3 Tips to Beat Bracket Creep

Dianne KennedyAccounting and Tax, Blog, Tax

3 tips to beat bracket creep

The government has said it is looking for ways to combat bracket creep – like making smaller brackets or adjusting them for inflation – but in the meantime, here’s how it affects the average working taxpayer. Jackie earned $179,000 a year (excluding super) during 2014-15. She sat in the $80,001 to $180,000 tax bracket, so her income in that bracket … Read More

7 Key Responsibilities of a Company Director

Dianne KennedyBlog, Corporate Tax

Company Director Responsibilities

Company directors especially need to keep in mind that the Corporations Act holds directors personally liable for many of the legal and financial obligations expected from a company. Commercial decisions must be made by company directors, and many times these decisions involve some degree of risk. While the distinction between entrepreneurial freedom and delinquent corporate behaviour will be clear cut … Read More

5 Tips for a Tax-Free Christmas Work Party

Dianne KennedyAccounting and Tax, Blog

  Christmas will be here before we know it, and it is likely that better organised employers will already be thinking about their yuletide preparations. While you should feel free to pop a champagne cork or three for your employees, make sure that you don’t get the tax hangover; particularly with fringe benefit tax and associated income tax and GST … Read More

Rental Property Claims That Are Often Misunderstood

Dianne KennedyBlog, Expenses and Claims

  The Tax Office has found that there are some landlords who may not be entirely sure about whether they are correctly claiming their rental property deductions. In particular, it has found that many property investors are making simple mistakes that could be avoided with a little guidance. The Tax Office has identified some of the common errors that have … Read More

How Taxes Work for the Sharing Economy in Australia

Dianne KennedyAccounting and Tax, Blog

Australia Sharing Economy Tax for Uber and Airbnb

Have you ever let a room on the popular accommodation site Airbnb? Ever shared a ride with pseudo taxi service Uber? If you participate in what’s now called the “sharing economy”, you may have some tax to pay. The Tax Office says the sharing economy is a new way of “connecting buyers (‘users’) with sellers (‘providers’) for economic activity”. That … Read More

Starting a Small Business

Dianne KennedyBlog

I just left a meeting with a guy who wants to start a business. He’s starting out small, selling coconut water at local markets. A great idea – if he sorts out the myriad details that need to be sorted before he launches his idea and invests loads of money. A common belief I find with people new to business, … Read More

FRAUD – Why Small Businesses are Sitting Ducks

Dianne KennedyBlog

Scams are unsolicited invitations to participate in something. It is a ruse to give away information or other data, e.g. bank account details, that can be used by the scammer to steal your money or…

Running Your Business From Home

Dianne KennedyBlog

Recently I was talking with a group of small business owners and the topic of tax deductions for home-based business owners came up. Not surprising really, as I’m a tax accountant J. You might be missing out on tax deductions for