News & Updates

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Teaming up with another business can be an effective way to maximise efficencies and profits, but joint ventures need to be understood, managed carefully and documented well to avoid major pitfalls and legal problems.   Attachments: Joint Ventures[ ]1124 kB ...

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Business Income and Expenses Subject to cash flow requirements, consider deferring income until after 30 June, especially if you expect lower income for 2016/17 compared to 2015/16. Most businesses are taxed on income when it is invoiced. Some small businesses may be taxed only when income is rece...

Read more: General year-end tax strategies

It is an unfortunate fact of business life that sometimes you will not be paid in full for work you have done. When this happens you have incurred a bad debt, and it is a very frustrating experience. The silver lining to this situation is that there are some tax breaks that can come along with a ba...

Read more: Bad debts for tax purposes

A new dependant tax offset allows individuals to claim an offset for invalids and carers. At the start of the 2012-13 financial year, the ATO made some changes to how individuals can claim offsets for dependants when lodging a tax return.   One change is the eligibility age for the dependant tax...

Read more: Dependant tax offset changed

In our last newsletter, we visited the issue of protecting your assets and started to discuss some of the ‘ownership’ options such as companies or trusts.  Many businesses operate via a company.  Some people with large amounts of business assets even use a separate company (or other entity) t...

Read more: Protect Your Assets (part two)

Testamentary Trusts can be incorporated into a Will to provide greater flexibility for the beneficiaries of a deceased estate.  A Testamentary Trust operates under a Trust structure whereby assets are managed by one person or persons, such as a trustee, for the benefits of others, known as benefic...

Read more: What is a Testamentary Trust?

With 30 June 2013 only 3 weeks away it is perfect time to review your situation to make sure that you take advantage of any planning opportunities to ensure that your financial situation is maximised.    Document and claim all work-related expenses, you can automatically write off $300 a year ...

Read more: Top Tax Tips for Individuals

Self-managed superannuation fund (SMSF) trustees should be aware of the new rules for holding investments in collectables and personal use assets that come into full effect on 1 July 2016. The new rules that were introduced 1 July 2011 have amendments to the guidelines for storage, insurance and va...

Read more: Changes to collectables

As people get older they need to make arrangements on how to handle their estate, and their personal interests in the event of sickness or death. Contrary to popular belief, an individual’s parents, spouse or significant other are not always automatically empowered to make these decisions on thei...

Read more: Estate planning for the future

You may recall we have already discussed the first two strategies to grow a business; ‘increase customers or clients’ and ‘increase the transaction frequency’. Let’s explore the next strategy: Increase the transaction value. This strategy is often referred to as the ‘do you want fries ...

Read more: Growing your business (Part 3)

In the last article we looked at the strategy of finding new customers.  The next strategy for increasing sales or income in your business is to increase the transaction frequency with your customers. Some experts believe that the most important strategy for business growth is to increase the sales...

Read more: Growing your business (part 2)

You may recall in my last newsletter the concept of only needing to focus on ‘three’ areas to help grow a business and improve its profitability. Many business development books and consultants argue there are numerous aspects to consider. However, if you think of any business strategy you will ...

Read more: Growing your business

What are the differences between a person being an employee or a contractor? Many business owners ask me this question.  This article should help clarify some of your concerns. It is important that you understand the differences as a number of government organisations are continually reviewing the...

Read more: Employee vs Contractor

Planning on buying equipment?  If you plan to purchase a depreciating asset (e.g. computers, machinery, cars), here’s what you can claim before 30 June. On 1 July 2002 the Australian Taxation Office (ATO) introduced new depreciation rules. The changes significantly increased the amount a bus...

Read more: Planning on Buying an Asset?

SuperStream kick-starts on 1 July 2015 for businesses with less than 20 employees and you have until 30 June 2016 to meet the SuperStream requirements. The new reform simplifies employer superannuation contributions by requiring all businesses to make payments electronically to all funds. Small bus...

Read more: Get ready for SuperStream

In the budget on 12 May 2015, the treasurer announced that small business will be able to immediately claim a tax deduction for assets costing less than $20,000 as opposed to currently being able to write off assets costing less than $1,000.  What does this actually mean for you?   Is this law y...

Read more: $20,000 Asset Write Off

Good news everyone I am getting a tax refund! But wait … I haven’t lodged my tax return and I actually have to pay tax this year! Over the past few months I have received quite a few questions from people who have received emails from the ATO advising them they are entitled to a refund, I have ...

Read more: Beware of SCAM refund emails

It is common for businesses to make GST errors in their BAS. The majority of these mistakes are unintentional. The ATO recently reviewed all of the BAS adjustments made as a result of auditing and revealed that over 80% were the result of inadvertent GST mistakes. Examples of common mistakes inclu...

Read more: Avoiding the usual GST errors

The ATO has recently released an app to help individuals and small business owners.    You can use the new ATO app to: determine if your worker is an employee or contractor for tax and superannuation purposes search Small business assist to find relevant information and YouTube video explana...

Read more: The ATO has an App!

On Friday 28 February 2014 we will be moving approximately 400 metres north to Suite 4, 154 Fullarton Road, Rose Park.  The 2013 year was an excellent year at MJN Accounting. Many clients referred their friends and business associates to us to support them with their business and accounting needs....

Read more: We are on the move!

You have probably heard this term in the medial lately, therefore I have added this article to provide you with a background of what they are referring to. The Federal Government has introduced changes to the superannuation system designed to make Australia’s superannuation system stronger and mo...

Read more: What is 'Stronger Super'?

This is the first in a series of articles looking at how you can protect your hard earned assets; your home, your business and/or your investments. Like all financial matters, you must have a strategy. Unfortunately for many their asset protection strategy stops with insurance believing this will c...

Read more: Protect Your Assets

We have been working with Roxby and other remote area workers for over 20 years and during this time have been asked a lot of questions about zone rebate.   History The Zone rebate was introduced in 1945 to recognise the disadvantages that people in remote areas encounter.  For example the high...

Read more: Zone or Remote Area Rebate

There are now greater penalties in place for breaches of most Australian tax laws. The ATO has increased the value of a penalty unit from $110 to $170, the first such increase since 1997. A maximum of 5 penalty units for a very late tax return increases $300 to $850 ($170 x 5) from the previous $55...

Read more: ATO increase in penalties

Useful check for claiming your entitled deductions

Motor Vehicle Checklist

Are you claiming all you’re entitled to? RAA Membership, Parking, Car Insurance? Use this motor vehicle checklist as a guide to help maximise your vehicle related tax deductions.

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Rental Property Checklist

Investment properties incur a number of expenses. Strata fees, insurance, interest and any repairs or maintenance just to name a few. Use this checklis to assist claiming all that you're entitled to.

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Individual Tax Return Checklist

At the end of the financial year it can be a daunting tasks preparing your Individual Tax Return for lodgement. Use this checklist to assist with collecting all the information you'll need.

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