News & Articles

Taxing Bitcoin

Taxing Bitcoin Cryptocurrencies, like Bitcoin, are independent and not regulated by any central authority. Until recently, these digital currencies were not treated in the same way as cash for tax purposes in Australia. New legislation passed by Parliament last month seeks to change all of that by removing GST from currency exchanges. How are cryptocurrencies taxed? Under GST law, a 10% GST applies to supplies of goods and services. Money receives special treatment because it’s a medium of exchange and not something for final private consumption. Up until recently, the Australian Taxation Office (ATO) took the view that cryptocurrencies did…

Karbon – Mind the (age) gap

As more millennials enter the workforce, many firms now have staff spanning three generations. Each of these age groups have their unique attributes and present different management issues. How should you best manage this? Wayne is joined by a panel of accountants who are dealing with this within their firm: Noel Tiufino from My Accounts, Shaun Costello from CHJ Financial, Cassie Pynes from Carbon Business Group, Natasha Chambers from Wilson Pateras, and Jeremy Johnston from Change Accountants. Together they discuss the positives of having different generations in their firm, the issues they have experienced from this, and most importantly—the strategies they have used to successfully handle the age…

How much is your ACCOUNTANT costing your business – How to CHANGE in 3 SIMPLE STEPS!

If you, like most people, have set financial goals for 2016, it might be time to think about CHANGING YOUR ACCOUNTANT. Why? Because NOT changing accountants is probably costing you MONEY. The reality is, not all accountants think the same way. Many accountants are more interested in last year’s figures than finding new ways to increase profits or planning for the future. Most accountants won’t call you to hear how your business is doing, or help you solve challenging financial problems. Very few accountants offer a fixed price, so you know what expenses to budget for. The staff at CHJ…

More Bang for your Buck

Start planning NOW to maximise your tax refund next year! We do a lot of tax returns. One thing we constantly hear our clients say is “I didn’t know I could claim that!” or “I wish I had kept my receipts!” What’s the best way to avoid disappointment at tax time? Start planning NOW. To help our clients we’ve been giving them a report of what strategies they can implement to maximise their refund next financial year. Here are our top 3 strategies: Keep a Log Book for your Motor Vehicle Expenses If you use your motor vehicle for work…

Tax Planning starts NOW!

There’s five key things that all business owners MUST consider RIGHT NOW. Three of them are brilliant wealth creation ideas. Please read on! 30 June is only 13 weeks after the beginning of April. Its not a long time at all. This year let’s try and use all of them. Too often, we end up suffering because we have procrastinated and not made a positive decision to do something. If we all leave your tax planning until the end of May and early June, quite frankly there may not be enough time to do anything significant to legally reduce your…

Streamline Your Sales Process With Xero Quotes

Some good news to kick off 2015 — a new release of Xero! The standout feature of this release is Quotes, giving you the ability to quickly and easily create and send a quote and turn it into an invoice (when the quote is accepted). Quotes can also be customised to meet the specific needs of a business. An updated Sales Dashboard also makes it easy to look up the status of a quote and see what quotes are in play. Xero have made some other nifty improvements, so you can customise titles in text blocks in the latest reports,…

How can Xero help your retail business?

Retail is about record keeping Theres a lot to think about when running a retail business. Good accounting software can make life easier, helping you manage jobs like inventory, staff payroll and taxes. Heres how it could work for you. There are many different types of retail operations, from eCommerce and mail order to direct retail, pop-up shops, catalogues and more. As a small business owner you might use more than one type, depending on the products youre selling. But as any retailer knows, success involves more than just exchanging goods for money. You need to understand product merchandising, advertising and marketing, stock control, customer…

Are you the Tax Man’s Target?

If you work then the answer is probably YES. Unlike recent years, instead of a specific industry, this year the ATO intends to target specific work related expenses. These areas include: 1. Claiming a computer, phone or other electronic device as a work-related expense 2. Transporting bulky tools and equipment 3. Overnight work-related expenses This pretty much covers everyone. If you use a computer, phone, tablet or ‘other electronic device’ the good news is that there’s a good chance you can make a claim. However, it does mean that your claim must be accurate and you must be able to…

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