6 November 2024
This article is a general overview of the substantiation provisions of the Australian income tax law. It is important to understand that these rules only apply to individuals or partnerships where at least one of the partners is an individual. These rules.....
6 November 2024
The tax law says that to deduct a ‘work expense’ it must qualify as a deduction under some provision in the tax law. In addition, you need to ‘substantiate’ the expense by obtaining ‘written evidence’ of the expense.
This article discusses.....
6 November 2024
There is a complex set of tax rules that deal with what is known as ‘personal services income’ (PSI). PSI results from the efforts of human beings where the income is mainly a reward for the personal efforts and skills of an individual.
Many.....
8 October 2024
For some years the Federal Government has operated a scheme to contribute money to certain individuals’ superannuation funds. These individuals are referred to as ‘low-income earners’. In many family groups, there are often such individuals, even if the.....
8 October 2024
As at 30 June 2022, there were over 603,000 self managed superannuation funds (SMSF) in Australia. The investments in these funds made up around 26% of all superannuation monies invested. Around 5% of the adult population in Australia are members of.....
8 October 2024
One of the most frequently asked capital gains tax questions concerns the situation where a person dies leaving their home to beneficiaries of their will. Unfortunately, depending on the circumstances, the answer to the question can be very.....
4 September 2024
The entity or way in which a business is operated can be referred to as its structure. This could be through a sole proprietorship, a partnership, a company or a trust. Also, there can be multiple entities set up for different reasons.
Many businesses, at.....
4 September 2024
As at 30 June 2022, there were over 603,000 self-managed superannuation funds (SMSF) in Australia. The investments in these funds made up around 26% of all superannuation monies invested. Around 5% of the adult population in Australia are members of.....
4 September 2024
If you own a rental property and there is currently no rent being earned from the property, can you still claim a tax deduction for the outgoings connected to the property
The answer does depend on the facts, but it is often the case that you can continue.....
2 August 2024
The ATO is currently owed around $66 billion. Nearly all of this amount is validly owed to the ATO – that is it is undisputed. It simply has not been paid.
As we all know, the Federal Government is facing years of budget deficits and having $66 billion.....
2 August 2024
It’s tax time again, particularly for individuals. It is always good to remind ourselves of what receipts and invoices (called substantiation in the tax law) that you must have. Note that this article focuses on individuals who are not conducting a.....
2 August 2024
If you run a business with a turnover of less than $50 million, there is a bonus tax deduction that you will probably be able to claim, to some extent, in the tax return of the business for the financial year ended 30 June 2024.
The bonus deduction applies.....
5 July 2024
If you operate your business through a private company or have a private company in your business structure, you must understand the perennial tax problem involving shareholder loans from the company to its shareholders or an associate of a shareholder......
5 July 2024
Please note the Income Tax Rates and Superannuation.....
5 July 2024
Small business owners will be pleased to know that at the ‘last minute’ the instant asset write-off level for the year ended 30 June 2024 was confirmed at $20,000. This means, for eligible assets, a 100% tax deduction can be claimed for an asset purchased.....
11 June 2024
OK, it’s nearing the end of the financial year and you, a small business owner, are wondering what the next financial year will bring.
Here’s your challenge. Do you ‘let it happen' or do you ‘make it happen’
The world is complex and difficult.....
11 June 2024
While we are on the topic of GST, here are some facts about tax invoices.
The basic use of a tax invoice is to evidence that GST is included in the price of what is being purchased (‘supplied’ is the GST term). If a GST registered enterprise makes a.....
11 June 2024
There is an important method of saving Goods and Services Tax (‘GST’) available to real property owners that conduct an ‘enterprise’. This method is what is known as the ‘margin scheme’. It is not available to all property owners. It is only.....
2 May 2024
The instant asset write-off level is the amount of expenditure a small business can spend on the acquisition or improvement of an asset and get an instant tax deduction for the whole amount.
Over recent years this level of expenditure has varied a number.....
2 May 2024
Most business owners are aware that if a car is provided to an employee for the private use of the employee, Fringe Benefits Tax (“FBT”) is usually payable. For this purpose, “private use” means that the vehicle is applied to the private use by the.....
2 May 2024
You may have heard about trusts and that they are a way of saving tax. Perhaps you wonder whether you should have a trust. Here is a brief description of what trusts are about.
The idea of trusts dates back several centuries in English law. The essential.....
2 April 2024
You might think that paying for financial advice is always deductible. Not so, according to the ATO.
The ATO has released a draft tax determination on the topic of the deductibility of financial advice fees paid by individuals who are not carrying on a.....
2 April 2024
In the dynamic landscape of Australian business, securing assets and managing risks is paramount. Small businesses, in particular, face unique challenges in safeguarding their property interests while navigating the complexities of commerce. Enter the.....
2 April 2024
Navigating the Australian Goods and Services Tax (GST) landscape can be a complex endeavour, particularly when it comes to supplying services to people or businesses outside of Australia.
When an Australian enterprise supplies services to a person who is.....
1 March 2024
Although 30 June is still a few months away, it is a good time to ensure that you are paying attention to the substantiation requirements for claiming work-related expenses as a tax deduction. If you can get a good system in place that catches the necessary.....
1 March 2024
Navigating the complexities of Fringe Benefits Tax (FBT) can be daunting for small business operators in Australia. As the end of the FBT year approaches, it's crucial for you to take proactive steps to ensure compliance and minimise potential liabilities......
1 March 2024
There are caps or limits on how much can be contributed to a superannuation fund each year.
Contributions to superannuation funds are categorised (generally) as concessional contributions or non-concessional contributions. Concessional contributions are.....
7 February 2024
In the realm of Australian superannuation, individuals have the option to take the reins of their retirement savings through Self Managed Superannuation Funds (SMSFs). This avenue provides a unique approach to managing one's financial future, offering both.....
7 February 2024
New tax rates coming (perhaps)
The Prime Minister has announced the currently legislated tax cuts, which are operational from 1 July 2024, will be changed. The idea behind these changes is to deliver to “middle Australia” help with the cost of.....
6 February 2024
An issue that never seems to go away is determining whether an individual working for a business is engaged as an employee or as an individual contractor. The distinction is very important because a number of tax obligations hinge on the.....
30 November 2023
We all know that we can’t take it with us when our time on this earth comes to an end. So what happens to assets that are still in an individual’s superannuation fund when they die
The payout of a deceased person’s superannuation fund balance is.....
30 November 2023
Apart from all the stress of finding the right Christmas presents for everyone, the business owner must also deal with the tax issues of Christmas! This is particularly so for the annual
work Christmas party and Christmas gifts.
So, what’s the.....
30 November 2023
Another year draws to a close! You have been working your business for some years. Perhaps the holiday period is a time to reflect seriously on where your business is going and whether it is time to start handing over the reins to someone else. Perhaps.....
10 November 2023
An extremely important decision of the Administrative Appeal Tribunal (AAT) was made on 28 September 2023. The issue in this tax case debated one of the most controversial tax issues for small and medium enterprises (“SME”) over the past 13 years. The.....
10 November 2023
One of the golden rules about having a self-managed superannuation fund (“SMSF”) is that everything needs to be done at arm’s length. That is, everything needs to be done with proper market values – it needs to be “squeaky clean”. There are a.....
10 November 2023
If you operate a business that has an annual turnover of under $50 million you may be entitled to a 20% bonus deduction. This is for expenditure on assets or improvements to assets that make your business more energy efficient. If you spend, say $10,000 of.....
4 October 2023
Withdrawing part of your superannuation fund balance then paying it back into the account, known as a recontribution strategy, may sound a little strange but it could deliver a number of benefits including reducing tax and helping to manage super balances.....
4 October 2023
With Treasury estimating the government misses out on billions in potential tax revenue from rental property deductions and the ATO recently warning extra care is needed when lodging returns with this type of income, rental investors can consider.....
4 September 2023
When you run your own business a good retirement plan can bring real peace of mind. Read more about your options - and why it's never too early to start.
Planning your retirement
When you’re busy running your own business, retirement planning could be the.....
4 September 2023
We’re all now only too aware of the risk of cybercrime after the well-publicised data hacks of Medibank Private and Optus.
Although these crimes involved large organisations, email scams, cyberattacks and online scams also represent a major risk for.....
4 September 2023
Lodgement amnesty and new landlord data matching program
While the government is boosting the tax deductions available for small business spending on staff training, other taxpayers such as landlords are facing closer scrutiny from the Australian Taxation.....
2 August 2023
Ensuring you’ve structured your finances tax-effectively is always a concern, but with new tax rules for super on the horizon, many people with large balances are considering alternative vehicles to save for retirement.
Unsurprisingly, this has sparked a.....
2 August 2023
As an employer, you previously needed to pay fringe benefits tax (FBT) on electric cars provided to your employees. Since 1 July 2022, you no longer need to pay FBT on benefits provided for eligible electric cars and associated expenses.
Getting the green.....
2 August 2023
If you operate some or all of your business from home, you may be able to claim the business-use portion of expenses you incur. For example: running expenses (such as electricity, gas, phone, internet, stationery, cleaning and the decline in value of.....
5 July 2023
Managing a healthy cash flow is often tough for small businesses and it is particularly the case right now in the challenging economic conditions.
In this climate, recent changes to rules and regulations may both help and hinder cash flow. Here are some.....
5 July 2023
As digital tools continually evolve, it is more important than ever to make sure you understand your tax obligations and comply with them. The Australian Taxation Office has been expanding and improving its data matching programs. Data matching compares data.....
5 July 2023
Preparing for loss of capacity or death is vital for SMSF members. It's important to ensure your trust deed is watertight.
There are more than 600,000 self-managed superannuation funds (SMSFs) in Australia, managing close to $900 billion of assets on.....
2 June 2023
Budget incentives and crackdowns on unpaid tax debts and rental deductions
Although this year’s Federal Budget was short on big changes when it came to tax, there still have still been some important developments in this area. Here are some of the.....
2 June 2023
If you have an SMSF, it’s essential to get your fund in good shape and ready for June 30 and the annual audit.
It’s particularly important this year, because the ATO is focussed on fixing a number of issues when it comes to SMSFs. These include high.....
2 June 2023
Tax measures were less central to this year’s Federal Budget than they have been in recent years.
While there were some new tax measures, the Budget this year was more about the first surplus in 15 years and various spending measures.
After.....
10 May 2023
surplus for now but stormy seas ahead
Treasurer Jim Chalmers bills his 2023 Federal Budget as an economic strategy to help ease cost-of-living pressures.
To that end, he has delivered a modest but welcome package of cuts to healthcare, housing and.....
4 May 2023
After taking a softly, softly approach with taxpayers during the pandemic, the ATO has made it clear it will start chasing taxpayers for their outstanding tax related debts.
Starting with its aged debt book, the ATO is sending letters to taxpayers.....
4 May 2023
Buying your first investment property can be a bold step towards a more prosperous and secure future. But it also poses risks. The Successful Investor’s Michael Sloan outlines five strategies to help you take the right path.
My 5 essential investment.....
3 April 2023
Running a small business can be difficult enough without having an unforeseen event disrupt or cripple your operations.
Imagine a trusted employee is found to have embezzled hundreds of thousands of dollars over a number of years. Can the business.....
3 April 2023
Since the Albanese Government announced its intention to double the tax on investment earnings for super account balances over $3 million, there has been lots of talk about taking money out of self managed superannuation funds (SMSFs) to avoid the tax.....
2 March 2023
Family trust rules and new guidance on contractors
The Australian Taxation Office (ATO) has confirmed its position on family trust distributions, while also providing employers with new information to simplify completion of Single Touch Payroll (STP).....
2 March 2023
With the cost of living continuing to rise, it can feel increasingly hard to make ends meet in terms of your personal finances, and it can also be challenging running a business in an inflationary environment. One way of combatting inflation is to reduce the.....
2 March 2023
Selling your goods or services overseas can seem like a big leap – but it could be good for business.
Exporting can provide your business with benefits such as improved productivity, increases in sales and profits, new customers and potential growth.....
2 February 2023
It’s been a tough few years for many businesses, with the pandemic and natural disasters, especially small business owners.
Finding funds and expertise for business development can be challenging for smaller organisations. Even larger firms can find it.....
2 February 2023
Getting more money into superannuation is a proven way of building wealth to spend in retirement.
Ongoing contributions from your employer over the course of your working life, and potentially extra contributions made by you, can make a huge difference.....
11 January 2023
The rollout of electronic invoicing (or eInvoicing) is gaining momentum in Australia – and globally – as a new and more efficient way to deal with the paperwork involved in sending and receiving business invoices and procurement documents.
For small.....
11 January 2023
Inflation dominated the economic landscape
The year began optimistically, as we finally began to emerge from Covid restrictions. Russia threw a curve ball that reverberated around the world and suddenly people who hadn’t given a thought to the Reserve.....
5 December 2022
Small businesses across the country will be looking for ways to reduce costs amid cost of living and rising price pressures.
Economic challenges are expected to continue into the 2024 financial year, from inflation and supply chain lags to higher.....
5 December 2022
Tax compliance, higher fines in spotlight
Business taxes remained largely unchanged in the second Federal Budget of 2022, but employees working from home can expect less generous deduction rules for the 2022-23 financial year. Here’s some of the latest.....
