Blog

COVID-19 Australian Bank Assistance

Darren Stacey , National Leader, Finance Solutions Executive Director, Debt Advisory BDO Australia Given the significant market disruptions now becoming apparent across the country, the major Australian banks have announced how they will assist their impacted business customers. While many individuals are rightly focussing on the health and wellbeing of their own family, the impacts on…

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Government Stimulus Plan In Response To COVID 19 Including Tax Measures

On 12 March 2020, the Australian Government announced its economic response to the coronavirus (COVID-19). The ATO also released a series of administrative concessions for taxpayers. The Federal Government has announced a further $66 billion package not listed here. Tax incentives for business investment Instant asset write- off Depreciation Rebate Subsidies Increased threshold from $30,000 to $150,000 Accelerated depreciation to…

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Your Business Survival Checklist for Covid 19, Coronavirus

We live in unprecedented times physically, socially and as businesses: financially and economically. We are phasing an unknown enemy: COVID-19 and how your business will adapt and emerge at the end of this turmoil is tied up to your response, leadership and planning in the time you have NOW. Below are some of the strategies…

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TAX AGENT IMPERSONATORS CONNING VICTIMS TO PAY FAKE DEBTS

TAX AGENT IMPERSONATORS CONNING VICTIMS TO PAY FAKE DEBTS By Emma Koehn (Fairfax Media) Tax agents are being forced to fight fraudsters who are impersonating  tax professionals to con victims into paying fake debts. The Australian Taxation Office advised tax agents this week to inform their clients that scammers may be trying to spoof them. In a…

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TAX-EFFECTIVE INVESTMENT BONDS

Most investors consider superannuation for long term tax-effective savings and despite all the changes over the years, maximising the superannuation rules is paramount in all client’s retirement plans. Both the Government and the Opposition are now targeting its concessions in this area and have placed limits on wealth creation and estate planning in superannuation. Investors…

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INHERITANCE, CENTRELINK AND WILLS

By the pure nature of it, receiving an inheritance tends to come at a time when we are grieving, and at this distressing time, we need to understand whether the inheritance itself impacts a Centrelink aged pension benefit. The key to this is the size of the inheritance, and is dependent on one’s existing wealth…

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Do you import goods worth A$1,000 or less?

Do you import goods worth A$1,000 or less?   From 1 July 2018 overseas businesses that meet the GST registration threshold of A$75,000 will need to charge GST on goods that are: less than A$1,000 (low value) imported into Australia not GST-free (such as most basic food, alcohol, tobacco, or tobacco products). How will this…

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THE AUSTRALIAN DOLLAR JUST FELL TO ITS LOWEST LEVEL IN 2018

Selling the Australian dollar one indicator that expresses a view the world is a riskier place today than it was yesterday. Judging by the heavy selling over the past few months this is currently the case. In mid-June 2018 the Australian dollar was trading at around its lowest level in more than a year, falling…

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More Australians entitled to payments from July 2018

In March, July and September of each year, the federal government changes the rules for claiming the Age usually for the better! Currently, the Age Pension income test thresholds and the Age Pension assets test thresholds are adjusted three times a year in line with increases in the Consumer Price Index. Effective from 1 July…

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Are You A Company Director?

Most people do not realise that they can potentially be held personally liable for the debts of their company during the time they are directors – even if they are silent directors, or later leave the company. That’s why it is important to know your responsibilities and obligations as a company director.

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SMEs Protecting Against Online Scams & Cyber-Attacks

SME owners must not overlook cyber security since they are vulnerable to the same scams and cyber-attacks that prey on individuals. SMEs may suffer severe ramifications from a significant security breach, which may even hamper businesses’ ability to continue operating.

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To Approve Or To Not Approve

As a borrower, are you aware of what a mortgage assessment rate is and the impact it has on your ability to successfully apply for a home loan?! There is a misconception that lenders assess your ability to repay a home loan based on interest rates at the time of your application. This is not the case.

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Health Insurance Benefits

We’re often guilty of not taking care Simple steps like having health insurance can make all the difference when a family member becomes unwell. Poor health is already a stressful time for you and your family, so any financial strain can amplify this.

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Time For Taxes

INCLUDE ALL YOUR INCOME Declare all your cash and online sales in your tax return. Income may also include money you have earned from participating in the sharing economy such as renting out a room or driving passengers for a fare.

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Reduce Your Insolvency Risk

The latest Trade Payments Analysis from Dun & Bradstreet shows businesses are waiting on average almost 45 days for payment. Slow payment not only impacts on your ability to pay your suppliers on time, it also reduces your ability to grow the business and increases your likelihood of insolvency.

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Superannuation Reforms Passed

On 23 November 2016, some of the most far-reaching superannuation reforms of the past decade were passed by both Houses of Parliament. The superannuation reform package was announced in the 2016-17 Budget and amended following consultation.

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