggest 1 July ever”, with over 740,000 online lodgements on the day, up from just…
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Company share prices may be updated every few minutes on the ASX website, but commercial property values can take years to unravel. In times of uncertainty, trading activity in commercial property, be it sales or leasing, reduces rapidly, leaving stakeholders with little evidence of where values and prices are really at. That’s exactly what’s happening…
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A new report has found one in four Australian small-business owners admitted they would have struggled to survive the impacts of COVID-19 had it not been for the support of their accountant or bookkeeper. The QuickBooks COVID-19 Recovery Report has revealed that 74 per cent of small-business owners turned to an accountant or bookkeeper for support during…
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At the end of May, Australians had frozen repayments on $266 billion worth of loans, according to new APRA figures. While mortgages make up the bulk of them, deferrals were more common amongst businesses than home loans. Banks have extended the hardship program to January, but with few exiting it entirely questions remain over whether it…
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As the ATO renews its focus on tax avoidance, section 100A, a 40-year-old provision in the Income Tax Assessment Act, is under review. Discretionary trust structures continue to be widely used by many families around Australia, both for the purposes of holding assets and distributing income to their beneficiaries. Discretionary trusts are so called because…
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Download a copy of our July Newsletter

Can’t call tech support? Sometimes the answer is as simple as restarting a device, or figuring out the problem by process of elimination. One challenge when working remotely is not having an on-site tech support team to call on, but did you know you can solve many tech problems by using some relatively straightforward techniques? Let’s start…
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It was 20 years ago today the GST was introduced, and it was the dawn of a new taxation era for Australians. After decades of it being on and off the table, John Howard took it to an election, which he narrowly won, and scraped it through the Senate — because he had to. The…
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Businesses have been urged to start planning for life without JobKeeper, with less than 100 days to go before the $70 billion wage subsidy scheme comes to a stop. With less than 100 days to go until JobKeeper reaches its legislated end date of 27 September, Jirsch Sutherland partner Andrew Spring believes it is time…
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facebook twitter pinterest Millennials are leading Australia’s house hunting charge as real estate agents across the capitals report a surge in first-home buyers looking to make lemonade from COVID-19 lemons. While investors steer clear of the market and mature property owners resist the urge to sell for fear of a destabilising economy, experts say young,…
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The Tax Office has urged taxpayers to wait until the end of July to lodge their tax returns to minimise their risk of making mistakes. Accountants have begun bracing for a “horrendously busy” tax time this year as individual clients are expected to lodge early to get their hands on potential refunds as soon as possible.…
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With 1 in 4 Australians feeling unsure about their ability to meet financial commitments, Suncorp has seen some interesting customer spending and small businesses redefining their value proposition to remain relevant. The hit to consumer confidence and tightening of household finances has driven changes in customer spending and a shift towards higher savings. Since the…
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Software developer BGL has launched a new, free application GuestTrack to help businesses (especially restaurants, cafes, offices, schools, sporting clubs, etc) collect and store the data required by governments in the current COVID-19 environment.  What is the App for?To reopen, many businesses are required to collect and store customer, employee and contractor information including name,…
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The chance to build a brand-new home for a bargain has lured thousands of Aussie buyers into the market as developers across the nation report skyrocketing sales and inquiries mere days after the launch of the federal government’s new HomeBuilder scheme. Despite initial confusion over grant eligibility, hundreds of sales were clocked up over last…
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Superannuation fund results defy coronavirus crisis, APRA stats show. Could Australia’s superannuation system be coping with the COVID-19 crisis better than many predicted? That view appears to be supported by new figures from the financial watchdog. According to the latest quarterly report released by the Australian Prudential Regulation Authority (APRA), while the savings pool did contract 7.7 per…
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The increase in the cents per kilometre rate for calculating work-related motor vehicle expense deductions has now been locked in for the next financial year. The ATO will now raise the cents per kilometre deduction rate for motor vehicle expenses to 72 cents for the income year starting 1 July 2020. The rate last changed in…
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In its latest move to spur business investment, the government will extend its $150,000 instant assets write-off until the end of the year. The six-months extension, which will be legislated, will cost $300 million in revenue over the forward estimates. As part of the government’s pandemic emergency measures, in March it announced that until June…
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The ATO has now extended the deadline to enrol and identify eligible employees for JobKeeper payments to the end of each month being claimed. An update to the ATO’s JobKeeper key dates has revealed that employers who are enrolling for JobKeeper payments for the first time after May can now enrol their business and identify…
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Download a copy of our June Newsletter

The $150,000 instant asset write-off will soon revert to its original threshold of $1,000 in just over four weeks, with businesses urged to consider the measure ahead of the end of financial year. Announced in the first round of the government’s stimulus package in early March, the instant asset write-off threshold was increased by fivefold,…
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Prime Minister Scott Morrison has hinted that a number of the government’s stimulus measures, including JobKeeper, could be extended for certain sectors in need. Mr Morrison said that while JobKeeper and JobSeeker were currently legislated to a hard end date in late September, his government would ensure that it would remain flexible in view of…
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The roll out of the federal government’s low and middle income tax offset in 2019 caused mass confusion as well as a spike in early lodgements as Aussies scrambled to get the cash. And this year, the frenzy is expected to be even greater. As the coronavirus crisis takes its toll on the Australian economy…
