Personal insurance jargon busters
We have compiled this jargon buster article to help you understand some of the more commonly used terminology in relation to personal insurance.
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More employees eligible for super
The Super Guarantee (SG) requires employers to pay a minimum level of super support for eligible employees. However, the $450 per month threshold is abolished from 1 July 2022.
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5 important considerations for 2021-22 EOFY
Taking stock at this time is a great way to check in on your situation and see if any changes are needed in the lead up to 30 June.
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Retirement trends survey
The Household, Income and Labour Dynamics in Australia (HILDA) Survey collects information on many aspects of life. We have published the key findings of HILDA’s 2021 Retirement Trends survey.
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SMSFs: Individual trustee vs. corporate trustee
For anyone considering an SMSF, it’s important to consider, among other things, what’s involved in setting up and running one—seeking qualified professional advice in this area can be a worthwhile consideration here.
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Market Wrap May 2022
Our monthly review of local and global investment, employment, shares, currency and asset performance. In May, inflation kept escalating.
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Super Guarantee changes
From 1 July 2022, two important super guarantee (SG) changes will apply to your business. Read the 3 things you need to do if you’re an employer.
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HECS-HELP rate spike to 3.9% from June
On 1 June HECS-HELP debt is going to get bigger because the Higher Education Loan Program (HELP) — previously known as ‘HECS’ — is tied to inflation.
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5 questions that could save you thousands
Five simple questions worth asking yourself that could very well save you thousands of dollars and, in turn, help you to save for a better future.
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First Home Super Saver scheme – how does it work?
From 1 July 2022, if you’re a first home buyer you can release up to $50,000 (up from $30,000) from your voluntary super contributions to help you buy your first home.
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Investing is nothing without goals
Like studying for an exam, or training for a race, you’re far more likely to succeed if you set yourself goals and continuously track your progress. The same can be said about investing.
DetailsSuper guarantee eligibility threshold changes
From 1 July 2022, the $450 per month threshold for super guarantee eligibility will be removed. The change will expand the coverage of SG to eligible employees regardless of their monthly pay.
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Farm Succession – When the Planets Align
This year when considering your annual tax planning, it is more important than ever for multi-generation farming and grazing enterprises to be thinking about what their future is to look like and how the possible scenarios for farm succession could be planned for, in the most financially effective way.
DetailsMarket Wrap April 2022
Australian Equities perform well with all GICS sectors positive. Global shares had a mixed month, Australian shares performed well and the AUD$ gained against the USD$ but fixed income returns for the month were again exceptionally poor.
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Changes to the work test requirements for superannuation contributions
Soon older Australians will no longer have to meet the work test to make super contributions. From 1 July 2022, members under 75 years of age will be able to make or receive personal contributions and salary sacrificed contributions without meeting the work test.
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Employee COVID-19 tests now tax deductible
From 1 July 2021, employees can claim a tax deduction for COVID-19 tests that are purchased for work purposes. Find out more about the record-keeping requirements to claim the expense.
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Cryptocurrency investing, trading and gifting
If you have cryptocurrency, check out the ATO’s latest tips to avoid errors including key questions to ask yourself at tax time.
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Lodgement reminder for CCS and FTB recipients
Child Care Subsidy (CCS) and Family Tax Benefit (FTB) recipients and their partners must lodge their outstanding 2021 tax returns by 30 June 2022 to avoid losing their benefits.
DetailsEligibility age change for downsizer contributions
From 1 July 2022, the eligible age to make a downsizer contribution to their superannuation fund has reduced from 65 to 60 years old.
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Directors must now apply for their Director ID prior to being appointed
As of 5 April 2022, new directors must apply for their director ID before they’re appointed.
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Why does insurance matter?
Life does not always go the way we plan. Having a plan in place if things do take an unexpected turn can mean that our health, lifestyle and family are better protected.
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2022 Federal Budget Analysis
This year’s Federal Budget covers a range of measures aiming to stimulate business, reduce the pressure from increased costs of living and help people into homes.
DetailsMarket Wrap March 2022
Global shares fell, Australian shares performed reasonably well during February, fixed income returns for the month were again very poor and the Australian dollar gained against the US dollar, which basically offset last month’s loss.
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Government to ensure non-arm’s length expense provisions operate as intended
The Government intends to make legislative changes to ensure the non-arm’s length expense provisions operate as envisaged.
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Research on investment switching behaviour
We often can’t completely remove cognitive biases from our decision-making. However, we can seek professional advice to become more aware of, and properly evaluate, the influence and effect they can have on us.
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Why aged care matters
We highlight the importance of having options when it comes to aged care planning and getting it right to suit you.
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Flood grant funding for Western Downs farms and businesses
Resources and information for business and farm grants and funding with the extension of Category D grants in respect of SEQ rainfall and flooding in February 2022, now including the Western Downs.
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Boosting retirement savings with super contributions
The Government’s Retirement Income Review highlighted that our super—and subsequent retirement income (and outcome)—can be boosted by, among other things, increasing our super contributions. Read how.
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QLD flood crisis support information
Information for clients who need assistance applying for flood relief including assistance from Rural Financial Counselling Service, government relief and bank grants.
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First home super saver scheme is changing
From 1 July 2022 super fund members may be able to release up to $50,000 in eligible contributions plus associated earnings.
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Reflecting on 2021 and planning for 2022
A piece to get you thinking about the intrinsic value, and potential benefits, of setting aside time to reflect on 2021 and plan for 2022.
DetailsMarket Wrap February 2022
Global shares fell in unhedged and hedged terms but global emerging markets rose over the month. Australian shares performed poorly during January. The leading sectors were Energy and Utilities with IT being the worst-performing sector for the month. Fixed income returns for the month were also poor. The $AUD lost against the $USD and the Yen.
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Key financial habit considerations for 2022
When you repeatedly perform a behaviour, a link forms in your memory. Here are 16 key desirable financial habits worth considering for 2022.
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Self-managed super funds and crypto investments
ASIC have issued a new warning to SMSF trustees about outside parties promising large returns through crypto investments.
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A new year is a chance for a fresh start
The new year is a great time for making lifestyle changes; however, for goals and changes affecting your financial health, there’s often no better time than when starting a new job.
DetailsMarket Wrap January 2022
Global shares rose and with that Australian shares performed reasonably well during December. Fixed income returns ended the month fairly flat but the Australian dollar rose against the USD$ and the Yen.
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Grant assistance for flooded primary producers
Extraordinary disaster assistance recovery grants of up to $50,000, as well as low-interest loans of up to $250,000, are now available for eligible primary producers after the floods that hit Central, Southern and Western Queensland in November and December 2021.
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Director ID for SMSFs: your questions answered
If you’re a corporate trustee of a self-managed super fund (SMSF), you can now apply for your director ID. You can apply via Australian Business Registry Services (ABRS) online.
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Home loan serviceability and income protection insurance
We take a look at APRA’s new guidance and direction regarding home loan serviceability and income protection insurance.
DetailsMarket Wrap December 2021
Recent GDP figures showed economic growth contracting in the September quarter as expected given the COVID19 restrictions imposed, however, going forward leading indicators suggest the economy is continuing to bounce back strongly.
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Carrick Aland and the year that was 2021
Carrick Aland wishes to thank our clients for your continued support, including welcoming all our new clients who entrusted their affairs to us in 2021.