5 December 2022
‘The business is my retirement,’ say many business owners. The reality is far more complicated – and devastating if you get it wrong, writes financial advisor, Helen Baker.
The risks of using your business as your sole retirement nest egg or as the.....
17 November 2022
The ATO is cracking down hard on GST frauds after finding a significant number of taxpayers falsely claiming GST refunds.
The Serious Financial Crime Taskforce and Australian Federal Police (AFP) have executed numerous warrants against suspects, with a.....
17 November 2022
Quiet on the tax front, for now
For once, tax measures took a back seat in a Federal Budget, with the second version for this year being billed as a “solid and sensible Budget suited to the times”.
The October 2022 Budget resisted the recent trend.....
26 October 2022
In his first Budget, Treasurer Jim Chalmers emphasised the three Rs – responsible budget repair and restrained spending, right for the times.
For good measure, resilience also got a mention with spending targeted at building a more modern economy to deal.....
5 October 2022
Wills and Powers of Attorney
A good estate plan will help make sure your wishes are carried out when you die. It can also help if you become unable to make your own decisions.
Estate plans
An estate plan records what you want done with your assets.....
5 October 2022
ATO focus on Rental Properties
Rental property owners are now one of the ATO’s top targets after it found nine out of ten tax returns reporting rental income and deductions contained at least one error.i
The tax office estimates it’s missing out.....
1 September 2022
With the tax regulator taking a more aggressive approach to tax debts and reviewing work from home deduction rules, tax issues could become a higher priority in 2022-23.
Here’s a roundup of some of the latest developments in the world of.....
1 September 2022
With money becoming tighter as inflation rises, many people are looking to make some extra income from a ‘side hustle’.
As we move towards a cashless society and transact more online, it’s becoming easier for the ATO to follow the money trail......
16 August 2022
Marketing campaigns, agent commission, taxes... there's a lot to consider when it comes to the cost of selling your home. We've laid out the main expenses for you, so you can stay on track, and on budget.
Marketing costs
Advertising
Advertising costs.....
16 August 2022
Small business owners can often fall into old habits at tax time, without considering some of the less obvious or most recent ATO tax deductions available. Make sure you claim absolutely everything you’re entitled to and minimise tax for the 21/22.....
16 August 2022
You may receive your business income in the form of:
cash and digital payments, such as EFTPOS, online, credit or debit card transactions, and through platforms such as PayPal, WeChat or Alipay
vouchers or coupons, such as state government.....
4 July 2022
After a pause to allow businesses to survive the pandemic, the Australian Taxation Office has begun calling in tax debts owed by businesses.
As the economy starts to come out from under the COVID cloud, local and global issues have introduced more.....
3 July 2022
As technology creeps further into our everyday lives, cybercriminals are taking advantage of the latest that technology has to offer and carrying out increasingly sophisticated scams worth eye-watering sums.
In the 2020-21 financial year alone,.....
3 July 2022
New rules coming into force on July 1 will create opportunities for older Australians to boost their retirement savings and younger Australians to build a home deposit, all within the tax-efficient superannuation system.
Using the existing First Home.....
1 June 2022
With the end of the financial year (EOFY) just around the corner, it’s important to ensure your SMSF meets its compliance obligations.
The rules around SMSFs are strict and if you don’t do things the right way, your fund could end up paying extra.....
1 June 2022
ATO crackdown on family trusts and GST fraud
With attempted GST fraud on the rise and certain family trust payments under a cloud, the tax regulator is stepping up scrutiny of more transactions.
Here’s a roundup of some of the latest developments in.....
1 June 2022
Getting your business’s end of financial year work done smoothly is no small task. This handy checklist offers a quick overview of the key processes and major to-do items.
End Of Financial Year (EOFY) isn’t just a marketing opportunity for businesses.....
1 June 2022
TAX TIME 2022
ATO Tax Deductions
2022 ATO Focus
record-keeping
work-related expenses
rental property income and deductions, and
capital gains from crypto assets, property, and shares.
These ATO priority areas in 2022 will ensure that.....
3 May 2022
The COVID-19 pandemic has led to many challenges for small business operators, including a significant escalation in cybersecurity threats.
One of the fastest growing of these threats is identity (ID) crime, with the Australian Competition and Consumer.....
3 May 2022
This year’s Federal Budget was full of talk about one-off support for households in the form of tax offsets, but most people are a bit hazy on the difference between a tax offset and a tax deduction.
Both can help reduce the amount of tax you pay each.....
3 May 2022
This time of year, people’s thoughts start turning to their tax return, but it can also be a good time to set things up so you don’t pay more tax than required next financial year.
Simply talking to your employer about setting up an arrangement to.....
29 March 2022
A balancing act
Billed as a Budget for families with a focus on relieving short-term cost of living pressures, Treasurer Josh Frydenberg’s fourth Budget also has one eye firmly on the federal election in May.
At the same time, the government is relying.....
2 March 2022
If your personal information falls into the wrong hands, it can be used to steal your identity.
If you think your identity has been stolen, report it to your local police and your bank, and change your passwords.
Signs of identity theft
If.....
2 March 2022
Consolidating your super means moving all your super into one account. It makes your super easier to manage, and saves on fees.
Before you consolidate, pick the best super fund for you.
You can transfer your super for free in a few simple steps.
If.....
2 March 2022
It seems like June 30 rolls around quicker every year, so why wait until the last minute to get your finances in order
With all the disruption and special support measures of the past two years, it’s possible your finances have changed. So it’s a good.....
2 March 2022
Tax Alert March 2022
New super and tax rules passed in Parliament
Some of the last sitting days before this year’s Federal election saw changes to the tax and super rules finally pass through both houses of Parliament. Here’s a roundup of some of the.....
3 February 2022
If there’s one lesson the pandemic has taught, it’s that life can take some unexpected twists and turns.
It’s also highlighted the link between human health and economic prosperity.
So if you’re a business owner, it’s important to think.....
3 February 2022
Market movements & Review Video-February 2022
Stay up to date with what's happened in Australian markets over the past month.
January is normally a quiet month on the economic scene, but not this year. Inflation and speculation about rising.....
3 February 2022
With the property market hitting all-time highs in 2021, interest in investing in direct property through your SMSF has never been higher.
In the September 2021 quarter, Australia’s SMSFs had almost $88 billion invested in non-residential real.....
13 January 2022
Positives and Negatives of Gearing
Negatively gearing an investment property is viewed by many Australians as a tax effective way to get ahead.
According to Treasury, more than 1.9 million people earn rental income and of those about 1.3 million reported.....
13 January 2022
Tax deductions for your home-based business
Using your home as the base for your business is increasingly popular, particularly due to COVID-19, with many of Australia’s 2.1 million enterprises with four or less employees now based at home.
As a.....
13 January 2022
2021 Year in Review
Two steps forward, one step back
For the second year running, the pandemic was the focus for policy makers, markets, businesses, and individuals alike.
The year began with hopes that the rollout of vaccines would stem the spread of.....
2 December 2021
As COVID-19 turbulence starts to settle, the ATO is moving away from its supportive position and returning to its more usual compliance focus.
That means taxpayers need to be aware their financial affairs will come under renewed attention in the year.....
2 December 2021
Just when you thought you had all your systems bedded down for Single Touch Payroll (STP), from the start of next year the government is expanding the information on employee payments you need to provide.
So, what will the changes mean for your small.....
3 November 2021
From 1 November 2021, if you are a Director or want to become one, you will need to apply for the new Director Identification Number (Director ID) being rolled out by the Federal Government.
Directors of businesses and entities of all sizes – including.....
2 November 2021
If there’s one certainty in business these days, it’s constant change. Now there’s an extra step you need to take with new employees to comply with the superannuation choice of fund rules.
From 1 November 2021, whenever a new employee starts with.....
2 November 2021
It was hard to miss the media splash about international tax evasion when the Pandora Papers were released, with local interest focussing on what Australian tax authorities would do with this massive trove of information.
But it seems the ATO is relaxed......
4 October 2021
After years of puzzling over how to deal with cryptocurrencies, the world’s governments – and their tax authorities – are finally getting serious about regulation. In an effort to crack down on tax evasion and other criminal activities, the ATO has.....
4 October 2021
Now that new legislation allows a maximum of six members in an SMSF, some fund trustees may be wondering if this could be an easy way to ensure a smooth transfer of their super to the next generation.
The simple answer is yes, but before you start.....
4 October 2021
Selling your business property is a big decision and it’s easy to focus on the sale price, but this can be a costly error.
Many owners forget to factor GST into their thinking. But if you do, you could find yourself left with a big tax bill to.....
3 September 2021
Australian shares are popular investments with self-funded retirees and anyone who depends on income from their investments, due in part to the favourable tax treatment of franking credits.
After falling off in the early days of the COVID pandemic, share.....
3 September 2021
Although smaller businesses are now enjoying a lower corporate tax rate, their quarterly super bills have gone up, following the latest indexed rise in the Super Guarantee rate.
Here’s a roundup of some of the other key developments when it comes to.....
3 September 2021
Covid-19 Grants
As many may be aware, there are various grants offered by the Victorian State Government in relation to the ongoing lockdowns. These grants are issued to businesses (including Sole Traders) affected by Covid-19 and are constantly evolving.....
31 August 2021
What if I exceed my Super Contribution Caps
Making additional personal contributions to superannuation is a great way to boost your retirement savings in a tax-effective way. But there are strict caps or limits on the amount you can contribute each year.....
31 August 2021
Claiming small business CGT concessions
The Government is continuing to tighten the eligibility rules for claiming tax concessions relating to small business capital gains tax (CGT) obligations.
If you qualify, these concessions can have a big impact on.....
31 August 2021
SMSFs closing the age and gender gap
Self-managed super funds (SMSFs) have emerged from a difficult year stronger than ever. Not only have balances been repaired after the initial market shock in the early days of COVID-19, but more young people and.....
31 August 2021
To lease or buy a business asset That’s the question
With business conditions picking up in Australia, many business owners are thinking about the equipment they will need to evolve in the years ahead.
Whether it’s a new delivery van or a high-end.....
3 June 2021
Licensed Hospitality Venue Fund 2021
Applications are now open for the.....
3 June 2021
Casual Worker Payments
Prime Minister Scott Morrison has detailed plans to help Victorians struck by the latest COVID lockdown, which has seen many out of work with the forced closure of hospitality venues and retailers.
Scott Morrison has.....
3 June 2021
Business Costs Assistance Program Round Two
The Victorian Government’s $371 million Business Costs Assistance Program Round Two will assist eligible small to medium businesses most affected by the restrictions announced on Thursday 27 May.....
1 June 2021
Tax Alert June 2021
The Government is continuing to support COVID-affected businesses by extending most of its pandemic inspired tax offsets and benefits. But at the same time the ATO has micro businesses like contractors who fail to declare all their.....
1 June 2021
Counting down to June 30
It’s been a year of change like no other and that extends to tax and superannuation. As the end of the financial year approaches, now is a good time to check some new and not so new ways to reduce tax and boost your.....
1 June 2021
How to switch gear when you clock off
After a long day at work, many of us can be forgiven for bringing our stress home – whether it be frustration at a project that isn’t going to plan, a difficult client, a mountainous workload or a clash with a.....
12 May 2021
Support for Australia’s businesses and our personal finances was at the heart of this year’s Federal Budget as the Morrison Government continues its attempts to strengthen the post-lockdown economy.
Once again Treasurer Josh Frydenberg made tax.....
4 May 2021
While it’s not yet in force, the limit on SMSF member numbers is set to increase from the current four to six members later this year.
For some SMSFs, this will be a welcome change and will mean additional family members can join their existing.....
4 May 2021
The past 12 months have proven that in business as in life, there will always be factors out of our control. That’s why it’s important to put measures in place to manage the factors that you are in control of.
Many businesses have recently been given.....
7 April 2021
Stay safe from scams
As we approach tax time, we also head into the season where scammers increase their activity – that is, looking to hoodwink small business and individuals alike.
Scammers are becoming increasingly sophisticated, so it pays to be.....
7 April 2021
Good records the best defence when the Tax Man knocks
As the Australian Taxation Office (ATO) turns its attention to businesses and individuals who have used COVID-related support programs, many taxpayers are likely to find themselves on the tax man’s.....
7 April 2021
Weighing up costs and benefits of an SMSF
For many people, the idea of managing and investing your own retirement savings is very appealing.
But there is ongoing debate over whether running your own self-managed super fund (SMSF) is cost effective......
2 March 2021
For many business owners, fear of incurring a Fringe Benefits Tax (FBT) bill has kept them from retraining and re-skilling their employees to perform different roles or activities within the business.
But a new exemption announced by the government as part.....
2 March 2021
Individuals and small business owners who have taken advantage of the government’s COVID-19 support programs will find themselves increasingly under the tax man’s microscope in coming months. This is just one of the key developments occurring in the world.....
2 March 2021
Avoid the rush: Prepare your Business for June 30
As the economy begins to get back on its feet, it’s time to get your business back on track and start preparing for this year’s tax time.
Although 30 June may seem a long way off, there have been.....
3 February 2021
Tax and your website: What can you claim
Most small businesses and independent contractors have a website these days. If you are planning to launch a new website or refreshing an existing one, it’s important to understand the tax implications. As with all.....
