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The ATO Has Made It Easier to Handle Deceased Estates

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 […]

June 12th, 2017|General|Comments Off on The ATO Has Made It Easier to Handle Deceased Estates

The Tax System and Your Intellectual Property: Understanding IP Assets

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 […]

June 5th, 2017|General|Comments Off on The Tax System and Your Intellectual Property: Understanding IP Assets

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

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 […]

May 29th, 2017|General|Comments Off on Can I Buy Assets on Gumtree and Still Claim Them as a Tax Deduction?

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

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 […]

May 22nd, 2017|General|Comments Off on Hiring the Best Accountant Gold Coast and Beyond: 5 Reasons to Use a Professional This Tax Season

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

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 […]

May 15th, 2017|General|Comments Off on Cars and the Fringe Benefits Tax: Know the Rules, So You Don’t Get Penalised

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

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 […]

May 8th, 2017|General|Comments Off on Rental Property Improvements vs. Repairs: Tax Rules You Need to Know

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

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 […]

May 1st, 2017|General|Comments Off on If You Own a Beauty Salon, Café, or Restaurant, You May Be Audited This Year

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

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 […]

April 3rd, 2017|General|Comments Off on 5 Things You Need to Have Before Visiting Your SMSF Strategy Specialist Gold Coast

5 Reasons Australians Trust Their Accountants

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 […]

March 27th, 2017|General|Comments Off on 5 Reasons Australians Trust Their Accountants

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

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 […]

March 20th, 2017|General|Comments Off on Australians are Retiring Up to 3 Years Later: Here’s Why & How You Can Avoid It

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

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 […]

March 13th, 2017|General, Superannuation|Comments Off on Bis Cosgrove: The Best Accountants Gold Coast Wide and So Much More

The Benefits of Choosing a Trust

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 […]

March 6th, 2017|General|Comments Off on The Benefits of Choosing a Trust

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

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 […]

February 27th, 2017|General|Comments Off on ATO and Centrelink Scams on the Rise: Don’t Become a Target

Understanding the FBT and Why Many Australians Want it Overhauled

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 […]

February 20th, 2017|General|Comments Off on Understanding the FBT and Why Many Australians Want it Overhauled

Understanding Super Contribution Taxes & Your Investment

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 […]

February 13th, 2017|General, Superannuation|Comments Off on Understanding Super Contribution Taxes & Your Investment

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

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 […]

February 6th, 2017|General, Superannuation|Comments Off on Superannuation Planning for Your Age: Making the Most of Every Year You Have to Save

How to read financial news headlines

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 […]

January 30th, 2017|General|Comments Off on How to read financial news headlines

Why Your Superannuation Savings Goals Might Not Support Your Lifestyle

$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 […]

January 30th, 2017|General, Superannuation|Comments Off on Why Your Superannuation Savings Goals Might Not Support Your Lifestyle

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

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 […]

January 23rd, 2017|General|Comments Off on Is Your Spouse’s Superannuation Balance Low?: What You Can Do to Help Save

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

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 […]

January 16th, 2017|General|Comments Off on Upcoming Changes to the GST on Low Value Imported Goods You Should Know About

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

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 […]

January 10th, 2017|General, Superannuation|Comments Off on Women and younger members are the big winners in the ATO’s latest SMSF data

8 Cloud Accounting Benefits You May Be Missing

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 […]

January 9th, 2017|General|Comments Off on 8 Cloud Accounting Benefits You May Be Missing

7 Tax Planning Tips to Maximize Your Money This Financial Year

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 […]

January 2nd, 2017|General|Comments Off on 7 Tax Planning Tips to Maximize Your Money This Financial Year

A very Merry Christmas from BIS Cosgrove!

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!

December 25th, 2016|General|Comments Off on A very Merry Christmas from BIS Cosgrove!

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

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 […]

December 19th, 2016|General|Comments Off on Smart Investing: Why Selling Stock Might Not Be Your Best Option

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

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 […]

December 12th, 2016|General|Comments Off on What is an Estate Plan?: A Quick Guide to Managing Your Finances After Death

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

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 […]

December 5th, 2016|General|Comments Off on Can Your Accountant Give You Self-Managed Super Fund Advice?