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Retirement and housing (homeownership)
Housing (homeownership) is a key factor influencing retirement outcomes — we discuss retirement and several things to consider with regard to housing.
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Phone and email scams – superannuation alert
The ATO has raised its concerns about the increase in scams involving fake superannuation investments targeting SMSFs.
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Christmas cash flow confidence
In this timely financial education piece, we share ways to mentally get around the challenge of money-related stress before, during and after the festive season.
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Planning for aged care
In our retirement years, a time may come when we need to consider aged care services to help with looking after ourselves. In this article, we outline several different types of aged care options.
DetailsMarket Wrap November 2021
With mixed investor sentiment abounds, economic momentum is bouncing back domestically as NSW and Victoria eased lockdown restrictions.
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Four ways to teach children healthy money habits
As parents, we try to ensure our children have the skills to make smart financial decisions. Just make sure you’re not sending them negative money messages without meaning to.
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Federal Budget superannuation changes
The Government announced a number of proposed changes to super and SMSFs in this year’s Federal Budget (2021-22) that are relatively straightforward or have gone through a period of consultation.
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Director Identification Numbers — your obligations and how to apply
If you require a Director Identification Number, find out your obligations and how to apply.
DetailsSMSF investment strategy
Reminder as to why you should regularly review your SMSF investment strategy, as markets can shift and the circumstances of your super fund may change.
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Is it a scam?
Find out how SMSF specialist advisers can play a critical role in assisting trustees and self-directed investors avoid cybercrime and investment scams.
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COVID-19 financial support measures
Unfortunately, the potential to experience financial difficulty due to COVID-19 still persists. In this article, we provide a brief overview of two key Government COVID-19 financial support measures.
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ATO extends COVID-19 relief for SMSF trustees
The ATO has announced that COVID-19 relief for SMSF trustees is being extended to the 2021-22 financial year.
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How do you know when the advice is right?
Seeking financial advice can turn your life around and put you on a path to a happier and more secure financial future. But where do you start? Who do you trust? How do you know you are going to get value for money?
DetailsMarket Wrap October 2021
Aussie shares outperformed global shares, falling 1.9% in September. Mining underperformance as investors reacted to selloff in iron ore prices. Fixed income returns also poor. The AUD$ fell against major currencies incl US$. Concerns over China amidst the unravelling of Evergrande weighed on AUD$ support.
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The Power of Business Intelligence
When you’re running a business, you don’t want to be operating in the dark – you need to be grabbing the expertise and insight your accountant can offer you. Read why.
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Catch-up concessional contributions
Find out how to make larger concessional contributions to your super if you haven’t used all of your concessional cap in an earlier year.
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Director identification numbers
All directors of companies, registered Australian bodies, registered foreign companies or Aboriginal and Torres Strait Islander corporations will need a director ID number. Directors can apply for a director ID from November 2021 and Carrick Aland is here to help to make sure our clients get it right.
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Temporary full expensing
Find out if your business might benefit from the temporary full expensing or loss carry back incentives in response to the COVID-19 pandemic.
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Electronic signing with FuseSign
One of our highest priorities is getting documentation out to our clients as quickly and securely as possible and with FuseSign we can achieve both of these effortlessly while providing you with the best experience possible.
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SMSF record keeping
Find out why keeping good records promotes good governance and helps you keep on top of your obligations.
DetailsChanges to granny flat arrangements
New capital gains tax exemption will make it easier for older Australians to enter formal granny flat arrangements with the added protection from possible financial abuse if circumstances within the family change.
DetailsMarket Wrap September 2021
Economic growth for the June quarter surprised on the upside with strong household and government spending offsetting export weakness (production issues and high commodity prices).
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Keeping your super safe
Keeping your super safe? The ATO reports an increase in the number of Australians being targeted by scams and falling victim to identity theft, leading to stolen super.
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Super choice rules change from 1 November
Employers may have an extra ‘stapled super fund’ step to take with new employees who start from 1 November 2021 that don’t choose a super fund.
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FY21 SMSF benchmark report
SMSFs have weathered major impacts from the ongoing COVID-19 pandemic, with fund establishments growing and average net assets increasing, a new report has found.
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There’s an app for that
Apps help us manage our lives. But what about helping you track and measure your financial goals? Well of course, there’s an app for that.
DetailsMarket Wrap August 2021
Carrick Aland’s summary of global markets as COVID19 lockdowns extend throughout Australia, including major asset class performance and currency markets.
DetailsHow do you know when the advice is right?
Seeking financial advice can turn your life around and put you on a path to a happier and more secure financial future. But where do you start? Who do you trust? How do you know you are going to get value for money?
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Superannuation minimum drawdown rates
Extension announced to the temporary reduction in superannuation minimum drawdown rates. This is an extension of the measure that was introduced in 2020 as part of the government’s response to COVID-19.
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Single Touch Payroll (STP) Phase 2
Single Touch Payroll (STP) Phase 2 reporting starts 1 January 2022. If you employ staff, you’ll need to be ready for this change. New guidelines that explain the changes are now available to help.
DetailsCash flow management
Working with a professional financial adviser can help you to see where there are gaps and opportunities in your financial management plan. Knowing what is happening with your money is not enough; you need to know how to make it work harder for you!
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11 key tax facts about superannuation
Compared to other investment structures, super is widely considered to be one of the most tax-effective investment structures available from a wealth accumulation and cash flow generation perspective.
DetailsPersonal insurances snapshot
When it comes to personal insurances, there are many different offerings out there, each with its own varying degrees of protection. Therefore, when it comes to an appropriate personal insurance plan, it’s not a one-size-fits all or set-and-forget approach.
DetailsATO work related expense claim reminder
With EOFY fast approaching, it’s best to reach out to us sooner rather than later to talk through deducting your work-related expenses correctly, and any steps you need to be aware of before 30 June.
DetailsMarket Wrap July 2021
Carrick Aland’s summary of global markets as the pandemic resurges, including major asset class performance and currency markets for July 2021.
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QLD Business Boost Grants Program
QLD Business Boost Grants provide support to businesses to advance improvements in efficiency and productivity. Grant opens 30 July 2021 at 9AM and will remain open until all funds are exhausted.
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The rise of paid subscription services
Spending a portion of your money on things that bring you happiness can be a vital part of enjoying life, and at times can also help to keep you motivated while on the path to achieving your financial goals.
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QRIDA Sustainability Loan
QRIDA’s Sustainability Loan offers up to $1.3 million to help primary producers improve on-farm technology and adopt best management practices.
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Increase in SMSF membership
From 1 July 2021, self-managed super funds (SMSF) and small APRA funds (SAFs) will be able to have up to six members. If you are considering expanding your fund, you will need to consider things such as what your fund’s trust deed allows, the structure of your fund and its reporting requirements.
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Contribution eligibility: Age & work test conditions
Financial success can hold a different meaning for all of us. Despite this, financial success is often linked to something we all tend to have in common, financial goals—our vision for the future.
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QRIDA First Start Loan
QRIDA’s First Start Loan offers up to $2 million to aspiring young producers enter the agriculture industry or take over the reins of their family property.
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Do you have more than one super account?
Did you know there is about $13.8 billion held as lost or unclaimed superannuation in accounts across Australia as at 30 June 2020? Is some of that yours?
Details3 Changes to superannuation
Bills containing important superannuation measures which may impact you have passed both Houses of Parliament. These measures have now also received Royal Assent, which is the final step required for a parliamentary bill to become law.
