One of the more confusing elements of our tax system is the PAYG instalment system. In this blog we set out to answer our most commonly asked questions in relation to the system.

Coming into the end of a financial year is always a reminder to take a look at what is recent and needs consideration for the current year and what is on the horizon for the next year. Here is a snapshot of what’s new in 2022 and what’s coming for 2023 for individuals, companies, superannuation and trusts:

With a few minor exceptions, budget 2021/2022 was pretty much a matter of extending programs that were already in place to stimulate the economy in the wake of the Covid-19 pandemic. At the time of writing this the legislation enacting the budget proposals had not been passed by Parliament. Most of what was announced is not set to start until 1 July 2022. We will provide further updates and reminders once the legislation has been passed.

Starting a new financial year often signifies the start of new things. This year is no different with a number of things set to change in the tax landscape from 1 July. Here is a summary of what you need to know coming into the new financial year:

30 May 2021 marks Accounting Heart’s fifth birthday Woo hoo! Have we achieved everything we wanted to achieve? No. Have we achieved things that we never thought were possible? Yes! Are we proud of what we have achieved? ABSOLUTELY.

Whether business was good or bad in 2020, I think it is fair to say that all businesses faced more challenges last year than in any other year. As we start 2021 much of the uncertainty that we faced in 2020 still exists. Many state borders are still closed, borders that are open can snap shut at any time and global cases of COVID-19 continue to increase. A vaccine is on the horizon for delivery in Australia however it is going to take time for it to be rolled out and benefits to our daily lives seen. As we start 2021 with so much uncertainty what can we do differently?

Adrienne owns a small architecture firm and spent the 2018-19 Christmas break reading Mike Michalowicz’s book, Profit First. She was so excited by the read and wanted to implement it in her business straight away. I was a little sceptical as being an accountant I know that being in business is about cashflow first. Curious, I decided to have a read. I wasn’t long into the book before I realised it’s about a methodology to manage cashflow. I settled in and enjoyed the read.

The budget delivered by Prime Minister, Scott Morrison, last Tuesday night was all about getting the economy moving after the shut-down caused by Covid-19. The theme of the budget was getting people back into work and tax cuts. So, what does this mean for small business?

This year, I decided I wanted to spread my wings and enter a few business awards. It is not normally something I do, being an accountant, I am used to being in the background. I entered the Women in Finance 2020 and won Accountant of the Year.

Accounting Heart celebrates its third birthday this month. So, I have used the occasion to reflect on my expectations versus the reality of starting my own business, the highs, the lows, my fears, the people I’ve met, the constant evolution and the things I have learned along the way.

As Australia burns, many of us have already or are considering donating to one of the many appeals set up for this worthy cause. You may have also seen items being auctioned, sold or raffled all in the name of raising money, not to mention charity events and dinners and buckets being handed around at one of the many sporting and social events you attend over summer. There is often some confusion in these types of situations as to what can and can’t be claimed as a tax deduction. So why does it matter how the funds are raised and received when it comes to claiming a tax deduction?