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June 2017

Upcoming changes to Super contributions

June 19th, 2017|

Upcoming changes to Super contributions
Super Contributions – Know Your Limits!
It’s important to understand how the changes to super contributions limits may affect you for this year and the next. Some of these changes include:

A reduction in the amount of concessional contributions that you are able to make. Are you salary sacrificing into super? It’s […]

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Changes to super transfer balance caps from July 1

June 19th, 2017|

New Transfer Cap Limits May Affect You
From 1 July, the total amount that can be held within a superannuation pension account will be limited to $1.6 million.

Amounts in excess of this will need to either:

Move into an accumulation account,
Transfer between spouses where possible, or in some cases
Move out of the superannuation environment altogether.

Its important […]

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SMSF housekeeping tasks to review before June 30

June 19th, 2017|

It’s important that, as SMSF Trustees, we have our ducks in a row both now and heading into the new financial year. Here is an important list of Trustee housekeeping tasks to review pre June 30.
Important tasks for SMSFs pre 30 June 2017
Meeting your minimum pension requirements
If your SMSF is in pension phase, please ensure your […]

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The ATO Has Made It Easier to Handle Deceased Estates

June 12th, 2017|

When a loved one passes away, the last thing most families want to deal with is the finances and estate. This is a difficult time that can be very emotionally taxing. The Australian Tax Office (ATO) has taken steps to relieve some of the burden by making it easier to take care of any loose […]

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The Tax System and Your Intellectual Property: Understanding IP Assets

June 5th, 2017|

When you think of taxes and deductions, you probably think of tangible goods and services. With an ever-changing modern world that’s focused on technology, there is a bigger emphasis on the value of intellectual property. Naturally, the government has caught wind of this trend and has found ways to incorporate it into the tax system.
What […]

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May 2017

Can I Buy Assets on Gumtree and Still Claim Them as a Tax Deduction?

May 29th, 2017|

There is no denying that the internet has become a huge part of modern society. We use it to do many things in our personal lives. Naturally, this would also translate to the business world where more companies are using sites like Gumtree to find better deals on assets for their operation. This has created […]

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Hiring the Best Accountant Gold Coast and Beyond: 5 Reasons to Use a Professional This Tax Season

May 22nd, 2017|

Some Australians shrug off the idea of hiring an accountant. Why spend money when the goal is to save as much money as possible? As the old saying goes, you have to spend money to make money. That saying is especially true when it comes to handling your taxes. When you have the best accountant […]

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Cars and the Fringe Benefits Tax: Know the Rules, So You Don’t Get Penalised

May 15th, 2017|

Cars are a confusing issue when it comes to the fringe benefit tax, specifically employers providing employees with vehicles. Some Australians do not understand how to properly apply this fringe benefit to their taxes. A common problem arises when the employer does not disclose the fringe benefit.
Family vs. Employee
When an employee is related to the […]

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Rental Property Improvements vs. Repairs: Tax Rules You Need to Know

May 8th, 2017|

A rental property can be a great investment. It’s a chance to expand your financial portfolio and generate income. Some landlords try to take advantage of the tax system by mislabeling any changes or updates they make to the property. While this could lead to some immediate tax breaks, it can also cause big trouble […]

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If You Own a Beauty Salon, Café, or Restaurant, You May Be Audited This Year

May 1st, 2017|

The Australian Tax Office (ATO) began a campaign in recent years that targeted small businesses with a cash economy. The effort was to reintroduce billions of dollars into the tax system that otherwise were going undeclared. That meant more audits of small businesses including those who operate in carpentry, electrical, building trades, road freight, and […]

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April 2017

Changes to Your Superfund Are Coming: Are You Ready?

