The following are the latest articles and news from the team at Judge Accountants.
Buying an investment property through a self-managed superannuation fund (SMSF) offers potential tax benefits, including a concessional tax rate of 15%. At the same time, navigating the tax complexities attached to an SMSF can lead to errors on your income tax return.Many rental property owners are getting their returns wrong, which has attracted attention from … Continued
Is your accounting stuck in the past? Discover how tech-powered accountants can save you time and money and unlock hidden growth potential. Picture this: Your desk is buried under a mountain of receipts, invoices, and bank statements. You’re spending countless hours manually entering data, reconciling accounts and trying to make sense of it all.Meanwhile, your competitors … Continued
Quick Exercise: Take a moment to jot down your answers to these questions:Who has access to your business bank accounts?When was the last time you reviewed your employee expense reports?Do you have a clear process for handling customer refunds?Have you thoroughly examined your workflow for exploitable weaknesses?How confident are you that your financial data is … Continued
Small businesses are prime targets for fraud. Learn to spot the tricks and keep your hard-earned money safe with an accountant’s practical advice.Since 2023, there has been a worrying surge in scam reports in Australia, with over 601,000 cases recorded, marking an 18.5% increase compared to 2022. This alarming rise highlights the growing threat of … Continued
Commercial properties, such as offices, retail outlets and warehouses, typically provide higher rental yields and longer lease terms. This can result in more stable income and less frequent tenant turnover.But, commercial investments often require higher capital outlays for the initial purchase and ongoing maintenance, due to their larger size and complex systems like air conditioning … Continued
Tax planning is essential to ensuring that your business minimises its tax liabilities and maximises the benefits that can be accrued. It also helps your business remain compliant with relevant regulations and tax laws, while also reducing the stress involved with managing your tax obligations during tax season.This is why, every year, Judge Accountants provides … Continued
As the inevitable tax season approaches, individuals and businesses alike find themselves facing the annual task of filing their taxes. While this process may seem daunting, strategic tax planning can alleviate much of the stress and potentially lead to significant savings. Whether you’re a salaried employee, a small business owner, or a freelancer, understanding and … Continued
A definite uptick in wild weather has not been just an inconvenience for people trying to get about their daily lives but at the other end of the spectrum, wild weather can have devastating impacts on small business if they are underprepared. Floods, cyclones and fires have the power to destroy communities and small businesses, … Continued
Building a successful property investment portfolio requires careful planning and expertise. While property investing in Australia is popular, it’s not without its challenges. To navigate the complexities and maximise your returns, assembling a knowledgeable team is crucial. Here are the key experts you should include. 1. Accountant and/or Financial Adviser: These professionals help you manage … Continued
The old saying of ‘Cash is King’ is true, you always want to ensure you have enough of it (and you need quite a bit when starting a new business). It’s one of the critical decisions entrepreneurs face – whether to use available cash reserves or resort to borrowing. Both options have their advantages and … Continued
It’s not about making money, it’s about making money work for you. Investing can be the first important step to achieving your best possible financial future. It can mean additional income and opportunities to grow wealth. If you’ve come into extra funds or have been fortunate to receive an inheritance, there is desire to spend a … Continued
As we usher in a new year, business owners find themselves at a crucial juncture to evaluate their financial habits and make strategic shifts to ensure sustained success. Old habits are hard to break and unlearning certain methods or processes can be difficult. You may have gotten used to doing things a certain way, had … Continued
The holiday season is a time for joy, celebration, and giving, and many companies express their gratitude to employees through festive parties and thoughtful gifts. However, amidst the festive cheer, it’s crucial for businesses to be aware of the tax implications associated with these gestures. Understanding the tax rules can help businesses spread the holiday … Continued
If you are running a business and employ an accountant to handle your finances then the ATO has created a new requirement that will keep your private information, private. The new method will help to ensure that only your authorized tax agent, BAS agent or payroll service provide can access your accounts. And with cyber … Continued
SMALL BUSINESS ENERGY INCENTIVE If you want to become more energy conscious within your business operations the good news is that now you can get a bonus tax deduction from doing so. The Australian Government announced it will provide businesses that have an annual turnover of less than $50 million with an additional 20% deduction … Continued
Are you choosing the right one for your business? If your business is expanding and you’re about to take on either workers or staff, its important to understand the difference between hiring an employee or a contractor. Most businesses aren’t aware that there are distinctions between these two classifications and failing to adhere to specific … Continued
Businesses and accounting firms are celebrating the end of one financial year and the beginning of a new one. A new start also brings about some changes which will affect homeowners, renters, electricity price hikes, aged care reform and more. Family Payments Parental Leave Pay and Dad and Partner Pay have combined into one payment … Continued
You have probably heard the recent Labour announcement earlier this week of significant changes to super that may impact you. On 28th February 2023, the government announced that from 1st July 2025 a 30% concessional tax rate will be applied to future earnings for superannuation balances above $3 million. As of yet, this cap has … Continued
Both new and established investment properties attract depreciation deductions for their owners, however, there are differences in what owners are eligible to claim. Here, BMT Tax Depreciation outlines the differences in depreciation eligibility between new and established investment properties. Depreciation overview Depreciation is the natural wear and tear of a property and the assets within … Continued
Last week we hosted a workshop, From Direction to Decision, that assisted business owners to really work on the goals that specifically matter to their business. Too often, small business owners become entrenched in the running of the every day and when it’s time to make those important decisions that influence the future of their … Continued
Choosing to use a Pay As You Go (PAYG) withholding variation could allow a property investor to routinely increase their cash flow by changing the amount of tax withheld by their employer. Here, BMT Tax Depreciation outlines how a PAYG withholding variation works, the benefits and how claiming depreciation can further improve cash flow. What … Continued
Following is a recap of the announcements delivered by Treasurer, Josh Frydenberg, in the 2022-23 Federal Budget on Tuesday 29 March 2022. Updates include personal tax changes, changes affecting business taxpayers, and changes to superannuation. 1. Personal tax changes 1.1 Increase to low and middle income tax offset (‘LMITO’) The Government has announced a once-off $420 ‘cost … Continued
New South Wales (NSW) has been inundated with torrential rain leading to flash flooding across the state. The NSW Government recently announced the provision of financial support to businesses and individuals impacted by the floods in NSW from February 2022. If you or your business is affected by the current NSW floods, the following financial … Continued
During the ongoing COVID-19 pandemic, many industries are seeing income either disappear completely or drop to dangerous levels. To be able to navigate the future path of your cashflow, it’s vital you map out your financial position over the coming months so that you can take the appropriate action to safeguard your cash position. Forecasting … Continued