Are Merchant Facilities Cost Effective

As an accountant, it’s always important to consider the cost-effectiveness of different business practices, including whether or not to have a merchant facility. This topic was brought to my attention during a recent lunch outing with my wife. We visited a lovely vegetarian eatery that was part of a plantRead More →

PAYG instalments (Pay as You Go)

PAYG Instalments is a system that allows individuals to make regular payments to the Australian Taxation Office (ATO) to cover their annual tax liability. To be eligible for the instalment system, an individual’s income from their business and/or investments must be greater than $4000, and the amount due on theirRead More →

Superannuation Co-contribution

Superannuation Co-contribution The Australian Superannuation Co-contribution is a government scheme that encourages low and middle-income earners to save for their retirement. Under this scheme, the government will make a contribution to your superannuation account if you make voluntary after-tax contributions to your superannuation fund. To be eligible for the co-contribution,Read More →

As from the 1st July 2012 changes are being made to the Medicare Levy Surcharge and the Private Health Insurance Rebate. The Medicare Levy Surcharge has always been a penalty for having a higher income and not having private health insurance. The levy now increases above the 1% of previous years to aRead More →

I am currently working on a client, that has not lodged a tax return since 1996. When you prepare tax returns over a 14 year period in a single sitting, you notice some real changes to the tax rates. For instance, from 1st July 2009, the Low Income Tax OffsetRead More →