The Student Financial Supplement Scheme (SFSS) was a voluntary loan scheme for tertiary students to help cover their expenses while they studied The SFSS closed on 31 December 2003 and no new loans have been issued. Existing Financial Supplement debts will continue to be collected through the Australian Taxation system. If youRead More →
Have you or are you currently studying at university? If so, you likely have a HELP/HECS debt. Notifying Your Employer You are required to let your employer know that you have a HELP debt, which can be done via an Employment Declaration form when you start your job or at anyRead More →
In the ever-evolving landscape of accounting and business management, staying ahead of the curve is crucial. One way to ensure you’re at the forefront is by leveraging cutting-edge tools and technologies. Recently, I came across an intriguing paperback that promises to revolutionise how we manage our worksheets: “ChatGPT for ExcelRead More →
2024 Tax Tables The income tax rates for the 2023-2024 financial year (which runs from 1 July 2023 to 30 June 2024) are as follows: Note that these rates do not include the Medicare Levy, which is an additional 2% tax on most taxpayers’ income that helps fund Australia’s publicRead More →
In the ever-evolving landscape of personal finance, Victoria Devine’s book, “She’s on the Money,” has emerged as a beacon of practical advice and empowerment for women looking to take control of their financial futures. This book is not just another financial guide; it is a comprehensive roadmap tailored specifically toRead More →
Introduction In today’s digital age, a stable internet connection is the backbone of modern businesses. From small enterprises to large corporations, the Internet plays a crucial role in daily operations, communication, and overall efficiency. A reliable internet connection enables seamless communication with clients, partners, and employees, ensuring that everyone staysRead More →
In today’s dynamic economy, many individuals are considering taking on a second job to supplement their income or pursue their passions. However, before embarking on this journey, it’s crucial to understand the implications that having a second job can have on your overall income and financial situation. Having a secondRead More →
Introduction Established in June 1996, Highland Accounting Services is a trusted registered tax agent and accounting firm located in Adelaide’s northeastern suburb of Gilles Plains. With a team consisting of a full-time accountant and a part-time accountant, we are dedicated to providing excellent service to our clients. In today’s fast-pacedRead More →
Starting 13th November 2023 the Australian Taxation Office (ATO) has broadened the scope of the Client to Agent linking in Online Services to include the following entities with an ABN; What is Client-to-Agent Linking When you decide to engage the services of a Registered Tax Agent, Registered BAS Agent, orRead More →
Introduction: Investing in real estate can be a rewarding journey, especially when it comes to securing your financial future. In Australia, property investment has long been a favoured avenue for wealth creation. However, with great investments come great responsibilities – particularly when it comes to taxes. Enter the realm ofRead More →
Gearing in the context of real estate investment refers to the strategic utilisation of borrowings to assist in the purchase of a property. It’s essentially a financial lever that allows investors to improve their potential returns. However, the crucial distinction lies in whether a property is positively geared. When aRead More →
Party Like a Rockstar Who says tax season can’t be fun? You’ve worked hard all year and deserve a chance to blow off some steam, right? Take that tax refund and party like a rockstar! Rent a luxurious hotel room or Airbnb, buy expensive champagne and liquor, and invite allRead More →
Introduction: “Rich Dad Poor Dad” by Robert T. Kiyosaki is a personal finance classic that has helped millions of readers around the world achieve financial independence. The book provides a unique perspective on money and investing, based on Kiyosaki’s personal experience growing up with two dads – one rich andRead More →
The Barefoot Investor by Scott Pape is a comprehensive guide to personal finance and wealth creation. It has been a bestseller in Australia and has helped millions of people gain control over their finances. In this book review, we will dive deep into the book’s content, its style, and itsRead More →
I have compiled a list of companies that demutualized more than 20 years ago, during the last century. It’s hard to believe, but I feel old typing this because I received an allotment of AMP shares at that time. Since I first added this information to my website in 2008,Read More →
Are you a Telstra shareholder looking to sell the shares that you purchased as one of their public offers? Telstra 1 If you purchased Telstra 1 Shares in 1997, your original instalment was $1.95 on 3/11/1997, and the second instalment of $1.35 was on 13/11/1998. The total purchase price wasRead More →
Congratulations on your rental property purchase! When visiting your tax accountant for the first time, make sure to bring your conveyancer letter detailing the purchase, loan statements reflecting borrowing costs and bank interest, and information about your rental income and expenses. These documents will help your accountant accurately advise youRead More →
Log Books and 1 ton Utes. With the increased popularity of 1 ton utes like the Ford, Holden and 4WD dual cab utes that are used for business use as well as private use the following question is often asked. Does a log book need to be kept to showRead More →
In Australia, businesses with an annual turnover of $75,000 or more are required to register for Goods and Services Tax (GST). If your turnover is less than $75,000, you may still choose to register voluntarily. If you expect your business’s turnover to exceed $75,000 in the next 12 months, youRead More →
Private Health Insurance Every year, health funds run commercials encouraging people to sign up and save on their tax returns. While these ads may be tempting, the reality is quite different. Unless your Medicare Levy Surcharge (MLS) income is greater than $90,000 for singles or $180,000 for families, there areRead More →