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 [...]

By |2019-05-22T13:01:51+10:00August 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 [...]

By |2019-03-04T17:13:24+10:00July 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 [...]

By |2019-03-04T17:13:24+10:00July 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 [...]

By |2019-03-04T17:13:24+10:00July 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 [...]

By |2019-03-04T17:13:24+10:00July 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 [...]

By |2019-03-04T17:13:24+10:00June 20th, 2016|General|Comments Off on What do you need to know before starting to work with a financial adviser?

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 [...]

By |2019-03-04T17:13:24+10:00June 13th, 2016|Due Dates, General|Comments Off on Are you prepared for the end of financial year?

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 [...]

By |2019-03-04T17:13:24+10:00June 6th, 2016|General|Comments Off on Don’t get caught out by a tax scam this financial year!

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 [...]

By |2019-03-04T17:13:24+10:00May 30th, 2016|General, Superannuation|Comments Off on What will the prospective $500,000 lifetime cap on Non-concessional super contributions mean for you?

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 [...]

By |2019-03-04T17:13:24+10:00May 23rd, 2016|General|Comments Off on Why it’s important to include your spouse during the financial planning process

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, [...]

By |2019-03-04T17:13:24+10:00May 19th, 2016|General|Comments Off on Work with us!

The 2016 Australian Budget: Explained

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 [...]

By |2019-03-04T17:13:24+10:00May 4th, 2016|General|Comments Off on The 2016 Australian Budget: Explained

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 [...]

By |2019-03-04T17:13:24+10:00May 2nd, 2016|General, Superannuation|Comments Off on Can you use your Self Managed Super Fund to invest in property?

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 [...]

By |2019-03-04T17:13:24+10:00April 25th, 2016|General|Comments Off on 2013-2014 Financial Year Tax Statistics

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: [...]

By |2019-03-04T17:13:24+10:00April 18th, 2016|General|Comments Off on What is the $20k small business asset write off and how do I get it?

What is the perfect financial plan?

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 [...]

By |2016-03-30T10:02:17+10:00April 11th, 2016|General|Comments Off on What is the perfect financial plan?

Keep track of your tax deductions

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 [...]

By |2019-05-22T13:04:21+10:00April 4th, 2016|General|Comments Off on Keep track of your tax deductions

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. [...]

By |2019-03-04T17:13:24+10:00March 29th, 2016|General|Comments Off on What are you paying for when you hire a financial advisor?

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 [...]

By |2019-03-04T17:13:24+10:00March 16th, 2016|General|Comments Off on The CommInsure Issue Explained

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 [...]

By |2019-03-04T17:13:24+10:00March 15th, 2016|General|Comments Off on Why do you need a Financial Planner?

International Women’s Day

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 [...]

By |2019-03-04T17:13:24+10:00March 8th, 2016|General|Comments Off on International Women’s Day

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 [...]

By |2019-03-04T17:13:24+10:00March 2nd, 2016|General|Comments Off on How To Choose Bookkeeping Software

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 [...]

By |2019-03-04T17:13:24+10:00February 23rd, 2016|General|Comments Off on FREE Resource Downloads

Got bills? Track them!

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 [...]

By |2019-03-04T17:13:24+10:00February 18th, 2016|General|Comments Off on Got bills? Track them!

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 [...]

By |2019-03-04T17:13:24+10:00February 2nd, 2016|General|Comments Off on Retirement Savers Listening To Their Accountants

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 [...]

By |2019-03-04T17:13:24+10:00January 15th, 2016|General|Comments Off on Take The Leap

More Aussie’s Opting for SMSF

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 [...]

By |2019-03-04T17:13:25+10:00January 12th, 2016|General|Comments Off on More Aussie’s Opting for SMSF

Why Numbers Aren’t Enough

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 [...]

By |2019-03-04T17:13:25+10:00January 6th, 2016|General|Comments Off on Why Numbers Aren’t Enough

Having A Staff Christmas Party?

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 [...]

By |2019-03-04T17:13:26+10:00December 15th, 2015|General|Comments Off on Having A Staff Christmas Party?

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 [...]

By |2019-03-04T17:13:26+10:00December 14th, 2015|General|Comments Off on ASIC give slap on the wrist to SMSF recommender with no AFSL

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 [...]

By |2019-03-04T17:13:26+10:00December 11th, 2015|General|Comments Off on What is a SMSF?

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. [...]