DetailsMarket Wrap June 2021
Carrick Aland’s summary of global markets as the pandemic still lingers, including major asset class performance and currency markets for June 2021.
DetailsChoosing a retirement lifestyle
If you are in, or nearing, the retirement phase of your lifestyle you might be considering whether you want to stay in your current accommodation, or look for something to suit your needs as they change over the coming years.
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Carrick Aland named Boutique Firm of the Year
Carrick Aland Group was named Boutique Firm of the Year at the Australian Accounting Awards in Sydney, highlighting how boutique accounting firms play an integral role in serving our local communities.
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Avoid small business tax time errors
Our advice throughout tax time is vital to avoid common errors. The benefits of regular contact with us, including letting us know when your circumstances change, are key to avoiding mistakes.
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Navigating your way through redundancy
A Financial Adviser will discuss the impact of redundancy on your overall financial situation and how to achieve a favourable payment outcome.
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Marketing expense deductions
With tax time looming, are you up to date on which marketing expenses you can claim for your business? Read this article to learn more.
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Superannuation Tax Deduction Opportunities
When you retire, your superannuation is likely to become an important source of your income. That’s why it’s a good idea to top it up while you are working.
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Superannuation guarantee increase on 1 July
Employers should turn their attention to managing the superannuation guarantee (SG) increase which comes into effect on 1 July.
DetailsMarket Wrap May 2021
Carrick Aland’s summary of global markets as the pandemic lingers, including major asset class performance and currency markets for May 2021.
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SMSF quarterly statistical report – March 2021
The ATO’s March 2021 quarterly statistical report has revealed the total number of SMSFs will soon hit 600,000, with consistent growth seen across establishments and assets as the industry heads into a post-COVID recovery economy.
Details2021 Federal Budget — what it means for business
To help create jobs and confidence after COVID-19 created the first recession since 1990, the Federal Government released a big-spending 2021-22 Federal Budget. We look at the impact on business owners.
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2021 Federal Budget — what it means for taxpayers
To help create jobs and confidence after COVID-19 created the first recession since 1990, the Federal Government has just released a big-spending 2021-22 Federal Budget.
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Budget update 2021/22
The Budget proposes positive changes to superannuation, an extension of the low and middle-income tax offsets and a boost to aged care services. We summarise some of the key points from the Budget but, remember, these are subject to the passing of legislation.
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Why insurance matters
Having a plan in place if things do take an unexpected turn can mean that our health, lifestyle and family are better protected. Read how.
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Changes to SMSF rollovers and release authorities
From 1 October 2021, self-managed super funds (SMSFs) will need to use SuperStream to roll over super to or from their funds. These changes are due to government measures announced in 2019.
DetailsMarket Wrap April 2021
Carrick Aland’s summary of global markets as the pandemic lingers, including major asset class performance and currency markets for April 2021.
DetailsEligibility for downsizer contributions to super
Older Australians who meet eligibility requirements can contribute up to $300,000 from the sale of their home into their super.
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Your SMSF may have a TBAR due 28 April
The transfer balance account report for some SMSFs is due 28 April 2021. The TBAR is separate from the SMSF annual return and is a trustee reporting obligation. FInd out if you need to act.
DetailsIndexation of super contributions caps
When building an appropriate super nest egg, it’s important to understand the factors that can have an impact on your super balance come retirement. One of these factors is super contributions.
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Helping your children, financially speaking
As a parent you probably have great expectations for your child. They will have everything you had and more! You will consider their every need and make the most of every opportunity to help them get ahead, right?
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Four ways to teach children healthy money habits
As a parent, you try to ensure your children have the skills to make smart financial decisions. For example, you tell them about the importance of saving or the power of compounding interest. But did you know that you could be sending them negative money messages without meaning to?
DetailsTax treatment of cryptocurrencies
If you invest in cryptocurrency you may need to include a capital gain or loss in your tax return. Find out how capital gains tax applies to cryptocurrency and the types of records that need to be maintained.
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ATO’s taxable payments reporting system
More than 60,000 businesses haven’t complied with lodgement requirements under the Taxable payments reporting system for 2019–20. The TPRS is a black economy measure that helps the ATO identify contractors who don’t report or under-report income.
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Cash flow can make or break your business, so take time to safeguard it
According to a recent survey by research firm East & Partners for lender Scottish Pacific, nearly 80% of owners of small and medium enterprises said cash flow issues caused them the most sleepless nights.
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Economic Update @ February 2021
Over the month of February, the economic data that was released showed mixed results and share markets were volatile. However, optimism over medium-term growth and the global economic recovery continues to outweigh short-term concerns. Falling COVID-19 cases and vaccine deployment has reduced restrictions and economies are expected to reopen soon.
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Be your best tradie with the right tech
How can tradespeople go about streamlining their business and help set themselves up for 2021 with success?
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Understanding some of the aged care terminology
Aged care is a complex and emotive topic and many people don’t think about their aged care needs until the time to do something is upon them – at which point the options can be limiting.
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Duty, super and succession
In a planning process that establishes independent, financial security for the exiting generation as the priority, taking advantage of the significant taxation concessions associated with participating in this investment environment cannot be overlooked.
DetailsATO online services for business
Online services for business has been co-designed with business and makes it easier for you to interact with the ATO online to manage your tax and super obligations.
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Rural Succession Planning Workshop
Carrick Aland Managing Partner and rural Succession Specialist, Wayne Turner, will be speaking at a free Rural Financial Counselling Service event on 3 March 2021 in Clifton.
DetailsEconomic Update as at January 2021
Over the month of January, economic data signalled a short term hit due to pandemic-related restrictions. This overshadowed a strong fourth quarter experienced by China. The continued global roll-out of COVID-19 vaccines in various countries continues to underpin the expected rebound of markets in 2021. The smooth transition of Brexit and the beginning of Biden’s…
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Queensland Government Grants
Here we cover the Queensland state government grants and incentives for small and medium enterprises which are currently open. For help determining your eligibility or for assistance with an application, please contact Carrick Aland.
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Small steps to great success
If you want to get ahead, financially, it’s necessary to take some steps to get there. It may seem daunting and overwhelming but like anything, if you have a professional guiding you along the way, small steps can lead to something great.
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Can the JobMaker Hiring Credit help your business?
The JobMaker Hiring Credit could mean that your business will receive payments for new positions you create. Find out if you’re eligible.
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The financial impact of a furry friend
There are over 29 million pets in Australia with approximately 61% of households owning one of these 29 million pets. Of that 61%, most are dog owners at 40%, followed by cat owners at 27%. In 2019, over 60% of dog and cat owners considered their pet as a member of their family – which means we want to treat them well and keep them in good health for a long and happy life, but at what cost?
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What financial mistakes have you made? Could they have been avoided?
Have you made a big financial mistake in the past? One that cost you a lot of time and money to fix? One that caused you a big headache?
Financial stress can be a major trigger for a lot of people, it is a big burden to carry around, but not one you need to carry alone. Speaking to a professional Financial Adviser can set your mind at ease once you have a plan in place and a financial goal to build towards.
Capital Gains Tax and succession
The focus of a well-orchestrated succession planning process must be around discovering and addressing the wants of individuals in a manner that ensures ongoing business viability along with the achievement of alignment and a sense of family equity. Read how.
