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
Save money, save time and save yourself the stress!
Whether you are an individual, a business, or a family, in turbulent times like these, saving money is the top of the agenda. However, we all have busy lives and it’s not until we need to review all our incomings and outgoings, such as applying for a home loan, having to pay a large unexpected bill, or potentially losing a job, that we actually realise the state our finances are in. Have a registered accountant in your corner Having an accountant doesn’t just help at tax time, we encourage our clients to keep in close contact and if you have a question about your tax or finances, just pick up the phone. There are no unnecessary charges, and all fees are quoted up front. We also offer you a maximum tax refund guarantee. We find that many people start out doing their own tax returns, but as their business grows or they gain a second property for example, their tax requirements become more complication and more stressful. When you self-lodge, you need to ensure all the deadlines are met, all the figures are correct [...]
Always playing catch up when it comes to record keeping?
As a business, you must keep detailed records for all transactions related to your tax, superannuation and business transactions so you can manage your business, employer obligations and cash flow well. However, how much of this ‘unbillable’ activity is eating into your personal time? If you take into consideration all the extra hours you put into invoice clients, pay suppliers, chase payments, process payroll, itemise your expenses, prepare your BAS, check and respond to emails, and keep up to date with all your industry news…… it can feel like a part-time unpaid job on top of a full-time job! This is where we can help. We use MYOB – QuickBooks which is an easy online accounting software especially built for small businesses. We can help you implement time saving accounting software and also support you with a bookkeeping service that corresponds to your business size and sector. It creates your invoices for you, helps you manage your expenses and report Single Touch Payroll to meet the ATO requirements and much more. We also advise our clients to use the Receipt Bank app, an online system [...]
Taxpro Australia’s brand family has been refreshed!
We are excited to share our new brand refresh which pulls together our Taxpro Mortgage and Finance division and Insurepro / Taxpro Insurance - into the ‘The Taxpro Group” brand family! This has been a culmination of weeks of planning from the Taxpro team to better communicate that Taxpro Australia offers three distinct divisions under the ‘The Taxpro Group’ umbrella and they are all under one roof – both physically and figuratively! To visually identify each division, Taxpro Taxation and Accounting has retained the teal colour, Taxpro Mortgage and Finance is now defined in orange and Taxpro Insurance is blue. Michael Gismondi, managing director at Taxpro Australia said: “A few months ago, we celebrated the expansion of our office space in Balcatta. It became apparent when we were discussing the outdoor signage that we needed a more cohesive visual identity, so customers, new and existing, were more aware that Taxpro Australia offered more than just taxes and bookkeeping services. Each division complements each other, and actually the communication of a mortgage broker, an insurance specialist and tax advice at the same time, gives [...]
ATO extends working from home shortcut method deadline
If you are working from home, you can continue to claim 80 cents per hour by keeping a record of the number of hours you have worked at home until 30 June 2022. This is an extension from the previous deadline which was 31st December 2021. You just need to keep a timesheet of hours worked (from the date you started to work from home) as evidence of your claim in your tax return. This simplified way of making the tax deduction was implemented to help those who were not used to working from home. As an employee working from home, there are different calculation methods, so it is a good idea to speak with your Taxpro accountant to find out which one is going to work best for you. Fixed rate method Actual cost method Shortcut method (only available from 1 March 2020 to 30 June 2022) Employees who work from home can’t claim for: coffee, tea, milk and other general household items children and their education including setting them up for online learning teaching them at home buying equipment such as iPads [...]
Halloween spoiler alert: Taxes don’t have to be scary!
In the run up to Halloween, we always get a funny comment or two about turning up to the Halloween party as the taxman! However, if you are someone that lives in fear of an envelope from the tax office landing in your post box, then it can feel very scary. If completing your taxes fill you with dread, then you are not alone. Tax anxiety is real with the some of the biggest fears being making mistakes, owing money and being audited. Our clients know that taxes don’t have to be scary. We take the time to help our clients understand their taxes so they can make financial decisions which can save them money in the long run. We always make sure that they are fully informed about their tax obligations, what deductions they can make and when deadlines are looming. Even if you are audited by the ATO, which can be a worry at the back of people’s minds, if you keep accurate records there’s should be nothing to worry about. Get organised This is without doubt the most important piece of [...]
Beware of unregistered tax agents
This week, it has been reported that over 2000 West Australians are being contacted by the Tax Practitioners Board after they used the services of an unauthorised tax agent. Unfortunately, it is stated that she has exposed her clients to penalties and unpaid taxes which they are liable to pay. Firstly, there is no such thing as an unregistered tax accountant. Tax agents are required by law to be registered with the Tax Practitioners Board (TPB), and only then can they charge a fee to prepare and lodge a tax return. An unscrupulous person may say they are a tax agent and offer a cheaper tax return fee, or promise a large refund, and it will seem like a good deal, however you will be liable for any mistakes they make. They won’t have the expertise and knowledge of the tax system that a registered tax agent has, and as a client you would not be offered any protection against penalties or a hefty tax bill. Another red flag would be if they asked for your personal myGov log in details. A registered tax [...]
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