Finalising Single Touch Payroll

With the introduction of Single Touch Payroll (STP), this end of financial year (EOFY) will look a little different. STP has streamlined the payroll process meaning EOFY should also be a more simple task. Where you would previously be sending payroll information to the Australian Taxation Office (ATO) once a year, that is now being done automatically after every pay run (assuming you have adopted STP). As a result any…  Read more

O’Brien clients top five questions answered

As we close off the financial year we asked our Advisors, what are the top questions our clients have been asking over the past few weeks. Here’s the answers to your top five topics… Super contributions before 30 June With only a day to go, time is limited but our tax strategy guide thoroughly covers end of financial year superannuation tax strategies. If it’s too late for this year, there’s…  Read more

Preparing for end of financial year – what you need to know

As we approach the end of the financial year, there are a number of smart strategies you could consider to help you streamline your finances and legitimately reduce your tax liability. Our team has prepared a detailed guide to assist you in ensuring you can tick off all the strategies relevant to you. You will find information for: Individuals insurance premiums work-related expenses – new shortcut method introduced this year…  Read more

HomeBuilder: What is it and how do you access it?

The Government has announced grants of $25,000 to encourage people to build a new home or substantially renovate their existing home. The HomeBuilder scheme targets the residential construction market by providing tax-free grants of $25,000 to eligible owner-occupiers, including first home buyers, to build a new home or substantially renovate their existing home. The grants will be distributed by the revenue office of the State or Territory where you live…  Read more

Instant Asset Write-Off Extended

Good news! This week the government announced that the Instant Asset Write-off has been extended for six months, taking the initiative to 31 December 2020. Australian businesses with less than $500 million annual turnover will be able to take advantage of the write-off and invest in assets to support their business. This government initiative is designed to help the economy reopen and boost economic growth. The instant asset write-off applies…  Read more

Battling Through COVID-19: Finance Tips for Business Survival

We’ve heard this before: the COVID-19 pandemic is an unprecedented global health and financial crisis that has caught many off guard. While the threats to human life are very real, the damage to the health of businesses is really just starting to show. The seriousness of the disease and the lack of a vaccine (at the time of writing this) have prompted governments around the world to impose strict measures…  Read more

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