Articles & Videos

Mortgage stress diminished in the three months to May, but the latest COVID-19 flare-ups have renewed fears that could change.  Research from Roy Morgan has shown that an estimated 677,000 mortgage-holders (17.3 per cent) were at risk of mortgage stress in the three months to May 2021 – meaning their mortgage repayments were greater than…
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It is now cheaper to service a mortgage than pay rent on a larger proportion of properties compared with pre-COVID-19 crisis, according to new research. CoreLogic’s weekly Property Pulse has revealed that servicing a mortgage has become cheaper than paying rent on 36.2 per cent of Australian properties, higher than the pre-COVID-19 proportion of 33.9 per…
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Whilst doing our taxes last year with Accountplan’s Jodie Fletcher we mentioned in conversation that we were looking to buy our first home. Jodie immediately introduced us to Mick Doyle, Accountplan’s in house Mortgage Broker. Mick made the overwhelming process of purchasing our first home much simpler, and it genuinely felt like he was the…
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The cash rate has been held at the historically low level of 0.1% again, amid swirling rumours that the Reserve Bank of Australia (RBA) will move forward their plan to raise the rate in 2024. CBA have already come out and said that they think that the rate will rise earlier than predicted, stating that they…
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Employers have been given additional time to complete their Single Touch Payroll finalisation declaration this year as the ATO recognises the ongoing impacts of COVID-19. Employers with arm’s length employees will now be given until 31 July to make their end-of-year STP finalisation declaration, an extension from the usual 14 July due date. The ATO…
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Download a copy of our July Newsletter

From Saturday 10th July 2021 through till Saturday 28th of August 2021 we will be offering extended hours during Tax Season 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 We will extend the additional hours…
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The ATO is cracking down on the cash and gig economies, and taxpayers must ensure that they are declaring all of their odd jobs and freelance work on their tax return, says one industry body. While gig-economy workers often earn their income as independent contractors, the term broadly includes people who earn income from bartering…
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Around one-fifth of Australians have seen their household finances worsen over the year to May, but 60 per cent have reported no change, according to the Australian Bureau of Statistics. The latest Household Impacts of COVID-19 Survey by the Australian Bureau of Statistics (ABS) has shown that the vast majority of consumers’ household finances had…
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The proportion of landlords negatively gearing rental properties has fallen below 60 per cent for the first time on record, reflecting a decline in interest rates. Of the 2.2 million taxpayers owning at least one rental property, 1.3 million declared a net rental loss in 2018-19, according to new annual data published by the Australian…
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This is a question many SMEs ponder. While leasing may be less risky and ensures equipment is up to date, owning assets outright may be cheaper in the long run. When is it better to lease or buy? Three experts weigh in. The answer depends on a number of factors, but one of the biggest…
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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…
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Practitioners need to alert small business clients to the superannuation changes. Here’s how they apply. Bill Leung | June 2021 The superannuation guarantee (SG) from employers for eligible employees is to rise from 9.5 per cent to 10 per cent from 1 July this year. There will be increases of 0.5 per cent each year…
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Download a copy of our June Newsletter