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The bill for the Government’s economic rescue package has been cut, dramatically, thanks to a $60 billion miscalculation revealed last week. On Monday Treasurer Josh Frydenberg said it meant the country would be borrowing $60 billion less to cover the coronavirus stimulus. But at the same time, the activities of its debt agency, which is…
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The Tax Office will not grant further extensions to lodgement due dates but will meet the profession halfway by not imposing late lodgement penalties up to the end of the financial year. Despite the best efforts by the professional accounting bodies, the ATO has chosen not to grant a blanket deferral for lodgement and payment due…
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The rate of job losses as a result of the economic downturn has slowed down, with the number of Australians out of work suppressed to under a million, according to new figures from the Australian Bureau of Statistics. The Australian Bureau of Statistics (ABS) has updated its weekly payroll jobs and wages figures for the…
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Close to three out of four tax agents are now behind on lodgements compared to this time last year, as calls for further extensions continue to ring out. A Tax & Super Australia (TSA) survey of 530 accounting professionals has found that a blowout in increased workloads from the government’s stimulus measures has resulted in…
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The Northern Territory has largely reopened for business on Friday, including its pubs. In marking the “historic day”, the NT News boasted the Territory was “the safest place in Australia” with its restrictions now the most lax in the country. This is how other states shape up. While the rest of the country lays out…
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While the debt that COVID-19 disruption has thrust upon the economy is unprecedented and businesses are grappling with uncertainty and dwindling cash flow, they must plan for a post-pandemic future in order to ensure both survival and recovery, an expert has said. Businesses that have locked their sights on building cash reserves, helped by the…
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Practitioners have been advised to keep contemporaneous documentation of their calculations and advice around the JobKeeper payment scheme to avoid inevitable audit scrutiny in the near future. While the ATO has declared that it will take an “understanding and sympathetic” compliance approach when reviewing JobKeeper turnover projections, practitioners have now been urged to document their…
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You would have seen that various states and territories around Australia have already eased some of their own restrictions, while others, such as Victoria, will re-examine state-of-emergency measures from 11 May. As we await these important updates, as business owners and operators, we now move from the day-to-day management of this crisis to planning for…
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Micro employers are leading the way with JobKeeper enrolments as the first ATO reimbursement payments begin to land in employers’ bank accounts. The latest figures from the Treasury show that 728,640 organisations have now enrolled for the JobKeeper scheme, covering around 4.7 million employees. A breakdown of those figures revealed that 40 per cent of…
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As ever more employees around the world who have rarely — if ever — worked remotely find themselves logging on from home, managers face a daunting challenge in helping their teams maintain effectiveness while adapting to an unfamiliar work arrangement. However, telecommuting is a perk you need to implement thoughtfully as it can lead to…
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Another initiative by the Federal Govt to assist small and medium business during the Coronavirus pandemic saw the instant asset write-off threshold increased from $30,000 to $150,000 and expanded access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million). The higher Instant Asset Write-Off (IAWO) threshold provides cash…
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Much has been written, and rightly so, about some of the high profile Government initiatives such as JobKeeper, JobSeeker and of course the Business Boost Cash Payments. It has however seen another very worthy Government initiative go largely un-noticed – the Federal Government’s Coronavirus SME Guarantee (CSMEG) Scheme. The CSMEG is designed to support small…
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The alternative decline in turnover test rules for the JobKeeper payment scheme has now been registered by the ATO. The legislative instrument, Coronavirus Economic Response Package (Payments and Benefits) Alternative Decline in Turnover Test Rules 2020, has now been registered. The alternative tests will only kick in if an entity cannot satisfy the basic decline in turnover…
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Today’s the day. After weeks of chaos, mass lay-offs and scenes of desperation as thousands queued outside Centrelink offices for government relief, the money finally will start to flow via JobSeeker. For those newly unemployed who have hung on since the end of last month, racking up debts and trying to negotiate with banks and landlords,…
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A third of Australians have already been negatively financially impacted since the onset of COVID-19, and more expect to. That’s the main finding from ME’s COVID-19 Financial Sentiment Snapshot commissioned this week. Of those surveyed, 33% said their income had decreased since the start of the COVID-19 pandemic, while 67% said their income was unaffected (56% said…
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The prudential regulator has told super funds they must release member funds within five business days in the vast majority of cases if they have been assessed as eligible for the government’s early release scheme. In a statement, Assistant Minister for Superannuation, Financial Services and Financial Technology Jane Hume said the government welcomed the announcement…
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Guidance around JobKeeper eligibility for sole traders and businesses that operate in the form of a company, trust or partnership has now been updated by the ATO. In an ATO update on Thursday, such entities will be eligible if they carried on a business in Australia on 1 March 2020; satisfied the fall in turnover…
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Enrolments for the JobKeeper payment have now begun, with the ATO issuing a number of guides for businesses to assist them through the process. With over 850,000 businesses having expressed interest to register for the government’s $130 billion JobKeeper scheme, the ATO has now officially opened enrolments through Online services for agents and the business portal. To…
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The Federal Government’s wage subsidy plan is designed to help more than 6 million people who have seen their income fall because of the coronavirus pandemic. The JobKeeper scheme gives affected businesses $1,500 per fortnight per employee to help pay the wages of an estimated 6.7 million Australians for six months. Employers will need to…
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