April 24th, 2017|

Change can be scary, especially if you are not prepared for it. The Australian Government announced that there would be changes to the Superannuation system that will go into effect starting 1 July 2017. That date is fast approaching, which is why you need to learn more about these changes now and how they could […]

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Is Your Superfund Ethical?: Socially Conscious Financial Planning

April 17th, 2017|

When it comes to investments, you may think that the best thing to do is keep your options as open as possible and not disqualify any industry or company, even if you don’t agree with their business practices. No one wants to miss out on a great investment opportunity. You may be surprised to learn […]

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Can I Get a Loan Through My Super: A Quick Guide to Limited Recourse Borrowing

April 10th, 2017|

More Australians are turning to their Self-Managed Superannuation Funds as a financing option. According to statistics released by the Australian Taxation Office (ATO), lending through a Superfund has risen from $1.4 billion borrowed in June 2011 to over $21.8 billion by the same month in 2016. Is an SMSF loan a good choice for you?
What […]

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5 Things You Need to Have Before Visiting Your SMSF Strategy Specialist Gold Coast

April 3rd, 2017|

Setting up a self-managed superfund can be a daunting task. If you want the process to go smoothly, then there are several things you should have ready before you visit your SMSF strategy specialists Gold Coast office. The following checklist will help you get started.

Trustees, Beneficiaries, & Assets

In order to have a trust, you […]

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March 2017

5 Reasons Australians Trust Their Accountants

March 27th, 2017|

Can you imagine the world without accountants? A paper recently published by the Social Party of Great Britain described such a situation. The paper, titled World Without Accountants, explores a future where accountants are redundant as common ownership becomes prominent in society. There’s no need for the market sale of goods and services, and so […]

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Australians are Retiring Up to 3 Years Later: Here’s Why & How You Can Avoid It

March 20th, 2017|

There is an upward trend in the average retirement age across Australia. That means more people are working later in life, sacrificing years that are supposed to be spent enjoying retirement. Roy Morgan conducted a study that revealed this disturbing trend. In 2008, the average retirement age was 57.5 years. That rose to 59.6 between […]

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Bis Cosgrove: The Best Accountants Gold Coast Wide and So Much More

March 13th, 2017|

When you’re searching for the best accountants Gold Coast wide, you need someone who can do it all. Your financial status may shift over time. Your investment strategy will most likely change through the years as you grow older and your lifestyle evolves. The best way to approach each new chapter is with the help […]

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The Benefits of Choosing a Trust

March 6th, 2017|

Family trusts are still a popular choice when it comes to investing in the future. Many have found that this type of investment has numerous perks, like lower tax rates. If you are looking for the best way to transfer wealth from parents to children, trusts may be the best way to go.

Are Trusts a […]

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February 2017

ATO and Centrelink Scams on the Rise: Don’t Become a Target

February 27th, 2017|

ATO and Centrelink scams are on the rise, which is why everyone needs to know how to protect themselves. When most people think of scams on the internet, they usually envision poorly worded emails with obvious mistakes and oddities. The problem is that scammers are getting much better at what they do. Many have adapted […]

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Understanding the FBT and Why Many Australians Want it Overhauled

February 20th, 2017|

The FBT, or fringe benefits tax, is another form of payment an employee can receive that isn’t a traditional wage or salary. According to Tony Greco, IPA senior tax advisor, the FBT “has that unsavoury aspect of being the most cumbersome of all taxes and the one that drives most employers the biggest compliance burden […]

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Understanding Super Contribution Taxes & Your Investment

February 13th, 2017|

Taxes are a part of superannuation planning. It’s important to understand how and when you will be taxed because this will affect the amount you save over the years. There is some confusion about why taxes are taken out when contributions are made. The first thing to understand is that, at some point, your super […]

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Superannuation Planning for Your Age: Making the Most of Every Year You Have to Save

February 6th, 2017|

Age plays a big role in your superannuation planning. This is a long term investment that should be started as soon as possible to make it easier to reach your goals and live comfortably after retirement. While you may have other types of investments out there, you may be tempted to shift it all into […]

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January 2017

How to read financial news headlines

January 30th, 2017|

If Fund managers have a difficult time sorting through the noise of the financial news, can you imagine how confusing it must be for regular investors? Plus, people don’t really read the news anymore. It’s all consumed through headlines.