3 February 2021
Turning redundancy into opportunity
As the economy starts to recover from COVID-19 shutdowns, some sectors may take longer than others to return to their normal operating capacity and some companies may never fully recover. That means there is still the.....
3 February 2021
Contractor or employee: Which are you
With COVID-19 having a significant impact on traditional employment, many people are working as a contractor for the first time either by choice or necessity. It’s not just a lifestyle decision; from the tax and.....
12 January 2021
2020 Year in Review
Just as we were recovering from the long drought and the worst bushfires on record, the global coronavirus pandemic took hold and changed everything.
Suddenly, simple things we took for granted, like going to the office or.....
12 January 2021
Selling a business Don’t forget about tax
It can take many years and a lot of hard work to build a successful small business. When you finally decide it’s time to sell, tax is often the last thing on your mind. Yet it can have a big impact on how.....
12 January 2021
Why family trusts are back in favour
Recent changes to the rules around voluntary superannuation contributions which impact the amount you can transfer into a super pension account, have meant that many older Australians are considering setting up a.....
2 December 2020
Tax-effective ways to boost your super
After a year when the average superannuation balance fell slightly or, at best, moved sideways, the summer holidays could be a good opportunity to think about ways to rebuild your savings while being mindful of.....
2 December 2020
Tax Alert December 2020
Although individuals and small business owners are now enjoying welcome tax relief in the wake of some valuable tax changes, there is more on the horizon as the government seeks to reboot the Australian economy.
Here’s a.....
2 December 2020
Important changes re NSW Property Ownership
New changes will come into effect in New South Wales from 1 January 2021 in relation to land tax and stamp duty. The changes will affect the way these two taxes are calculated where a property is owned /.....
5 November 2020
The COVID-19 pandemic is raising some interesting questions for small business employers in relation to their Fringe Benefit Tax (FBT) liabilities.
With many employees working from home, common employee benefits are often not being supplied, while some.....
5 November 2020
The idea of adding a granny flat to your property sounds like a great idea. A property to rent out to generate some welcome extra income, or a home for adult children or mum and dad in their later years.
But there are important tax and personal.....
5 November 2020
Checking emails late into the night, reaching for your phone before you’ve even had breakfast to start your working day, the ‘lunch break’ that involves a Zoom meeting - the lines between our work lives and our personal lives have never been.....
7 October 2020
As the Government begins to unwind special measures put in place to help businesses through the COVID-19 pandemic, business owners face some potential new challenges.
Your business could be financially exposed to ‘zombie’ companies that are relying on.....
7 October 2020
COVID-19 is resulting in significant disruption to well-established business paradigms, impacting businesses, sectors and stocks across the board.
However as Albert Einstein once said “in the middle of difficulty lies opportunity”. That certainly.....
7 October 2020
Tax and business investment took centre stage in the Federal Budget this year, as the Morrison Government seeks to reboot growth and repair the damage wrought by COVID-19 on Australia’s economy and employment.
Treasurer Josh Frydenberg emphasised the.....
2 September 2020
Self-managed super funds (SMSFs) have had a challenging year, with COVID-19 linked market uncertainty affecting income and returns. But SMSF trustees haven’t been sitting on their hands.
One of the main reasons people give for wanting to establish an.....
2 September 2020
Many small business owners and sole traders will be breathing a sigh of relief following the extension of the JobKeeper scheme until March next year. At the same time, however, the ATO is stepping up its compliance activities.
Here’s a roundup of some of.....
2 September 2020
If your New Year’s resolution was to spend less time glued to your phone, you’ve probably found that unexpectedly challenging this year. While the impact of COVID-19 differs from state to state, many of us have experienced social isolation and the call to.....
6 August 2020
Our resilience has been tested of late and continues to be, with the ongoing situation of the coronavirus pandemic throwing challenges our way.
Resilience has certainly become a now frequently used buzzword, but what does it actually mean According to.....
6 August 2020
Selling a business you have spent so many years building up can be a difficult process, but getting the best price is not the only consideration. Tax has a big role to play in the financial result.
That means the ATO will be paying close attention......
6 August 2020
Receiving an inheritance is always welcome, but people often forget the tax man will take a keen interest in their good fortune.
When ownership of an asset is transferred, it triggers a capital gain or loss with potential tax implications. So what are the.....
21 July 2020
The Federal Government has today provided an update on the future of the Jobkeeper program. Whilst no doubt the finer details will be made available over the coming weeks, the fundamental updates are as follows:
The Jobkeeper program will be extended.....
14 July 2020
The Victorian Government is providing a further $5,000 grant to Melbourne based businesses affected by Covid - called the 'Expanded Business Support Fund'.
The basic requirements to be eligible for this grant are as follows:
The business must operate.....
3 July 2020
We all want to be heard. Feeling truly listened to can boost your self-confidence, make you feel understood and strengthen the connection between you and others. In the workplace it can be the difference between feeling engaged or unappreciated.
In the.....
3 July 2020
Family trusts have stood the test of time as a means of protecting family and business wealth, and managing the distribution of trust income in a tax-effective way. But the misuse of these tax benefits by a small minority periodically puts trusts in the.....
3 July 2020
With June 30 behind us and the economy slowly re-opening, most business owners are thinking about the challenge of repairing and rebuilding their finances after the COVID-19 lockdown.
Over the next few months, key tests will come with the withdrawal of.....
11 June 2020
Instant asset write-off extended
To further support Australian businesses through the fallout resulting from COVID-19, the government has extended the $150,000 instant asset write-off for an additional six months to 31 December 2020.
Initially.....
11 June 2020
The HomeBuilder program - government grants to eligible homebuilders and renovators
The Government has announced the new HomeBuilder program to support jobs and boost demand in the residential construction sector at a time when the construction industry.....
4 June 2020
The two cash flow boosts provided by the federal government to help businesses deal with the COVID-19 emergency have largely been overshadowed by the JobKeeper program, but they could provide valuable financial support to organisations that qualify.
Some.....
4 June 2020
With COVID-19 dominating everyone’s thoughts, employers are being offered a brief window of opportunity to get their tax affairs in order with the new Superannuation Guarantee (SG) amnesty. There is also a range of virus related assistance on offer to help.....
4 June 2020
It always takes some planning to get your finances in order for the end of financial year, and this year may look a little different, come June 30. The COVID-19 pandemic may have impacted your circumstances and therefore your situation could be looking.....
5 May 2020
With many people now working from home because of COVID-19, some of the expenses your employer normally covers – such as electricity, heating and cooling – are coming out of your pocket instead.
Some employers provide a daily allowance to help with.....
5 May 2020
The recent sell-off on global sharemarkets due to the economic impact of COVID-19 has highlighted the risks of depending too heavily on a single asset class. Even before the current crisis, the ATO was concerned about a minority of self-managed.....
5 May 2020
As all leaders can attest to, no leadership role is smooth sailing. There will inevitably be the occasional storm coming over the horizon, with different challenges you need to respond to.
Sometimes these challenges will be unprecedented, such as the.....
3 April 2020
In regards to the ongoing developments with the COVID-19 pandemic, we want to provide an update on the actions Scott Partners are taking to safeguard the health and safety of our clients, staff and their families.
Online Tax Consultations
Scott Partners.....
2 April 2020
5 Tips to Work Productively Remotely
In the current climate, many businesses are needing to make changes to accommodate staff working remotely. If you are able to work from home the ensuing changes to your work habits can be challenging to negotiate, however.....
2 April 2020
Salary Relief throws Lifeline to Businesses
If you’re wondering how you will manage the enormous business challenges presented by the COVID-19 crisis, the Australian Government has announced unprecedented assistance to.....
2 April 2020
The Economic Stimulus Package
Maintaining confidence, supporting investment, keeping people employed
By now you’re probably aware that the Federal Government has announced a $17.6 billion stimulus package. One designed to “protect the.....
26 March 2020
We are here to help!
Many businesses are confused by many aspects of the Fair Work Act as it is large and confusing. Scott Partners has a relationship with Happy HR and they can assist you by providing you a FREE 15 minutes support call by one of their HR.....
23 March 2020
On 22 March the Government announced the details of the second stimulus package. Parliament is sitting today to pass this legislation which will provide us with more guidance as to how these will work.
The key points of this are:
Payments to Support.....
17 March 2020
Australian companies turning over less than $10 million a year are classified as ‘small businesses’ by the ATO. Small businesses employ 5.5 million people, contribute $380 billion to the economy and account for more than 99% of all Aussie.....
16 March 2020
As we monitor and learn more about the spread of COVID-19, we want to let you know what we're doing as a company to protect our customers and employees.
First and foremost, if you choose to visit us at our office, please know that we are doing everything we.....
16 March 2020
What is audit and assurance
Audit and assurance is a term used widely in the financial and business community to describe a broad range of services which share a common purpose – namely to provide external users of financial or non-financial information.....
5 March 2020
The ATO is providing taxpayers in bushfire areas with more time to get their tax affairs in order, but at the same time it’s getting tough on employee car parking benefits and investigating lifestyle assets owned by wealthy taxpayers.
Here’s a roundup.....
5 March 2020
Check with Scott Partners if you are planning to purchase residential property in a family trust! A new surcharge has been implemented by the SRO.
From 1 March 2020, the Victorian State Revenue Office changed its approach to the foreign duty surcharge on.....
5 March 2020
Achieving focus in a world of distractions
Feel like you’re running on a hamster wheel, beholden to the constant pinging of your phone, busier than ever You’re not alone, with the trap of always being ‘on’ a curse of the modern day world.
A.....
11 February 2020
Overindulge over the holiday period You’re certainly not alone, but now it’s time to get back on track. Early in the year makes for the perfect time to dust yourself off and recommit to a your version of a balanced, healthy life.
Consider all aspects.....
11 February 2020
As a tradie, you are largely dependent on your physical ability to earn a living. So, what would happen if you fell ill or had an accident Would you be able to continue your current lifestyle
Most tradies work in a far more dangerous environment than any.....
11 February 2020
With a property market recovery underway, most notably in Sydney and Melbourne, Australian investors are once again pursuing their love affair with property investing.
For many investors, a popular way to invest directly in residential or commercial.....
15 January 2020
It was a year of extremes, with shares hitting record highs and interest rates at historic lows. Yet all in all, 2019 delivered far better returns than Australian investors dared hope for at the start of the year.
The total return from Australian shares.....
15 January 2020
Running a business keeps you pretty busy, so it’s easy to overlook the help that’s available. Many small businesses don’t realise the government offers a range of valuable concessions that can make a real difference to their annual tax.....
15 January 2020
Want to make 2020 your year The year you reach great heights Key to reaching those dizzying heights is recognising that you are one of your greatest assets.
Being self-aware and knowing your worth is crucial to positioning yourself for business and.....
3 January 2020
As a small business owner, it’s imperative that you have reliable financial information that will help you track performance, manage cashflow and meet your tax and compliance obligations. In this short article we outline three key features of accounting for.....
17 December 2019
Christmas is a time of giving, when thoughts turn to family and to helping those less fortunate. To gift in a meaningful way that maximises the benefits, it’s important to consider tax.
While Australia doesn’t have a gift tax, there are tax.....
17 December 2019
If the introduction of Single Touch Payroll (STP) wasn’t a big enough challenge, small businesses can now look forward to the arrival of e invoicing and changes to the Superannuation Guarantee (SG) rules.
Here’s a roundup of some of the latest tax.....
17 December 2019
Whether you’re glued to your desk most days or have honed the work/life balance, we all need to take a break at some point. The end of the year is a great time to reflect on your achievements and recharge. But while December is when many of us are trying to.....
9 December 2019
Small business owners are always on the lookout for ways to improve performance. If you’re serious about growing your business, then partnering with a small business accountant is a smart business move.
Naturally, Scott Partners provides top quality.....
23 September 2019
Goods and Services Tax (GST) is an important consideration for anyone starting out, or currently operating in business. Not all businesses will choose to register for GST and thresholds determine whether it is compulsory or not. Any small business accountant.....
8 May 2019
The Australian Taxation Office (ATO) is introducing a new way of reporting which will see businesses submitting tax and super information from their payroll or accounting software when paying employees. These ATO legislation changes are important as they.....
8 May 2019
International Women’s Day is celebrated all over the world and is a fantastic way to highlight the imbalance that often still exists between women and men, particularly in the workplace. While the day itself is important, what is more beneficial to women.....
8 May 2019
In just a couple of decades, technology has transformed the traditional way things have been done for centuries. In what seems like the blink of an eye, we are rapidly becoming dependent on technology to carry out basic everyday practices, such as paying.....
8 May 2019
Kerry Howell is our Practice Manager at Scott Partners, and her expertise lies in operational systems and process improvement as well as internal development and training. As a small business accountant in Melbourne, having Kerry’s expertise means our.....
5 May 2019
Choosing an Accountant
When corporate branding and promotions company EmbroidMe Dandenong was on the lookout for an accountant, business owner Andrew Leong knew that he wanted more than just somebody to produce figures. He wanted a firm that could look at.....
12 April 2019
Scott Partners has provided trusted accounting guidance to the sex worker Industry for over 15 years. Recently, we have identified immense growth in the number of people engaging with the social media site, OnlyFans.
OnlyFans is a content sharing.....
12 February 2019
A self-managed super fund (SMSF) is a popular way that many Australians trust to help them prepare financially for retirement.
