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Changes to Insurance in Super

New 'Protecting Your Super' laws will come into effect from 1 July 2019

Amendments to superannuation laws include forcing all super funds to cancel any life insurance for members who have not made contributions into their account for 16 months.

If you do not want your insurance cancelled, you will need to either make a contribution or make a specific declaration to the fund to continue your insurance.

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Superannuation Downsizer Contribution Scheme


An Age Old Property Dilemma Solved by the Superannuation Downsizer Contribution Scheme

This article explores how the "Superannuation Downsizer Contribution Scheme" can assist a retired couple to deal with the common issue of needing to sell their current home before being able to purchase their next home.

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New Visiting Office location in Millicent

We are moving to a different office location in Millicent

We are relocating into a great office space within the new home of the Millicent Veterinary Clinic at 62 Mount Gambier Road. 

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Profit & Loss Statements - The Basics

Defining a Profit and Loss Statement

Before you can read a profit & loss statement, you have to first understand what it is. 

A profit and loss statement is key to determining your business's taxes. It helps to determine your business's tax liability, and a simple mistake can end up costing you thousands. 

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Single Touch Payroll for Employees

Single Touch Payroll is the ATO's latest compliance regulation that requires your employer to send employee payroll information to the ATO at the same time as they process a standard pay runs instead of at the end of financial year.

If your employer reports to the ATO through Single Touch Payroll, you will be able to see up-to-date tax and super information through myGov. Employers with more than 19 employees were required to use Single Touch Payroll from 1 July 2018. All other Employers have to start reporting payroll information to the ATO under Single Touch Payroll from 1 July 2019. 
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Single Touch Payroll for Employers

Single touch payroll will change the way businesses report salary/wages, PAYG withholding and superannuation information to the Australian Taxation Office. What is Single touch payroll and how big is the change?

 

Single Touch Payroll (STP)

STP is a new regulation that changes when and how small businesses report payroll activity to the Australian Taxation Office (ATO).

Businesses used to report this information to the ATO once a year. Now, they need to send a report after each pay day.  Reports must be submitted digitally, using a specific format.  STP is a significant change that will require many employers to upgrade or replace their payroll system in order to meet new payroll reporting obligations.

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Happy Easter to all!

OUR OFFICES WILL BE CLOSED ON
GOOD FRIDAY (19th), EASTER MONDAY (22nd)
AND ANZAC DAY (THURSDAY 25th)
IN APRIL 2019.

We will be open as per normal business hours on all other weekdays. If we can
assist you around these dates, please do not hesitate to give our offices a call.

We hope you have a happy and safe Easter  ~  Lest we forget

Naracoorte (08) 8765 7777
Bordertown (08) 8752 8888
Murray Bridge (08) 8535 5999


What to Expect with new Division 7A Rules

Come 1 July 2019, it is likely that there will be higher interest rates, shorter loan terms and larger repayments being mandatory on all loans.

Existing loans will also not be exempt, with individuals being required to transition onto new agreements as early as 2021. While public consultation is still in progress and there is no real knowing what Government will decide, now is the time to start planning for how these amendments may affect you and your company to mitigate possible strain on cash flow before we reach the new financial year.

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Changes to tax legislation mean that travel to and from residential rental properties no longer apply; an amendment which came into effect on 1 July 2017. 

As it's been commonplace for owners to claim for this type of expenditure, it will now need to be of consideration for investors lodging tax returns for 2017/2018 to ensure that figures are calculated correctly.

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Farm Land prices are fetching record prices recently. Many farming asset holders have acquired land through succession or other forms of acquisition for a cost base which is significantly lower than the current values. In these instances there are often significant unrealised capital gains that can be triggered in the event of transfer or sale.

  • Are you aware of the implications if this were to occur in your situation?
  • What tax would be payable; $10,000, $50,000, $100,000, more?
  • Does stamp duty apply on top of this and are there exemptions available?
  • Under what conditions can stamp duty exemptions be applied?
  • What methods are available to minimise or mitigate the tax implications?
  • How will a change in Government affect this situation?
  • Could I plan for this event to mitigate the risks of capital gains tax crystallising?
  • What if I transfer? What if I sell?
  • Do I properly understand our asset holding structure?

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