1.5 million Australian employees will receive a 3% pay bump. The Fair Work commission has recently announced an increase of 3% to the minimum wage. In real terms this increases the minimum wage from $622.20 per week to $640.90 per week. This falls between the rise requested by the Australian… read more →
If you work then the answer is probably YES. Unlike recent years, instead of a specific industry, this year the ATO intends to target specific work related expenses. These areas include: 1. Claiming a computer, phone or other electronic device as a work-related expense 2. Transporting bulky tools and equipment… read more →
There’s a lot of hype at the moment as the legislative calendar gets into full swing in the Senate. Recently the government successfully repealed the Mining Tax, which has come with a series of concessions. So what does that mean for you? Without the politics and media beat-up we want… read more →
Are you a business owner? Do you have an SMSF? Did you know that unlike residential property, you can purchase commercial property that is in use by a fund member through your SMSF? What does that mean? If you’re a business owner you can buy the commercial property in… read more →
Property is the most trusted asset class for Australians, yet only around 3.5% of all SMSF investment is in residential property according to the latest ABS report (www.ato.gov.au/Super/Self-managed-super-funds). Property investment can produce a range of tax benefits, for e.g. your tax can be significantly reduced or eliminated for rental income… read more →
Despite the toughest budget in years CommSec believes that the Australian economy is relatively strong with a predicted economic growth rate between 2.75 and 3.0 percent. Key Figures 2014 Year End 2015 Mid Year Predicted Cash Rate 2.5% – 2.75% 2.75% – 3.25% Share Market 5,700… read more →
As the end of the financial year races towards us, we just wanted to give you a quick review of how the market has performed over the last quarter. We look at which sector had gains and which sectors weren’t so great. Looking back over the first quarter of 2014,… read more →
Goods and Services Tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. When is GST charged? GST is charged at each stage of the supply chain and is included in the price of goods and services provided by registered… read more →
Taxes are one of the most important issues facing small, growing businesses. Business owners need to ensure that they are meeting all their responsibilities to the ATO – and also seizing every opportunity to reduce their taxes. Remember important deadlines We are all aware of that the ATO requires individual… read more →
Legal requirement It is a legal requirement that you keep records relating to your business. That is why it is so important to make sure you have a practical record keeping system in place. By law, the ATO requires you to keep business records: For five years after they are… read more →