The primary difference between SMSFs and other types of super funds is that the members are also the trustees who control the.....
6 February 2019
Did you know Scott Partners is working toward becoming a paperless office
When we moved offices, we moved several Trust folders, but other than that, NO client files or information is stored on paper.
We scan all documents into PDFs, and we store them using.....
8 January 2019
The importance of proper cash flow in your business cannot be overstated.
A key reason that many businesses fail is not because of lack of trade or profits, but poorly managed cash flow. Cash is the oil which makes the wheels of your business turn and.....
7 December 2018
With last week’s government announcement that its mid-year budget is to be delivered on December 17, speculation is rife as to what it will mean for both business owners and tax payers.
As the full budget will be outlined in April, ahead of an expected May.....
6 December 2018
As a new year rolls around and you are likely to be setting new goals for 2019, it also may be time to make some long-lasting and impactful changes for your business.
Choosing the right service providers is crucial to business success and engaging the right.....
4 December 2018
Christmas is indeed a very busy time for all of us, both in business and at home.
The holiday season is just around the corner, and if you feel that it has crept up on you this year, then worry not, Scott Partners accountants and financial services company,.....
3 December 2018
Asking for payment be a tricky thing to get right and very often, we fear it might scare off or offend a customer.
There are ways to ensure you get paid, while keeping the customer happy too.
Scott Partners accountants, Melbourne, have devised some expert.....
14 November 2018
Name
Paul Turra
Position
Senior Manager
Qualifications
Bachelor of Business, Fellow of CPA
To say that we are proud to have Paul as part of the Scott Partners team is certainly an understatement. With over 20 years of.....
14 November 2018
Excellent accounting is of course, our focus at Scott Partners.
But that doesn’t mean its all we’re good for!
We are pleased to have been able to support some of our longstanding clients in their courageous charity endeavors. If you haven’t heard about.....
14 November 2018
How many different software programmes do you think you use in a day Probably more than you can count on two hands It’s understandable that with this many different interfaces it can be somewhat stressful when they change or are updated.
If Xero is one of.....
14 November 2018
Bringing with it new responsibilities for employers and more flexibility for employees, Victoria’s updated Long Service Leave Act 2018 is here.
The most important aspect of this Act that you need to be aware of are the changes to how Long Service Leave.....
14 November 2018
A world where you call your accountant for every financial decision you make is unfortunately, not the most tangible. At Scott Partners we are always happy to help however, we also like to empower you to know be in control and be financially savvy yourself......
12 October 2018
Position: Partner
Qualifications: Chartered Accountant; Bachelor of Business (Accounting)
We are proud to welcome Donald Shaw to Scott Partners. Donald completed his tertiary studies at Monash University and graduated with a.....
12 October 2018
Position: Partner
Qualifications: Bachelor of Business (Accounting); Bachelor of Business (Banking & Finance); Chartered Accountant; Master of Taxation
Gavin Milner joined Scott Partners in 2018 and is looking forward to sharing his expertise,.....
11 October 2018
Since our inception, the driving force behind Scott Partners has always been to use our knowledge to help our clients’ businesses run as smoothly as possible. We achieve this by establishing a rapport with each of our clients and determining your unique.....
10 October 2018
Depreciation for Property Investors
Over 2 million Australians own property for investment. We know it can be lucrative, but do you know about property depreciation
What is Depreciation
If you’re new to property investment, you may not know much about.....
9 October 2018
Eleven years after his passing, the estate of legendary singer James Brown is still not settled. Like Brown, the late Aretha Franklin also didn’t have a will outlining what is to happen with her assets - including her $108 million estate - now expected to.....
5 October 2018
You Could Save Your Business Money by Avoiding These Mistakes
You’re in business to make money, not loose money. We'll leave the first part to you, but to stop loosing money, give these tips a read!
There are several ways businesses waste money and.....
4 October 2018
When you buy a home, you look around for the best option, and choose the best terms possible. They fit in your budget and they’ll work for you until you make the last payment. The same goes for vehicular and personal loans. Often, it only takes a few years.....
24 September 2018
They are failing to set a budget.
Did you know:
Victorian residents’ weekly household spend is, on average $1,430 per week, which works out to be over $74,360 per year.
The average household income in Victoria is just under $73,800 per.....
10 September 2018
The Board of Taxation has completed a review of small business tax concessions that was announced earlier this year. The goal of the review was to examine the existing concessions for business owners and recommend any improvements or new approaches to reduce.....
4 September 2018
Did you know that the Australian, State, and Territory governments make over $3 billion in grants available to small businesses every year
Many small business owners don’t know this, but Scott Partners, your small business preferred accountant in.....
30 July 2018
Scott Partners is committed to being at the top of our profession and to providing the best quality services to our clients. That means that we continually develop our knowledge and skills so we can be the trusted accountant you deserve.
For that reason,.....
23 July 2018
When you purchased your home, you applied for a loan amount you could afford, probably thinking you’d be paying the same monthly amount for the entirety of the mortgage.
For many people your home is your special personal space, and more often than not,.....
19 July 2018
Even if you are diligent when lodging your tax return, you may find yourself at the mercy of the Australian Tax Office (ATO). The ATO contacts around 350,000 Australians each year in regards to tax returns.
The question then becomes – what can you do to.....
15 July 2018
Many businesses are aware of the Business Registration Service. The government successfully tested the new service publicly last year, and launched the official service early in July. With this service, you can not only register your business and obtain an.....
6 July 2018
How many times have you thought about setting up an SMSF but decided against it because it all seems too hard
Believe us, we’ve heard that before. That's why we thought we’d shed some light on the subject! Did you know you can invest in all types of.....
27 June 2018
Don’t let the EOFY blues hit home.
Look out for the mistakes below to start this financial year with a plan in place and end it on a high!
The financial year has come to a close. We can all finally take a moment to sit back, and relax, right Not exactly......
20 June 2018
Accountants and Xero are in a relationship and they don’t care who knows it. When a relationship is this good, sometimes the only thing you can do is share the love.
As chartered accountants, passionate about all areas of financial services, we’re all.....
13 June 2018
Through talking to us, this client has had the potential to save up to $280,000 in their tax planning.
Issue:
Client had existing property and plans to demolish and sub-divide.
Why they sought out Scott Partners:
This client wanted to know the tax.....
22 April 2018
We at Scott Partners have been taking care of small businesses for over 40 years and are constantly innovating ways to give our clients the most efficient accounting services available today. Our years of experience in the accounting industry allow us to.....
13 September 2017
Scott Trevethan from Scott Partners recently filmed an episode for Brin "Secrets Exposed" with Dale Beaumont on how your accountant can give you more than you every thought.
There are over 500 million small to medium business owners (SMBs) on the.....
10 August 2017
I have recently been doing a Tony Robbins audio program called “Ultimate Relationship” and learned of the 6 basic human needs that all people have. Now, whether you subscribe to Mr. Robbin’s philosophies or not, there is more than a ring of truth.....
27 June 2017
APAC Insider Magazine has announced winners of the 2017 Australian Enterprise Awards.
The 2017 Australian Enterprise Awards are designed to recognise and reward the outstanding accomplishments made by those within the industry. These leading lights.....
11 April 2017
Do you require the best possible profitability on your investment loan Scott Partners can help you.
Scott Partners are offering a no obligation review on your owner-occupied loan or investment loan.
We are affiliated with a number of major banks, regional.....
10 April 2017
If your company undertook research and development expenditure in 2015/16 and the company has not yet lodged its income tax return for the year ended 30th June 2016, the company needs to register for the research and development rebate with AusIndustry.....
20 October 2016
If you're considering making the move to Xero from MYOB, this webinar will give you the good, bad and ugly. A must watch, listen or read for every Small Business.....
26 August 2016
Listen to Scott Trevethan from Scott Partners in this Webinar as he talks about Tips and Traps in converting your data to.....
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26 August 2016
Listen to Scott Trevethan from Scott Partners in this Webinar as he gives you an overview of Go Global Bookkeeping and how this can help you in your.....
25 August 2016
The surprising changes to Australia’s superannuation system revealed in the Federal Budget came as a bad news for the millions who self-manage their super funds. According to Credit Suisse analyst Hasan Tevfik, the superannuation changes in ten years will.....
12 August 2016
If you are a business owner with a website, you’ve probably heard the term ‘SEO’, but maybe unsure of what it means and whether it’s important. SEO – search engine optimisation – is the process of strategically tweaking all elements of your.....
11 August 2016
Businesses are increasingly embracing cloud computing. In the past, running traditional business applications was not only expensive but also complicated. You needed professionals to install, configure, test, run, and update the applications. However, with.....
10 August 2016
Based on our years of experience in converting MYOB desktop to Xero, here is the checklist we use to make sure our clients are Xero ready. Xero Conversion.....
8 August 2016
Fast growing industry disrupter, Xero, and the old standard bearer for computer-based accounting software, MYOB, have both been generating more headlines for accounting than normal lately.
Listen to Scott Trevethan from Scott Partners in this.....
4 August 2016
While taxes may not be as exciting to think about, they are something every small business must endure. When it comes to filing your taxes as a business owner, there are some factors that need to be taken into consideration. Knowing which expenses are.....
28 July 2016
As a business owner, having the finances to run your business is essential. However, when you have a lag in cash flow, this can have major consequences in both the long and short term. Additionally, this can affect your ability to pay rent, utilities,.....
8 July 2016
Customer relationship management (CRM) software can be one of the most useful applications any small business can hold at its disposal, allowing them to easily maintain updated, accurate records of the customer relationship building activities in their.....
15 June 2016
Working from home may be the dream for some, but how do we find the right work-life balance when they often seem to overlap
Whether you run your own small business or work for your company remotely, not having to commute to the office every day can save you.....
9 June 2016
Every year as budget time rolls around, small business owners anxiously wait to see what changes they can expect in the coming financial year.
Australian small businesses were the big winners in this year’s budget, with the government delivering some major.....
2 June 2016
When it comes to starting a new business, many owners face the same issues – tracking expenses, keeping accurate records, and performing sales and marketing – often all at the same time.
Starting an online retail business can be even more.....
9 May 2016
Hello it's Scott Trevethan here from Scott Partners. There has been lots of talk in the media and from both sides of politics about negative gearing. But what is it Scott Partners are dedicated to supporting our clients with the very best in property.....
16 February 2016
If you have heard Prime Minister, Malcolm Turnbull, give a speech, chances are you have heard all about digital disruption. In fact, the phrases digital disruption and digital economy have become far more common in the past year, not just with politicians,.....
9 February 2016
With good planning, great service, happy customers, and yes, some luck, you could be looking to expand your small business or medium sized enterprise in 2016. But with unemployment rates low, and competition for jobs high, getting the right person to work for.....
2 February 2016
The beginning of a calendar year is full of opportunity for small business and medium sized enterprises across Australia to grab the attention of new customers. The “fresh start effect” of a new year means that many projects that have been deferred or.....
26 January 2016
For many SMEs, trying to forecast things a month or a year in advance is challenging, as there are so many things that can influence outcomes.
But at Scott Partners, we keep a close eye on developments that might affect SMEs just like you. While we might.....
19 January 2016
According to the latest market research conducted by the Australian Securities Exchange, only around three out of every ten Australians own shares directly. But if you live in Australia, work, and have superannuation, then technically, almost every Australian.....
12 January 2016
Coming into the holiday season, a few things are guaranteed in Victoria: longer days, cricket at the MCG, and weather that doesn’t require four layers to brave the outdoors before 10am!
And for many of us the long summer days also afford us the perfect.....
5 January 2016
A simple trick that online news sites use to attract attention to their news stories is to make them as relevant as possible to as many people. While that sounds simple in theory, it’s much harder than it seems, with stories about even widely popular things.....
29 December 2015
As owners as managers of small businesses and medium sized enterprises (SMEs) we are hard wired to have an entrepreneurial mindset. That often means that we look into the future and see a result, whether that is being the best in the area for your chosen.....
22 December 2015
It is sometimes worthwhile taking a moment to reflect upon how much the business world has changed in the past decade. 10 years ago, billing customers using an app, not having a landline in the office, or not requiring staff to enter the office before they.....
15 December 2015
In Australia, turning 18 bring with it a lot of changes. We change from being legal minors to adults, and with that comes a whole range of new responsibilities such as being able to vote, buy property in our own right and become a director of a company.
In.....
8 December 2015
Content marketing is not a new concept, but it has taken on much more influence with the rise of simple-to-put-together websites and Facebook co-existing with more traditional letter box drops and newsletters.
So how do you go about writing great articles.....
1 December 2015
It might not be the kind of article you’ve come to expect from the blog here at Scott Partners, but the fact is we are all passionate about a few things – in addition to helping you plan and grow your small business or medium sized enterprise.
And a.....
24 November 2015
While it would be wonderful to have a product or service that was profitable from day one and able to pay all of your bills, the reality is that this simply not true for 99% of businesses.
So to bridge the gap between start up and being cash flow positive.....
18 November 2015
From the point of view of a business owner or operator, inventory accounting and valuation provides a great and potentially frightening challenge. To varying degrees, how well these tasks are handled will be reflected in the functionality and sustainability.....
17 November 2015
The Trans Pacific Partnership (TPP) is one of the largest trade deals ever executed, and could represent a huge opportunity for Australia and Australian small and medium sized enterprises. However, what is often lost in the reporting of these trade deals is.....