We recently saw a great article by Ben Carlson on A Wealth of Common Sense explaining how […]

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Why Your Superannuation Savings Goals Might Not Support Your Lifestyle

January 30th, 2017|

$1 million sounds like a lot of money. Imagine what you could do if a stranger gifted you that much cash today. While it might be an enormous windfall right now, when you’re talking about the future and retirement, suddenly $1 million doesn’t seem like such a large sum. Proper planning is essential to a […]

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Is Your Spouse’s Superannuation Balance Low?: What You Can Do to Help Save

January 23rd, 2017|

Many are not aware that they can contribute to their spouse’s superannuation balance. This is actually a smart tax strategy for people who plan to retire before the age of 60. Split contributions can be made regardless of your age, but your spouse must be under preservation age or between preservation age and 65 and […]

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Upcoming Changes to the GST on Low Value Imported Goods You Should Know About

January 16th, 2017|

The GST, or Goods and Services tax, adds a 10% fee on many goods and services sold in Australia. This is something that effects all businesses, no matter what industry you operate in. Inland Revenue determined that the government was missing out on $140 million in GST revenue for goods that were bought on the […]

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Women and younger members are the big winners in the ATO’s latest SMSF data

January 10th, 2017|

The ATO has released new figures regarding Self Managed Super funds and the data brings with it some great news for women and younger SMSF members.

In the last 5 years, the savings of female Self Manage Super Fund members have grown at a much faster rate than men. This is great news in what has traditionally […]

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8 Cloud Accounting Benefits You May Be Missing

January 9th, 2017|

Cloud accounting is one of the best things to come out of modern technology in the Finance industry. There once was a time when it was much harder to get information on your bank account. You had to visit a branch office, make a phone call, or send something in the mail. Today, we have […]

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7 Tax Planning Tips to Maximize Your Money This Financial Year

January 2nd, 2017|

Tax planning can make a huge difference in how much you have to pay each financial year. Compiling your receipts, invoices, and other financial documents can be very tedious and time consuming. The best way to complete the process as smoothly, quickly, and cheaply as possible is to have a plan. The following tax tips […]

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December 2016

A very Merry Christmas from BIS Cosgrove!

December 25th, 2016|

From the entire team at BIS Cosgrove, we hope that your Christmas is filled with family, fun and plenty of festivities! May your 2017 be prosperous. We look forward to seeing you all again next year!

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Smart Investing: Why Selling Stock Might Not Be Your Best Option

December 19th, 2016|

There are many reasons an investor might choose to sell stock. Current events can play a big role in how the stock market performs. Before you make a quick decision and possibly lose out on financial opportunities, make sure you understand market influences and why staying and not selling might be the better choice.
The Stock […]

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What is an Estate Plan?: A Quick Guide to Managing Your Finances After Death

December 12th, 2016|

Estate planning is not a fun endeavour for most people. In fact, many prefer to put the task off as long as possible or, in some cases, not do it at all. No one wants to consider what will happen after they die. It is a sad reality we must all face, and the more […]

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Can Your Accountant Give You Self-Managed Super Fund Advice?

December 5th, 2016|

Who do you turn to when you need self-managed super fund advice? Most people rely on the recommendations of a professional when making decisions about their SMSF. Just because someone claims to be a financial expert doesn’t necessarily mean they can legally provide the information you need. Make sure you’re trusting your financial future to […]

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November 2016

7 Mistakes to Avoid When Starting a Self-Managed Super Fund

November 28th, 2016|

A self-managed super fund, or SMSF, is an attractive investment option that many people use. An SMSF allows trustees to control investments. It also provides a better perspective on how to manage retirement savings to get the biggest return. Before you get started, make sure you are aware of these common SMSF mistakes.
SMSF Mistake 1: […]

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What Makes the ATO Tick?: 5 Ways You May Be Attracting Unwanted Attention

November 21st, 2016|

The ATO or Australian Taxation Office, is responsible for collecting funds from citizens and businesses. Their job is to administer the federal taxation system and superannuation legislation. While the ATO serves an important purpose, most people would rather not attract their attention. So what are you doing that might put you on the ATO’s radar?
Your […]

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Preparing Your Finances for Christmas: 5 Tips for Smart Holiday Spending

November 15th, 2016|

Have you begun preparing your finances for the Christmas season? This time of year can be full of fun and excitement. For some, it can also get very expensive. Whether you only have a few people to buy for or a large group of family and friends, it’s important to plan out your seasonal spending. […]

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Why You Should Use Tax Accountants

November 7th, 2016|

When tax season comes around, many people decide to tackle this difficult task on their own instead of heading to a professional. Although you may think you are saving money, in the long run, a tax accountant is actually a great investment, especially if you have a complicated tax situation (you run a small business […]

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October 2016

Why You Should See Your Financial Advisor Regularly

October 31st, 2016|

Think that meeting with a financial advisor is a one time occurrence? Think again. To really get the most out of financial planning services, you should be meeting with your advisor a few times a year, as well as any time you need to make a big financial decision. Your financial advisor is a great resource for […]

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Why We Are The Gold Coast Accountants For You!