While the end of the financial year can be a busy time professionally and personally, it is also a good time to take stock of superannuation and formulate retirement savings strategies for the year ahead. The end of the financial year is often a mad dash for finance professionals. For many, the month of June…
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Do you use the Small Business Superannuation Clearing House (SBSCH)? If you intend to claim a tax deduction for super payments you make for employees in the 2020-21 income year, those payments must be accepted by the SBSCH on or before 23 June 2021. This allows processing time for the payments to be received by your…
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Housing markets around Australia continued to surge in May with CoreLogic’s national Home Value Index up 2.2% over the month.  The rise in May was a stronger result compared with April (1.8%), but weaker than the 32-year high recorded in March when values surged 2.8%. CoreLogic’s research director, Tim Lawless, observes that growth conditions remained broad…
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The Tax Office has issued a warning to taxpayers who opt for “copy-pasting” work-related expense claims, like those accrued for travelling between work sites, or laundering uniforms, while they have been working from home. The ATO on Thursday warned taxpayers that it will set its sights on ineligible work-related expense claims come tax time, issuing…
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Despite the conclusion of the JobKeeper wage subsidy program, the ATO is set to use its data matching technology to continue reviewing those who took advantage of/benefitted from the scheme.  The JobKeeper wage subsidy program came to an end on 28 March. According to the Australian Government, the program saved at least 700,000 jobs during the COVID-19…
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From Saturday 10th July 2021 through till Saturday 28th of August 2021 we will be offering extended hours during Tax Season 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 1pmWe will extend the additional hours should there…
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Cash may no longer be king for many of us, but that doesn’t mean that it should be consigned to history. Here are six reasons why we shouldn’t discount cash. Australia is well on its way to becoming a cashless society, with forecasts suggesting that cash will account for just 2 per cent of transactions by 2024.…
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Up to 10.2 million workers will continue to benefit from a $1,080 tax offset for a further year as the government locks in the low and middle-income tax offset for the 2021–22 financial year. Treasurer Josh Frydenberg on Tuesday announced that the low and middle-income tax offset (LMITO) would be extended for a further year…
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Australian housing values lifted by 1.8% in April according to CoreLogic’s national home value index, with the monthly pace of capital gains easing from a 32-year high in March (2.8%).  Although growth conditions have slowed, housing values are still rising at a rapid pace, up 6.8% over the past three months to be 10.2% higher…
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One of Australia’s leading experts on urban planning has sounded a note of caution that CBDs may never return to their pre-COVID levels of activity. Mike Day, partner at Hatch RobertsDay, has written a six point plan for government to consider as part of long-term planning around urban cores, with a focus on changing demographics…
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The official Reserve Bank of Australia (RBA) cash rate has been held at 0.1% for another month, sparking more debate about just how long it can remain so low. Last week’s decision marked the seventh month in which the rate has been held at the lowest possible level without entering negative territory. Many had expected…
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Download a copy of our May Newsletter

Some analysts are warning that Australia’s multi-decade property boom may be about to end, but most agree that will not happen this year with double-digit house price growth widely expected in 2021. Despite concerns about the pace of property price growth in Australia, regulators may not step in this year, analysts have warned.  Without regulatory intervention,…
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Providing more efficient loan approvals is “within the control of the lenders” and does not require changes to the law, according to MoneyQuest’s compliance manager, Tim Donahoo. Proposals to amend credit laws so that they remove responsible lending obligations (RLOs) are yet to be passed, but arguments for and against the move continue to heat up. The…
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Australians are feeling upbeat about their financial future, despite the end of government support schemes. According to the latest Experian Global Insights Report, 42% of Australians are comfortable with their finances, up 17% on the tally from October 2020. A third are still struggling with payments, but only 10% are cutting back on discretionary spending,…
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Fixed home loan rates have never been cheaper in this country, but could they go even lower or is this as cheap as a mortgage will ever get? Certainly, an increasing proportion of home buyers and mortgage refinancers are betting that the current deals are as good as they’re likely to see. “Historically about 85…
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Employment portal SEEK says it recorded the highest number of new job listings in its 23-year history over March. Job listings are up a remarkable 75.1% over the same period in 2020, speaking to the labour market’s recovery from COVID-19 restrictions. But many of the new listings “are for roles that were displaced in the…
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The Reserve Bank of Australia has confirmed that it will keep a close eye on trends in housing borrowing given the rising housing prices and low interest rates, with market pundits confident tighter credit conditions loom. On Tuesday, the RBA revealed its much-expected interest rate decision, announcing a further hold of rates at a record-low…
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Taxpayers falling behind on tax debts and lodgement obligations can soon expect contact from the ATO as it confirms the resumption of its compliance activities in the wake of JobKeeper ending. With the JobKeeper program officially over, the Tax Office has now confirmed that it will resume pursuing and enforcing debt recovery action. The change…
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Download a copy of our April Newsletter