10 November 2015
At Scott Partners, we don’t make any secret of the fact we are big fans of Xero. The motto for the company is “Beautiful Accounting Software” and as users, we can testify to the fact that it is true to label.
But it also a great business, and in five.....
3 November 2015
The missing link between having a great product or service and earning great profits is also one of the hardest to get right: effective marketing. Without a reliable way to get your message out to your potential clients and customers, chances are your small.....
27 October 2015
The pace of change for small and medium sized enterprises across Victoria, and Australia, has been unrelenting in recent years. New taxes, new technology, new regulatory burdens and an economy affected by a once in a generation mining boom and bust cycle have.....
20 October 2015
Having to reduce your working hours, lay off staff or worst of all, put up the “closed” sign for good doesn’t happen overnight. But for too many Australian small businesses and medium sized enterprises, the warning signs are either not noticed or are.....
13 October 2015
If you are reading this, then that means you are on our website – welcome! In 2015, many small business advisory shows and newspaper columns will say that having a website is absolutely essential for every small business.
But there are many more options.....
6 October 2015
It’s a proven fact that shocking headlines sell more newspapers and generate more “clicks” to online websites. So when we are confronted with headlines like “Billions wiped of the Australian share market today” it is natural to be more than a little.....
29 September 2015
Running a small business or medium sized enterprise (SME) is an immensely challenging but incredibly rewarding endeavor. You are required to constantly win new work, retain existing clients, deliver high quality results as well as defend against.....
22 September 2015
Buying a property is one of the most sensible and common ways that Australians invest for their financial future. But as with any investment, the difference between a good return and a great one is in the detail. And over the long term, a few percentage.....
15 September 2015
Superannuation was introduced in the early 90’s as a way for Australians to contribute to their retirements alongside the Australian Government pension and other assets.
Over the years, the compulsory superannuation guarantee has risen from the initial.....
8 September 2015
The love affair that Australians have with property is undisputed. The signs are absolutely everywhere, from our high rate of home ownership as a nation, to the packed carparks of Bunnings on weekends, and the continued popularity of renovation shows on prime.....
1 September 2015
Many small and medium sized enterprises put most of their planning time into crafting business plans and ideas that will capture new business and drive more value from existing clients.
But far fewer have plans in place for collecting debts and avoiding.....
25 August 2015
Fast growing industry disrupter, Xero, and the old standard bearer for computer-based accounting software, MYOB, have both been generating more headlines for accounting than normal lately.
The reason for MYOB’s prominence was the return to being a.....
18 August 2015
Workplace health and wellness for Australian employees can sometimes be overlooked in the hectic day to day activities of any small business or medium sized enterprise.
And when managers and owners look into ways to improve the work life balance and work.....
11 August 2015
A simple reality of running a small or medium sized enterprise in Australia is that your best bet for raising capital is through one of our banks. And that is actually great news, with the Australian banking system regarded as one of the strongest in the.....
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4 August 2015
As a business grows, one of the most important roles of a manager or owner of a small business or medium sized enterprise is finding the right person to help with that growth.
Australia is lucky to have a world class education system, a well balanced.....
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28 July 2015
No small or medium sized enterprise owner needs to be told that Australia’s tax system is complex. In fact, some people would probably go a little further and describe it as something more akin to Frankenstein’s monster, with two thousand page tax acts,.....
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21 July 2015
Federal budgets are often more interesting for political watchers and journalists than small business owners and medium sized enterprise managers. But the 2015 Federal Budget handed down by Treasurer Joe Hockey recently was a different story.
Reported by.....
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14 July 2015
There are a few essential ingredients to founding, running, and growing a successful small or medium sized enterprise in Australia, or anywhere for that matter. Motivated staff, a great product or service, and a willingness to put in the hours required.....
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14 July 2015
You are invited to an exclusive evening of
wine tasting followed by a property investment
seminar hosted by Scott Partners &
Investment Property Help (IPH)
We’ve partnered with IPH to help our valued clients find out whether property investment is.....
10 July 2015
Hi, I’m Scott Trevethan from Scott Partners here in Melbourne. Today, I want to talk to you about something that every small and medium sized enterprise faces: choosing the right structure for their business.
What we’re going to do today is go through.....
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2 July 2015
If you are a small or medium sized enterprise (SME) owner or manager, you are probably used to making all sorts of investment decisions. These might be in your premises, stock, phone system, or even training for your employees.
But SME owners and operators.....
13 June 2015
Things you need to consider BEFORE 30th June
No matter whether you are in business, employed or an investor, there are some opportunities and housekeeping that you should attend to prior to that date of 30th June!
1. People who get paid a salary
When your.....
12 June 2015
The nature of small and medium sized enterprise in Australia means that owners and managers are always seeking an advantage. That advantage may be a way to save time, become more efficient, or simply make doing business easier.
In 2015, there is a growing.....
22 April 2015
Small and medium sized enterprises are the engines that keep the Australian economy moving in the right direction. But doing that means that thousands of business owners, managers and employees work long hours, go the extra mile for their clients and.....
22 April 2015
There are certain traits that are common to small and medium sized enterprise (SME) owners and operators. They are dedicated to their businesses, and often have impatience with simply following rules and doing things as they’ve always been done.
Because of.....
22 April 2015
It’s fairly easy to compare owning or running a small or medium sized enterprise (SME) with juggling what can feel like dozens of “balls” in the air at any one time. Keeping on top of quotes, managing inventory, staff scheduling, managing emails, and.....
6 November 2024
This article is a general overview of the substantiation provisions of the Australian income tax law. It is important to understand that these rules only apply to individuals or partnerships where at least one of the partners is an individual. These rules can also apply to individuals where.....
6 November 2024
The tax law says that to deduct a ‘work expense’ it must qualify as a deduction under some provision in the tax law. In addition, you need to ‘substantiate’ the expense by obtaining ‘written evidence’ of the expense.
This article discusses what is meant by written evidence and some.....
6 November 2024
There is a complex set of tax rules that deal with what is known as ‘personal services income’ (PSI). PSI results from the efforts of human beings where the income is mainly a reward for the personal efforts and skills of an individual.
Many occupations derive PSI. They include both.....
8 October 2024
For some years the Federal Government has operated a scheme to contribute money to certain individuals’ superannuation funds. These individuals are referred to as ‘low-income earners’. In many family groups, there are often such individuals, even if the overall group earns considerable.....
8 October 2024
As at 30 June 2022, there were over 603,000 self managed superannuation funds (SMSF) in Australia. The investments in these funds made up around 26% of all superannuation monies invested. Around 5% of the adult population in Australia are members of SMSFs.
Superannuation funds are, broadly, taxed.....
8 October 2024
One of the most frequently asked capital gains tax questions concerns the situation where a person dies leaving their home to beneficiaries of their will. Unfortunately, depending on the circumstances, the answer to the question can be very complex.
Let’s have an Example
Susan and Doug bought.....
4 September 2024
The entity or way in which a business is operated can be referred to as its structure. This could be through a sole proprietorship, a partnership, a company or a trust. Also, there can be multiple entities set up for different reasons.
Many businesses, at some point in their existence, will go.....
4 September 2024
As at 30 June 2022, there were over 603,000 self-managed superannuation funds (SMSF) in Australia. The investments in these funds made up around 26% of all superannuation monies invested. Around 5% of the adult population in Australia are members of SMSFs.
Superannuation funds are, broadly,.....
4 September 2024
If you own a rental property and there is currently no rent being earned from the property, can you still claim a tax deduction for the outgoings connected to the property
The answer does depend on the facts, but it is often the case that you can continue to claim a tax deduction for the.....
2 August 2024
The ATO is currently owed around $66 billion. Nearly all of this amount is validly owed to the ATO – that is it is undisputed. It simply has not been paid.
As we all know, the Federal Government is facing years of budget deficits and having $66 billion tax dollars outstanding is, to put it.....
2 August 2024
It’s tax time again, particularly for individuals. It is always good to remind ourselves of what receipts and invoices (called substantiation in the tax law) that you must have. Note that this article focuses on individuals who are not conducting a business.
The first thing (although basic) is.....
2 August 2024
If you run a business with a turnover of less than $50 million, there is a bonus tax deduction that you will probably be able to claim, to some extent, in the tax return of the business for the financial year ended 30 June 2024.
The bonus deduction applies to certain purchased assets or.....
5 July 2024
If you operate your business through a private company or have a private company in your business structure, you must understand the perennial tax problem involving shareholder loans from the company to its shareholders or an associate of a shareholder. Private companies have ‘Pty Ltd’ at the.....
5 July 2024
Please note the Income Tax Rates and Superannuation.....
5 July 2024
Small business owners will be pleased to know that at the ‘last minute’ the instant asset write-off level for the year ended 30 June 2024 was confirmed at $20,000. This means, for eligible assets, a 100% tax deduction can be claimed for an asset purchased during that year. The asset must have.....
11 June 2024
OK, it’s nearing the end of the financial year and you, a small business owner, are wondering what the next financial year will bring.
Here’s your challenge. Do you ‘let it happen' or do you ‘make it happen’
The world is complex and difficult and small business owners can feel they.....
11 June 2024
While we are on the topic of GST, here are some facts about tax invoices.
The basic use of a tax invoice is to evidence that GST is included in the price of what is being purchased (‘supplied’ is the GST term). If a GST registered enterprise makes a supply, the tax invoice must be supplied.....
11 June 2024
There is an important method of saving Goods and Services Tax (‘GST’) available to real property owners that conduct an ‘enterprise’. This method is what is known as the ‘margin scheme’. It is not available to all property owners. It is only available to those registered for GST who.....
2 May 2024
The instant asset write-off level is the amount of expenditure a small business can spend on the acquisition or improvement of an asset and get an instant tax deduction for the whole amount.
Over recent years this level of expenditure has varied a number of times. During the COVID period, for.....
2 May 2024
Most business owners are aware that if a car is provided to an employee for the private use of the employee, Fringe Benefits Tax (“FBT”) is usually payable. For this purpose, “private use” means that the vehicle is applied to the private use by the employee or their associate.
Also,.....
2 May 2024
You may have heard about trusts and that they are a way of saving tax. Perhaps you wonder whether you should have a trust. Here is a brief description of what trusts are about.
The idea of trusts dates back several centuries in English law. The essential idea of a trust is to be able to separate.....
2 April 2024
You might think that paying for financial advice is always deductible. Not so, according to the ATO.
The ATO has released a draft tax determination on the topic of the deductibility of financial advice fees paid by individuals who are not carrying on a business.
The tax law allows deductions.....
2 April 2024
In the dynamic landscape of Australian business, securing assets and managing risks is paramount. Small businesses, in particular, face unique challenges in safeguarding their property interests while navigating the complexities of commerce. Enter the Australian
Personal Property Securities.....
2 April 2024
Navigating the Australian Goods and Services Tax (GST) landscape can be a complex endeavour, particularly when it comes to supplying services to people or businesses outside of Australia.
When an Australian enterprise supplies services to a person who is not in Australia, the transaction is.....
1 March 2024
Although 30 June is still a few months away, it is a good time to ensure that you are paying attention to the substantiation requirements for claiming work-related expenses as a tax deduction. If you can get a good system in place that catches the necessary information, it makes it so much easier.....
1 March 2024
Navigating the complexities of Fringe Benefits Tax (FBT) can be daunting for small business operators in Australia. As the end of the FBT year approaches, it's crucial for you to take proactive steps to ensure compliance and minimise potential liabilities. Here's a guide on what small business.....
1 March 2024
There are caps or limits on how much can be contributed to a superannuation fund each year.
Contributions to superannuation funds are categorised (generally) as concessional contributions or non-concessional contributions. Concessional contributions are tax deductible and non-concessional.....
7 February 2024
In the realm of Australian superannuation, individuals have the option to take the reins of their retirement savings through Self Managed Superannuation Funds (SMSFs). This avenue provides a unique approach to managing one's financial future, offering both advantages and challenges that demand.....
7 February 2024
New tax rates coming (perhaps)
The Prime Minister has announced the currently legislated tax cuts, which are operational from 1 July 2024, will be changed. The idea behind these changes is to deliver to “middle Australia” help with the cost of living.
Some are of the view that these changes.....
6 February 2024
An issue that never seems to go away is determining whether an individual working for a business is engaged as an employee or as an individual contractor. The distinction is very important because a number of tax obligations hinge on the decision.
Recently, the Tax Office has had its say on the.....
30 November 2023
We all know that we can’t take it with us when our time on this earth comes to an end. So what happens to assets that are still in an individual’s superannuation fund when they die
The payout of a deceased person’s superannuation fund balance is referred to as a “superannuation death.....
30 November 2023
Apart from all the stress of finding the right Christmas presents for everyone, the business owner must also deal with the tax issues of Christmas! This is particularly so for the annual
work Christmas party and Christmas gifts.
So, what’s the problem
The issue is all about whether.....
30 November 2023
Another year draws to a close! You have been working your business for some years. Perhaps the holiday period is a time to reflect seriously on where your business is going and whether it is time to start handing over the reins to someone else. Perhaps Christmas and the holiday period will give you.....
10 November 2023
An extremely important decision of the Administrative Appeal Tribunal (AAT) was made on 28 September 2023. The issue in this tax case debated one of the most controversial tax issues for small and medium enterprises (“SME”) over the past 13 years. The issue in the case was whether an “unpaid.....
