When do I have to lodge my 2018 tax return?

Something that people often get confused about it is when do you actually have to lodge your tax return. And like many things in tax…. The answer is… well it depends… it’s really easy though and there are two deadlines for an individual tax return that we will explain. Let’s start with some tax basics about your tax return: The tax year in Australia runs from 1 July to 30th June. Eg 01/07/2017 to 30/06/2018 – this is known as the 2018 Financial Year. You can lodge your 2018 tax return anytime from July 2018 until 31st October 2018. However,… Continue reading

Congratulations to Miriam Holme – Accountant of the Year Finalist!

  Well they say that good things come in three and we are excited to announce that Miriam Holme, founder and Senior Accountant of Fab Tax Accountants and Flinders Accounting, is a finalist in the Women in Finance Awards in 3 categories: 1. Accountant of the Year 2. Director of the Year 3. Women’s Community Engagement Program of the Year Thank you to the extremely hardworking and talented Fab Tax Accountants team and all our amazing clients that we have been able to share the #fabtax journey with. The best is yet to come! The Women in Finance Awards identifies leading women… Continue reading

BUSINESS OWNERS: Here’s the June 30 requirement you may have missed

Come the end of financial year, it’s certainly commonplace that business owners find themselves with a new set of requirements to adhere to. But with all the daily goings on in your business, and the long list of things to take care of before the end of financial year, you can be forgiven for overlooking crucial changes from the tax office. By June 30 this year, all businesses must be using SuperStream, a standard for processing superannuation data and payments electronically. This is a significant change that most businesses aren’t aware of. What exactly is SuperStream? It’s a government initiative… Continue reading

A Morning with Philip Di Bella – Queensland BRW’s Richest Under 40 Self-Made Millionaire

If you wake up every morning craving that first cup of coffee, then chances are you’ve heard of Di Bella Coffee. The caffeine-supplying juggernaut was built by founder Phillip Di Bella, who started the company from scratch in 2002 and sold his empire for a reported $47 million just 12 years later. I had the chance to hear from Phillip in Brisbane recently, and his talk was inspiring, motivating and challenging – I am still buzzing over a week later! Phillip isn’t afraid to share his opinions. He’s famous for being outspoken in the business world and in the media…. Continue reading

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