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Thinking about renting out spare rooms in your home to help with the mortgage? Have you thought about the tax implications of renting out part of your home ? I have been asked on occasion whether you can claim expenses if you rent out part of your home. It seems that people have heard theRead more

Whilst going concern is concerning, insolvency needs immediate solving – every audit of a company involves a mandatory assessment of the going concern position. Something that is often misunderstood, is that this is a different concept from assessing a company for trading when insolvent. Insolvency is the inability to pay your debts as and whenRead more

It’s 2015 and bookkeeping for your business has grown and changed like most things in life. If you are a seasoned campaigner you will remember the days of digging through shelves of bank statements and invoices trying to reconcile accounts while scratching your head in frustration wondering why things don’t balance. Modern technology has givenRead more

  We all know it’s coming, it’s right around the corner. Your business is booming and time is scarce. You need an audit and you prepare yourself for the overtime that looms ahead. But it doesn’t have to be this way! There are steps you can take to minimise the impact an audit will haveRead more

Budgeting – Now that my kids are old enough to enjoy the pleasures of shopping, I constantly find myself having to remind them that money doesn’t grow on trees. So how do you teach the young ones to grow up appreciating the value of money, and being responsible in their spending?  Teaching your kids howRead more

Something happened recently that made me realise that even the most sensible of people can be beguiled by the promise of big returns. A smart businessman, recently retired, told me excitedly that he was about to embark on an options trading strategy. Now while I am in awe of this person’s business acumen and withRead more

Tax and superannuation reporting obligations have just gotten easier and digital! What does this really mean, one might ask? On 28th December 2014 the Minister for Small Business, Bruce Billson MP, and the Assistant Treasurer, Josh Frydenberg MP announced the introduction of a ‘Single Touch Payroll’ system. Under this new interactive tool, accounting software willRead more

If you operate your own business, then now is the time to start planning for your tax bill! Not in June when all the “tax time” sales are on. Below is a list of five generic tax planning tips that, if implemented before 30 June, may help to reduce your business tax bill. Income DeferralRead more

There has been a lot of long overdue talk recently about the Australian Tax System. Tax reform is back on the agenda, the government has issued its Discussion Paper which states the obvious, we need to fix the tax system but it doesn’t go any further in making suggestions on how this should happen. TheRead more

At the risk of being unpopular, I think Tony Abbott might be a genius. Not a Nobel Prize winning scientist type genius, more like a chess champion that lulls you into a sense that he has no strong game plan only to win at the end type genius. I first thought it when he heldRead more