My wife Debbie and I decided we needed to buy our forever home before it became an unlikely proposition. As we have been long time tax return customers of Jodie at Accountplan, she recommended that we see Mick for a consultation around home loans. The service that we received was first rate, he explained the…
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The way we pay for goods and services has changed, with more consumers shunning credit cards in favour of alternatives, online and off. Are the days of record-high credit card debt numbered? There was a time, not so long ago, when Australians were hungry for credit cards. It wasn’t just their instant purchasing power, but…
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Many of us dream big, but often live smaller, less satisfying lives than we’re capable of achieving. That is because our neurobiology primes us for caution, explains executive coach Margie Warrell.  “We’re wired for safety – to avoid risking failure or loss,” she says. This includes emotional failure such as rejection, wounded pride and bruised…
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The ATO could be pressed into granting lodgement deferrals this year, as practitioners continue to suffer from a 2020 hangover. The Institute of Public Accountants is currently weighing up an option to call on the ATO to apply blanket lodgement deferrals this year, after feedback from practitioners revealed that they are continuing to fall behind…
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The new lock-down restrictions mean we are currently unable to provide physical appointments at our office.  There are however still a number of ways to interact directly with our team during Tax Season: over the phone via video conferencing (via Zoom, Teams etc) Or if you like you can use 1 of the following methods…
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When you apply for a home loan, you submit your financial information, personal details and the details of the property you intend to buy. The bank analyses all that information and checks your credit rating to decide whether to approve or reject your loan application. It’s helpful for you to know what the bank looks…
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Are digital communication challenges leaving you and your network lost in translation? Here are five tips for getting it right. When we talk to each other face-to-face, we rely on a variety of visual and behavioural cues to communicate our feelings and interpret others’ reactions. With so many of our in-person interactions replaced by virtual…
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The ATO is expected to announce a deferral regime for the mandatory expansion of Single Touch Payroll, with the 1 January 2022 deadline not expected to be a “cold, hard cut-off”, says one industry body. Mandatory STP Phase 2 reporting is now set to commence from 1 January 2022, with employers soon required to report additional…
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Most parents in Australia underestimate how child expenses can impact their home ownership dreams, according to a new research from Credit Union Australia (CUA). In a recent survey of 1,000 parents, CUA found that 75% of respondents underestimated the cost of having a child and a quarter now recommended saving at least $8,000 to fund…
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The Federal Government’s JobKeeper wage subsidy has been a lifeline for thousands of Australian businesses which have been affected by the COVID-19 pandemic. Originally scheduled to end in September 2020, the scheme will now end on 28 March 2021, pending any further announcements from the Federal Government. Nathan Hood, CPA and co-founder of the accounting and business advisory firm Carbon…
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The financial comfort of Australian households has reached a record high, despite the negative impact of the COVID-19 pandemic, according to ME Bank’s latest Household Financial Comfort Report. However, the current and future comfort of many households is in question with underlying data raising red flags. These are the key findings of ME’s Household Financial Comfort Report,…
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Treasurer Josh Frydenberg has revealed that the federal government will announce targeted post-JobKeeper support in “a matter of days”, ahead of the expiry of the wage subsidy program. Speaking from Cairns on a tour of Queensland to speak with tourism businesses, the Treasurer said the government will announce its plans to extend targeted support to…
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The mortgage broker channel has recorded its highest ever market share result for the December quarter with brokers settling 59.4 per cent of all residential home loans during October – December 2020, according to the latest data released by research group comparator, a CoreLogic business, and commissioned by the MFAA. The December 2020 result is 4.1 percentage points…
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Prime Minister Scott Morrison will give thought to a potential new aged care levy through the tax system, following recommendations from the aged care royal commission. Released on Monday, the aged care royal commission final report contained 148 recommendations aimed at bringing about a “paradigm shift” within the sector. To achieve the vision of high-quality…
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A new tax deduction to encourage individuals to retrain and reskill is as worthy as any other current deduction, argues the Institute of Public Accountants. The IPA’s public support of a new education deduction comes as other accounting and tax bodies have shied away from the proposal, arguing that it would not benefit individuals who need support the…
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Download a copy of our March Newsletter

