Directors Beware! Director Penalty Notices are in Full Force

Early in 2022, the ATO reminded company directors of their legal obligation to meet their Pay As You Go (PAYG) Withholding & Superannuation Guarantee (SGC) obligations (for companies with employees) along with the requirement to remit GST on the due dates. Directors were warned that in circumstances where companies fail to meet these payment obligations, [...]

2022-05-10T12:23:48+10:00General|

Goodbye JobKeeper 1.0, Hello JobKeeper 2.0

JobKeeper 1.0 has come to an end, so what are the next steps for your businesses? The first tranche of JobKeeper ended on 27 September 2020. If your business is no longer eligible for JobKeeper payments, here is what you must do now: Advise your employees and business participant. For employees receiving JobKeeper from your [...]

2022-03-14T13:11:32+10:00COVID-19|

ATO Warns of Penalties for Directors

The ATO has reminded company directors that if the company is not meeting its PAYG withholding, GST or SGC obligations, the ATO may recover these amounts from the director personally. It also reminds persons who are about to become a director of a company, to check for any such unpaid or unreported liabilities. This is [...]

2022-03-14T13:14:52+10:00General|

Superannuation Legislation Update – Changes to Downsizer Contribution Eligibility

At the beginning of February 2022, the Australian Government passed The Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021. The aim of the Bill is to increase flexibility for individuals preparing for retirement, increase superannuation support for low income earners and provide assistance to first home buyers. Changes [...]

Superannuation Legislation Update – Update to First Home Super Saver Scheme (FHSSS)

At the beginning of February 2022, the Australian Government passed The Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021. The aim of the Bill is to increase flexibility for individuals preparing for retirement, increase superannuation support for low income earners and provide assistance to first home buyers. Update [...]

Super Scammers Targeting SMSFs

The Australian Taxation Office is raising concerns on the increase in phone and email scams that involve fake superannuation investments targeting SMSF trustees. They have stated that they are seeing a rise in the number of scams involving fraudulent superannuation investments. Scammers are reportedly “-phoning and emailing people, pretending to be financial advisers or super [...]

2022-03-08T10:37:29+10:00Superannuation|

Superannuation Legislation Update – Removal of the Work Test

In February of 2022, the Australian Government passed The Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021. The passing of the Bill intends to increase flexibility for individuals preparing for retirement, increase superannuation support for low income earners and provide assistance to first home buyers. Removal of the [...]

2022-03-01T16:01:55+10:00Superannuation|

ATO Cracking Down on Super Guarantee Obligations

The Australian Taxation Office has implemented measures to ensure that employers are meeting their superannuation guarantee (SG) obligations. Superannuation funds now provide information to the ATO when they receive SG contributions for employees. The ATO is using this information, as well as Single Touch Payroll (STP) reporting, to identify employers who have paid some or [...]

2022-02-18T13:36:17+10:00Superannuation|

All existing and new company directors will now require unique identification known as the Director Identification Number (DIN)

From 1 November 2021, all existing and new company directors will be legally required to have a Director Identification Number (DIN) to be/remain a company director. Applications will be available through the Australian Business Registry Services (ABRS) website. It is free to apply. What is a Director Identification Number? A Director Identification Number (DIN) is [...]

2021-10-29T14:07:14+10:00General|

2019 Trends in Life, TPD and IP Insurance Claims Data

In case you missed it, the KPMG (on behalf of the Financial Services Council [FSC]) has released insurance claims data for 2019. This data takes a look at the primary causes of claims for Life Insurance, Total and Permanent Disability (TPD) Insurance and Income Protection (IP), the split across gender, and the proportion of claims [...]

JobKeeper and JobSeeker 2.0

JobKeeper 2.0 The Australian Government is extending the JobKeeper payment scheme until March 28, 2021 at a reduced rate. The second tranche of the JobKeeper scheme is for businesses that continue to be significantly impacted by coronavirus. JobKeeper 2.0 sees changes to the eligibility test for employers. If your business currently receives JobKeeper, your arrangements [...]

