Are you losing money with the 1st of January 2015 government rule changes?

There are several government rule changes that have come into effect as of 1 January 2015. It’s important to make sure you’re aware how these may affect you.   School Kids Bonus Eligible families were able to receive $422 for primary students and $842 for secondary students. The payment is now further being income tested, with family that earn combined incomes of over $100,000 no longer receiving the benefit. Also, be aware that the School Kids Bonus is being phased out completely and will finish up in 2016.   Job seekers If a job seeker misses their appointment with their… Continue reading

How to not get SCAMMED by Tax Time Advertisements!

Walking through the city the other day, I noticed a few advertisements starting to pop up that were encouraging people to purchase their product before tax time. Every year, big companies use tax time as a reason to try and push their products and services and encourage you to buy more things to save on tax. But, A LOT of the time, there are no tax incentives from these purchases. I have the unfortunate task of explaining to new clients that they have been duped or they just remain completely unaware that they have been fooled. Here are the top… Continue reading

10 Easy Tax Tips to Increase Your 2015 Tax Refund

It’s beginning to feel like tax time. It’s literally Christmas in July for a lot of our clients who come to us to make sure we’re getting them the most amount of deductions and the biggest refund possible. End of Financial Year is a few months away and NOW is the perfect time to start preparing. A few simple changes could mean a lot more money in your pocket in July! As the tax rules are always changing these tips are based on the 2015 tax return. Here are 10 easy tax tips to Max Your Tax Refund: 1. Home… Continue reading

4 accounting tips to building (or re-laying) a SOLID business foundation

You could have the prettiest two-storey dream house, with a white picket fence, matching flower boxes out the windows, a swing hanging off the tree and immaculate lush green lawns. But does all this matter if the foundation of the house hasn’t been set up properly? Is that house going to stand the test of time if there is no foundation? Is there value in a ‘pretty’ house with no foundation? Let’s apply this to business. You could have a trendy logo, the greatest looking website with all the bells and whistles, stand out business cards, the most squishiest branded… Continue reading

Update on the Centrelink changes that may affect your age pension

The new Centrelink rules may affect your future government age pension entitlements. From 1 January 2015, deeming rules will assess the income from your account-based superannuation when determining your pension, benefit or allowance payment from Centrelink. Account-based superannuation income streams held by pensioners and allowed prior to 1 January 2015 will continue to be assessed under the existing rules unless they choose to change products or buy new products from 1 January 2015.   The following example demonstrates how the deeming rules will be applied after 1 January 2015 compared to the current rules. Jack (65 years old) has a… Continue reading