By |2019-03-04T17:13:26+10:00December 8th, 2015|General|Comments Off on One Stop Shop

A Great Blog To Follow

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 [...]

By |2019-03-04T17:13:26+10:00December 1st, 2015|General|Comments Off on A Great Blog To Follow

Estate Planning – Not All About You

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 [...]

By |2019-03-04T17:13:26+10:00November 23rd, 2015|General|Comments Off on Estate Planning – Not All About You

How Money Affects Happiness

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 [...]

By |2019-03-04T17:13:26+10:00November 16th, 2015|General|Comments Off on How Money Affects Happiness

Want to work with us?

  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 [...]

By |2019-03-04T17:13:26+10:00November 12th, 2015|General|Comments Off on Want to work with us?

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 [...]

By |2019-03-04T17:13:26+10:00November 4th, 2015|General|Comments Off on What Do Doctors, Engineers and Accountants Have In Common?

Keep Calm & Call BIS Cosgrove!

Tax Return Lodgement Deadline Tax return Lodgement Deadline is on the 31st October, but don't stress because we've got you covered!  If you are a client of BisCosgrove and have had your tax return prepared and lodged by us in previous years i.e we did your 2014 Tax return, then we get an extended time [...]

By |2019-03-04T17:13:26+10:00October 26th, 2015|General|Comments Off on Keep Calm & Call BIS Cosgrove!

Tax scams catching out the unwary

Tax scams catching out the unwary Every tax time is an opportunity for scammers to target the unwary. This time around, the scammers are phoning and claiming to be from the prosecutions department of the ATO. They then state that they believe you have committed fraud and the Sheriff’s Office has been called. All of [...]

By |2019-03-04T17:13:26+10:00October 13th, 2015|General|Comments Off on Tax scams catching out the unwary

BIS Cosgrove and PBC Alleygators

BIS Cosgrove backing local rugby BIS Cosgrove proudly sponsors our local rugby team Palm Beach Currumbin Alleygators, who during the annual Ladies Day event took an oath against violence. Setting a great example for our community and all the kids coming up through the ranks.

By |2019-03-04T17:13:26+10:00October 5th, 2015|General|Comments Off on BIS Cosgrove and PBC Alleygators

What now for the GST?

What now for the GST? Fifteen years after the introduction of the GST in Australia debate still rages over what should be taxed and whether the GST rate should increase. Unless the Government changes the GST Act, any change requires the approval of the States and Territories. The Treasurers’ workshop late last month resolved to [...]

By |2019-03-04T17:13:26+10:00September 21st, 2015|General|Comments Off on What now for the GST?

Should your SMSF buy property in the United States?

Should your SMSF buy property in the United States? One of the most common questions from clients with a Self Managed Superannuation Fund (SMSF) is, can I buy property? Followed by the second question, can I buy property in the United States? SMSFs provide investment flexibility for those that understand the rules. They can also [...]

By |2019-03-04T17:13:26+10:00September 15th, 2015|General|Comments Off on Should your SMSF buy property in the United States?

Top 10 Bad Business Handshakes

Top 10 Bad Business Handshakes Don't let your business get off to a shaky start! The team at business.gov.au has developed a humorous video countdown of the Top 10 Bad Business Handshakes. From the dominant wrestler to the infamous dead fish, the video provides a humorous and exaggerated take on a situation that businesses of all 'shakes' and [...]

By |2019-03-04T17:13:26+10:00May 24th, 2015|General|Comments Off on Top 10 Bad Business Handshakes

Accurate depreciation claims a must for property investors

23,260: investment properties each month - average number of investment properties purchased each month across Australia, according to the Australian Bureau of Statistics; $118,000: the increase in the amount of debt that households are borrowing to buy property other than the house in which they live in; $3,168: average depreciation deduction claimed in 2012 financial year by investors [...]

By |2015-03-12T05:42:44+10:00March 12th, 2015|General|Comments Off on Accurate depreciation claims a must for property investors

Introducing Audit Insurance

Audit Insurance What are random Tax and Government Audits? Audits, reviews and investigations conducted by the Australian Taxation Office (ATO) and other state and federal government agencies have increased to ensure business and taxpayer compliance with various tax and legislative requirements such as Income, land and Payroll Tax, GST, Workers Compensation, Superannuation Guarantee and Compliance Research [...]

By |2019-03-04T17:13:26+10:00September 15th, 2014|General|Comments Off on Introducing Audit Insurance