I’ve been recently asked a few times about the difference between margin and markup, so I thought about writing a blog post about it in order to clear out any confusion around those two terms. Margin and markup are two different ways of looking at your profit on a sale as they both focus on … Read more
Rainfall and flooding is affecting communities across parts of Queensland and New South Wales. As of 28th February 2022, residents in the flood affected local governments across those two states are eligible for financial support through federal and local governments. For individuals Australian Government Disaster Recovery Payment (AGDRP) of $1,000 per eligible adult and $400 … Read more
More than 1.2 billion invoices are exchanged in Australia every year, with around 90 per cent of invoice processing still partly or fully manual. As of 1 July 2022, e-invoicing for all Commonwealth agencies will become mandatory in Australia. Propelled by the goal of decreasing payment cycle times, costs and increasing efficiencies, mandatory e-invoicing legislation is on the … Read more
As a dentist, doctor or other medical practice owner, you probably face financial challenges unlike many other businesses. With a long list of complex regulatory requirements and financial obligations, it is important to get qualified support from specialist accountants with specific medical accounting expertise and experience in order to avoid costly mistakes, and for your … Read more
In this article, we work through the process, timing and issues for establishing a Director ID under the new Director Identification Number regime that came into effect on 1 November 2021. What is a director ID? A director ID is a 15 digit identification number that, once issued, will remain with that director for life … Read more
COVID-19 support will roll back as states and territories reach vaccination targets. The National Plan, the roadmap out of COVID-19, does more than provide greater freedoms at 70% and 80% full vaccination rates, it withdraws the steady stream of Commonwealth financial support to individuals and business impacted by COVID-19 lockdowns and border closures. We look … Read more
We often get questions from clients about what they can and cannot do in their Self-managed Super Fund (SMSF). Often the questions relate to related party transactions – that is, interactions between the SMSF, its assets, and its members (or relatives of members). We’ve set out some of the common questions and answers. In general, … Read more
With a new financial year well and truly underway, it is timely to highlight some of the recent changes to the superannuation rules for the 2021/2022 financial year. Super guarantee rate increase to 10% On 1 July 2021, the Superannuation Guarantee (SG) rate increased from 9.5% to 10% – the first rise since 2014. It … Read more
The support available to individuals and business has been constantly evolving and changing. Here’s a summary of where support stands around the country. For individuals From 2 August 2021, the COVID-19 Disaster Payment has increased to a maximum of $750 per week for those who have lost 20 hours of work or more, and $450 … Read more
Most people would think that money provided by the Government to support people and business during a pandemic would be tax free. Otherwise, it’s like giving money with one hand and then taking it away with the other, right? But, the tax laws don’t work like that. To make a payment tax-free, legislation is required … Read more
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