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, [...]


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 [...]


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 [...]

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 [...]


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! [...]

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 [...]


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 [...]


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|

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 [...]


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. [...]


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 [...]


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 [...]


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 [...]


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 [...]


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 [...]


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, [...]


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 [...]


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 [...]


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 [...]


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 [...]


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 [...]


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 [...]


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|

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 [...]


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 [...]


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 [...]


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 [...]


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 [...]


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? [...]


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. [...]


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 [...]


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 [...]


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 [...]


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 [...]


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. [...]

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