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

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: […]

November 28th, 2016|General|Comments Off on 7 Mistakes to Avoid When Starting a Self-Managed Super Fund

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

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 […]

November 21st, 2016|General|Comments Off on What Makes the ATO Tick?: 5 Ways You May Be Attracting Unwanted Attention

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

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. […]

November 15th, 2016|General|Comments Off on Preparing Your Finances for Christmas: 5 Tips for Smart Holiday Spending

Why You Should Use Tax Accountants

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 […]

November 7th, 2016|General|Comments Off on Why You Should Use Tax Accountants

Why You Should See Your Financial Advisor Regularly

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 […]

October 31st, 2016|General|Comments Off on Why You Should See Your Financial Advisor Regularly

Why We Are The Gold Coast Accountants For You!

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 […]

October 24th, 2016|General|Comments Off on Why We Are The Gold Coast Accountants For You!

What is Accounting and Why Do You Need Professional Services?

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 […]

October 17th, 2016|General|Comments Off on What is Accounting and Why Do You Need Professional Services?

What Can Financial Planning Do For You?

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 […]

October 10th, 2016|General|Comments Off on What Can Financial Planning Do For You?

The Difference Between Self-Managed Super Funds and Regular Trusts

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 […]

October 3rd, 2016|General, Superannuation|Comments Off on The Difference Between Self-Managed Super Funds and Regular Trusts

How Auditing and Accounting Work Together

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 […]

September 26th, 2016|General|Comments Off on How Auditing and Accounting Work Together

Do You Need An Accountant or A Bookkeeper?

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. […]

September 19th, 2016|General|Comments Off on Do You Need An Accountant or A Bookkeeper?

Common Mistakes People Make on Their Tax Return

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 […]

September 12th, 2016|General|Comments Off on Common Mistakes People Make on Their Tax Return

5 Reasons to Talk to Your Accountant

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 […]

September 5th, 2016|General|Comments Off on 5 Reasons to Talk to Your Accountant

Are you prepared for the changes to the age pension?

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 […]

August 29th, 2016|General|Comments Off on Are you prepared for the changes to the age pension?

What is Estate Planning?

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 […]

August 22nd, 2016|General|Comments Off on What is Estate Planning?

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

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 […]

August 15th, 2016|General|Comments Off on The tax office thinks the money you make from the new sharing economy should be shared.

3 financial tips for small businesses this financial year

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 […]

August 8th, 2016|General|Comments Off on 3 financial tips for small businesses this financial year

Don’t get audited for ignoring your Fringe Benefits Tax (FBT) obligation

In the past, the ATO’s audit department has not focused extensively on the Fringe Benefits Tax. This, coupled with the fact that it is one of the most unpopular taxes and that businesses can “cash out” on the benefits has meant that a number of business owners have been ignoring it, despite warnings.

This year it […]

August 1st, 2016|General|Comments Off on Don’t get audited for ignoring your Fringe Benefits Tax (FBT) obligation

Changes that businesses need to know about this financial year

The new financial year has bought with it some tax and legal changes that business owners should be aware of. These include:
An increase to the minimum wage
As of the 1st July, the minimum wage was increased by 2.4% for all Australian employees. This was reflected across all awards and is an expected change for most […]

July 25th, 2016|General|Comments Off on Changes that businesses need to know about this financial year

Expenses you can claim on tax if you have a home office

Working from home is great, especially if you own a small business because it can help to keep overheads low. There are a number of savings you can make when it comes to tax time – provided you know what to claim. According to research done by Xero, more than 40% of small business owners […]

July 18th, 2016|General|Comments Off on Expenses you can claim on tax if you have a home office

Why you should avoid “instant” tax refunds

Now that tax time is upon us, there are plenty of online ads promoting “instant” or “same day” tax refunds. While almost everyone could do with a bit of extra cash sooner rather than later, these refunds could end up biting you in the backside down the track.
How an “instant” tax refund works
Only the Australian […]

July 5th, 2016|General|Comments Off on Why you should avoid “instant” tax refunds

10 (Financial) New Years Resolutions

We’ve officially entered the New Financial Year and there is no better time than now to tidy up your finances and get yourself on track for the coming year. Here are some of the 10 best financial new years resolutions you can make (none of which contain exercise like a traditional resolution!)
1. Get an overview […]

July 4th, 2016|General|Comments Off on 10 (Financial) New Years Resolutions

What do you need to know before starting to work with a financial adviser?

You’ve decided to start working with a financial adviser, congratulations! You have officially completed the first step towards your ideal financial future and are more prepared than 35% of Australians who say they are “completely unprepared” for their retirement.

So what do you do now?
Before your first meeting with a financial adviser
It is important that you come […]

June 20th, 2016|General|Comments Off on What do you need to know before starting to work with a financial adviser?