News/Blog
Stay up to date with all our latest news, guidance and regulatory information here. We like to focus on the practical implications of changes to tax, insurance and financial planning legislation as well as offering insights on topical issues relevant to our clients.
LATEST ARTICLES
Time to Reset: Get on top of your bookkeeping
We understand that the last few years have been difficult, the pandemic had a huge impact on businesses, and the repercussions are still being felt now. Many small businesses had to completely rethink their approach to business to survive, and one of the key factors was to keep their cashflow moving. This is so important for small businesses, to see how money is being spent and identify areas that cost savings can be made. It also ensures you can pay suppliers, continue to build relationships and also for planning purposes. As businesses get back to a ‘new normal’, we can help you reset, get your finances organised and support you as you continue to build a successful business. We offer bookkeeping packages for any size business which are professional, accurate and reliable. Our aim is to keeps your tax bills down and cash flow moving. Have a clear understanding of how your business is performing Review, monitor and reconcile your earnings and expenses Check stock and levels Identify and eliminate unnecessary spending Make sure your tax payments are up to date Forecast and plan [...]
Do you have managed funds or ETF investments?
Book your tax return in September to avoid refund delays If you have managed funds or exchange-traded funds (ETF) such as Vanguard, Betashares, iShares, etf Securities, and Raiz, statements from the fund managers reporting on distributions (made up of types of income like interest, dividends, capital gains, and foreign income) tend not to be released until early August. This means that if your appointment is booked too early, there would be a delay in your tax return being completed because we would be waiting for the statements to be released. These types of funds take longer than shares and bank accounts to collate and circulate to investors and the ATO. In fact, the ATO usually only receives this information by late-August. Therefore, we advise that you wait and book your tax return appointment with us in September, when all the information has been collated so there is no delay when we lodge your tax return. Some ETF investments have become more popular as they allow investors to invest in multiple shares in one trade and Raiz, for example, allows ‘round up’ payments on investors’ [...]
Remember to declare crypto trading activities on your tax return
The ATO has been announcing what it will be focusing its attention on this tax season. One of the major items on their hit list is crypto trading. While cryptocurrency seems to operate anonymously, the ATO can track data from banks, financial institutions and cryptocurrency online exchanges to follow money back to the taxpayer. The Australian Financial Review has a useful article about it here. Cryptotraders need to declare their activities - any profits and losses - they are making on investments. It is really important that you keep all records such as receipts of purchase or transfer, agents, accountant fees, and legal costs as well as digital wallets and software costs. If you have any questions about including crypto trading activity in your tax return, or would like to book an appointment to discuss your tax return, please get in touch with the Taxpro team on 08 9240 7629! Contact us
It’s time to get tax ready!
The official end of the 2022 financial year falls on Thursday 30th June, so it’s time to prepare all your financial information for the 21/22 financial year (1 July 2021 – 30 June 2022) and be tax ready. We recommend lodging your tax return during July or August, but please book an appointment in advance because we to tend to get very busy during this time. If you still haven’t lodged your 20/21 tax return get in touch with us immediately as the deadline for this was 15th May 2022! As a reminder we need the following documents for your appointment: For salary and wage earners PAYG payment summaries Investment income – Interest on bank accounts & dividends received on shares Private health statements Work-related expenses – Motor vehicle expenses – Travelling expenses – Uniforms – Self-educated expenses – Union fees – Seminars/ courses – Trade journals – Computer costs, including internet access – Mobile and telephone costs – only the work-related portion – Tools and equipment – Professional registrations – Sun protection costs Donations Any other information you consider may be necessary Do [...]
RBA increases interest rates
Following on from our article in March when we reviewed the interest rates graphs over the last 20 years, there has now been movement from the RBA on the cash rate and that is upwards! For the first time in 11 years, the RBA has increased the cash target rate to 0.35 per cent, when it was previously 0.10 per cent. This will affect you if you have a variable rate mortgage. For example, if you have a mortgage of $500,000, this interest rates rise will increase your monthly repayments by $68. It will also affect you if you are currently looking at mortgage options such as first time buyers, homeowners wanting to refinance or for investment properties. The big four banks – Commonwealth Bank, ANZ, Westpac and NAB - have already raised their variable mortgage rates by 0.25 per cent following the rate increase. Unfortunately, even though the banks have increased the rates once, it won’t stop them from continuing to increase the rates as it becomes more likely that the cash rate will increase further. Andrew Dalton from Taxpro Mortgage and Finance [...]
Take control of your finances with Taxpro
Life is busy and for many people just the thought of doing taxes, reviewing mortgages, or finding insurance brings on unwanted feelings of stress, so they push it to one side to worry about it another day. It can be especially overwhelming when you have lots of different people to deal with. At Taxpro Australia, we do MORE! Tax and Accounting Mortgage and Finance Insurance All under one roof! One phone call, one visit, one team of experts! We can’t make it any easier for you to take control of your finances. Let’s start saving you some time and money! We take the jargon out of the tax system because it can be confusing, it keeps changing, and let’s face it, there’s better things you could be doing with your time! However, lucky for you, we have an expert team of accountants that love it, and even more so, getting the biggest returns for our clients. Whether you need to lodge a tax return, start a business, or require on-going support with your accounts, we crunch the numbers and don’t let opportunities pass you [...]
CALL US
08 9240 7629
EMAIL US
VISIT US