October 24th, 2016|

Here at BIS Cosgrove, we offer a number of different financial services that can help you do more with your money, regardless of who you are. We work with you to assess your finances and help give you options to achieve your goals. All of our trained accountants are very caring and friendly, and will […]

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What is Accounting and Why Do You Need Professional Services?

October 17th, 2016|

Accounting is often thought of as just the business of managing money, but it is so much more complex than that. Many people believe that they don’t need an accountant for their business, and that they can handle their finances on their own, but this is far more difficult than you might expect. Accountants handle […]

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What Can Financial Planning Do For You?

October 10th, 2016|

If you have a good grasp of basic budgeting and financial concepts, you may think that you don’t need a financial planner, or that you just wouldn’t benefit much from one. However, this is a huge misconception that prevents plenty of people from using a resource that can help you save and make more money […]

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The Difference Between Self-Managed Super Funds and Regular Trusts

October 3rd, 2016|

If you are thinking about saving for retirement, one of your best options is a self-managed super fund. This is a retirement account that you manage on your own, and that is set up to benefit you (or possibly your dependents) in the event of your retirement. Although this is a great way to save […]

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September 2016

How Auditing and Accounting Work Together

September 26th, 2016|

Accountants handle all aspects of a businesses’ financial transactions, from sales to expenses to payroll, and more. Auditing is a process that is often used in accounting to verify the accuracy of a businesses’ operations. Many people are unclear on exactly what auditing is or how it can help your company. Most accounting firms are […]

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Do You Need An Accountant or A Bookkeeper?

September 19th, 2016|

Many people use the terms ‘accountant’ and ‘bookkeeper’ interchangeably, but in fact, they actually mean very different things. The two positions serve very different purposes, and they are better suited to different types of businesses as well. However, they both provide important financial services that can help keep your business running at its peak performance. […]

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Common Mistakes People Make on Their Tax Return

September 12th, 2016|

Every year, the ATO makes thousands of dollars in audits relating to mistakes people make when lodging their taxes. The tax process can be very complicated, and the cause of most tax mistakes is simply confusion or a lack of awareness of regulations. It is important to be aware of these common mistakes so that you […]

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5 Reasons to Talk to Your Accountant

September 5th, 2016|

Financial management is a big responsibility, and making mistakes with your money can be costly. One of the best resources that you have when it comes to managing financial issues is an accountant. Accountants are trained and certified in many complex monetary issues, processes, and regulations, so they are highly equipped to help you with any […]

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August 2016

Are you prepared for the changes to the age pension?

August 29th, 2016|

If you are on the pension, or nearing retirement, it is extremely important that you review you assets. Changes are coming into effect this January that will affect hundreds of thousands of Australians.

Many Australians are unaware that the upcoming changes to the age pension assets test will affect them, however, in some cases, it could […]

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What is Estate Planning?

August 22nd, 2016|

Estate planning is the putting in place of processes and plans to protect your estate and interests in the event of your death. An effective estate plan will help to protect your estate from gift, estate, generation skipping transfer and income tax.
What is an estate?
An estate is comprised of everything you own, be it your […]

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The tax office thinks the money you make from the new sharing economy should be shared.

August 15th, 2016|

The sharing economy has had a relatively new boom in recent years thanks to websites like Airbnb and Uber which allow you to cash in on spare rooms, lend out cars, rent out a place on their couch, drive people around town or even hire out parking spaces. The sharing economy is looking to make up […]

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3 financial tips for small businesses this financial year

August 8th, 2016|

We are more than a month into the new financial year and well and truly on the home stretch for 2016. Now is the time for small businesses to get their finances in order. Here are three recommendations our Gold Coast accountants have for you and your business:
Re-evaluate your business plan
Every business should have some […]

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