DetailsEconomic Update as at December 2020
Over the month of December, markets broadly achieved positive returns as vaccine roll-outs and another fiscal stimulus package in the US offset bad news on the virus front. Restrictions tightened in many countries as new COVID-19 cases across the developed world surged, as a new more infectious COVID-19 strain began to spread globally. However, vaccination programs have given markets hope that economies will fully reopen over the next year.
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Five ways to stick to your financial resolutions
It’s that time of year when we set new goals or dust off old ones. But how can we boost our chances of sticking to our financial resolution? Here are some practical tips.
DetailsThe Roll of Wills and Other Legal Agreements in Succession Planning
Whilst not an exact science, following a structured framework in analysing differing concepts of equity not only assists in providing comfort in the context of “having done the best possible for all” but is also an effective tool in educating and conveying reason, to all family stakeholders, for what may be seen as tough, “knock on” implications of the concepts adopted.
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Staying Cyber Safe This Year
With the increased activity online – be it due to working from home, home schooling, or simply because we have found a great availability of engaging and interesting content and streaming services, we are online a lot more and need to consider if we are adhering to safe cyber practices at home. This means having the right protective measures in place, and ensuring we are discussing safe cyber practices with other members of our household.
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Back to work in agriculture incentive scheme
QLD agricultural employees could be eligible for payments of up to $1,500 to assist with accommodation & transport costs associated with travelling and staying remotely. Applications close once all funding has been allocated or before 30 June 2021.
DetailsCarrick Aland and the year that was 2020
As we farewell what was a very challenging year we would like to wish you all – your families and friends – a wonderful festive season. We look forward to seeing you in the new year! Please note that Carrick Aland’s office will be closed from 24th December 2020 and will reopen on 4th January 2021.
DetailsEconomic Update as at November 2020
While COVID-19 cases continued to soar in the US, UK and Continental Europe over November, markets shrugged off short-term developments and soared on the back of positive vaccine news and the US presidential election results. Domestic and developed overseas share markets achieved strong positive returns for the month, with outperformance in sectors that are expected to benefit from a removal in restrictions next year, such as energy.
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Succession planning and family equity
Economics dictates that succession in a farming environment can rarely directly involve all family members of the next generation. Economics also dictates that farming successors require what can often be viewed as a ‘leg up’ to ensure the successful continuation and future viability of farming or grazing operations. Read why.
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Super re-contribution strategy explained
Super re-contribution is a process where, upon you meeting a condition of release, you withdraw money from super fund and then re-contribute the funds back into your super fund as a personal non-concessional contribution. This process is used to increase the tax free portion of your super fund benefit.
DetailsEconomic Update as at October 2020
Overseas shares posted negative returns in October 2020 as fears of a slowdown in the recovery materialised with onerous restrictions being re-imposed amid resurgence in COVID-19 cases. Overseas shares fell back into negative territory returning -3.2%, in hedged terms, over October. Global economic data for Q3 is showing a rebound from a similar sized economic collapse but forward looking data is already indicating another slowdown ahead, especially in Europe and the United Kingdom (UK) as further cases have brought back restrictions.
DetailsLeaving the next generation with a viable ongoing business
To achieve a level of comfort around accepting the financial position imposed by any proposed plan, farm successors need to know exactly how addressing the identified wants of an exiting generation will impact their future viability.
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Do you have more than one super account?
Did you know there are over 10 million Australians with a superannuation account, approximately 36% of which hold more than one, which make up $20.8 billion in ‘lost super’. Is some of that yours?
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The Financial Impact of a Furry Friend
There are over 29 million pets in Australia with approximately 61% of households owning one of these 29 million pets. Of that 61%, most are dog owners at 40%, followed by cat owners at 27%. In 2019, over 60% of dog and cat owners considered their pet as a member of their family[1] – which means we want to treat them well and keep them in good health for a long and happy life, but at what cost?
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Succession planning and establishing the wants
In our first article of this succession planning series, we focused on recognising the need for and encouraging early engagement in the succession process. But where to start?
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Double check ABNs at natural disaster time
As the risk of natural disasters increases at this time of year, check your Australian business number (ABN) details are current and refresh if needed. Emergency services and government agencies can use ABN details to provide help to you in times of emergency.
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Federal Budget farm machinery write-offs
Under the Federal Budget handed down this month, farmers can instantly write off the full value of machinery purchases. Previously, a portion would have been tax-deductible in the first year, and the rest would have depreciated over future years.
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Activity supplement
You can claim an activity supplement if you get Farm Household Allowance. Activity supplements help pay for activities in your Financial Improvement Agreement and can add up to $10,000 in total.
DetailsSuccession planning: need and timing
There is a lot of good to be achieved when succession planning is taken on proactively and within a structured process. Having wholesome conversations that discover the objectives and desires of all involved and dealing with challenging decisions without delay makes the process much easier and rewarding for all.
DetailsEconomic Update as at September 2020
Over the month of September, markets experienced a reversal in investor sentiment. Apart from Overseas Small Caps and Emerging Markets, which returned 1.0% and 1.5% respectively for the month, equity markets broadly experienced negative returns.
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Impact of Cotton report
Cotton with a Conscience report examines the contribution that cotton makes to our economy, the investment in the health, safety, education and prosperity of its workforce, and the ways in which cotton community businesses and individuals give back locally through financial, time and in-kind contributions.
DetailsWage theft now a criminal offence in Queensland
The Queensland Criminal Code has been amended to enable employers to be prosecuted for stealing if they intentionally fail to pay or underpay their employees’ wages or other entitlements. If you’re an employer, do you know what’s required in relation to the new wage theft offence?
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2020/21 Federal Budget Summary
The Federal budget is out and it’s a once in a generation budget to rebuild and tame the recession. Business is at the heart of our economic recovery with a range of support measures and the creation of jobs.
DetailsSuccession planning for farming families
By failing to commence a transition, farming families could not only miss out on the business advantages that come from nurturing and developing another level of management autonomy, but also run the risk of missing out on real financial opportunities that have the potential to deliver a significantly enhanced the outcome for all.
DetailsInstant asset write-off and the car limit
If your business is eligible to claim the instant asset write-off, read why you need to consider the car limit.
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Take Control of your Retirement
Are you affected by the increase in the Age Pension’s qualifying age? Take steps now to avoid getting caught short on retirement income.
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Know your boosts inside and out
If you’ve received a cash flow boost, you may be wondering if the amounts you’ve received affect your income or deductions this tax time. Here are the four essentials you need to know when lodging your tax return.
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How to manage employees when you sell or close your business
Closing or selling a business can be complicated for both owners and employees. Understand how to manage your employees and your obligations if you close or sell your business.
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Own, Rent or Travel – What is your Retirement Lifestyle Preference?
As record numbers of Australians transition into retirement, considering your retirement lifestyle, the cost of living and your expected annual retirement income, is crucial in your retirement planning.
DetailsEconomic Update as at August 2020
For the month of August, growth assets performed well as investor momentum remained strong. Economic data continued to be encouraging with another strong set of US nonfarm payrolls. As the world continues to open up, retail sales for the US, UK and Eurozone are now back at pre-COVID-19 levels, following the worst quarterly GDP declines on record for most countries. Purchasing manager indices remain in expansionary territory. Australian small caps was the strongest performing equity market, returning 7.2% over August whilst overseas hedged investors realised greater relative gains from the continued appreciation of the Australian Dollar.
