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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 [...]

2019-03-04T17:13:23+10:00General|

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 [...]

2019-03-04T17:13:23+10:00General|

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 [...]

2019-03-04T17:13:23+10:00General|

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 [...]

2019-03-04T17:13:24+10:00General|

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 [...]

2019-03-04T17:13:24+10:00General|

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 [...]

2019-03-04T17:13:24+10:00General|

Do you own some of the $42bn worth of lost super?

A report by Westpac on the lost retirement savings of Australians has found that there are more than $13.5 billion worth of lost superannuation and that if all of it was to be claimed, that by retirement, it could be worth up to $42.4 billion extra in savings. All up, there are more than 1.3 [...]

2019-03-04T17:13:24+10:00Superannuation|

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 [...]

2019-03-04T17:13:24+10:00General|

Are you prepared for the end of financial year?

You're probably more than aware that then End of Financial year is just around the corner, but did you know that now is the best time to get on top of your finances and have a chat to your financial planner? Don't leave it until it's too late. Here are some things we recommend you [...]

2019-03-04T17:13:24+10:00Due Dates, General|

Don’t get caught out by a tax scam this financial year!

It's almost tax time which means the tax scammers are doing the rounds again. How do you tell if someone is trying to scam you? The ATO is currently aware of scammers who have been calling Australians claiming to be the Australian Tax Office or the Commonwealth Director of Public Prosecutions. During this call, Australians are [...]

2019-03-04T17:13:24+10:00General|

What will the prospective $500,000 lifetime cap on Non-concessional super contributions mean for you?

In the recently announced Budget for 2016-17 (which we wrote a blog post on here), the government included changes to the cap on Non-concessional Super Contributions (NCCs). In particular, we are referring to the reduction of the cap to just $500,000 over the lifetime of the fund. These contributions will be measured from 1st July [...]

2019-03-04T17:13:24+10:00General, Superannuation|

Why it’s important to include your spouse during the financial planning process

Statistically speaking, for many married couples it is the husband that assumes responsibility for the couple's finances, even though the wife is likely to outlive the husband by 5-10 years. While this is a changing attitude, it brings to light some concerns which should be addressed immediately. When planning for your financial future, we encourage [...]

2019-03-04T17:13:24+10:00General|

Work with us!

Business Services Accountant We are looking for an experienced business services accountant to fill a vacant position on a temporary contract. The role will work as part of the business services team and support the company director and managers on key clients through this busy period. The role will involve year end, tax returns, planning, [...]

2019-03-04T17:13:24+10:00General|

Things to consider before starting a Self Managed Super Fund

Taking control of your financial future and starting a Self Managed Super Fund can can offer a lot of benefits but they can involve the investment of a great deal of your time and effort and there ar a few things you need to be aware of before you get started. Benefits of a Self Managed Super [...]

2019-03-04T17:13:24+10:00Superannuation|

Can you use your Self Managed Super Fund to invest in property?

Yes! You absolutely can use a Self Managed Super Fund to buy property, however, there are conditions. You must keep in mind that your Self Managed Super Fund is intended for your retirement. This means that any investments you make must align with your fund's investment strategy. What sort of property can you buy with [...]

2019-03-04T17:13:24+10:00General, Superannuation|

2013-2014 Financial Year Tax Statistics

The Australian Tax Office has recently released their statistics from the 2013-2014 financial year. The report found that 74.2% of lodgments were completed by Tax Agents. Source: ATO   This is a trend that has slowly been increasing since 1985-86. Source: ATO   What are the benefits of using a tax agent of accountant to [...]

2019-03-04T17:13:24+10:00General|

What is the $20k small business asset write off and how do I get it?

If you are a small business with an annual turnover of less than $2 million, you can claim the entire cost of an asset for immediate write off if its cost is under $20,000, even if the asset is old or second hand! All depreciating assets are included under this new immediate write off threshold including: [...]

2019-03-04T17:13:24+10:00General|

What are you paying for when you hire a financial advisor?

There have been a number of inquiries recently into the Financial Planning Industry, the Australian Tax System and the Superannuation Industry. The Ripoll Inquiry which was conducted in 2009 released a number of recommendations, one of them  in particular addressed the need for financial planners to place their clients’ needs ahead of their own interests. [...]

2019-03-04T17:13:24+10:00General|

You’re probably going to spend more during retirement than you think!

It is generally agreed among finance experts that the average person will require about 70% of their regular income for a comfortable lifestyle after retirement. Some of the reasons for this are: Decreased costs associated with being in the workforce ie. commuting Most people have payed off their home loans by the time they reach [...]

