Room to rent? Read this first.

November 14, 2017

Renting out a spare room can be a great way to earn some extra cash, particularly with the help of Airbnb and similar online services. However, it’s easy to overlook the fact that the rent you charge, even on short-term stays, is taxable income. It must be declared on your annual tax return and, depending […]

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Claiming business losses

September 11, 2017

If you are a sole trader or a partner in a small business that has made a loss, please read the following carefully. Small business owners can only claim losses against other income if: 1. One of the exceptions for primary production or professional arts businesses applies. If you have a loss from a primary production […]

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GST Misunderstandings

September 4, 2017

Australian businesses with an annual turnover of more than $75,000 must be registered for GST. Charging an extra 10 per cent on top of services sounds simple, yet a number of traps routinely catch small business owners. Businesses falling beneath the $75,000 threshold are not required to register for GST. These businesses cannot: state “Tax […]

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Reducing your capital gains tax liability

July 12, 2017

Many people may be able to save time and money on their tax return by gaining a better understanding of the Capital Gains Tax rules. It is widely known that under the 50% rule investors only need to include half the net capital gain on those investments held for more than a year in their […]

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What to do if you’re audited

July 5, 2017

The Australian Tax Office (ATO) is constantly committing more resources to checking tax returns and using modern technology to help nab offenders. So be prepared – the tax office is smarter than you are! A vital tool for the ATO is data matching software – this compares interest, dividends and other income with information from […]

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Superannuation and new cars are very similar!

June 26, 2017

Superannuation can be one of the most baffling topics when it comes to managing our finances so let’s relate looking for the right fund to something that might be more enjoyable – buying a new car. What do you look for? Size and speed The engine of growth in super is the investments you choose. […]

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What are managed funds?

May 19, 2017

Managed funds are one of the most common ways people can invest their money. Many large superannuation funds will use managed funds as a way to access the skills of investment managers and different types of investments. So how do managed funds work, what types are available and what are the risks involved? The Basics […]

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ATO targeting online selling

May 17, 2017

The Australian Tax Office is collecting data from financial institutions and online selling sites as part of their data matching programs for credit and debit cards and online selling. The data will include: the total amount of credit and debit card payments businesses received online sellers who have sold at least $12,000 worth of goods […]

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2017 year end tax tips

May 10, 2017

Capital losses Selling poor performing assets may enable you to bring forward a tax loss that can be offset against any capital gains made throughout the financial year. Write-off bad debt To obtain a bad debt deduction, a debt must not be merely doubtful and must be written off as bad during the year of […]

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Tried and true money tips

May 3, 2017

This article lists 9 sound tips that act as a good reminder for our readers in managing their money and encourages them to contact us if they need professional advice or a review.  Life gets so busy and the months soon roll into years when suddenly you find that your finances are off track and […]

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Balancing Life, Work and Money

April 19, 2017

This article focuses on the topic many people grapple with in life – what to do to achieve a balance in work and lifestyle without a major impact on finances. It covers various options and recommends financial advice before making a big move. Work-life balance. It’s something everyone seeks, but achieving it can seem an […]

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Tips for improving cash flow

April 12, 2017

Maintaining appropriate cash flow is a critical component of running a successful business.   Despite this, running out of liquid capital is one of the most common reasons that small businesses fail. Monitoring cash flow and planning accordingly is important at every stage of the business lifecycle; however, it is especially critical that businesses experiencing […]

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Finalists in the Australian Accounting Awards 2017

April 12, 2017

Newcastle based Leenane Templeton Chartered Accountants & Business Advisors has been shortlisted for the prestigious Australian Accounting Awards, partnered by Thomson Reuters. Andrew Frith of Leenane Templeton is in the running to take out one of Australia’s top industry awards. Leenane Templeton has been shortlisted as a finalist to win two awards in the categories […]

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Common GST mistakes

April 5, 2017

Despite the Australian Tax Office’s education campaign on GST reporting, many small business owners continue to make errors when claiming GST credits in their GST returns or Business Activity Statements.   The vast majority of errors are easily avoidable and relate to the over-claiming of GST credits. Here are the top ten common GST mistakes: […]

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Are you short-changing your employees on super?

March 29, 2017

A new report has revealed around 2.4 million or almost one third of Australian workers are missing out on some or all of their super entitlements and little is being done about it.    Under the Superannuation Guarantee (SG), employers must contribute 9.5 per cent into the super account of every worker over the age […]

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Extended deadline for SMSFs

March 21, 2017

The ATO is targeting individuals (at, or approaching, retirement age) purporting to divert personal services income to a SMSF to minimise or avoid income tax obligations. A person earns personal services income (PSI) when 50 per cent of their income is earned from offering products or services that involve their skills, knowledge, expertise or efforts. […]

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CGT exemptions for depreciating assets

February 12, 2017

The disposal of a depreciating asset may incur capital gains tax (CGT) if the asset has been used for a nontaxable purpose (i.e. private purposes).   However, there a number of CGT exemptions that may apply to a capital gain or capital loss made from the disposal of a depreciating asset:   Pre-CGT assets: you […]

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The new business model – because sharing is caring

November 23, 2016

With help from the internet, a new business model is quietly turning millions of ‘average Joes’ into entrepreneurs. Uber is connecting riders with drivers through apps. Airbnb is connecting hosts with travellers looking for a place to sleep through its website. Zopa is connecting lenders with borrowers through its peer-to-peer lending service. Many individuals are […]

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Is this the future of banking?

November 17, 2016

Peer to Peer, or ‘P2P’, lending is a method of bringing borrowers and lenders together without a traditional financial institution to act as intermediary. This increasingly popular form of lending takes advantage of the internet to connect individuals who have money to lend with those who require funding for any reputable need. It’s not an […]

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Virtual Currencies – Funny Money or Legal Tender?

November 10, 2016

Virtual currencies, or cyber currencies, are both a medium of exchange and a store of value, just like traditional money. However, unlike banknotes or coins cyber currencies exist only as digital data stored in computers. Trading in virtual currencies requires membership in an online community connected by appropriate software, with the value usually being determined […]

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