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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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, [...]
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 [...]
The 2016 Australian Budget: Explained The big news of this week was the announcement of the Australian budget for 2016 so we thought we'd take a quick look at some of the highlights. Click here to download the budget Whitelabel. How the 2016 budget will affect small businesses Small businesses seem to be the big [...]
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 [...]
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: [...]
A common response to many questions these days is to “Google it” and unfortunately, this will often lead you to generalised advice in specialised areas. One topic that often comes to mind is self-diagnosing your health issues; a task that should really only be completed by a trained and qualified doctor. The same can be [...]
Keeping track of your tax deductible expenses throughout the year can be difficult. It is so easy to misplace a receipt and more often than not, when you go to look at the receipt come tax time, it has faded too much to read. The Australia Tax Office has released a new free app which [...]
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. [...]
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 [...]
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 [...]
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 [...]
Happy International Women's Day Happy International Women’s Day and a huge shout out to all of the wonderful women around the world! Today is a day to reflect on and celebrate the many achievements made by women, despite adversity. At BIS Cosgrove we are extremely passionate about empowering women through financial services such as [...]
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 [...]
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 [...]
We All Have Bills! Let's face it, we all have bills. It can be difficult to keep track of bills that are coming in and payments that are going out. Luckily we've found some great apps to track your finances on the go and help you stay better organised. Mint inDinero BillGuard Expensify Shoeboxed BizXpenseTracker [...]
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 [...]
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 [...]
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 [...]
Make 2016 Your Year Financial Tune Up We've all decided that 2016 is the year to do all those amazing things we've been putting off like climb Mt Everest and lose 10kg so how about starting with getting your finances sorted?! We want financial security for you, your friends and your family. 5 in 1 [...]
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 [...]
More Aussie's Joining The SMSF Army According to the latest data available from the ATO, self-managed super fund owners now control about 30 per cent of the $2 trillion + superannuation sector. The industry has seen a substantial increase, particularly amongst women in the last five years with average assets growing 23 per cent [...]
Why Numbers Aren't Enough Being accountants, you think we would always work in numbers, right? WRONG Our financial planners use mind maps, charts and drawings to determine where our clients are at in their life. This is a great way for both parties to communicate about their goals and how they are progressing. We believe [...]
Tax Showdown - Australia VS New Zealand Check out this fantastic little graphic by TaxPayer.com.au that compares the tax system of Australia and New Zealand. A very interesting insight! Source: Tax Payer
Having A Party Or Giving Gifts This Chrissy? There's more to think about than who has been naughty and who has been nice this Christmas, although that is important! You need to consider if your business will be able to claim a tax deduction or if you may need to pay fringe benefits when rewarding [...]
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 [...]
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 [...]
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. [...]
The Barefoot Investor A working class Aussie boy who started in the Australian Stock Exchange is really making his mark. Scott Pape has been voted “Australia’s most trusted finance expert.” He’s the money guy for Channel Seven and Triple M, and writes two weekly national newspaper columns. He has advised AFL and NRL teams about [...]
Not Having A Will - A Huge Mistake Robert Holmes a Court was one of Australia's most respected businessmen in the 1980's. Throughout his life he managed to build an empire worth $2 billion dollars, but with one huge mistake. He didn't have a will. Why Would Such A Man Fail To Do Such A [...]
How Money Affects Happiness A recent report from Australian Unity, the longest running and most comprehensive survey on happiness - What Makes Us Happy 2015; has found evidence to suggest that it takes a large amount of money to even slightly increase our happiness. Interestingly they also found that having a financial debt does [...]
Want To Work With us? Accountant - Taxation & Business Services - Gold Coast We are looking for an experienced accountant who will assist in the growth of the Accounting division and work as part of a highly effective team delivering the best possible outcomes for business and individual clients. Skills and experience 2-3 [...]
10 Years of Quality Work A huge congrats to Greenwood Landscape Management on 10 years of quality work on the Gold Coast and Sunshine Coast. Thanks for being great clients, we love working with you!
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 [...]