10 November 2023
One of the golden rules about having a self-managed superannuation fund (“SMSF”) is that everything needs to be done at arm’s length. That is, everything needs to be done with proper market values – it needs to be “squeaky clean”. There are a range of serious consequences for a SMSF.....
10 November 2023
If you operate a business that has an annual turnover of under $50 million you may be entitled to a 20% bonus deduction. This is for expenditure on assets or improvements to assets that make your business more energy efficient. If you spend, say $10,000 of eligible expenditure, you get an extra tax.....
4 October 2023
Withdrawing part of your superannuation fund balance then paying it back into the account, known as a recontribution strategy, may sound a little strange but it could deliver a number of benefits including reducing tax and helping to manage super balances between you and your spouse.
Your.....
4 October 2023
With Treasury estimating the government misses out on billions in potential tax revenue from rental property deductions and the ATO recently warning extra care is needed when lodging returns with this type of income, rental investors can consider themselves well and truly in the tax man’s.....
4 September 2023
When you run your own business a good retirement plan can bring real peace of mind. Read more about your options - and why it's never too early to start.
Planning your retirement
When you’re busy running your own business, retirement planning could be the last thing on your mind. But planning.....
4 September 2023
We’re all now only too aware of the risk of cybercrime after the well-publicised data hacks of Medibank Private and Optus.
Although these crimes involved large organisations, email scams, cyberattacks and online scams also represent a major risk for small businesses, particularly if you.....
4 September 2023
Lodgement amnesty and new landlord data matching program
While the government is boosting the tax deductions available for small business spending on staff training, other taxpayers such as landlords are facing closer scrutiny from the Australian Taxation Office. Here are some of the latest.....
2 August 2023
Ensuring you’ve structured your finances tax-effectively is always a concern, but with new tax rules for super on the horizon, many people with large balances are considering alternative vehicles to save for retirement.
Unsurprisingly, this has sparked a renewed interest in an old favourite.....
2 August 2023
As an employer, you previously needed to pay fringe benefits tax (FBT) on electric cars provided to your employees. Since 1 July 2022, you no longer need to pay FBT on benefits provided for eligible electric cars and associated expenses.
Getting the green light
You will now be exempt from.....
2 August 2023
If you operate some or all of your business from home, you may be able to claim the business-use portion of expenses you incur. For example: running expenses (such as electricity, gas, phone, internet, stationery, cleaning and the decline in value of assets).
The temporary shortcut method ended.....
5 July 2023
Managing a healthy cash flow is often tough for small businesses and it is particularly the case right now in the challenging economic conditions.
In this climate, recent changes to rules and regulations may both help and hinder cash flow. Here are some to keep an eye on.
Minimum wage.....
5 July 2023
As digital tools continually evolve, it is more important than ever to make sure you understand your tax obligations and comply with them. The Australian Taxation Office has been expanding and improving its data matching programs. Data matching compares data from a range of private and government.....
5 July 2023
Preparing for loss of capacity or death is vital for SMSF members. It's important to ensure your trust deed is watertight.
There are more than 600,000 self-managed superannuation funds (SMSFs) in Australia, managing close to $900 billion of assets on behalf of over a million Australians.
Each.....
2 June 2023
Budget incentives and crackdowns on unpaid tax debts and rental deductions
Although this year’s Federal Budget was short on big changes when it came to tax, there still have still been some important developments in this area. Here are some of the latest developments in the world of.....
2 June 2023
If you have an SMSF, it’s essential to get your fund in good shape and ready for June 30 and the annual audit.
It’s particularly important this year, because the ATO is focussed on fixing a number of issues when it comes to SMSFs. These include high rates of non-lodgment and problematic.....
2 June 2023
Tax measures were less central to this year’s Federal Budget than they have been in recent years.
While there were some new tax measures, the Budget this year was more about the first surplus in 15 years and various spending measures.
After highlighting the gloomy outlook for the global.....
10 May 2023
surplus for now but stormy seas ahead
Treasurer Jim Chalmers bills his 2023 Federal Budget as an economic strategy to help ease cost-of-living pressures.
To that end, he has delivered a modest but welcome package of cuts to healthcare, housing and energy costs as well as boosts to welfare.....
4 May 2023
After taking a softly, softly approach with taxpayers during the pandemic, the ATO has made it clear it will start chasing taxpayers for their outstanding tax related debts.
Starting with its aged debt book, the ATO is sending letters to taxpayers asking them to engage or face firmer.....
4 May 2023
Buying your first investment property can be a bold step towards a more prosperous and secure future. But it also poses risks. The Successful Investor’s Michael Sloan outlines five strategies to help you take the right path.
My 5 essential investment property tips
1. Equity
Most people use.....
3 April 2023
Running a small business can be difficult enough without having an unforeseen event disrupt or cripple your operations.
Imagine a trusted employee is found to have embezzled hundreds of thousands of dollars over a number of years. Can the business withstand the financial hit What is the effect.....
3 April 2023
Since the Albanese Government announced its intention to double the tax on investment earnings for super account balances over $3 million, there has been lots of talk about taking money out of self managed superannuation funds (SMSFs) to avoid the tax hikes.
As SMSF trustees have more control of.....
2 March 2023
Family trust rules and new guidance on contractors
The Australian Taxation Office (ATO) has confirmed its position on family trust distributions, while also providing employers with new information to simplify completion of Single Touch Payroll (STP) activity statements. Here are some of the.....
2 March 2023
With the cost of living continuing to rise, it can feel increasingly hard to make ends meet in terms of your personal finances, and it can also be challenging running a business in an inflationary environment. One way of combatting inflation is to reduce the escalating cost of borrowing by.....
2 March 2023
Selling your goods or services overseas can seem like a big leap – but it could be good for business.
Exporting can provide your business with benefits such as improved productivity, increases in sales and profits, new customers and potential growth opportunities.
In fact, exporting is.....
2 February 2023
It’s been a tough few years for many businesses, with the pandemic and natural disasters, especially small business owners.
Finding funds and expertise for business development can be challenging for smaller organisations. Even larger firms can find it difficult to put together the cash and.....
2 February 2023
Getting more money into superannuation is a proven way of building wealth to spend in retirement.
Ongoing contributions from your employer over the course of your working life, and potentially extra contributions made by you, can make a huge difference to your super balance over the long term.....
11 January 2023
The rollout of electronic invoicing (or eInvoicing) is gaining momentum in Australia – and globally – as a new and more efficient way to deal with the paperwork involved in sending and receiving business invoices and procurement documents.
For small business owners, the arrival of eInvoicing.....
11 January 2023
Inflation dominated the economic landscape
The year began optimistically, as we finally began to emerge from Covid restrictions. Russia threw a curve ball that reverberated around the world and suddenly people who hadn’t given a thought to the Reserve Bank were eagerly waiting for its.....
5 December 2022
Small businesses across the country will be looking for ways to reduce costs amid cost of living and rising price pressures.
Economic challenges are expected to continue into the 2024 financial year, from inflation and supply chain lags to higher interest rates and reduced consumer.....
5 December 2022
Tax compliance, higher fines in spotlight
Business taxes remained largely unchanged in the second Federal Budget of 2022, but employees working from home can expect less generous deduction rules for the 2022-23 financial year. Here’s some of the latest tax developments.
All quiet on the.....
5 December 2022
‘The business is my retirement,’ say many business owners. The reality is far more complicated – and devastating if you get it wrong, writes financial advisor, Helen Baker.
The risks of using your business as your sole retirement nest egg or as the majority of it, are numerous and.....
17 November 2022
The ATO is cracking down hard on GST frauds after finding a significant number of taxpayers falsely claiming GST refunds.
The Serious Financial Crime Taskforce and Australian Federal Police (AFP) have executed numerous warrants against suspects, with a GST fraudster recently jailed for three.....
17 November 2022
Quiet on the tax front, for now
For once, tax measures took a back seat in a Federal Budget, with the second version for this year being billed as a “solid and sensible Budget suited to the times”.
The October 2022 Budget resisted the recent trend to continually tinker with our tax.....
26 October 2022
In his first Budget, Treasurer Jim Chalmers emphasised the three Rs – responsible budget repair and restrained spending, right for the times.
For good measure, resilience also got a mention with spending targeted at building a more modern economy to deal with the challenges ahead.
This is.....
5 October 2022
Wills and Powers of Attorney
A good estate plan will help make sure your wishes are carried out when you die. It can also help if you become unable to make your own decisions.
Estate plans
An estate plan records what you want done with your assets after your death. It can include documents.....
5 October 2022
ATO focus on Rental Properties
Rental property owners are now one of the ATO’s top targets after it found nine out of ten tax returns reporting rental income and deductions contained at least one error.i
The tax office estimates it’s missing out on around $1.5 billion due to.....
1 September 2022
With the tax regulator taking a more aggressive approach to tax debts and reviewing work from home deduction rules, tax issues could become a higher priority in 2022-23.
Here’s a roundup of some of the latest developments in the world of tax.
Consultation on working from home.....
1 September 2022
With money becoming tighter as inflation rises, many people are looking to make some extra income from a ‘side hustle’.
As we move towards a cashless society and transact more online, it’s becoming easier for the ATO to follow the money trail. Whether you rent your caravan on Camplify, or.....
16 August 2022
Marketing campaigns, agent commission, taxes... there's a lot to consider when it comes to the cost of selling your home. We've laid out the main expenses for you, so you can stay on track, and on budget.
Marketing costs
Advertising
Advertising costs vary depending on a number of factors,.....
16 August 2022
Small business owners can often fall into old habits at tax time, without considering some of the less obvious or most recent ATO tax deductions available. Make sure you claim absolutely everything you’re entitled to and minimise tax for the 21/22 EOFY.
To keep a healthy bottom line,.....
16 August 2022
You may receive your business income in the form of:
cash and digital payments, such as EFTPOS, online, credit or debit card transactions, and through platforms such as PayPal, WeChat or Alipay
vouchers or coupons, such as state government stimulus vouchers.
When calculating.....
4 July 2022
After a pause to allow businesses to survive the pandemic, the Australian Taxation Office has begun calling in tax debts owed by businesses.
As the economy starts to come out from under the COVID cloud, local and global issues have introduced more challenges for business, including.....
3 July 2022
As technology creeps further into our everyday lives, cybercriminals are taking advantage of the latest that technology has to offer and carrying out increasingly sophisticated scams worth eye-watering sums.
In the 2020-21 financial year alone, individuals and businesses in Australia.....
3 July 2022
New rules coming into force on July 1 will create opportunities for older Australians to boost their retirement savings and younger Australians to build a home deposit, all within the tax-efficient superannuation system.
Using the existing First Home Super Saver Scheme, people can now.....
1 June 2022
With the end of the financial year (EOFY) just around the corner, it’s important to ensure your SMSF meets its compliance obligations.
The rules around SMSFs are strict and if you don’t do things the right way, your fund could end up paying extra tax.
Here’s some key tasks trustees.....
1 June 2022
ATO crackdown on family trusts and GST fraud
With attempted GST fraud on the rise and certain family trust payments under a cloud, the tax regulator is stepping up scrutiny of more transactions.
Here’s a roundup of some of the latest developments in the world of tax.
GST fraud.....
1 June 2022
Getting your business’s end of financial year work done smoothly is no small task. This handy checklist offers a quick overview of the key processes and major to-do items.
End Of Financial Year (EOFY) isn’t just a marketing opportunity for businesses looking to entice business customers to.....
1 June 2022
TAX TIME 2022
ATO Tax Deductions
2022 ATO Focus
record-keeping
work-related expenses
rental property income and deductions, and
capital gains from crypto assets, property, and shares.
These ATO priority areas in 2022 will ensure that there is an appropriate level of scrutiny.....
3 May 2022
The COVID-19 pandemic has led to many challenges for small business operators, including a significant escalation in cybersecurity threats.
One of the fastest growing of these threats is identity (ID) crime, with the Australian Competition and Consumer Commission’s (ACCC’s) Scamwatch.....
3 May 2022
This year’s Federal Budget was full of talk about one-off support for households in the form of tax offsets, but most people are a bit hazy on the difference between a tax offset and a tax deduction.
Both can help reduce the amount of tax you pay each year, but a tax offset generally results.....
3 May 2022
This time of year, people’s thoughts start turning to their tax return, but it can also be a good time to set things up so you don’t pay more tax than required next financial year.
Simply talking to your employer about setting up an arrangement to “sacrifice” some of your pre-tax salary.....
29 March 2022
A balancing act
Billed as a Budget for families with a focus on relieving short-term cost of living pressures, Treasurer Josh Frydenberg’s fourth Budget also has one eye firmly on the federal election in May.
At the same time, the government is relying on rising commodity prices and a.....
2 March 2022
If your personal information falls into the wrong hands, it can be used to steal your identity.
If you think your identity has been stolen, report it to your local police and your bank, and change your passwords.
Signs of identity theft
If your identity has been stolen, you may not.....
2 March 2022
Consolidating your super means moving all your super into one account. It makes your super easier to manage, and saves on fees.
Before you consolidate, pick the best super fund for you.
You can transfer your super for free in a few simple steps.
If you're ready to consolidate your super.....