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2021 Science and Innovation Awards
Grant applications are now open for the 2021 Science and Innovation Awards for Young People in Agriculture, Fisheries and Forestry. If you’re 18-35 and want to make a difference in agriculture, this is your chance to apply for a grant of up to $22,000 to fund your project that will benefit Australia’s primary industries.
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Drought Community Support Initiative extension
Financial support of up to $3,000 is available to eligible drought-affected households through the Drought Community Support Initiative Round 2.
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Do you have more than one Super Account?
Did you know there is over 10 million Australians with a superannuation account, approximately 36% of which hold more super accounts, which make up $20.8 billion in ‘lost super’. Is some of that yours?
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QLD Volunteer grants open now
Volunteering Queensland, on behalf of the Australian Government, is offering 2020 Supplementary Volunteer Grants to organisations across Queensland to support the efforts of volunteers in building stronger, more resilient communities.
DetailsDiscuss Your Financial Goals Online!
If you are not able to visit us in person, or it is more convenient to work with us digitally, we have the capability and technology to make it easier for us to connect with you. We have also considered how we can do this in a safer online environment.
DetailsCash Boost for P&Cs
The ATO Not-for-Profit team are keen to ensure all eligible P&Cs receive their Cash Boost entitlement. In order to streamline the process, P&Cs are invited to complete a survey.
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Five tips for looking after your large household’s finances
Taking care of household finances can be taxing, especially if you have a big family. But with proper planning and budgeting, there’s no need to stress.
Here are some tips to help you effectively manage your household finances.
2020 ‘mini-Budget’
On 23 July 2020, a ‘mini-Budget’ was delivered by the Treasurer Josh Frydenberg. We provide a summary including the announcements made in relation to the COVID-19 early release of super and more. Due to the COVID-19 pandemic, the full 2020-21 Federal Budget will be delivered on 6 October 2020.
DetailsEconomic Update as at July 2020
The month of July generally saw positive returns across asset classes, as growth assets continue to gain. Emerging Markets were the strongest performing market in equities, with the MSCI EM Index (UH) returning 4.6% over the month. On the domestic front, Australian small caps outperformed large caps and overseas hedged investors realised greater gains from the appreciation of the Australian dollar.
Details‘Shortcut’ method for home office expenses
Work-related expenses can be complex, so it’s important to consider seeking professional advice from registered tax agents like Carrick Aland prior to lodging your tax return.
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Five Financial Moves to Make in your 40s
Being in your 40s often involves balancing many responsibilities that it becomes easy to neglect your own financial wellbeing. But it’s not too late to secure your future. Here are some tips that may help you financially make the most of your 40s.
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Deductions for work-related home office expenses
When it comes to lodging your individual tax return, Carrick Aland notes the important distinction between taxable income and assessable income.
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Tax time toolkit for factory employees
If you work as a factory worker, find out what you can claim as deductions for expenses incurred as a manufacturing employee.
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Tax time toolkit for real estate professionals
If you work as a sales professional, find out what you can claim as deductions for expenses incurred as an employee in real estate.
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Tax time toolkit for police
If you work as a police officer, find out what you can claim as deductions for expenses incurred as a community and personal service employee.
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Helping your children, financially speaking
As a parent you probably have great expectations for your child. They will have everything you had and more! You will consider their every need and make the most of every opportunity to help them get ahead, right?
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Tax time toolkit for nurses
If you work as a nurse, midwife or carer, find out what you can claim as deductions for expenses incurred as a community and personal service worker.
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Tax time toolkit for cleaners
If you work as a cleaner, find out what you can claim as deductions for expenses incurred as a cleaning employee.
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Get Insurance While You’re Still Bulletproof
According to research by TAL insurance provider the cost of personal insurance soars after the age of 35. This is also the time in our lives that you may be going through significant change such as marriage, children, a bigger mortgage and more responsibilities.
DetailsEconomic Update as at June 2020
Growth assets continued to recover over June, but at a slower and more volatile pace than in May. Markets were encouraged by the gradual reopening across the developed world and by economic activity indicators, such as non-farm payrolls, but the optimism was tempered by evidence of the pandemic regaining pace in the US and some large emerging market countries such as India and Brazil.
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Tax time toolkit for hairdressers and beauty therapists
If you work as a hairdresser or beauty therapist, find out what you can claim as deductions for expenses incurred as a salon employee.
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Tax time toolkit for office workers
If you work in an office, find out what you can claim as deductions for expenses incurred as a clerical or administrative employee.
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Paid a tradie or other contractor to help you?
For anyone in building and construction, cleaning, courier, road freight service, IT or security, if you’ve paid a tradie or other contractor for building and construction services in the last year, check if you need to lodge a Taxable Payments Annual Report (TPAR) by 28 August.
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Tax time toolkit for retail employees
If you work in retail, find out what you can claim as deductions for expenses incurred as a retail employee.
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Tax time toolkit for miners
If you’re a miner, learn what you can claim at tax time. Find out what you can claim as deductions for expenses incurred as a mining employee.
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Tax time toolkit for teachers
If you’re an educator, learn what you can claim as deductions for expenses incurred as a teaching employee.
DetailsTax time toolkit for tradies
If you’re a tradie, learn what you can claim at tax time. Find out what you can claim as deductions for expenses incurred as an employee tradie.
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Small Steps to Great Success
If you want to get ahead, financially, it’s necessary to take some steps to get there. It may seem daunting and overwhelming but like anything, if you have a professional guiding you along the way, small steps can lead to something great.
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Tax time toolkit for agriculture employees
Carrick Aland’s own tax team is comprised of many local farmers who know firsthand that the devil is in the detail when it comes to getting your tax right. If you’re an employee in the agriculture industry it pays to learn what you can claim at tax time.
DetailsKey FY21 changes to note
HAPPY FY21! Some changes help minimise tax. Others reduce exposure to an ATO tax audit. We have outlined these action points to assist you. Please carefully consider this information and contact us immediately if you have any questions we can answer or assist.
DetailsLast Minute Tax Minimisation Tips
This has probably been the most difficult year ever for business owners due to the impact of COVID-19. And this makes Tax Planning for 2020 and key actions before 30 June more important this year than for any previous year. As a business owner, there are many obligations that you need to consider and action just before and after 30 June.
DetailsEconomic Update as at May 2020
Following the strong rebound in risk assets over April, the recovery continued into the month of May. Markets were encouraged by the slowdown in new COVID-19 cases and the gradual relaxation of lockdown restrictions across a number of US states, European countries and the United Kingdom.
DetailsJon Glass’s Top Tips For Retirement
Retirement is a major transformation in your life. So why should you want to ‘fall into it’ when some planning and thought can help?
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$150,000 instant asset write-off extended
Farmers have applauded the federal government’s decision to extend its $150,000 instant asset investment write-off offer until December after many businesses highlighted the previous deadline was too short to make practical use of the incentive.
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QLD non-essential business and activities
Update to keeping safe by restricting business and activities to prevent new cases of COVID-19.
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2020 Business Tax Planning Guide
Imagine what you could do with tax saved? Use our guide for strategies you can use to minimise your business tax and talk with us before the 30 June 2020 deadline for assistance to reduce your tax!
DetailsSBSCH USERS Deadline reminder to claim your tax deduction
Small Business Superannuation Clearing House users – want to claim a deduction for superannuation contributions? Your super payments must be accepted by 23 June 2020.
