Increasing cashflow is the dream of many tradies. But like a complete bathroom reno, rarely is it a straightforward task. Actioning your trading and payment terms can be a solid way of ensuring savings are coming in on a scheduled basis. Not all business changes can be implemented by the average tradie, which is why the team at Oracle Accounting & Wealth is on your side. They have a team… Read more
A recent decision from the Federal Court will change the way you roster employees to work public holidays, including the upcoming Easter public holidays. If you weren’t already aware of this ruling, it’s important you get across this quickly, as employers now need to make sure, in advance of any public holiday, that they have a mechanism in place to confirm their employees’ ability to work the day. This ruling… Read more
Thomas Neumeier and Madison Liston are living at his parent’s home as they plan their dream wedding. They have an interesting strategy for how to pay for their special day. “What we’re planning to do is just by refinancing our six properties at twice each, we should be able to pay for the wedding with that,” said Mr Neumeier, who works for a bank but has his loans with other institutions.… Read more
If you operate some or all of your business from home, you may be able to claim the business-use portion of expenses you incur. For example: occupancy expenses (such as mortgage interest or rent, council rates, land taxes and home insurance premiums) running expenses (such as electricity, gas, phone, internet, stationery, cleaning and the decline in value of assets). The temporary shortcut method ended on 30 June 2022, and the fixed-rate… Read more
Single Touch Payroll (STP) has been expanded, and the ATO have now introduced STP Phase 2. As an employer, you’ll need to report more information about your employees each pay day. You can do this through your payroll software. The ATO have worked closely with Digital Service Providers (DSPs) and most payroll software is now ready for STP Phase 2 reporting. Contact your DSP to check that your payroll software… Read more
The Albanese government supports another wage rise for low-income Australians – but is reluctant to put a figure as to how much extra they should be paid. In stark contrast to last year when Prime Minister Anthony Albanese regularly held up a one dollar coin to represent the “modest” hourly wage rise he said workers needed to keep up with inflation, the government is hesitant to repeat the stunt. The government is… Read more
The current housing crisis has renewed debates about how to regulate short-term rental platforms such as Airbnb. The international research on the impact of these rentals is clear: when landlords “host” tourists rather than residents, housing supply is depleted, rents rise and neighbourhoods change. Given Australia’s dire shortage of rental housing, restricting short-term rentals seems like a no-brainer. New research published this week showed the share of rental properties under… Read more
Jim Chalmers has defended Australia’s nuclear submarine plans in the face of questions about how taxpayers are going to foot the massive bill and whether other programs such as the National Disability Insurance Scheme could be cut to pay for it. The Treasurer said Australia “can’t afford not to” undertake the next stage in the AUKUS endeavour confirmed by Anthony Albanese alongside UK Prime Minister Rishi Sunak and US President… Read more
2023 is expensive. The cost of living is higher than ever, interest rates keep rising, and it keeps getting harder to stay afloat, let alone get ahead. As a result, carrying debt has become commonplace. But, with the challenges of the past few years, many of us have more debt than we’re comfortable with. How do you get ahead while you’re still trying to catch up? Here are some tips… Read more
New data highlights the ongoing rental crisis across Australia, with the number of relatively cheap rental listings almost halving over the last year. The latest PropTrack Market Insight Report shows properties listed on realestate.com.au for less than $400 per week fell to 17.6 per cent in February 2023 – the lowest it’s been since 2018. Compare that to the start of the Covid pandemic in March 2020 when 42.5 per… Read more
Australia has recovered better than most from the COVID pandemic. As measured by gross domestic product (GDP), the economy is now 7% larger than it was before the pandemic. Over 2022, the economy expanded by 2.7% — more than any of the seven largest advanced economies, and more than twice the average growth rate in the OECD. That’s the good news from the latest national accounts data from the Australian Bureau of Statistics,… Read more
The treasurer has opened the door for changes to Australia’s superannuation tax concessions, arguing there needs to be more of a focus on the long-term sustainability of the scheme. Jim Chalmers said Australia was on track to spend more on super tax concessions than the age pension by 2050, adding he was “not convinced that’s a sustainable way to get to our destination”. “While our immediate focus is consulting on… Read more
Dan Phillips bought a unit in Hobart’s outskirts last year, just as rates started to climb. “By the time I moved in, I’d had more letters about rate rises, than I’d had months living in the property, which was pretty confronting,” he says. It has been a stressful time for many home owners, after nine consecutive interest rate rises. The National Debt Helpline has seen a 28 per cent jump… Read more
The year is well and truly in full swing and keeping on top of your financials is starting to become more complicated by the day. Monitoring your expenses, from supply chains to payroll, can be a headache at times. Whether it’s financial lightwork or heavy lifting, we have you covered! For tradies who’d rather be out on the tools than crunching the numbers, we can help with a number of… Read more
Flowers and Chocolates are high on the list for Australians purchasing Valentine’s Day gifts this year, with $485 million predicted to be splashed out as couples celebrate their first restriction-free day of love in three years. According to a survey conducted by the Australian Retailers Association (ARA) and Roy Morgan, the statistic reflects an increase of 16.9 per cent year-on-year, with people set to spend an average of $118 on… Read more
No matter what your financial goals are, consulting with a financial planner can help just about everybody. Not only will they help you refine your goals, they’ll guide you in creating strategies for your money, and keep you accountable to your plan. They’ll also help you navigate different saving and investment strategies, so you know your money is working for you. They’ll also make sure you have the information you… Read more
Yet another interest rate hike has been imposed onto borrowers as the central bank tries to battle surging inflation and concerns Australia is headed for a recession in 2023 are coming to fruition. If Australia enters a recession it could lead to mass mortgage defaults, forced sales of homes, joblessness and a further heightening of the rental affordability crisis. But after the Reserve Bank of Australia hiked interest rates for a ninth consecutive time… Read more
As an employer, you previously needed to pay FBT on electric cars provided to your employees. From 1 July 2022, you will be exempt from paying FBT on benefits provided for electric cars that meet all the following criteria: the car is a zero or low emissions vehicle the first time the car is both held and used is on or after 1 July 2022 the car is used by a current… Read more
Received a Business Support Grant? Remember, when it comes to tax time, it’s important to check if you need to include the payment in your assessable income. Grants are generally treated as assessable income. However, some grants are formally declared non-assessable non-exempt (NANE) income. This means you don’t need to include these in your tax return if you meet certain eligibility requirements. You can check what non-assessable non-exempt government grants may be… Read more
Unfortunately, fraudsters are out there. They want your money, your identity, or both, and they’re getting more sophisticated all the time. There’s a wealth of opportunity for swindlers to take advantage of people because so much of what we do is now online. There are ways for you to protect yourself, both by taking action and being aware of what’s going on. Here are 8 ways to protect yourself from… Read more