You are probably aware that budget measures reducing the government rebate on private health insurance come into effect as from 1 July 2012. This primarily affects individuals who earn more than $84,000 and families who earn more than $168,000. The
Profit versus cashflow
Businesses fail for a number of reasons but did you know even profitable businesses can fail. Naturally businesses that continually make losses will fail. Profit is an accounting concept whereby expenses incurred are deducted from revenues
A job…or a business?
Many clients believe they have a business but in most cases they actually really only have a job. My definition of a business is one that: 1. Not only pays you a relevant salary but earns you a "super" salary by way of profit. You take on both
Protecting your Business Assets
New laws have come into place that have drastically changed the business landscape. Personal property includes everything from cars and boats, to furniture, stock, raw materials, animals, art works and anything other than land. These changes in the
What happens if I get sick?
Whilst many think income protection is for the self-employed because they are covered by workers comp insurance. The reality is that we spend less than 25% of our time at work. Worker's comp insurance doesn't cover illness nor any injury incurred
Sneaky Ways the ATO will catch you #2
Cafes and coffee shops In the last newsletter I described audit methods the ATO was employing in their fight against the cash economy within the construction industry. Those within the cafes/coffee shop/restaurant business are also in the ATO
Back to School – Education Tax Refund
The Education Tax Refund helps with the cost of educating primary and secondary school children. Those eligible can get money back on education expenses. These include items like computers, educational software, textbooks and stationery. You could
ATO to crack down on dodgy agents
Too often we get told stories by clients of how one of their friends is getting a very big refund and they wonder why they're not. For those of you still concerned that you're missing out, please read the following article from the Daily Telegraph
Sneaky Ways the ATO Will Catch You #1
Builders and other tradesman The ATO has sourced from a major industry supplier their sales information. From this they are able to match up to individual builder’s and tradies’ tax returns. They would not only expect to see a certain level of
Never, Ever Pay Your Super Late
NEVER, EVER PAY YOUR SUPER LATE… The Superannuation Guarantee legislation requires employers to pay their 9% employee super obligations by the 28th day following the end of each quarter i.e. by 28th July, 28th October, 28th January and 28th
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