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Due dates for your tax return
If you’re lodging your own tax return, you need to lodge it by 31 October each year. If 31 October falls on a weekend, the due date to lodge your tax return is the next business day after 31 October. If you choose to use the services of a registered tax agent, they…
Christmas in July
The end of the financial year and the beginning of a new one is always a busy time of the year for us along with our many clients. So busy in fact it would only come second to the hectic festive season. With that in mind and some much needed…
Where Has All My Profit Gone?
As accountants we are often asked “how can I have made a profit when I don’t have that much money in my bank account?” Profit does not equal cash. Profit is sales less expenses. But there are other amounts that come into and out of your bank account other than…
The new cash rate is 1.35 per cent
The Reserve Bank of Australia (RBA) has lifted the cash rate by 0.50 percentage points. It means the cash rate target is now 1.35 per cent, up from 0.85 per cent last month. This follows interest rate increases in both May and June when the RBA lifted rates by 25…
Super contributions for your Spouse
Spouse Contributions Under the current 2021/22 tax rules, you may be able to claim an 18% tax offset on super contributions up to $3,000 that you make on behalf of your non-working or low-income-earning partner. You can contribute more than $3,000, but you won’t receive the spouse contribution tax offset…
Invoice Redirection Fraud: Avoid being scammed or impersonated
There has been an increase in cybercriminals impersonating businesses and suppliers, accessing emails, intercepting invoices, changing bank account details and robbing the invoice amounts from the customer leaving the invoice unpaid with the supplier or business. How to avoid paying a fraudulent invoice It is important to review invoices carefully…
Is your company in financial difficulty?
If you think your company might be in financial difficulty, it's important to get professional accounting and legal advice as soon as possible. How can I tell if my company's in financial difficulty? Some signs that your company is having financial issues can include: poor cash flow ongoing losses overdue…
The new cash rate is 0.85 per cent
The Reserve Bank has increased interest rates for the second month in a row, with a 50-basis-point hike taking the cash rate to 0.85 per cent. If passed on full by the banks, the rate rise will add $133 a month on a loan worth $500,000 over 25 years, and…
Fuel Tax Credit Changes
The excise and excise equivalent customs duty rates have halved for petrol, diesel, and all other petroleum-based products except aviation fuels. This temporary reduction is in place for 6 months and applies from 30 March 2022 until 28 September 2022. Here's what you need to know when claiming fuel tax credits on…
