Blog
5 rules for record-keeping
You should ensure that you understand what records are needed for your business and make accurate and complete record-keeping practices a part of your daily business activities. Talk to your tax adviser about what records your business needs to keep and for how long....
Claiming a tax deduction for motor vehicle and fuel expenses
As a business owner you can claim a tax deduction for expenses for motor vehicles, including fuel. The Government has put together this information for the 2022-23 financial year. MOTOR VEHICLES From 1 July 2022, the following car threshold amounts apply for the...
A guide to staying compliant with super rate increases: MYOB & Xero
From 1 July 2022, the base SGC rate increases from 10% to 10.5%, and the $450 minimum monthly earning threshold is removed. This means all payments are subject to superannuation for all eligible employees. For our clients, this might mean you may need manually update...
Updates to Commonwealth Seniors Health Card to help ease living costs
The Government has recently announced an additional 50,000 older Australians will be eligible for a Commonwealth Seniors Health Card from 1 July 2022. The income test for access to a Commonwealth Seniors Health Card will increase to $90,000 yearly for singles (up from...
Changes for MYOB subscription holders
There have been some important changes to MYOB subscription payments. Up until this point, Roberts & Morrow have managed your subscription (practice pays) however we are streamlining the MYOB process and arranging subscription payments...
Merger Date & Location Announced
We would like to provide a further update to clients on our plans in relation to the proposed merger with Malvern Mathews Smith (MMS) and Roberts & Morrow, Tamworth NSW. From 1 August 2022, the teams will come together under one name: Roberts & Morrow at a new...
Fleece to Fashion Gala Awards 2022
The Fleece to Fashion Awards was held at the Deeargee Woolshed on Monday and attracted fashion design entries from Adelaide, Brisbane, Melbourne, Sydney, Mildura, Young, and the local New England region. For the first time since the beginning of the pandemic, the...
COVID-related support for SMSFs
Because of the financial impacts of COVID-19, you (in your role as trustee of an SMSF), or a related party of the fund, may provide or accept certain types of relief, which may give rise to infringements of the super laws. You may also have been stranded overseas...
Check your PAYG instalments
The PAYG instalment system allows a business to spread its income tax liability across the tax year. This helps with cash flow, but also means the business is not faced with a large tax bill after the end of the tax year. Most businesses lodge and pay instalments...
Changes on Trusts and Trust Distributions
Family trust beneficiaries at risk The tax legislation contains an integrity rule, section 100A, which is aimed at situations where the income of a trust is appointed in favour of a beneficiary, but the economic benefit of the distribution is provided to another...
Are Your Contractors Employees?
Two landmark cases before the High Court highlighted the problem of identifying whether a worker is an independent contractor or employee for tax and superannuation purposes. Many business owners assume that they will not be responsible for PAYG withholding,...
Succession planning – NSW farming families
The stamp duty exemption for farms in NSW has recently been broadened and will greatly increase the succession planning options available to families in the rural sector. The past exemption for transferring farming properties between generations requires the...