DetailsFarm Financial Plans
Carrick Aland has farmers covered with Farm Advisory services including your Farm’s Financial Plan. Call us 07 4669 9800 to get your Farm’s Financial Plan underway with a free no-obligation demonstration to see your FY21 farm budget in a new light.
DetailsQLD Small Business Adaption Grant Program
The objective of this program is to support small businesses subject to closure or highly impacted by the coronavirus (COVID-19) shutdown restrictions announced by the Queensland Government, to adapt and sustain their operations, and build resilience.
DetailsEconomic Update as at April 2020
The fiscal and monetary stimulus packages implemented by governments and central banks globally have helped markets rebound fairly strongly over the month of April. Central bank interventions and massive asset purchase programs, including high yield bonds and direct lending to companies, helped restore liquidity in the global financial system.
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Expanded instant asset write-off ends in weeks
Small to medium-sized businesses are reminded that there are just weeks left to make the most of the government’s increased instant asset write-off offer.
DetailsJobKeeper Payment phone scam
⚠️ The ATO is receiving reports of scammers pretending to be from the ATO calling members of the public and asking them to provide their bank account details. They are saying that their employer has registered them for JobKeeper, but that the ATO needs their bank account details to deposit the funds into their account. Do not provide the information requested. If you are unsure if an ATO call is legitimate, hang up and phone 1800 008 540 to check.
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COVID-19 and residential rental property
The ATO has developed some information to assist clients with residential rental property to understand their tax obligations during COVID-19. Check the frequently asked questions link for help with answers to common questions.
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Queensland Small Business Month 2020
May is the month to show your support for Queensland’s small businesses. Shop locally and show how you support small business on social media with #supportsmall. Find information on immediate support available for small businesses as a result of COVID-19.
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The Government’s JobKeeper Payment explained
If your business is signed up to receive the JobKeeper payment subsidy, the first monthly report is due BEFORE you get paid.
DetailsEconomic Update as at March 2020
COVID-19 has continued to spread rapidly around the world and was declared a global pandemic by the World Health Organisation. This has caused a severe shock to the global economy and financial markets have responded with sharp drops in share prices, a rise in credit spreads and a flight to defensive assets over March.
DetailsCOVID-19 and the Importance of Life Insurance
The advent of a global pandemic in COVID-19 has been a shocking event in many ways, more obviously from a health perspective. COVID-19 is clearly a highly dangerous virus for those over 70 and those with existing health conditions. Having said that there have also been cases of people who are both relatively young and…
DetailsIncrease in Scams Targeting Superannuation
The ACCC has advised that scammers are taking advantage of people financially impacted by the Coronavirus crisis by falsely selling products or services online and using fake emails or text messages to try and obtain personal data.
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Summary of COVID-19 stimulus announcements
Please review our summary of economic stimulus as each currently stands and contact Carrick Aland to discuss further your options and what may be available for you. We have outlined details for 13 Federal and State Government initiatives.
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Nominations open for 2020 Australian Farmer of the Year
Nominate a farmer for the prestigious Farmer of the Year Award! Farmers across the country are encouraged to nominate in the Kondinin Group and ABC Rural 2020 Australian Farmer of the Year Awards.
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Market Volatility and Your Portfolio Factsheet
Concerned about recent market volatility and the effect on your portfolio? Volatility is part of investing, and whilst we can avoid it, there’s typically a price to pay for doing so in the form of lower expected returns over the long term. This factsheet will give you some of the facts about taking a long-term…
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Understanding Changes to Centrelink Entitlements
Are you concerned about your Social Security (and Department of Veterans’ Affairs) pensions and other income support benefits due to the Coronavirus situation? Recent changes in the value of your investments due to market movements may increase your social security entitlements, or you may become eligible for a benefit.
DetailsUpdate on Government Stimulus Measures to Combat Coronavirus
Since the release of the Coronavirus stimulus package there has been some clarification of several measures and a number of further announcements which seek to extend assistance to more people who have been impacted.
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Are you concerned about your business in these uncertain times?
As the coronavirus impacts our country and our way of life, we’re not only helping farm and business owners to endure the COVID-19 crisis; we’re future planning with families and businesses to thrive beyond it.
DetailsEmployees working from home
Working from home because of coronavirus? You’re now eligible for a new 80 cents per hour tax shortcut.
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$50M in coronavirus tax relief for Qld pubs and clubs
The Qld Government has announced extra tax relief for Queensland pubs and clubs who are impacted by the new measures introduced in response to the Coronavirus (COVID-19) health crisis.
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FREE Working from Home ATO factsheet
If you work from home right now, remember to keep records and receipts for your home office expenses, along with a record of the hours you work from home. Keeping good records now will help to get your deductions right at tax time. The ATO has a PDF poster you can download to help understand what you can claim.
DetailsState and territory information, grants and assistance
Find the latest coronavirus information, grants and support in your state or territory.
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Coronavirus and Australian workplace laws
Find out about your workplace entitlements and obligations if you’re affected by the outbreak of COVID-19, including information about stand downs from work, working arrangements impacted by school closures, and pay and sick leave entitlements.
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QLD Market diversification and resilience grants
Business Queensland is providing assistance for businesses impacted by the coronavirus (COVID-19) outbreak through the Market Diversification and Resilience Grants (MDRG) program.
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Coronavirus support available for sole traders
The Australian Government has announced measures to support businesses impacted by the coronavirus (COVID-19). If you’re a sole trader, learn what your business can get and where to go for help.
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Coronavirus JobKeeper Payment
The Government has announced a $130 billion JobKeeper payment to help keep more Australians in jobs and support businesses affected by the significant economic impact caused by the Coronavirus.
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Cash flow assistance for small business including P&Cs
The Government has increased its stimulus package to businesses and not-for-profits that have employees. State School P&Cs will qualify if they had employees at the 12th March 2020.
DetailsWidespread reports of COVID-19 malicious scams
In the last three months, the ACSC and the Australian Competition and the Consumer Commission’s (ACCC) Scamwatch have received over 140 reports from individuals and businesses across Australia.
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QRIDA COVID-19 Jobs Support Loans
The Queensland Government’s $1 billion COVID-19 Jobs Support Loan scheme is closed. QRIDA has updated its COVID-19 Jobs Support Loan page to indicate what successful candidates can expect for ongoing management of their loan.
DetailsGovernment’s Stimulus Package response for business
The Government is providing cash flow assistance for eligible businesses in the form of two separate measures. The following is a broad summary of the key aspects of the stimulus package in response to the Coronavirus, as recently announced and enacted.
DetailsGovernment’s Stimulus Package response to the Coronavirus for individuals
Various income support for individuals measures have been introduced so as to provide a ‘safety net’ for individuals who are financially impacted by the Coronavirus.
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Income support for Individuals
To help with cash flow pressures during the coronavirus epidemic, the Commonwealth Government has made available an additional $550 per person per fortnight eligible for Farm Household Allowance as part of the updated economic stimulus package. We urge you to call us now on 07 4669 9800 to check your eligibility and for help with the application.
DetailsCoronavirus Economic Stimulus Package UPDATE
The Commonwealth Government yesterday released the second stage of its stimulus plan to cushion the economic impact of the coronavirus and help build a bridge to recovery. A total of $189 billion is being injected into the economy by all arms of Government in order to keep Australians in work and businesses in business.
