Is ‘downsizing’ worth it?

2023-06-21T10:43:04+10:0021st June 2023|Accounting, Advisory|

Author: Shaun Allen

From 1 January 2023, those 55 and over can make a ‘downsizer’ contribution to superannuation.

Downsizer contributions are an excellent way to get money into superannuation quickly. And now that the age limit has reduced to 55 from 60, more people have an opportunity to use this strategy if it suits their needs.

What’s

FBT-free Electric Cars

2023-03-28T12:59:00+10:0028th March 2023|Accounting, Taxation|

Author: Shaun Allen

The Bill containing the FBT exemption for electric cars passed through Parliament on 28 November 2022 and has passed Royal Assent.

Electric vehicles (EV) represent just under 2% of the new car market in Australia but it is a rapidly growing sector with a 62.3% jump in new EV registrations between 2020 and

Can I claim my crypto losses?

2022-10-25T15:34:53+10:0028th September 2022|Accounting, Taxation|

The ATO has released updated information on claiming cryptocurrency losses and gains in your tax return.

The first point to understand is that gains and losses from crypto are only reported in your tax return when you dispose of it – you sell it, convert it to fiat currency, exchange it for another

How to sell your business

2022-09-28T21:10:49+10:0028th September 2022|Accounting, Advisory, Taxation|

We’re often asked the best way to sell a business.

There are two key components at play in the sale of a business: structuring the transaction; and positioning the business to the market. Both elements are important and can significantly impact your result.

Structuring the transaction covers areas such as pricing the business, the

Tax and the Family Home

2022-09-28T21:08:52+10:0028th September 2022|Accounting, Taxation|

Everyone knows you don’t pay tax on your family home when you sell it…right? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption.

Capital gains tax (CGT) applies to gains you have made on the

Where are you making mistakes in your tax?

2022-06-23T14:07:25+10:0023rd June 2022|Accounting, Taxation|

The ATO has flagged four priority areas this tax season where people are making mistakes.

With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season.

  • Record-keeping
  • Work-related expenses
  • Rental property income and deductions, and
  • Capital gains from crypto assets, property, and shares.

In

What are superannuation deductions?

2021-06-23T17:23:44+10:0023rd June 2021|Accounting, Superannuation, Taxation|

Are you ready for the end of the financial year?

With only a few days left in the 2021 financial year, we have one last tax strategy to share with you.

In this episode, Ryan Sheppard discusses superannuation deductions.

What are superannuation deductions?

Watch episode 6 now and find out!

How can major assets save you tax?

2021-05-30T14:18:22+10:0030th May 2021|Accounting, Advisory, Taxation|

Are you ready for the end of the financial year? As accountants, we’re in the business of helping people so we decided to develop a series of videos to discuss strategies you can use to finish the 2021 financial on a high.

In this episode, Ryan Sheppard discusses major asset purchases, such as

With another FBT year gone how has COVID-19 affected the tax and employee benefits?

2021-04-06T14:23:10+10:006th April 2021|Accounting, COVID-19, Taxation|

Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork. The COVID-19 lockdowns have added another layer of complexity as many work patterns and behaviours changed.

A fringe benefit is a ‘payment’ to an employee or an associate (an associate is someone related