2020-09-14T14:31:02+10:00COVID-19|

Sustainability Trusts In Investment Portfolios

As human beings, we have become increasingly more aware of the impact business practices can have on the environment and, in turn, what this may mean for future generations. At BIS Cosgrove we have seen an increase in client enquiries around how best to reconcile their views on sustainability with their investment goals. In the [...]

Where BIS sees itself after the Banking Royal Commission

The Royal Commission(RC) put out into the Public arena what we in the industry have been aware of for a long time. That the big banks and insurance companies had been having a field day from; -"earning" fees from accounts they didn't service or were dormant providing conflicted advice because the "advice" was always to [...]

SMSF – What’s the Good News?

Both 2017 and 2018 certainly gave SMSF Trustees cause for concern, from both a strategy and an investment perspective. A volatile political environment coupled with equally volatile investment markets in the closing weeks of 2018 have certainly provided us with some interesting times. For many self-funded retirees, the $1.6 million transfer balance cap was a [...]

2020-10-20T10:54:28+10:00Superannuation|

Retirement – Are You Ready?

An incredible seminar on the ins and outs of RETIREMENT presented by BIS Cosgrove, hosted by Barry LaValley. In this segment Barry focuses on preparing your mind for retirement and helps you understand the retirement psychology, retirement health, retirement relationships and the role that money plays in retirement planning. Watch the video now! [...]

End of Financial Year – Tax Saving Strategies

Top up Concessional Contributions to Super Did you know the 2018 financial year has a new TAX DEDUCTION?! This is the first there are NO RULES to stop you from claiming a tax deduction on the difference between $25,000 and the amount your employer has contributed to your super as part of the Superannuation Guarantee [...]

2019-03-04T17:13:20+10:00Superannuation, Taxation|

The good, the bad and the Super

2017 bought a raft of changes to superannuation. No surprises that the mainstream press provided mostly negative coverage, with their usual scare mongering approach. Few people are aware however of some of the new rules listed below that may actually benefit you: Tax Deductible superannuation contributions. Did you know that since 1 July 2017 all [...]

2019-03-04T17:13:20+10:00General|

Credit Scores: What are banks looking for?

It’s a number of great importance, but you may have no idea what it actually is. Your credit score is determined by your financial history—factors such as how you have dealt with repayments, any outstanding debts you have, how many accounts you’ve applied for, had, and for how long. If you have had a less [...]

2019-03-04T17:13:20+10:00General|

BIS Cosgrove: The Best Accountants Gold Coast Wide

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 [...]

2019-03-04T17:13:20+10:00General, Superannuation|

Upcoming changes to Super contributions

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 [...]

2019-03-04T17:13:20+10:00Superannuation|

Changes to super transfer balance caps from July 1

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 [...]

2019-03-04T17:13:20+10:00Superannuation|

SMSF housekeeping tasks to review before June 30

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, [...]

2020-10-20T11:04:41+10:00Superannuation|

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 [...]

2019-03-04T17:13:20+10:00General|

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. [...]

2019-03-04T17:13:20+10:00General|

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 [...]

2019-03-04T17:13:20+10:00General|

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 [...]

2019-03-04T17:13:22+10:00General|

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 [...]

2019-03-04T17:13:22+10:00General|

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 [...]

2019-03-04T17:13:22+10:00General|

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 [...]

2019-03-04T17:13:22+10:00General|

Changes to Your Superfund Are Coming: Are You Ready?

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 [...]

2019-03-04T17:13:22+10:00Superannuation|

Is Your Superfund Ethical?: Socially Conscious Financial Planning

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 [...]

2019-03-04T17:13:22+10:00Superannuation|

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

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? [...]

2020-10-20T11:11:39+10:00Superannuation|

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, [...]

2020-10-20T11:13:10+10:00General|

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 [...]

2019-03-04T17:13:22+10:00General|

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 [...]

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

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 [...]

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

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 [...]

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

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 [...]

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

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 [...]

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

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 [...]

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

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 [...]

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

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 [...]

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

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 [...]

2020-10-20T11:05:30+10:00General, Superannuation|
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