Learn how managing the fine line between work from home and living at work is worsening sleep working. Australia has recorded some of the longest working hours among full-time employees in OECD countries over the past two decades. The direct and indirect costs of sleep deprivation in Australia are estimated at A$51 billion a year.…
Read more
NAB has come out in support of CoreLogic’s assessment that the property market is at or near its peak. CoreLogic’s most recent Home Value Index, released this morning, suggested that the slower growth in November of 1.3% suggests that the market is close to an apex. November was the slowest month since January, and CoreLogic analyst Tim…
Read more
Download a copy of our December Newsletter
Up to 15 per cent of current households would have been able to enter the property market in the 1990s but are now forced out, an economist has said. Independent economist and University of Tasmania vice-chancellor’s fellow Saul Eslake appeared before the House of Representatives tax and revenue committee for its ongoing inquiry into housing affordability last…
Read more
According to the Australian Taxation Office, more than 600,000 taxpayers have invested in crypto assets in recent years, and many have failed to declare their capital gains. The technology that supports cryptocurrencies is relatively new, but the tax laws that apply are well established under capital gains tax provisions for cryptocurrency investors. Australia is supporting…
Read more
Business confidence has seen a resurgence across industries in October, as NSW and Victoria reopened and companies returned to pre-pandemic trading. A newly released survey conducted by HSBC found 65% of Australian businesses are optimistic they can generate growth over the next 12 months, in line with international peers. However businesses named supply chain chaos…
Read more
The majority of mortgage holders are already maintaining higher loan repayments than required and won’t be shaken by a climbing cash rate, according to the Reserve Bank. Reserve Bank of Australia (RBA) assistant governor (economic) Luci Ellis appeared before the House of Representatives standing committee on tax and revenue on Monday (15 November), for its…
Read more
Interest rates are rising, but it’s the banks rather than the RBA that have moved first. Tom Uhlich of Boss Money looks at what’s driving the change – and at the implications for the property market. We haven’t seen it in years. The RBA has not raised interest rates for more than 130 months. But we all knew it…
Read more
Prime Minister Scott Morrison has hinted that the popular tax-saving measure may return in 2022. The federal government has teased the possibility of extending its popular tax offset ahead of the next election. In a recent interview with The Herald Sun, Prime Minister Scott Morrison played coy when asked whether the current federal government would consider…
Read more
New laws came into force from 1 November 2021 requiring all Directors to obtain a Director Identification Number (Director ID). This applies if they are the director of a company, registered Australian body, registered foreign company or an Aboriginal and Torres Strait Islander corporation. When must you apply for your Director ID? Date You Became…
Read more
You need to apply for your own director ID. The fastest way to do this is online using the myGovID app. Step 1 – Set up myGovID You will need a myGovID with a Standard or Strong identity strength to apply for your director ID online. If you live outside Australia and can’t get a…
Read more
A recent judgment heard by the Full Court of the Federal Court will have a profound impact on the way accountants approach matters concerning spousal assets. The matter of Commissioner of Taxation v Bosanac [2021] FCAFC 158 was heard recently with the judgment holding that a $4.5 million property acquired in the name of one spouse was jointly owned…
Read more
The ATO has reminded tax practitioners to ensure their clients’ Australian business numbers (ABNs) are sound with a new review set to identify those that warrant cancellation. The Tax Office’s review will seek to identify potentially inactive ABNs for cancellation. “Your client’s ABN may be selected if they have not reported business activity in their tax…
Read more
Treasurer Josh Frydenberg and financial services minister Jane Hume have encouraged citizens to get behind super reform changes that have come into effect this month, citing them as the “most significant in nearly 30 years”. In a joint release, the Treasurer and financial services minister confirmed that from 1 November 2021 Australians will see their superannuation…
Read more
Download a copy of our November Newsletter
There has been much coverage recently of two important issues facing the nation: a review of the Reserve Bank and the housing market. With regard to the former, The Organisation for Economic Co-operation and Development and International Monetary Fund this month separately backed a review of the RBA, highlighting its failure to achieve its inflation…
Read more
Most businesses like to think they’re a customer centric organisation, but nobody’s perfect, right? Here’s how to incrementally improve your customer relationships. Think about your clientele and ask yourself: what are their goals? What are they trying to do for them or perhaps their own customers? What keeps them awake at night? When are they…
Read more
Cash-flow issues have reared their head again across Australia’s SME community again, with one in four small businesses reporting late payments. According to a new Xero survey of more than 1,000 SMEs, late payments have become a major stressor with 24 per cent of small businesses and sole traders delaying payments to themselves due to cash-flow challenges.…
Read more
There is no doubt that the construction industry is doing its best to maintain momentum through this period to support economic recovery. However, the building sector, in general, is still experiencing a significant price increase in building materials, particularly when it comes to steel and timber products, due to sourcing and shipping constraints. There are…
Read more
Every business uses assets to generate revenue. Think of depreciation as a warning light that tells you the remaining value of the life of each asset. To understand depreciation, you’ll need to know what assets depreciate, common depreciation methods and the impact depreciation has on your financial statements. What is depreciation? Depreciation is the decline in the value…
Read more
A chart of accounts is a lot like the game Jenga. If you take a block away from one section of your business, you have to add it back somewhere else. Accounting systems by definition have a general ledger in which your asset accounts (what you own) match your liability accounts (what you owe). While…
Read more
The prudential regulator is increasing the minimum interest rate buffer it expects banks to use in serviceability of home loans. The Australian Prudential Regulation Authority (APRA) has announced changes to mortgage lending rules for banks. As flagged by the Reserve Bank on Tuesday (5 October), it is increasing the minimum interest rate buffer it expects banks to use when assessing…
Read more
Handing over your small business to a successor takes considerable time and effort. Here’s why you need a succession plan to help you do it. Small and family businesses have been the backbone of the global economy for decades. In Australia, small and medium-sized enterprises (SMEs) make up about 70 per cent of all businesses – about half a…
Read more
Mick at Accountplan was awesome. Honestly you don’t realise when you come across a good broker until you’ve had a bad one, and this was my experience until being recommended to Mick. The refinance and loan consolidation he got me was a bloody good deal. Well done Mick, Cheers Dave. Welcome to Accountplan, proudly assisting…
Read more
Download a copy of our October Newsletter
[WPSM_AC id=3729]
[WPSM_AC id=3741]
The ATO’s crackdown on work-related expenses appears to have paid off, with Australians claiming nearly $1 billion less in 2018–19. The new figures come from the ATO’s latest taxation statistics, which examine the 14.67 million individual tax returns for the 2018–19 financial year. These statistics are only published some time after the fact, as the…
Read more
ATO officers will now be expected to explain to taxpayers why their tax refunds are being retained, after laws were passed to extend the commissioner’s discretion to retain refunds where tax obligations have not been fulfilled. The passage of Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 early last year now allows the Tax Commissioner to retain a…
Read more
