Blog Posts by Kerry

What is a Director Identification Number (Director ID) and do I need one?

You may have heard about the new rules which require directors of Australian companies to obtain a Director Identification Number (director ID). The new requirement to obtain a Director ID also applies to individuals who have an SMSF or Trust with a corporate trustee, which is why I wanted to bring this new requirement to […] Read More

Working from home during COVID-19

Due to COVID-19 many of us are working from our home office which is presenting many with a significant adjustment to our ‘normal’ routine and lifestyles. Along with these lifestyle changes it is also likely your daily running costs of the household have also increased as a result of working from home. The Taxation Office […] Read More

JobKeeper Announcement Update

The latest government announcement has unveiled a $1,500 per fortnight JobKeeper payment available to businesses who are experiencing a significant reduction in income due to COVID 19 which will enable them to continue to pay their employees. This $1,500 payment per employee will be available to businesses including Companies, Trusts, Partnerships, Sole Traders and Not-for-profits. […] Read More

Updating your accounting software

There are a few common questions I’ve been asked lately like ‘do I have to update my software?’, ‘what should I update to’? and ‘What do you recommend?’ I wish there was a solution that fit everyone and I could give a simple answer however that isn’t the case. There are many software solutions out […] Read More

What is DRP and do I have to pay tax on it?

In the financial sector the term DRP is frequently used, it is an abbreviation for Dividend Reinvestment Plan. When you buy shares in a company often you will receive various forms and one of these will commonly be in relation to if you would like to participate in DRP’s. Frequently Asked Questions What is a […] Read More

Small Business Income Tax Offset

In the 2015-16 budget the government announced the introduction of an income tax offset for individual taxpayers with business income from an unincorporated (non-company) business that has an aggregated annual turnover of less than $2 million. This has been passed through parliament and is now law. This offset is designed to reduce the tax rate […] Read More

Will you be living on 30% of the income in retirement?

I have recently listened to an interesting speech by Meg Heffron who is an Actuary and known within the Industry as a specialist. She was speaking about the level of retirement savings of different age groups and what kind of retirement income these will allow for. One of the age groups she spoke about was […] Read More

Recent changes at Rural Bank and Rural Finance

Last week we had Greg Kuchel and Luke Riley from Rural Bank come in to the office to have a chat with us about the changes that have occurred over the past few years which now see Rural Bank and Rural Finance now owned 100% by Bendigo and Adelaide Bank. Along with this they also […] Read More

Drought Concessional Loans Scheme

On 23 October 2015 Applications opened for drought affected Victorian farmers to access the Drought Concessional Loans Scheme. The Drought Concessional Loans Scheme is part of an Australian Government drought assistance package to support farm business experiencing significant financial impact as a result of drought. Drought Concessional Loans are designed to help farm businesses in […] Read More

ATO targeting rental properties

Be warned that this year the Tax Office has identified that it is on the lookout for inappropriate or excessive claims for rental properties. The four key problem areas identified are; Excessive deductions being claimed for holiday homes. Deductions are only available for the periods the property is rented out or available for rent during […] Read More

Every business needs to master cash flow

A very iconic small businesses in Melbourne went broke late last year – Chris and Marie’s Plant Farms. Given their popularity and reputation you would be asking the same question as I – how did this happen? Why did they go broke? Chris wrote a personal message to his customers in September 2014. He said […] Read More

Xero

As XERO is cloud software there are updates and additional features being added frequently and many users may not even be aware of the improvement which may have occurred that may be useful to them. So I have been through the software updates which have occurred this year and picked out just a few which […] Read More

Putting an appropriate business structure in place from the start

When clients are planning to start a business it is important to identify and implement an appropriate structure that will suit their commercial and personal requirements. In many cases there will not be a single perfect business structure and it will be necessary to weigh up a range of factors in order to arrive at […] Read More

Are You Thinking of Buying or Starting a Business?

We understand that going into business is a very daunting task and making sure the registrations, insurances and software programs you require are up and running when you open the doors can be quite over whelming. And then going forward ensuring cash flow is adequate, deadlines are met and target profits are being made can […] Read More

What is Your Comfort Zone?

I was recently with a group of friends and we were talking about one of their recent adventures overseas when someone made the comment ‘that’s crazy stuff, but good on you for getting out of your comfort zone- this made me think about what peoples comfort zones are and what they can do when they […] Read More

Stay safe if shopping online this Christmas

Internet shopping is for many a regular occurrence and leading up to the Festive Season it can become frequent. There are different reasons people use internet shopping which include convenience, product sourcing & price. Whatever the reason is something you should always be considering is the information you give over the internet for these purchases. […] Read More

Cap on Self Education Expenses Delayed

A common question I have been asked lately is regarding the Government’s announcement to cap self-education expenses deductions at $2,000 per person per income year. This was initially announced in the April Budget and had a start date of 1 July 2014, however has now been deferred until 1 July 2015. Work-related self-education expenses are […] Read More

Operating Standards changes for SMSF Trustees!

INVESTMENT STRATEGY & INSURANCE REVIEWS NOW MANDATORY! From 7 August 2012 all SMSF Trustees must conduct regular reviews of their SMSF Investment Strategy and consider Insurance for all members as part of this Investment Strategy. These new prescribed operating standards mean Trustees MUST comply with regular annual reviews and consider insurance needs of the Fund’s […] Read More

It’s that time of year again… Tax Planning Time!

It’s coming around to that time of year again and if you don’t want any unexpected tax bills then it’s time to undertake tax planning! Tax planning isn’t just about prepaying bills, contributing to superannuation and buying equipment to ‘save tax’ – it’s also about ensuring your business structures are still appropriate, business assets are […] Read More

Did you know you can package an iPad/Tablet through your wage?

Are you thinking about buying an iPad/Tablet for work related use? Why not package it through your wage & save some money? Sounds too good to be true I know but with the right advice and forward planning you can save a significant percentage of the cost of the device just by correctly structuring the […] Read More

Interested in a FREE safety consultation for your business?

Are you a Victorian business with less than 20 full time equivalent employees? If so, you may be able to register for a FREE 3 hour safety consultation. To many of us the WorkSafe regulations are very technical and overwhelming so working out where to start to ensure compliance is just mind boggling! However if […] Read More

7 Ways to Get Rid of Credit Card Debt for Good!

It’s now a month after Christmas and a lot of us are back at work with a Credit Card debt to pay off… After using the Credit Card to buy presents, luxury food and holidays many of us are now looking at our Credit Card statements wondering how we managed to spend so much and […] Read More

Did you know… If you’re a Primary Producer you may be eligible for Duty Exemption on a new business vehicle!

Did you know you may be eligible for a motor vehicle duty exemption on the purchase of a new vehicle used solely in the business of primary production within Victoria? Motor vehicle duty is tax payable on applications to register or transfer a vehicle. The amount of duty payable is calculated on the dutiable value of […] Read More

You could lose your Plant or Equipment if it is on another Business’s property!!!

Did you know if you plant or equipment is on another business’s property and they go into receivership you could lose it!?!? If your plant or equipment is on the premises of another business that goes into receivership and you have not registered your interest using the Government’s Personal Property Security Register (PPSR) then it […] Read More