2 March 2022
It seems like June 30 rolls around quicker every year, so why wait until the last minute to get your finances in order
With all the disruption and special support measures of the past two years, it’s possible your finances have changed. So it’s a good idea to ensure you’re on track for the.....
2 March 2022
Tax Alert March 2022
New super and tax rules passed in Parliament
Some of the last sitting days before this year’s Federal election saw changes to the tax and super rules finally pass through both houses of Parliament. Here’s a roundup of some of the key developments.
Loss carry back.....
3 February 2022
If there’s one lesson the pandemic has taught, it’s that life can take some unexpected twists and turns.
It’s also highlighted the link between human health and economic prosperity.
So if you’re a business owner, it’s important to think about what would happen if you or one of.....
3 February 2022
Market movements & Review Video-February 2022
Stay up to date with what's happened in Australian markets over the past month.
January is normally a quiet month on the economic scene, but not this year. Inflation and speculation about rising interest rates dominated the month,.....
3 February 2022
With the property market hitting all-time highs in 2021, interest in investing in direct property through your SMSF has never been higher.
In the September 2021 quarter, Australia’s SMSFs had almost $88 billion invested in non-residential real property, with another $47 billion in.....
13 January 2022
Positives and Negatives of Gearing
Negatively gearing an investment property is viewed by many Australians as a tax effective way to get ahead.
According to Treasury, more than 1.9 million people earn rental income and of those about 1.3 million reported a net rental loss.
Negative gearing.....
13 January 2022
Tax deductions for your home-based business
Using your home as the base for your business is increasingly popular, particularly due to COVID-19, with many of Australia’s 2.1 million enterprises with four or less employees now based at home.
As a result, the ATO is busy revisiting the.....
13 January 2022
2021 Year in Review
Two steps forward, one step back
For the second year running, the pandemic was the focus for policy makers, markets, businesses, and individuals alike.
The year began with hopes that the rollout of vaccines would stem the spread of COVID-19 and allow economies to reopen......
2 December 2021
As COVID-19 turbulence starts to settle, the ATO is moving away from its supportive position and returning to its more usual compliance focus.
That means taxpayers need to be aware their financial affairs will come under renewed attention in the year ahead.
Data gathering programs increase
In.....
2 December 2021
Just when you thought you had all your systems bedded down for Single Touch Payroll (STP), from the start of next year the government is expanding the information on employee payments you need to provide.
So, what will the changes mean for your small business
STP reporting to expand
Under.....
3 November 2021
From 1 November 2021, if you are a Director or want to become one, you will need to apply for the new Director Identification Number (Director ID) being rolled out by the Federal Government.
Directors of businesses and entities of all sizes – including directors and corporate trustees of.....
2 November 2021
If there’s one certainty in business these days, it’s constant change. Now there’s an extra step you need to take with new employees to comply with the superannuation choice of fund rules.
From 1 November 2021, whenever a new employee starts with your business and they don’t select a.....
2 November 2021
It was hard to miss the media splash about international tax evasion when the Pandora Papers were released, with local interest focussing on what Australian tax authorities would do with this massive trove of information.
But it seems the ATO is relaxed. Deputy Commissioner and Serious.....
4 October 2021
After years of puzzling over how to deal with cryptocurrencies, the world’s governments – and their tax authorities – are finally getting serious about regulation. In an effort to crack down on tax evasion and other criminal activities, the ATO has released rulings to clarify the tax.....
4 October 2021
Now that new legislation allows a maximum of six members in an SMSF, some fund trustees may be wondering if this could be an easy way to ensure a smooth transfer of their super to the next generation.
The simple answer is yes, but before you start adding your children and their spouses to.....
4 October 2021
Selling your business property is a big decision and it’s easy to focus on the sale price, but this can be a costly error.
Many owners forget to factor GST into their thinking. But if you do, you could find yourself left with a big tax bill to pay.
There are also valuable opportunities to.....
3 September 2021
Australian shares are popular investments with self-funded retirees and anyone who depends on income from their investments, due in part to the favourable tax treatment of franking credits.
After falling off in the early days of the COVID pandemic, share prices and dividends bounced back.....
3 September 2021
Although smaller businesses are now enjoying a lower corporate tax rate, their quarterly super bills have gone up, following the latest indexed rise in the Super Guarantee rate.
Here’s a roundup of some of the other key developments when it comes to the world of tax:
SME tax rate.....
3 September 2021
Covid-19 Grants
As many may be aware, there are various grants offered by the Victorian State Government in relation to the ongoing lockdowns. These grants are issued to businesses (including Sole Traders) affected by Covid-19 and are constantly evolving and.....
31 August 2021
What if I exceed my Super Contribution Caps
Making additional personal contributions to superannuation is a great way to boost your retirement savings in a tax-effective way. But there are strict caps or limits on the amount you can contribute each year and stiff tax penalties for exceeding.....
31 August 2021
Claiming small business CGT concessions
The Government is continuing to tighten the eligibility rules for claiming tax concessions relating to small business capital gains tax (CGT) obligations.
If you qualify, these concessions can have a big impact on how much of the profit from the sale of a.....
31 August 2021
SMSFs closing the age and gender gap
Self-managed super funds (SMSFs) have emerged from a difficult year stronger than ever. Not only have balances been repaired after the initial market shock in the early days of COVID-19, but more young people and women are taking control of their retirement.....
31 August 2021
To lease or buy a business asset That’s the question
With business conditions picking up in Australia, many business owners are thinking about the equipment they will need to evolve in the years ahead.
Whether it’s a new delivery van or a high-end digital printer, up-to-date equipment.....
3 June 2021
Licensed Hospitality Venue Fund 2021
Applications are now open for the.....
3 June 2021
Casual Worker Payments
Prime Minister Scott Morrison has detailed plans to help Victorians struck by the latest COVID lockdown, which has seen many out of work with the forced closure of hospitality venues and retailers.
Scott Morrison has announced financial support for Victorians who.....
3 June 2021
Business Costs Assistance Program Round Two
The Victorian Government’s $371 million Business Costs Assistance Program Round Two will assist eligible small to medium businesses most affected by the restrictions announced on Thursday 27 May 2021 and extended beyond Thursday 3 June.....
1 June 2021
Tax Alert June 2021
The Government is continuing to support COVID-affected businesses by extending most of its pandemic inspired tax offsets and benefits. But at the same time the ATO has micro businesses like contractors who fail to declare all their income in its sights.
Here’s a.....
1 June 2021
Counting down to June 30
It’s been a year of change like no other and that extends to tax and superannuation. As the end of the financial year approaches, now is a good time to check some new and not so new ways to reduce tax and boost your savings.
With so many of us confined to our.....
1 June 2021
How to switch gear when you clock off
After a long day at work, many of us can be forgiven for bringing our stress home – whether it be frustration at a project that isn’t going to plan, a difficult client, a mountainous workload or a clash with a co-worker.
With greater workplace.....
12 May 2021
Support for Australia’s businesses and our personal finances was at the heart of this year’s Federal Budget as the Morrison Government continues its attempts to strengthen the post-lockdown economy.
Once again Treasurer Josh Frydenberg made tax measures a key part of his Budget speech,.....
4 May 2021
While it’s not yet in force, the limit on SMSF member numbers is set to increase from the current four to six members later this year.
For some SMSFs, this will be a welcome change and will mean additional family members can join their existing fund.
Implications of the rule change
The new.....
4 May 2021
The past 12 months have proven that in business as in life, there will always be factors out of our control. That’s why it’s important to put measures in place to manage the factors that you are in control of.
Many businesses have recently been given some strong lessons in where their.....
7 April 2021
Stay safe from scams
As we approach tax time, we also head into the season where scammers increase their activity – that is, looking to hoodwink small business and individuals alike.
Scammers are becoming increasingly sophisticated, so it pays to be aware of what is real and what is fake......
7 April 2021
Weighing up costs and benefits of an SMSF
For many people, the idea of managing and investing your own retirement savings is very appealing.
But there is ongoing debate over whether running your own self-managed super fund (SMSF) is cost effective. So, what are the arguments for and against.....
2 March 2021
For many business owners, fear of incurring a Fringe Benefits Tax (FBT) bill has kept them from retraining and re-skilling their employees to perform different roles or activities within the business.
But a new exemption announced by the government as part of last year’s Federal Budget is.....
2 March 2021
Individuals and small business owners who have taken advantage of the government’s COVID-19 support programs will find themselves increasingly under the tax man’s microscope in coming months. This is just one of the key developments occurring in the world of tax at the moment.
Data matching.....
2 March 2021
Avoid the rush: Prepare your Business for June 30
As the economy begins to get back on its feet, it’s time to get your business back on track and start preparing for this year’s tax time.
Although 30 June may seem a long way off, there have been so many changes and government.....
3 February 2021
Tax and your website: What can you claim
Most small businesses and independent contractors have a website these days. If you are planning to launch a new website or refreshing an existing one, it’s important to understand the tax implications. As with all things tax, it’s not always.....
3 February 2021
Turning redundancy into opportunity
As the economy starts to recover from COVID-19 shutdowns, some sectors may take longer than others to return to their normal operating capacity and some companies may never fully recover. That means there is still the chance that some employees could be made.....
3 February 2021
Contractor or employee: Which are you
With COVID-19 having a significant impact on traditional employment, many people are working as a contractor for the first time either by choice or necessity. It’s not just a lifestyle decision; from the tax and superannuation perspective, there are.....
12 January 2021
2020 Year in Review
Just as we were recovering from the long drought and the worst bushfires on record, the global coronavirus pandemic took hold and changed everything.
Suddenly, simple things we took for granted, like going to the office or celebrating special occasions, were put on hold......
12 January 2021
Selling a business Don’t forget about tax
It can take many years and a lot of hard work to build a successful small business. When you finally decide it’s time to sell, tax is often the last thing on your mind. Yet it can have a big impact on how much of the sale price you get to keep –.....
12 January 2021
Why family trusts are back in favour
Recent changes to the rules around voluntary superannuation contributions which impact the amount you can transfer into a super pension account, have meant that many older Australians are considering setting up a family trust.
Trusts can be an effective.....
2 December 2020
Tax-effective ways to boost your super
After a year when the average superannuation balance fell slightly or, at best, moved sideways, the summer holidays could be a good opportunity to think about ways to rebuild your savings while being mindful of tax.
With the Reserve Bank reducing.....
2 December 2020
Tax Alert December 2020
Although individuals and small business owners are now enjoying welcome tax relief in the wake of some valuable tax changes, there is more on the horizon as the government seeks to reboot the Australian economy.
Here’s a quick roundup of significant developments in.....
2 December 2020
Important changes re NSW Property Ownership
New changes will come into effect in New South Wales from 1 January 2021 in relation to land tax and stamp duty. The changes will affect the way these two taxes are calculated where a property is owned / acquired by a trust.
Broadly speaking the.....
5 November 2020
The COVID-19 pandemic is raising some interesting questions for small business employers in relation to their Fringe Benefit Tax (FBT) liabilities.
With many employees working from home, common employee benefits are often not being supplied, while some employers are now providing protective.....
5 November 2020
The idea of adding a granny flat to your property sounds like a great idea. A property to rent out to generate some welcome extra income, or a home for adult children or mum and dad in their later years.
But there are important tax and personal considerations to consider before taking the.....
5 November 2020
Checking emails late into the night, reaching for your phone before you’ve even had breakfast to start your working day, the ‘lunch break’ that involves a Zoom meeting - the lines between our work lives and our personal lives have never been blurrier.
While there are many advantages to.....
7 October 2020
As the Government begins to unwind special measures put in place to help businesses through the COVID-19 pandemic, business owners face some potential new challenges.
Your business could be financially exposed to ‘zombie’ companies that are relying on loan repayment deferrals, relaxed.....
7 October 2020
COVID-19 is resulting in significant disruption to well-established business paradigms, impacting businesses, sectors and stocks across the board.
However as Albert Einstein once said “in the middle of difficulty lies opportunity”. That certainly rings true in 2020 as analysists.....
7 October 2020
Tax and business investment took centre stage in the Federal Budget this year, as the Morrison Government seeks to reboot growth and repair the damage wrought by COVID-19 on Australia’s economy and employment.
Treasurer Josh Frydenberg emphasised the Coalition’s focus on tax by bringing.....
2 September 2020
Self-managed super funds (SMSFs) have had a challenging year, with COVID-19 linked market uncertainty affecting income and returns. But SMSF trustees haven’t been sitting on their hands.
One of the main reasons people give for wanting to establish an SMSF in Australia is to have greater.....
2 September 2020
Many small business owners and sole traders will be breathing a sigh of relief following the extension of the JobKeeper scheme until March next year. At the same time, however, the ATO is stepping up its compliance activities.
Here’s a roundup of some of the key developments in the world of.....
2 September 2020
If your New Year’s resolution was to spend less time glued to your phone, you’ve probably found that unexpectedly challenging this year. While the impact of COVID-19 differs from state to state, many of us have experienced social isolation and the call to stay and work from home where possible,.....
6 August 2020
Our resilience has been tested of late and continues to be, with the ongoing situation of the coronavirus pandemic throwing challenges our way.
Resilience has certainly become a now frequently used buzzword, but what does it actually mean According to the Oxford dictionary, the word.....
6 August 2020
Selling a business you have spent so many years building up can be a difficult process, but getting the best price is not the only consideration. Tax has a big role to play in the financial result.
