The idea of locking in a mortgage rate for two decades or more might seem like a pipe dream for Australian homeowners. Australian banks currently offer a maximum of 10-year fixed mortgage, however, other developed countries like the U.S. or France currently offer 25 or even 30-year fixed mortgage rates.
During a recent House of Representatives hearing, the CEO of National Australia Bank (NAB), Andrew Irvine, provided evidence on the popularity of variable-rate mortgages with offset accounts. While these accounts offer flexibility and potential savings, Labor MP Tania Lawrence argued that their popularity is partly due to the limited availability of other loan options, such as longer-term fixed rates.
The question of whether Australia will ever see 20+ year fixed mortgages remains unanswered. While there is a growing demand for such products, challenges such as interest rate risk and regulatory hurdles continue to hinder their widespread adoption.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
Growing a business requires a holistic approach. Similar to a bike, a business has many parts that to work well together to keep moving pedaling forward. Neglecting an area or two might cause instability or slow down your growth.
The Balanced Business Wheel™ developed by Nick & Judi Hudges, give us a great insight into the key areas you can focus on so you can have a resilient and successful business.
The eight essential areas you should be focusing on are:
Your team needs to feel connected to your purpose and core values. Try involving them in an exercise to help define or redefine them. This ownership will increase engagement and ensure your values truly reflect your company culture.
Consider asking your team to share specific examples of how they’ve embodied these values in their work.For example, you could ask them to share stories of a time when they “dreamed big” and what does that mean to them, or how they’ve demonstrated “authenticity” in their interactions with clients and team members.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
A strong purpose and core values are essential for any business. Our recent team retreat led us to refine our purpose to “To have the most impact in the lives of families we work with.”
We also added “Be Authentic” to our core values of Dream Big, Make an Impact, and Remember Your Roots.
A clear purpose unites your team, attracts clients, and guides decision-making. Core values shape your company culture and ensure everyone is aligned. By defining your purpose and values, you’re setting a powerful direction for your business.
Your team needs to feel connected to your purpose and core values. Try involving them in an exercise to help define or redefine them. This ownership will increase engagement and ensure your values truly reflect your company culture.
Consider asking your team to share specific examples of how they’ve embodied these values in their work.For example, you could ask them to share stories of a time when they “dreamed big” and what does that mean to them, or how they’ve demonstrated “authenticity” in their interactions with clients and team members.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
The tax rate cuts for the 2025 financial year will mean an increase in net payments to your employees. Last financial year, you would have withheld more tax compared to 2025FY to be remitted to the ATO when your BAS is due.
So, please ensure you have enough funds to pay employees’ net wages when processing your pay runs.
If you have set up recurring payments with your bank, ensure you update the recurring payments to reflect the new changes.
And last but not least, from 1 July 2024, the super guarantee has increased from 11% to 11.5%.
Your accounting software used for payroll should factor in tax and super changes. However, you will need to update your budget and cash flow to ensure you have enough funds at the right time to meet payroll obligations.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
While the 2024 financial year has come to a close, it’s time to get your books ready for your accountant to prepare financials and tax returns.
If you have a bookkeeper, they will hopefully assist in finalising your payroll and getting a work pack ready for your accountant to start preparing your financials and tax returns.
The more organised you are, the faster your accountant will be able to finalise preparing your financial statements and returns.
For family groups that lodged their 2023FY late, you will need to get started early since you will not be eligible for an extension, and your 2024FY returns will be due for lodgement by 31 October 2024.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
The much-awaited bill has now received royal assent on on 28 June 2024. Small businesses with an aggregated turnover of under $10 million will be able to write off assets purchased between 1 July 2023 and 30 June 2024 that cost $20K and under.
If your small business has an aggregate turnover of less than $10 million, you can access the small business pool depreciation rules, which provide an accelerated depreciation rate of 15% in the first year, followed by 30% each year thereafter.
Once the balance of the pool in a given year falls below the instant asset write-off threshold for that year (before applying the depreciation deductions), you will be able to write off the balance.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
Travelling for business can involve various expenses, and understanding how taxes apply can be confusing. The below key points clarify how travel expenses are treated for tax purposes, clarify deductibility for business owners and highlight any requirements.
Key Points:
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
Businesses engage contractors for specialised skills or to streamline costs. But keep in mind, that superannuation isn’t always off the table.
You generally don’t pay super for independent contractors. But, if the contract is wholly or principally for their labour, you might be liable. This applies even if they have an ABN, regardless of their earnings amount.
So, a seemingly genuine “contractor” might be classified as an “employee” under the Super Guarantee Act.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
Good news for people who want to contribute more into their super.
Here’s a quick breakdown of the changes taking place from 1 July 2024:
Maximum NCC cap under bring-forward rules: This increases from $330,000 to $360,000. This allows you to make larger contributions under specific eligibility
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
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