DetailsEconomic Update as at February 2020
Coronavirus fears drove losses across equity markets and sparked a flight to defensive assets over February. Global equity markets reached fresh highs in mid February, then sold off sharply alongside other risky assets shortly thereafter. The sell-off in markets stem from investor concerns regarding the spread of COVID-19, with an acceleration in reported cases outside mainland China, specifically in Italy, Iran and South Korea and the ramifications on global economic growth.
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Coronavirus Economic Stimulus Package
Australia’s Coronavirus Economic Stimulus package has been launched as a measure to protect the economy by maintaining confidence, supporting investment and keeping people in their jobs.
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Market Update: Markets Fall on Oil Price & Virus Shocks
Market fluctuations often occur and short-term uncertainty is common. Over the long term, investment portfolios that are sensibly put together seek to deliver on long-term objectives.
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Crowdfunding disaster relief and tax
Read why giving to or receiving money from crowdfunding campaigns set up to help people impacted by drought or disaster can have tax implications.
DetailsPAYG instalment variations
The ATO is expected to adopt a ‘benign approach’ to PAYG instalment variations in the wake of recent disasters. Business and farm operators should seek assistance to talk with us about where your profit is year to date and what options you may have to vary instalments.
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Markets fall on coronavirus fears
Share markets fell last week with the Australian market experiencing one of its worst weeks since August 2011 (when people thought the EU would break up). Negative returns in any given period can happen in the share market with this week standing out for its severity. However, we also see historically shares have lost value in approximately 22 weeks out every 52 weeks since 1980. It is not a rare thing to see in the share market.
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Regional Investment Corporation (RIC) interest free Drought loans
The Government announced changes to the Drought loan scheme. The biggest change is the enhancement of Drought loan terms to offer 2 years interest free, 3 years interest only and 5 years principal and interest. Loans are for amounts of up to $2 million.
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Ergon Energy drought relief
If you’re a farmer living in a drought-affected area, Ergon Energy may be able to help. They offer drought relief in the form of waived charges and deferred payments.
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New award requirements from March 2020
If you’re an Australian employer, you may be aware that changes took effect from 1 March 2020 to modern awards that will require added compliance.
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Bushfire grants available to more Qld primary producers
Impacted farmers in an additional 11 local government areas across Southern and Eastern Queensland will now have access to grants of up to $75,000 to assist with their bushfire recovery.
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Sarah Tobin Assistant Accountant Dalby
Read the reasons Carrick Aland Assistant Accountant Sarah Tobin took a leap of faith six years ago, relocated Down Under and decided to make the Western Downs her home.
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Strategies For Dealing With Market Volatility
Financial markets by their nature are volatile. However, the more worrying time for investors is during periods of high volatility when prices move rapidly and unpredictably.
Market volatility can be a curse or a blessing. It all depends on how ready you are to deal with it.
How to open new markets with fresh new products
Growing your business means more cash for you now plus a higher sale price in the future when you decide to eventually sell your business. We look at how to open new markets with fresh new products or services using 7 great strategies.
DetailsCoronavirus: The Economic Impact
What do we know so far? Since late December 2019 a new coronavirus strain, the 2019-nCov virus, began to emerge from Wuhan, China. The outbreak has been predominantly focused in China with a total of 20,624 confirmed cases and 427 deaths reported, but the number is growing each day. Outside of China there have been…
DetailsEconomic Update as at January 2020
Global shares closed out the month with losses after reaching fresh highs in mid January 2020. Market sentiment has deteriorated since the coronavirus outbreak in mid January and its potential impacts. Emerging Markets suffered, specifically Latin America and China lagged in anticipation of economic growth fallout. Whilst UK and Japanese share markets fell, US shares…
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February 2020 fuel tax credit rate increase
Understand the new fuel tax credit rates and the importance of calculating claims correctly and keeping complete and accurate records.
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How to make your early stage business run more efficiently
Having the right technology can help you get new customers, upsell to existing ones, expand your offering and improve efficiency so you have time to focus on what matters. Here are some tips on the technology that will have an immediate effect on your business.
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Reach Out Indigenous business support pilot program
The ATO announced the expansion of their Reach Out Indigenous business support pilot program to help Indigenous small businesses meet their tax and superannuation obligations through tailored support and education.
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New Year, New Job – What are your Resolutions?
New year is a great time for making lifestyle changes, however, for resolutions affecting your financial health, there’s often no better time than when starting a new job.
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Income Protection Insurance Is Changing
From 31 March 2020, insurance companies must stop providing ‘agreed value’ policies that are based on the income you advise at the start of cover, regardless of any subsequent change in income. This means no more ‘agreed value’ contracts can be bought or sold after 31 March 2020.
DetailsEconomic Update as at December 2019
Global equity markets staged a strong finish to 2019, with investors favouring riskier assets amidst declining trade war concerns and easing geopolitical tensions. US equities posted solid returns over December, as Hedged Overseas Developed Shares increased by 2.3%.
DetailsDo you hire contractors?
Read why employers can be caught out with penalties and charges if they misclassify their workers.
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How to find new customers
Happy New Year! Read how to find new customers with 11 easy ideas that you can try as you ease back into work or use to build a specific campaign.
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Rapid growth in use of Buy-Now-Pay-Later digital payments
New research from Roy Morgan shows 1.95 million Australians used one of the latest ‘buy-now-pay-later’ digital payment methods such as Afterpay, zipPay or zipMoney in the year to September 2019, up from 1.38 million in the previous 12 months.
DetailsEconomic Update as at November 2019
Equity markets extended their rally in November with major indices reaching new highs. Markets were encouraged by reported progress on trade negotiations between the US and China, coupled with stable economic readings in the US and initial signs that growth deterioration in Europe may have bottomed.
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Bushfires November 2019
If your business or residential address is in one of the bushfire impacted postcodes, the ATO will automatically grant a two-month deferral for activity statements lodgments and payments due.
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Scooters for Salvos
Carrick Aland is delighted to be able to donate scooters and balls with funds raised from our team so that the Salvation Army can give these out to deserving kids this Christmas.
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QRIDA Primary Producer Sustainability Loans
QRIDA Sustainability Loans provide finance of up to $1,300,000 to assist in achieving a more productive and sustainable primary production enterprise.
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Talbingo benefits from accounting upgrade
Read why Talbingo Pastoral Company’s move to Xero with ReceiptBank and Figured add-ons has been a worthwhile and timely process for their business.
DetailsHow to increase your existing customers
Read how to increase your existing customer base with 9 easy ideas in time for the end of the year and planning for the next calendar year.
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Fringe benefits tax and Christmas parties
Reminder of the potential fringe benefits tax (FBT) implications for celebrating with employees this festive season. FBT obligations depend on the amount spent, when and where a party takes place, who attends and the value and type of gifts given.
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Australian digital business growth
Almost half of Australian bricks and mortar small business owners (48%) predict their business will operate entirely online in the future, with more than a quarter (26%) of these businesses foreseeing this happening in the next three years.
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Have you got employees who salary sacrifice into super?
Employers should take note of the new rules that became law on 28 October 2019, regarding the application of compulsory superannuation guarantee to salary sacrificed superannuation amounts.
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Toowoomba Auditor and Accountant David Johnston
Accountant and Auditor David Johnston has been a familiar face at Carrick Aland since 1990 when he joined us straight out of university. Now as a Director, read why David still finds his role challenging yet very rewarding.