The professional accounting body believes any move to pause compulsory super increasing from 9.5 per cent to 12 per cent is neither a backflip or broken promise from the government, but “plain common sense” amid economic uncertainty. Chartered Accountants Australia and New Zealand (CA ANZ) has backed calls to halt the increase to 12 per…
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The ATO has set its eyes on recovering a further $155 million in JobKeeper payments that were paid out to businesses that made deliberate or reckless mistakes in determining their eligibility. Around $135 million in such JobKeeper payments have since been clawed back by the ATO, with another $50 million in payments deemed as honest mistakes…
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The value of new home loan commitments has increased for the sixth straight month, hitting another record-high $24bn in November – a 5.6% jump from the month prior and a 23.7% rise year-on-year – according to seasonally adjusted figures from the Australian Bureau of Statistics (ABS). The rise was mostly driven by commitments for existing…
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Once you are registered for the scheme, you must meet ongoing reporting obligations to be eligible to make a claim and remain eligible. This includes both of the following: Reporting certain information through STP ; Completing a claim form for each JobMaker period you are eligible for. Reporting via STP Your STP reporting is due…
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The JobMaker Hiring Credit scheme is a Government wage subsidy paid directly to eligible employers to help accelerate growth in the employment of young people during the COVID-19 economic recovery. The scheme is an incentive for businesses to employ additional job seekers aged 16 to 35 years. Eligible employers can access the payment for up…
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The financial impact of hard lockdowns on Australian households has been revealed in data provided exclusively to 7.30, with Victoria shown to have more outstanding mortgage deferrals than any other state or territory. While 81 per cent of overall mortgage deferrals from June last year are now back on track with repayments being made, data…
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Chasing a low interest rate should be on the radar for homeowners and buyers as rates drop even lower to rock bottom figures. The property market just got another boost with the lowest home loan rate in the market dropping to 1.69 per cent. Lender Greater Bank announced the new market-leading rate of 1.69 per…
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The government has been urged to consider providing struggling small businesses with financial incentives to seek advice from their professional adviser once JobKeeper comes to its scheduled end. The renewed push comes after Chartered Accountants Australia and New Zealand, CPA Australia, the Institute of Public Accountants, the Institute of Certified Bookkeepers, the ASBFEO and the…
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A petition to delay the start date of the second phase of Single Touch Payroll is underway, with a payroll association slamming the ATO’s six-month deadline as “highly negligent”. On Tuesday, the ATO confirmed that it was working towards a 1 July 2021 start date for STP phase 2, which will see employers required to report additional…
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You told the ATO they needed to improve their online services and they listened. Online services for business is replacing the Business Portal and electronic superannuation audit tool (eSAT). Providing a secure, modern channel to manage your tax and super obligations, this new service can be accessed on multiple devices, including a smart device like…
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Over half of Australians (54%) said ‘COVID-19 has forced them to change their 2021 financial goals’ compared to previous years, according to a new study by ME Bank. In the study of 1,000 Australians, the top 10 most listed financial goals included: Item % [Multiple response] 1. Building up ‘rainy day’ savings 44% 2. Saving for…
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Download a copy of our February Newsletter

Annual Reconciliations of Annualised Salary Arrangements are due 1st of March 2021: The new annualised salary provisions for full-time employees came into effect on the 1st of March 2020 and impacted a range of Modern Awards. The changes had a significant impact on the way businesses in certain industries manage and implement payment arrangements for…
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Black economy participants and tax dodgers driving luxury cars will continue to come under ATO scrutiny as it looks to extend its motor vehicle data-matching program for a further three years. The extension of the data-matching program will see the ATO continue to collect records from eight state and territory motor vehicle registries for the…
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The ATO has turned to the Federal Court in an attempt to overturn an Administrative Appeals Tribunal decision that granted a sole trader access to JobKeeper. The AAT had earlier ruled that sole trader Jeremy Apted was entitled to JobKeeper because his backdated ABN registration had satisfied the integrity rule of holding an ABN before or…
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The ATO has warned businesses who have qualified for the superannuation guarantee amnesty to pay their dues or risk disqualification. The Tax Office has begun reaching out to businesses that made SG amnesty disclosures to remind them to pay their disclosed amounts or to set up a payment plan and meet each ongoing instalment amount. The warning…
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The government has been told to abandon plans to allow taxpayers to claim deductions for education and training expenses unrelated to their current jobs, with the proposal criticised for failing to target those who need it the most. The government’s proposal, announced in last year’s federal budget, aims to tackle a rapidly evolving labour force in…
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As we close the curtain on a turbulent year and welcome the New Year, ME’s Head of Home Loans, Andrew Bartolo shares his top property trends to look out for in 2021. Prices will likely rise “Property prices are expected to rise across multiple markets in 2021,” says Bartolo. “A resilient housing market that has…
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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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