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Do you feel financially stressed? If so, you are not alone.

Do you feel financially stressed? If so, you are not alone.

“Financial stress can be defined as difficulty meeting basic financial commitments due to a shortage of money. Financial stress can negatively impact an individual’s health and psychological well-being.” 1 The typical causes of financial stress are the current economic climate, concerns with rising living costs, rising inflation, and increasing interest rates. According to the 2022 […]

Are you working from home? Then remember to claim your taxation entitlements.

Are you working from home

From 1 July 2022, the Australian Taxation Office (ATO) advised that a taxpayer can calculate and claim a tax deduction for working from home expenses by either of two methods. The simplest method is the revised fixed rate method. To use this method, you must; This revised fixed rate method entitles you to claim a […]

Do you operate a small or medium-sized business?

Do you operate a small or medium-sized business?

With interest rates rising, energy prices increasing, and the well-publicised difficulty in recruiting and retaining staff, many business owners and CEOs feel alone and/or outside their comfort zone. We are currently experiencing unsettled times. According to some forecasters, the Australian economy faces a 40% chance of a recession over the coming 12 months, and they […]

Are you a business owner, CEO or CFO? Is your company having a Christmas party this year?

At the risk of sounding like a Christmas grinch, I have outlined below the income taxation and Fringe Benefits Tax implication of holding a Christmas party at a venue such as a restaurant. The following applies to businesses that are not tax-exempt organisations and do not use the 50/50 split method for meal entertainment. The […]

So far, Australians have lost over $300 million in investment scams this year.

Investment scams have increased by over 160% compared to last year. Investment scams are becoming more sophisticated and dexterous. In the past, investment scams involved promises of big payouts, quick money or guaranteed returns. Generally speaking, you could surmise that if it sounded too good to be true, it probably was. Now, investment scams are […]

Do you operate a business and offer ‘fringe benefits’ to your employees?

Do you operate a business and offer 'fringe benefits' to your employees

If so, Treasury has proposed changes to the record-keeping requirements to reduce the FringeBenefits Tax (FBT) compliance cost. Fringe benefits – an extra benefit supplementing an employee’s money wage or salary, for example, a company car, private healthcare, etc. The proposal is less stringent on the need to obtain specific documents such as employee declarations. […]