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Can my SMSF invest in property development?

Australians love property. The lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is enticing for SMSF trustees. It encourages them to pursue the dream of large returns…
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What does it take to pass your business to the next generation?

What is the end game for your business? Succession is not just a topic for a TV series or billionaire families, it’s about successfully transitioning your business and maximising its capital value for you, the owners. When it comes to…
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Why is my tax refund so small this year?

The tax refund many Australians expect has dramatically reduced. We show you why. There is a psychology to tax refunds that successive Governments have been reticent to tamper with. As a nation, Australia relies heavily on personal and…
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Rental Property Reporting Blitz

The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses. The ATO’s assessment, based on previous data matching programs, is that there is a tax gap of…
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Tax obligations for online content creators

The explosion of OnlyFans, YouTubers, TikTokers and others all offer an opportunity for ‘content creators’ to profit from the audiences they generate. But now the Tax Office has given notice to the booming industry. Back in October…
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Inflation deflating your small business: 7 adjustment tips

Inflation is a term that we've all heard quite frequently lately, with rates rapidly increasing. Small businesses are particularly feeling the effects of inflation, with supplies costing more, employee shortages, and shrinking profits. In…
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Why your tax return will be $1500 worse this year

For the past couple of years, you may have gotten used to your tax either costing less than you remember, or your refund being more generous. More money for you to spend on necessities, or an extra treat for the holidays. But that won't…
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Making business moves with financial goals

Businesses tend to progress more consistently if the owner sets financial goals and makes a plan to achieve them. The new year is a natural time to decide what you want to achieve and how. With that in mind, read on to learn the steps for…
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Essential business de-cluttering for the new year

The end of the year tends to be a bit chaotic for business owners, but it's actually a good time to get some extra housekeeping done for your business. Read on for some tips to help you finish the year neatly and feel prepared to face the…
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Extension to domestic violence leave

Employees in Australia will soon have access to paid family and domestic violence leave. Business owners and employers should be aware of these changes as the paid family and domestic violence leave means you will have to pay up to 10 days of…
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Another 1% interest around the bend?

Low interest rates have been a mainstay since the global financial crisis of 2008. When the pandemic hit, Governments pushed stimulus measures through the economy and central banks reduced interest rates even further. Coming out of COVID,…
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When “Hi, Mum, I broke my phone” costs you a fortune

I got a text the other day “Hi Mum, I have broken my phone and I am using this number.” The “Hi Mum” scam has exploded with more than 1,150 Australians falling victim to the ploy in the first seven months of 2022, with total reported…
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Errors to avoid when setting up Payroll

Upgrading or changing your payroll system comes with a ton of wonderful benefits. Saving time and money, making everyone’s lives easier, and better integration are all good reasons to consider a change. But if the switch is mishandled,…

Life lessons to teach your kids if you want them to be rich

Everyone wants the best for their children, and this includes being rich. Being rich is not just about money– it is about wealth in all aspects of life. In this article, we will share some life lessons you must teach your kids while they’re…

Stay safe from scams

As we approach tax time, we also head into the season where scammers increase their activity – that is, looking to hoodwink small business and individuals alike. Please be careful and don't give any information. Scammers are becoming…
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How to mark emails as safe

We send various communications throughout the year, and it's important that you receive them. Some email accounts can sometimes flag emails as spam accidentally, and we want to help make sure ours don't end up in that boat. One thing we…

2021 Risks & Opportunities

With the borders between the State and Territories all but open and 2021 in sight, there is a hunger for a return to ‘normal’. The recent Westpac-Melbourne Institute Index of Consumer Sentiment articulates this desire to ‘get on with things’;…

Employee or contractor: what’s the difference?

With the rise of the gig economy, correctly working out whether you are hiring an employee or simply engaging an independent contractor has never been more important. Getting it wrong can be costly, as a recent court ruling shows. A Perth…
2 step authentication
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What is 2 step authentication?

Over the last year or so, there have been more and more websites asking for us all to set up 2 step authentication, Xero included. But what is it anyway, why do we need it, and how do I set it up with my Xero account? Cyber security…
Business books: what are we reading right now? - Optimised Accounting, Werribee VIC

Business books: what are we reading right now?

Shaun has an entrepreneur mindset that is always seeking out information. Always looking for something better, self improvement, business improvement: more success all round. He encourages his team and clients to do the same, and we thought…
Make the move to self employment

The essential things you need to do to move to self employment – a podcast

Shaun recently sat down with Paul Benson to talk about making the move to self employment. Have a business idea, think you can do things better than your boss, or ready to take your side-hustle to the next level? Have a listen to this…

Do I need Private Health Insurance?

This is a question that we get a lot – particularly around June when the insurance companies have lots of ads on TV telling everyone that they will be severely penalised if they don't! But do you really need it? No, not necessarily for…

Life Insurance explained, minus the sombre tones

*Cue foreboding music and melodramatic voiceover.* “What would happen to your loved ones if you were unable to look after them?” Though the ads are often overly dramatic, life insurance can play an important role for some families. You…
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The importance of a will and a power of attorney

It’s a morbid thought that many of us tend to shy away from, but end-of-life financial planning is a crucial stage in any successful financial management plan. One day down the track you’ll no longer be around to use or take care…
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What to do if you and your partner aren’t on the same page with your finances

Things start out so rosy. You both like the same movies, sports teams and pistachio-flavoured gelato. Then one day you realise you manage your finances in completely different ways. Well, here’s how to get on the same page. Relationships,…

Redundancy equals opportunity

Redundancy – not something most of us like to contemplate.  Yet it is a reality for many of us in our working life.  So rather than redundancy being seen as something negative, let’s flip it around - your redundancy could be the best thing…
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The sharemarket – a beginners guide by Paul Benson

If you catch a snippet of the radio in the morning on your way to work, you’re likely to hear what happened to the Dow Jones overnight.   If you read your news on-line or watch the news on TV it’s likely you’ll hear about the All Ords…
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Seven reasons why you shouldn’t hit the panic button

Sure, the first half of this week has seen the Australian share market described as a “bloodbath”. But now’s not a good time to panic. Here’s why. The US Dow Jones might have suffered its biggest dive in history, and the Australian…

Procrastination – 9 tips to combat this number one killer of Financial dreams

How hard is it to get started?  I’m sure we’ve all had things that either need to be done, or that we’d like to do, but we put them off – shift them to the bottom of the pile or check out our Facebook feed instead. When it comes…
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Improve your finances one month at a time with this 2018 to-do list

It’s easy to get overwhelmed with a long list of tasks, so we’ve simplified things for you. Just tackle one job on this list each month and you’ll make a huge difference to your finances in 2018. January: Create a monthly family budget…
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Blockchain, Bitcoin & other Cryptocurrencies: What you need to know

Blockchain. Bitcoin. Cryptocurrencies. You’ve probably heard these words popping up more and more often around your office water-cooler, but what do they mean? Let us explain. Blockchain, Bitcoin and other cryptocurrencies are some…