New Financial Year Resolutions

The beginning of a new financial year is an excellent time to make some “New Financial Year Resolutions”. Take the opportunity to review your financial position and seek improvements. BETTER RECORD KEEPING It is important to collect and organise your tax documents throughout the year to ensure that deductions are maximised and correctly claimed. There are several apps that can make this process easier. These apps enable you to take photos of tax receipts, recording potential tax deductible expenses on your phone at any time. This information can be forwarded to your accountant at year end for review and allowable […]

Rental Property Owners – Pre-Year End Checklist

Many individuals who own a rental property receive a tax refund because the property is negatively geared. That is, where your interest deduction results in a tax loss from the property. Accordingly, once 30th June comes around, you expect a fast turnaround in lodging your return and receiving your refund. A bit of pre-planning can make tax time more efficient and produce the best possible result. Some simple strategies are as follows: RECORD KEEPING: You must have evidence of your income and expense so you can claim everything you are entitled to. It is important that you keep all receipts […]

QBCC Annual Reporting assistance

Annual reporting was due by 31 December 2019. However, if you did not meet the deadline you must still provide your annual financial information as soon as possible. Although the QBCC advice is that providing them with your annual financial information does not require a special visit to your accountant, if you are unsure about the information that is required to be submitted, it is best to seek some assistance or advice.  A review of your financial position in advance of lodging the information requested can ensure that you are submitting full and complete particulars, provide you with an indication […]

Changing accountants?

Your relationship with your accountant is based upon trust and communication. If you are not satisfied with the service provided by your current accountant, we recommend you talk to them about it. Discuss your expectations in an open and honest manner and how you feel that they are not being met.  Your current accountant should be receptive to your concerns and be willing to work with you to resolve the issues. There are many reasons why you may wish to change accountants.  These include: feeling that there is a lack of understanding about your business and minimal volunteering of proactive […]

Why buy property?

Property or real estate is one of the many asset classes that people can own. It has a special set of characteristics that often make it attractive for people to acquire and retain in preference to other asset classes. Whilst these characteristics can vary from country to country and indeed state to state, in Australia they include: A unique physically identifiable asset capable of enduring ownership with a registered title; There is a limited supply, resulting in sustainable value; Can generate income whilst being owned by allowing someone else to use; There is a legal process for buying and selling; […]