A good depreciation schedule would allow you to foresee how depreciation impacts your tax position. Fundamentally depreciation assumes effective life of an asset. Effective life is number of years an asset is expected to last. E.g. a car typically has effective life of 8 years. There are two methods available for depreciation: Diminishing Value: Allows you […]

Working from Home – Deductions

Work from Home Covid 19

Due to COVID-19, there are many of us who are now working from home. If you are working from home, you may be able to claim a deduction for expenses you have incurred relating to your work. This can be done using shortcut method or actual method depending on your circumstance. Shortcut-Method In order to […]

Victorian Government’s $534M Support Package

Closed sign hanging on door of cafe due to Covid-19

As we continue to deal with uncertainity caused by pandemic,  the Victorian government has unveiled a $534 million support package for businesses, following the announcement that parts of the state were being plunged back into COVID-19 lockdown earlier this week. The package includes cash grants of $5000 for some 80,000 eligible businesses in metropolitan Melbourne […]

Life’s Journey

Tuscany, farmland, cypress trees and white road on sunset. Siena

Make today good Tomorrow better Tomorrow better future’s best Life is a journey Keep walking

Monthly reporting for JobKeeper Payments

If you’ve enrolled for the JobKeeper Payment and identified your eligible employees, you need to make a business monthly declaration to ATO. You will be able to do this from the 1st to the 14th day of each month (for May 2020 you will be able to report from 1st June till 14th June 2020) […]

Jobkeeper Payment for people flying Solo

Heap of stones in Ruby beach

Jobkeeper payments for People Flying Solo Small businesses such as sole trader, partner of a partnership, Pty Ltd with 1 director or 1 beneficiary of a trading trust can access Jobkeeper payment. Under jobkeeper payment arrangement, ATO has clarified business owners operating through following structures and associated entities are eligible to apply for $1,500 per […]

The Stimulus Package: What this means for you

While we prepare to go into hibernation, the Government is doing everything they can to deal with COVID-19 and an inevitable recession. As part of the financial measures taken so far, the Government plan to inject a total of $189B in various ways and it’s important to understand how these may help you and your […]

Key to success – Know Yourself

Check-Lock And Different Keys Concept

Knowing yourself is important part of goal setting process.  It is two-part process. Validate quantifiable factors such as Assets Liabilities Income Expenses Health Age And then there are traits that define you as an individual. Traits such as Strengths Weaknesses Fears Greed Peace of mind Ability to take risk The two collective defines you as […]

Accounting 101

Family saving money in piggy bank

Accounting is required by all businesses Cloud-based accounting solutions have helped businesses ¤ View your cashflow in real-time ¤ Get paid faster with online invoicing and automatic reminders ¤ Quickly set up employee payments with Payroll ¤ Get automatic bank transactions updated in your cloud accounting software ¤ Reconcile all your bank transactions in seconds ¤ Manage your paper trail with online file storage ¤ Reach out for free […]