9 11, 2018

An SMSF accountant explains how Labor’s franking credit plan will impact your super

November 9th, 2018|Uncategorized|

Election years mean big promises from the major parties. And with that comes changes to the tax you pay, your entitlements, and your superannuation. This election cycle is no different. This time, many with self-managed super funds (SMSF) are approaching our SMSF accountants in Melbourne with concerns regarding the ALP’s plan to stop franking credit refunds. There has been a [...]

20 10, 2018

Looking to hire? Our small business accountants explain wage subsidie

October 20th, 2018|Accounting, Payroll|

Any small business owner knows that recruiting can be expensive. It’s not just the additional wages you’ll need to pay, either. According to recruitment agency Kelly Services, the average cost per hire is $5,000 for an entry-level position. This number increases with seniority. And if you hired through an agency, you can expect your final bill to climb even higher! [...]

10 10, 2018

Our Melbourne tax accountants explain recent GST changes

October 10th, 2018|Accounting|

Eighteen years after the GST was first introduced, there has been significant debate on what should and shouldn’t be exempted. After a long and high-profile campaign, the states have agreed to remove the GST from female sanitary products. Another recent GST change that didn’t quite get the same level of publicity were changes to how GST is applied to low-value [...]

26 09, 2018

Our personal accountants explain how changes to defined benefit income streams affect you

September 26th, 2018|Accounting|

Superannuation - everybody has it, but only 40% of Australians know how much they currently have in their super. Fewer understand the mechanisms behind it. And annual changes to superannuation laws don’t make it easy either. Case in point: as part of the 2016 federal budget, changes were made to the way defined benefit income streams are taxed. Will this [...]

7 09, 2018

Foreign resident capital gains withholding – everything you need to know

September 7th, 2018|Accounting|

First introduced in the mid 1980s as part of a suite of tax reforms, capital gains tax is a tax charged on - what else? - capital gains. That is to say, it’s tax you need to pay on any profit made from the sale of any capital assets such as real estate or shares. Much newer is Foreign Resident [...]

30 08, 2018

Building your first business budget: a small business accountant explains the basics

August 30th, 2018|Accounting|

As a small business owner, you no doubt understand the importance of a budget in keeping your expenses under control and informing your business decisions. What you might be less knowledgeable about is the process of making one, especially if you’re still a new business. Not everybody has a head for numbers, and there’s nothing wrong with that. Struggling with [...]

10 08, 2018

Failure to lodge penalties: what happens if you don’t pay tax on time?

August 10th, 2018|Accounting|

Most of us will have already filed our tax returns. Some of us might even have received our tax refund already. There’s nothing wrong if you haven't. Sometimes, life gets in the way. Thankfully, you still have until the end of October to submit your tax return. That doesn’t mean you should procrastinate, though - we recommend getting it done [...]

19 07, 2018

Our small business accountants explain how single touch payroll affects your business

July 19th, 2018|Payroll|

A new financial year means new rules to play by. If you’re a small business, 2018 is no different. As of July 2018, businesses with more than 20 employees on their payroll will have to shift over to Single Touch Payroll (STP). And all other businesses with employees aren’t far behind, too. What does this mean for your businesses? Bruce [...]

11 07, 2018

Tax-deductible super: a Melbourne tax accountant explains what the removal of the 10% rule means for you

July 11th, 2018|Accounting|

The end of the financial year means one thing: tax time. As Melbourne tax accountants, EOFY is the busiest time of year for us. We’re rushing around, calculating tax obligations, offsets, deductions… the list goes on. We have to scour through a mountain of records to get an accurate picture of your tax obligation. One such record is your superannuation [...]

26 06, 2018

Take advantage of the instant tax write-off before EOFY deadline

June 26th, 2018|Accounting|

Here’s something interesting: did you know that out of the over two million actively trading businesses in Australia, about 96% are small businesses? If you’re one of the many small business owners in the country, you might have heard of the ATO’s $20,000 instant asset write-off. Bruce Edmunds and Associates is here to let you know what it’s all about and [...]