That means the ATO will be paying close attention. Selling a business in Australia is.....
6 August 2020
Receiving an inheritance is always welcome, but people often forget the tax man will take a keen interest in their good fortune.
When ownership of an asset is transferred, it triggers a capital gain or loss with potential tax implications. So what are the tax rules when you inherit a property,.....
21 July 2020
The Federal Government has today provided an update on the future of the Jobkeeper program. Whilst no doubt the finer details will be made available over the coming weeks, the fundamental updates are as follows:
The Jobkeeper program will be extended beyond the original September end date.....
14 July 2020
The Victorian Government is providing a further $5,000 grant to Melbourne based businesses affected by Covid - called the 'Expanded Business Support Fund'.
The basic requirements to be eligible for this grant are as follows:
The business must operate with an address located in metropolitan.....
3 July 2020
We all want to be heard. Feeling truly listened to can boost your self-confidence, make you feel understood and strengthen the connection between you and others. In the workplace it can be the difference between feeling engaged or unappreciated.
In the book You’re Not Listening: What You’re.....
3 July 2020
Family trusts have stood the test of time as a means of protecting family and business wealth, and managing the distribution of trust income in a tax-effective way. But the misuse of these tax benefits by a small minority periodically puts trusts in the firing line of the Australian Taxation Office.....
3 July 2020
With June 30 behind us and the economy slowly re-opening, most business owners are thinking about the challenge of repairing and rebuilding their finances after the COVID-19 lockdown.
Over the next few months, key tests will come with the withdrawal of government stimulus measures like JobKeeper.....
11 June 2020
Instant asset write-off extended
To further support Australian businesses through the fallout resulting from COVID-19, the government has extended the $150,000 instant asset write-off for an additional six months to 31 December 2020.
Initially announced on 12 May and intended to last until.....
11 June 2020
The HomeBuilder program - government grants to eligible homebuilders and renovators
The Government has announced the new HomeBuilder program to support jobs and boost demand in the residential construction sector at a time when the construction industry is facing extreme uncertainty.
Prime.....
4 June 2020
The two cash flow boosts provided by the federal government to help businesses deal with the COVID-19 emergency have largely been overshadowed by the JobKeeper program, but they could provide valuable financial support to organisations that qualify.
Some businesses may have already noticed.....
4 June 2020
With COVID-19 dominating everyone’s thoughts, employers are being offered a brief window of opportunity to get their tax affairs in order with the new Superannuation Guarantee (SG) amnesty. There is also a range of virus related assistance on offer to help affected business and individual.....
4 June 2020
It always takes some planning to get your finances in order for the end of financial year, and this year may look a little different, come June 30. The COVID-19 pandemic may have impacted your circumstances and therefore your situation could be looking different to normal.
Perhaps you have.....
5 May 2020
With many people now working from home because of COVID-19, some of the expenses your employer normally covers – such as electricity, heating and cooling – are coming out of your pocket instead.
Some employers provide a daily allowance to help with these additional costs, but if not it’s.....
5 May 2020
The recent sell-off on global sharemarkets due to the economic impact of COVID-19 has highlighted the risks of depending too heavily on a single asset class. Even before the current crisis, the ATO was concerned about a minority of self-managed superannuation funds (SMSFs) with up to 90 per.....
5 May 2020
As all leaders can attest to, no leadership role is smooth sailing. There will inevitably be the occasional storm coming over the horizon, with different challenges you need to respond to.
Sometimes these challenges will be unprecedented, such as the impact of the coronavirus pandemic while.....
3 April 2020
In regards to the ongoing developments with the COVID-19 pandemic, we want to provide an update on the actions Scott Partners are taking to safeguard the health and safety of our clients, staff and their families.
Online Tax Consultations
Scott Partners will be continuing to serve the needs of.....
2 April 2020
5 Tips to Work Productively Remotely
In the current climate, many businesses are needing to make changes to accommodate staff working remotely. If you are able to work from home the ensuing changes to your work habits can be challenging to negotiate, however there are things you can do to ensure.....
2 April 2020
Salary Relief throws Lifeline to Businesses
If you’re wondering how you will manage the enormous business challenges presented by the COVID-19 crisis, the Australian Government has announced unprecedented assistance to help businesses of all sizes manage their.....
2 April 2020
The Economic Stimulus Package
Maintaining confidence, supporting investment, keeping people employed
By now you’re probably aware that the Federal Government has announced a $17.6 billion stimulus package. One designed to “protect the economy by maintaining confidence,.....
26 March 2020
We are here to help!
Many businesses are confused by many aspects of the Fair Work Act as it is large and confusing. Scott Partners has a relationship with Happy HR and they can assist you by providing you a FREE 15 minutes support call by one of their HR degree qualified HR consultants to.....
23 March 2020
On 22 March the Government announced the details of the second stimulus package. Parliament is sitting today to pass this legislation which will provide us with more guidance as to how these will work.
The key points of this are:
Payments to Support Households
There will be a second $750 payment.....
17 March 2020
Australian companies turning over less than $10 million a year are classified as ‘small businesses’ by the ATO. Small businesses employ 5.5 million people, contribute $380 billion to the economy and account for more than 99% of all Aussie businesses.
This is not to be confused with the ABS.....
16 March 2020
As we monitor and learn more about the spread of COVID-19, we want to let you know what we're doing as a company to protect our customers and employees.
First and foremost, if you choose to visit us at our office, please know that we are doing everything we can to keep our office germ-free and are.....
5 March 2020
The ATO is providing taxpayers in bushfire areas with more time to get their tax affairs in order, but at the same time it’s getting tough on employee car parking benefits and investigating lifestyle assets owned by wealthy taxpayers.
Here’s a roundup of some of the latest developments when.....
5 March 2020
Check with Scott Partners if you are planning to purchase residential property in a family trust! A new surcharge has been implemented by the SRO.
From 1 March 2020, the Victorian State Revenue Office changed its approach to the foreign duty surcharge on residential property acquired by.....
5 March 2020
Achieving focus in a world of distractions
Feel like you’re running on a hamster wheel, beholden to the constant pinging of your phone, busier than ever You’re not alone, with the trap of always being ‘on’ a curse of the modern day world.
A 2019 report from BankMyCell found that the.....
11 February 2020
Overindulge over the holiday period You’re certainly not alone, but now it’s time to get back on track. Early in the year makes for the perfect time to dust yourself off and recommit to a your version of a balanced, healthy life.
Consider all aspects of your life
Before rushing ahead to.....
11 February 2020
As a tradie, you are largely dependent on your physical ability to earn a living. So, what would happen if you fell ill or had an accident Would you be able to continue your current lifestyle
Most tradies work in a far more dangerous environment than any white-collared worker, so the chances of.....
11 February 2020
With a property market recovery underway, most notably in Sydney and Melbourne, Australian investors are once again pursuing their love affair with property investing.
For many investors, a popular way to invest directly in residential or commercial property is through their self-managed super.....
15 January 2020
It was a year of extremes, with shares hitting record highs and interest rates at historic lows. Yet all in all, 2019 delivered far better returns than Australian investors dared hope for at the start of the year.
The total return from Australian shares (prices and dividend income) was 24 per cent.....
15 January 2020
Running a business keeps you pretty busy, so it’s easy to overlook the help that’s available. Many small businesses don’t realise the government offers a range of valuable concessions that can make a real difference to their annual tax bill.
Depending on your annual turnover, these.....
15 January 2020
Want to make 2020 your year The year you reach great heights Key to reaching those dizzying heights is recognising that you are one of your greatest assets.
Being self-aware and knowing your worth is crucial to positioning yourself for business and personal success and a more fulfilled life......
3 January 2020
As a small business owner, it’s imperative that you have reliable financial information that will help you track performance, manage cashflow and meet your tax and compliance obligations. In this short article we outline three key features of accounting for small business.
Record.....
17 December 2019
Christmas is a time of giving, when thoughts turn to family and to helping those less fortunate. To gift in a meaningful way that maximises the benefits, it’s important to consider tax.
While Australia doesn’t have a gift tax, there are tax considerations nonetheless for both the giver and.....
17 December 2019
If the introduction of Single Touch Payroll (STP) wasn’t a big enough challenge, small businesses can now look forward to the arrival of e invoicing and changes to the Superannuation Guarantee (SG) rules.
Here’s a roundup of some of the latest tax developments.
E-invoicing to be rolled.....
17 December 2019
Whether you’re glued to your desk most days or have honed the work/life balance, we all need to take a break at some point. The end of the year is a great time to reflect on your achievements and recharge. But while December is when many of us are trying to wind down, it can also be a chaotic.....
9 December 2019
Small business owners are always on the lookout for ways to improve performance. If you’re serious about growing your business, then partnering with a small business accountant is a smart business move.
Naturally, Scott Partners provides top quality taxation and compliance services, but we.....
23 September 2019
Goods and Services Tax (GST) is an important consideration for anyone starting out, or currently operating in business. Not all businesses will choose to register for GST and thresholds determine whether it is compulsory or not. Any small business accountant in Melbourne will tell you that those.....
8 May 2019
The Australian Taxation Office (ATO) is introducing a new way of reporting which will see businesses submitting tax and super information from their payroll or accounting software when paying employees. These ATO legislation changes are important as they will come into effect from July 1 2019,.....
8 May 2019
International Women’s Day is celebrated all over the world and is a fantastic way to highlight the imbalance that often still exists between women and men, particularly in the workplace. While the day itself is important, what is more beneficial to women whether in business, education.....
8 May 2019
In just a couple of decades, technology has transformed the traditional way things have been done for centuries. In what seems like the blink of an eye, we are rapidly becoming dependent on technology to carry out basic everyday practices, such as paying for groceries with bank cards, using a.....
5 May 2019
Choosing an Accountant
When corporate branding and promotions company EmbroidMe Dandenong was on the lookout for an accountant, business owner Andrew Leong knew that he wanted more than just somebody to produce figures. He wanted a firm that could look at the figures and advise on how his.....
12 February 2019
A self-managed super fund (SMSF) is a popular way that many Australians trust to help them prepare financially for retirement.
The primary difference between SMSFs and other types of super funds is that the members are also the trustees who control the investments and provide active management of.....
6 February 2019
Did you know Scott Partners is working toward becoming a paperless office
When we moved offices, we moved several Trust folders, but other than that, NO client files or information is stored on paper.
We scan all documents into PDFs, and we store them using Google as our Document Management.....
8 January 2019
The importance of proper cash flow in your business cannot be overstated.
A key reason that many businesses fail is not because of lack of trade or profits, but poorly managed cash flow. Cash is the oil which makes the wheels of your business turn and without it, simple everyday operations become.....
7 December 2018
With last week’s government announcement that its mid-year budget is to be delivered on December 17, speculation is rife as to what it will mean for both business owners and tax payers.
As the full budget will be outlined in April, ahead of an expected May federal election, it is likely that.....
6 December 2018
As a new year rolls around and you are likely to be setting new goals for 2019, it also may be time to make some long-lasting and impactful changes for your business.
Choosing the right service providers is crucial to business success and engaging the right accountant is one of the most important.....
4 December 2018
Christmas is indeed a very busy time for all of us, both in business and at home.
The holiday season is just around the corner, and if you feel that it has crept up on you this year, then worry not, Scott Partners accountants and financial services company, Melbourne, have devised their top five.....
3 December 2018
Asking for payment be a tricky thing to get right and very often, we fear it might scare off or offend a customer.
There are ways to ensure you get paid, while keeping the customer happy too.
Scott Partners accountants, Melbourne, have devised some expert tips to give you the confidence to chase.....
14 November 2018
Excellent accounting is of course, our focus at Scott Partners.
But that doesn’t mean its all we’re good for!
We are pleased to have been able to support some of our longstanding clients in their courageous charity endeavors. If you haven’t heard about The Male Bag Foundation or The Variety.....
14 November 2018
How many different software programmes do you think you use in a day Probably more than you can count on two hands It’s understandable that with this many different interfaces it can be somewhat stressful when they change or are updated.
If Xero is one of the systems you use, we’re here to.....
14 November 2018
Bringing with it new responsibilities for employers and more flexibility for employees, Victoria’s updated Long Service Leave Act 2018 is here.
The most important aspect of this Act that you need to be aware of are the changes to how Long Service Leave (LSL) operates and is calculated.
We want.....
11 October 2018
Since our inception, the driving force behind Scott Partners has always been to use our knowledge to help our clients’ businesses run as smoothly as possible. We achieve this by establishing a rapport with each of our clients and determining your unique wants and needs. As Scott Partners has.....
10 October 2018
Depreciation for Property Investors
Over 2 million Australians own property for investment. We know it can be lucrative, but do you know about property depreciation
What is Depreciation
If you’re new to property investment, you may not know much about depreciation. Depreciation is the wear and.....
9 October 2018
Eleven years after his passing, the estate of legendary singer James Brown is still not settled. Like Brown, the late Aretha Franklin also didn’t have a will outlining what is to happen with her assets - including her $108 million estate - now expected to take decades to settle.
To plan for.....
5 October 2018
You Could Save Your Business Money by Avoiding These Mistakes
You’re in business to make money, not loose money. We'll leave the first part to you, but to stop loosing money, give these tips a read!
There are several ways businesses waste money and we've many Australians to reduce the impact.....