2019-03-04T17:13:24+10:00Superannuation|

The CommInsure Issue Explained

The CommInsure Issue Explained You may have noticed extensive media coverage on a particular issue with CommInsure of late. It's an in-depth problem with a simple solution and, like many financial issues, comes down to always sourcing professional advice before making life-changing decisions. Here's a rundown of the recent issue with cricket commentator Tony Grieg: Tony [...]

2019-03-04T17:13:24+10:00General|

Why do you need a Financial Planner?

A financial planner is not just for the wealthy, almost anyone can benefit from having a personal financial planner who will help them to navigate their financial goals. Financial goals encompass the lifestyle you would like to achieve in your future and strategies to grow your nest egg and retirement savings. A financial planner is especially [...]

2019-03-04T17:13:24+10:00General|

How To Choose Bookkeeping Software

Which Bookkeeping Software Should You Use? Choosing software that you are comfortable and confident with will enable you to be one step ahead of your business at all times! You'll know when things are going well and when you're in trouble. Every business is unique and therefore has different requirements in regards to their bookkeeping [...]

2019-03-04T17:13:24+10:00General|

FREE Resource Downloads

FREE Tools For Your Business We've stumbled upon a great free resource provided by our friends Taxpayer.com.au which could save you a lot of time and money! They providing the following tables for you to download and use for free; Employment records Employment records leave Letter of engagement, full-time, part-time, casual Letter of successful/unsuccessful probation Letter [...]

2019-03-04T17:13:24+10:00General|

Renee In The Bulletin This Week

  Feature In The Gold Coast Bulletin On Monday Renee was featured in the business section of the Gold Coast Bulletin. The article highlights the growing trend of  young women choosing SMSF's in Australia. Renee is one of our specialist SMSF advisors at BIS Cosgrove. She's extremely passionate about empowering women to take control of [...]

2019-03-04T17:13:24+10:00Superannuation|

A Statistical Overview of SMSF 2013 – 14

Statistical Overview 2013-14 The Australian Tax Office has released it's latest statistics  on the Self Managed Super Fund sector with an overview of 2013-2014 and September 2015. Key Highlights SMSFs account for 99.5 per cent of all superannuation funds and 29 per cent of the $2 trillion in total superannuation assets in Australia. Between the [...]

2019-03-04T17:13:24+10:00Superannuation|

Retirement Savers Listening To Their Accountants

Roy Morgan Findings On Superannuation Trends A recent survey by Roy Morgan Research has found that 75% of people who switched their superannuation to a self managed fund between 2012-205 sought professional advice from an accountant, a financial planner or a SMSF specialist. Norman Morris, Industry Communications Director at Roy Morgan Research says; “Given the [...]

2019-03-04T17:13:24+10:00General|

Take The Leap

Take The Leap Australian businesses are lagging behind in innovation and the government wants to encourage young entrepreneurs to take the leap! The 3 Tax Incentives It will be easier for companies to use prior year losses Effective life of tangibles can be self assessed Employee share scheme disclosure requirements will be relaxed For all [...]

2019-03-04T17:13:24+10:00General|

ASIC give slap on the wrist to SMSF recommender with no AFSL

ASIC have come down hard on Park Trent Properties Group (PT) for illegally recommending customers set up SMSFs to buy residential property. Read more here. You can bet the property recommended was PT's own or related and that the price had a premium to it. There would be a nice fee to PT for the Special Service [...]

2019-03-04T17:13:26+10:00General|

What is a SMSF?

What is a SMSF? A self-managed superannuation fund is one way you can save your money for when you retire. What Are The Benefits? A SMSF allows you to have more control over your superannuation and retirement planning because you make the decisions about where to invest your money. You have more flexibility because you [...]

2019-03-04T17:13:26+10:00General|

One Stop Shop

Specialisation It feels like a lifetime ago that the financial services industry was all about specialisation. The accountants would provide accounting services, the life insurance guys sold life insurance and so on and so on. Since then have seen various changes in the accounting and financial services industry, but really this was only decades ago. [...]

2019-03-04T17:13:26+10:00General|

What Do Doctors, Engineers and Accountants Have In Common?

What Do Doctors, Engineers and Accountants Have In Common? In a recent survey by the ABC, statistics showed that the public level of trusts for accountants was extremely high and came in just behind Doctors -who save people's lives and Engineers - who build things for us that never fall down. Pretty impressive huh? The [...]

2019-03-04T17:13:26+10:00General|