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Select Accounting Blog

New Personal Tax Rates and Thresholds

The Australian budget for fiscal 2018-19 was unveiled last night. There were tax cuts for individuals, which include sole traders and family partnerships, but little new in the way of tax relief for corporations. Corporate entities will have to wait for the government’s existing 10-year tax plan to win parliamentary approval before they see any cuts. The new personal tax rates are below. The corporate rates, which are unchanged.  ..

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09May
2018
0

Post By:-
Gen Jones

Work Related Expenses Headed For Shake-Up

The upcoming Federal Budget could see work-related expenses claims replaced with standard deductions, in light of the ATO's castigation of excessive claims in recent months. The ATO’s campaign against excessive claims have been led by commissioner Chris Jordan, who has publicly lashed out at tax agents for “not fulfilling their duty” after the tax office’s random enquiry program had found that incorrect claiming was worst in agent prepared returns. Further, t ..

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02May
2018
(Disabled)

Post By:-
Gen Jones

Scams Targeting ASIC Customers

Scammers pretending to be from ASIC have been contacting Registry customers asking them to pay fees and give personal information to renew their business or company name. These emails often have a link that provides an invoice with fake payment details or infects your computer with malware if you click the link. Warning signs the email is not from ASIC. An email is probably a scam and is not from ASIC if it asks you: to make a payment over the phone to make a payment to receive a  ..

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12Apr
2018
(Disabled)

Post By:-
Gen Jones

ATO Extends Due Date For 2016/17 SMSF Returns

The ATO will extend the due date for lodgement of self-managed superannuation fund (SMSF) annual returns for 2016/17 to 30 June 2018. Deputy Commissioner James O’Halloran said “We recognise there are some major new considerations and decisions for SMSFs and their advisers to make in this first financial year of operation of the superannuation reforms that came into effect from 1 July 2017. “We have therefore decided to extend the lodgement date for 2016/17 SMSF annu ..

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07Mar
2018
0

Post By:-
Gen Jones

Goverment Extends The FBT Exemption For Potable Electronic Devices For Small Businees Employers

Government extends the FBT exemptions for portable electronic devices for small business employers In the 2015/2016 Federal Budget, the Federal Government announced that it would extend the FBT exemption for portable electronic devices (for example laptop computers and mobile phones) to allow small business employers to provide more than once ‘portable electronic device’ to an employee in the one FBT year. This extension of the FBT exemption for portable electronic devi ..

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13Feb
2018
(Disabled)

Post By:-
Gen Jones

5 money mindsets that hold you back

What’s holding you back from taking control of your financial future? Discover the five mind tricks that can stop you from achieving financial success and what you can do to avoid them. Fear of Failure Earning and saving money from your salary is all very well. But setting up an alternative income stream from an investment portfolio can help you make the most of your personal wealth potential. So, what is it that holds people back from taking their first steps into investing? A ..

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20Dec
2017
(Disabled)

Post By:-
Gen Jones

The 2 Key Things That Can Affect Your Business Value

How can you make your business worth a larger amount when you want to sell it? Before we answer this question, remember: your business will only be worth what someone else is willing to pay for it. So, you may think it is worth $1 million, but if your best offer is only $500,000, then $500,000 is realistically what your business is worth. How can you attract a buyer and get them to pay the price you want? A basic business value formula Most small and medium sized bus ..

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13Nov
2017
0

Post By:-
Gen Jones

Business owners – what is your end game?

Why do you own a business? It’s interesting to consider this because we are shocked at how many business owners haven’t taken the time to consider this fundamental question. From a big picture perspective, having a business provides you with a lifestyle. That’s it! It gives you cash now to fund your family spending, and hopefully a lot of cash in the future when you sell your business. And it’s very similar to having a Self Managed Super Fund (SMSF ..

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21Sep
2017
(Disabled)

Post By:-
Gen Jones

Five Expensive but Avoidable Financial Mistakes

Years ago everyone looked forward to their “retirement” at age 55. But these days, do you really want to retire? We’ve all heard many stories about people who retire, and they’re dead less than a year later. Why? Because they have nothing keeping them mentally active, nothing keeping them going with real purpose. Instead of aiming for retirement, we believe everyone should be aiming for financial freedom. Freedom to do what you want, when you want.  ..

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31Aug
2017
(Disabled)

Post By:-
Gen Jones

Keeping your Business Alive

What’s your strategy to keep cash flowing through your business? High sales and consistent profits are great aspects to have in your business, but without cash rolling in regularly you won’t be able to pay your suppliers, staff, even yourself! Give yourself some security by preparing a Cash Flow Forecast for your business. What is a Cash Flow Forecast? A cash flow forecast is a projection of all of your income and expenses for your business over the next 12 months,  ..

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24Aug
2017
(Disabled)

Post By:-
Gen Jones