DetailsRural Aid Financial Assistance Application
Rural Aid is offering primary producers in QLD drought-affected areas (or flood-affected North Queensland) a one-off $1,500 towards bill payment. Apply now.
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Fuel tax credits for passenger air conditioning
From 1 November 2019, you must claim fuel tax credits for fuel used to power passenger air conditioning units (for example in commercial buses and coaches) at the rate for ‘heavy vehicles for travelling on public roads’.
DetailsEconomic Update as at 31 October 2019
Equity markets returned mixed results during October. The US equity market rallied higher with major US indices reaching fresh highs. Hedged Overseas Developed Shares increased by 1.8% over the month. Markets were encouraged by the progress made on the US-China trade negotiations front and economic readings, which suggest that global growth may have stabilised.
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The risks with log-books
Close enough is not good enough. This case shows how pedantic the ATO – and AAT – will (and can) interpret the rules re a valid log book. Get some dates wrong and double up some odometer readings and it is not a valid logbook.
DetailsFuel up with BP and Xero Connect
Read how BP has partnered with Xero Connect in Australia to enable business customers to automate the entry of monthly invoices related to fuel expenses into Xero.
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Successful Investor Secrets
Successful investing can be one of your biggest allies in the quest for long-term financial security. Unfortunately, unsuccessful investing can leave you wishing you’d kept your money in the bank.
So what are the secrets to making your investments achieve what you want them to achieve? Here are some of the tactics used by successful investors around the world.
The Power of Regular Investing
One of the world’s most admired investors, Warren Buffett, is famous for saying “Don’t save what is left after spending; spend what is left after saving.”
While this approach may not always be possible, investing even just a small amount regularly can make a big difference over the long term.
Cotton farm curbs bookkeeping with cloud upgrade
Xero Certified Renae was already proficient in operating Xero with Carrick Aland’s clients and had experienced very positive outcomes using it, so it was a no brainer when it came to bringing her family’s farm onto a cloud bookkeeping system. We look at some of the key ways Renae helped to streamline the cotton farm’s bookkeeping.
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Carrick Aland named Dalby Business Excellence Award Winners
Carrick Aland were revealed as one of the winners at the 23rd Dalby Business Excellence Awards, announced at the ‘Diamonds & Dust’ gala event at the Dalby Events Centre on the weekend.
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Five tips for looking after your large household’s finances
Take the pain out of managing your family’s finances. Taking care of household finances can be taxing, especially if you have a big family. But with proper planning and budgeting, there’s no need to stress. Here are some tips to help you effectively manage your household finances.
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Carrick Aland mentioned in Federal Parliament
Carrick Aland received a Federal Parliamentary mention from the Hon Dr John McVeigh MP, who congratulated our team for being announced as the winner of the Professional and Business category at this month’s Heritage Bank Business Excellence Awards.
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Dollar Cost Averaging – Smoothing out the bumps
Whether it’s all new to you, or have some previous experience, investing your hard-earned dollars can be daunting. How can you be sure you’re entering the market at the right time?
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Carrick Aland’s Pink Ribbon Breakfast Fundraisers
Carrick Aland held morning teas in Dalby and Toowoomba to raise money for Cancer Council Australia’s Pink Ribbon Cause this year and we’re in the pink with how much we raised.
DetailsEconomic Update as at 30 September 2019
Equity markets rebounded over September, closing out a mixed and volatile third quarter with Hedged Overseas Developed Shares increasing by 2.3%. Investors looked past global trade friction, softer global manufacturing activities and macro uncertainties, with additional monetary stimulus helping to alleviate investor concerns.
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Carrick Aland named Heritage Bank Business Excellence Awards Winners
Toowoomba Chamber of Commerce named Carrick Aland their Banking, Finance & Legal award winners for 2019. Carrick Aland were also named overall the Business & Professional Division Winners out of a field of 15 professional businesses.
DetailsFarming on the Front Foot Update
With unfavourable seasonal conditions expected to further reduce soil moisture levels in QLD cropping regions, we look at the impacts and the steps producers can take to plan and be prepared this summer.
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Five ways to keep your business debt under control
Piling up a lot of debt could leave your business in financial difficulty or, worse, bankrupt. Here are five ways that may help you manage debt and avoid a financial mess.
DetailsConcerned you’re losing precious profit margin?
There has never been an easier time to take a ‘deep dive’ into your financial figures as all the necessary components are at your fingertips. Read on for the 4 key ways Carrick Aland can assist you.
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Heritage Bank Business Excellence Awards Finalists
Carrick Aland is thrilled to have been shortlisted as finalists in the Heritage Bank Business Excellence Awards Professional & Business – Banking, Finance & Legal category.
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Toowoomba Accountant Renae Clapham
Cloud accounting technology is exciting for Renae, from mobile accessibility to intuitive learning and new features being added all the time. Working alongside Cameron Sorley in Toowoomba, cloud accounting is the predominant tool Renae reaches for when processing tax returns and doing BAS.
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When will I be a millionaire?
Many people dream of becoming a millionaire. For most people, it stays a dream. Why? A million dollars is certainly a lot of money, but despite how impressive it sounds it’s a target which is well within reach if you take into account the three key factors.
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Non-mulesed wool commands premium price during market slump
Despite prices in the overall wool market declining, non-mulesed wool is fetching premium prices because of the demand in Europe by retail brands looking for ethically produced wool.
DetailsEconomic Update as at 31 August 2019
Volatility returned to markets in August, driving equities lower while safe-haven assets enjoyed solid gains. The downturn in equity markets was largely driven by increased trade tensions and geopolitical uncertainties.
DetailsPutting your goals first
A goals-based investment approach isn’t focused on ‘beating the market’.
It’s about tailoring your investments to meet your personal goals.
Hiring a working holiday maker?
If your new employee has ticked the box at Question 8 on their Tax file Number declaration to declare they’re a ‘working holiday maker’ read what you need to do.
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Key Business Drivers build accurate responsive forecasts
Find out how understanding the key drivers of your business helps you to have a greater awareness of business or farm activity to be able to forecast more accurately.
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Meet PAYG Withholding Obligations or lose tax deduction
Are you meeting your PAYG Withholding obligations? If you are running a business, you can no longer claim deductions for payments to employees or workers if you have not met your PAYG obligations. This applies to tax returns lodged for the 2020 year onwards
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Four ways to teach children healthy money habits
As a parent, you try to ensure your children have the skills to make smart financial decisions. For example, you tell them about the importance of saving or the power of compounding interest. But did you know that you could be sending them negative money messages without meaning to?
DetailsHome expense payment fringe benefits
Paying your employee’s home phone or internet? Check if doing so may result in an expense payment fringe benefit.
DetailsContractor payments
Check if you need to report payments you made to contractors to the ATO in a Taxable payments annual report (TPAR) by 28 August 2019.
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Fuel tax credit rate increase
Fuel tax credit rates increased on 5 August 2019 in line with fuel excise indexation.
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Free E-Book: Get Inspired to Become a Better Gift-Giver!
Did you know, Australia is a generous country and spends nearly $20 billion a year on gifts? That’s about $1,200 per person per year or equivalent to buying a $4 coffee every weekday! Discover interesting insights around Australians and their spending habits as well as attitudes towards giving and receiving gifts.
DetailsThe human cost of late payments
Small business owners have enough on their plates. Running a business is hard enough as it is, without losing sleep over a late invoice. But there are things entrepreneurs can do to better manage late payers and bring more positivity to your workplace.
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