58 Klingner Rd, Redcliffe QLD 4020
(07) 3883 8999
reception@accountplan.com.au

Articles

ATO Flags E-Invoicing Opportunities for Businesses

The ATO has urged businesses to consider the use of e-invoicing as it becomes the new and improved way to send and receive invoices for organisations.  In a recent update, the ATO said that the adoption of e-invoicing can help businesses simplify and automate the exchange and processing of invoices.  “Government agencies, business, and software…
Read more

Australia’s Rents Continue to Climb, Despite Affordability Constraints

Capital cities, regional areas, houses and units all saw an increase in rents last quarter, culminating in the highest calendar year growth rate since 2007.  CoreLogic’s quarterly Rental Review shows the national rental index increased 1.9% during the December quarter, a repeat of the figures recorded in the September quarter.  Despite quarterly growth rates easing since…
Read more

ATO’s Late Lodgement Focus Set to Continue this Year

In February last year, the ATO launched a new compliance campaign targeted at late lodgements in response to concerns that a lapse in lodgement often indicates broader regulatory issues. ATO assistant commissioner, SMSF segment Justin Micale noted at the time that despite the due date for lodgement of the 2019 SMSF annual return being deferred until 30…
Read more

February 2022 Newsletter

Download a copy of our February Newsletter…

Tips for Changing Payroll Frequency

Switching to less-frequent payroll periods can save time and money on payroll processing costs, but to navigate the change successfully, you need to recalculate payments, make changes to your accounting software, and communicate with your employees about the change. Weekly Payroll Sending out weekly pay slips results in processing payroll 52 times per year and…
Read more

Grim Forecast for Aussie Homeowners after Sharp Inflation Rise

Interest rates could be hiked as early as May, economists have predicted following a sharp rise in inflation. Australia’s consumer price index (CPI) rose to a bigger-than-expected 1.3% in the December quarter, pushed up by soaring petrol and housing construction costs. The figure is up from an 0.8% increase over the previous three-month period. The…
Read more

Small Businesses want the SME Recovery Scheme Replaced

Small Business Australia is appealing for Canberra officials to replace the SME Recovery Loan Scheme with the revenue contingent loan (RCL) of the Higher Education Contribution Scheme (HECS). The scheme allows SME owners to access low-rate loans with the option of deferring repayments for up to 24 months to give them more breathing space as…
Read more

ATO Highlights Support for Out-Of-Date Lodgments and Payments

The ATO has issued a reminder to those who have clients currently not up to date with their lodgment and payment obligations. The Tax Office said the new year is a good opportunity to check in with clients, noting that “if you find some are not up to date with their lodgment and payment obligations,…
Read more

How OneDrive Safeguards Your Data In The Cloud

You control your data. When you put your data in OneDrive cloud storage, you remain the owner of the data. For more info about the ownership of your data, see Office 365 Privacy by Design. How you can safeguard your data Here are some things you can do to help protect your files in OneDrive: Create a…
Read more

Cloud Accounting 101: What is it and who can benefit by using it?

Cloud accounting may sound like more tech-industry jargon, but the concept behind it has caused huge and overwhelmingly positive impacts for business owners over the past decade. Also known as ‘online accounting’, cloud accounting generally makes managing your finances and tax affairs easier, faster and safer for business owners. What is ‘the cloud’? When someone…
Read more

Understanding Cloud Computing

Cloud computing got you perplexed? You’re not alone. Most of us talk about ‘the cloud’ without even realising what it really means. We’re clearing the air on cloud computing and how it can benefit your small business. So what is the cloud? The cloud is where you put all your data, all your files and…
Read more

Is My Data Safe In The Cloud?

The accounting industry’s interest in cloud services — from online bookkeeping to full-featured accounting software — shows no signs of slowing down. Intuit’s e-book “The Appification of Small Business,” forecasts 78 percent of small businesses will be fully cloud operational by 2020. The cloud is a collection of securely networked physical servers where customers upload and…
Read more

Food Services Financial Reporting: Three Must-Review Items on your Financial Statement

Whether you run a boutique restaurant, franchise, food truck or catering service, key areas of focus tend to be the same across business types—sales and cash flow; labour and food and beverage costs. And that’s as it should be: sales and cash flow ensure you have enough money to pay your bills and your staff, while…
Read more

Tax Time Essentials for Uber: ABN, GST, and your New Business

In the past, starting a small business was a rarity. In today’s landscape, it’s possible for virtually anyone with the motivation and drive. For many small business owners, the role of Uber driver (or any ridesharing profession) has become a great way to earn a living while being your own boss. Ridesharing, using a personal…
Read more

Everything You Need to Know About Income Protection Insurance

If life and work are ticking along, you’ll be so focused on your business that the last thing you’ll be thinking about is what would happen if you couldn’t work. However, the best time to think about the spectre of illness or injury, is while you are healthy. The healthier you are, the cheaper insurance…
Read more

‘A slap in the face’: Qld’s New Land Tax Slammed

The Real Estate Institute of Queensland (REIQ) is accusing the state government of treating the property market like a “cash cow” it can milk for profit. The state government announced plans to change existing regulation that sees investors with portfolios split across various states and territories pay less land tax than those with property located…
Read more

January 2022 Newsletter

Download a copy of our January Newsletter…

ATO Provides Deadlines for Early Access to Super Over Christmas

The ATO has released new information for individuals who need to access their superannuation early on compassionate grounds during the Christmas shutdown period. The ATO offices will close from midday Friday, 24 December 2021, reopening on Tuesday, 4 January 2022.  The ATO said that for those who need a compassionate release of super determination before…
Read more

Sleep Health: How to Sleep Better when Working Remotely

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 Backs Assessment that Property Market is Near Peak

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

December 2021 Newsletter

Download a copy of our December Newsletter

Growing Cohort Squeezed Out of Property Market – Says Economist

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

How Tax Laws Apply to your Cryptocurrency Gains

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

Businesses expect to return to pre-COVID profitability levels by the end of 2022 – but supply chain chaos remains a concern

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

Most Borrowers Ready for a Rate Rise: RBA

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

Inflationary Pressure Pushes Up Interest Rates

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

Low and Middle-Income Tax Offset could be Extended

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

Important Message for all Company Directors

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

Applying for your Director ID

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 shock to the system’: Federal Court spousal asset ruling to impact accountants

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

ATO Circles Inactive ABNs in Latest Probe

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

Further super reforms to ‘safeguard’ Australians’ retirement: Frydenberg, Hume

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

November 2021 Newsletter

Download a copy of our November Newsletter

RBA’s inflation target has been too high, for too long

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

How to become a customer centric organisation

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

1 in 4 Businesses Impacted by Late Payments

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

Building Material Costs are Increasing – Should You Buy or Build?

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

What is depreciation and how is it calculated?

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

How to organise your chart of accounts

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

APRA makes move on home loan buffers

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

Why you need a documented succession plan

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

Debt Consolidation | Client Testimonial

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

October 2021 Newsletter

Download a copy of our October Newsletter

September 2021 Newsletter

Work-related expenses fall by $1bn following ATO scrutiny

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 finalises guidance on new discretion to retain refunds

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