• Your SMSF: When Expenses and Investments Are Not at Arm’s-length
    We often get questions from clients about what they can and cannot do in their SMSF. Often the questions relate to related party transactions – that is, interactions between the SMSF, its assets, and its members (or relatives of members). We’ve set out some of the common questions and answers. […]
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    The Top 8 reasons Why Staff Leave
    Australia is facing a shortage of skilled labour. When the supply of staff dry up the focus often turns to retention. But, the first step is to understand why people you want to stay, choose to move on? Change in leadership – Leadership vacuum or concern about the impact of […]
  • ATO tax tables
    ATO Touts New Account Viewing
    In an update from the ATO, it outlined that it had made a number of improvements for tax professionals to “make it easier” to view clients’ accounts in online services for agents. The changes detailed in the update include the development of a single system for activity statements and franking […]
  • Australian Tax Office
    ATO Signals Crackdown on 4 Ineligible Work-From-Home Claims
    The ATO on Thursday urged all taxpayers to be aware that, while the temporary shortcut method will remain available to those claiming work-from-home deductions this year, personal and occupancy expenses, among others, cannot be claimed through any method. Personal expenses like coffee, tea and toilet paper — while may be made […]
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    Taxpayers Urged to Keep Work-From-Home Records
    Although Australia has fared well throughout COVID, our working patterns have changed in step with the rest of the world, as expected,” said David Tomasi, chairman of Moore Australia. “It is important that Australians are aware of their entitlements under the ‘new normal’.” While tax agents should be advising their […]
29 March 2021
small business

ATO Locks in Permanent Review Service for Small Businesses

The ATO on Friday announced that it will permanently instate its independent review service following a successful three-year pilot program which scored the approval of its participants, whether they got the outcome they wanted or not.  “Small businesses who participated in our pilot told us they found the process to […]
5 January 2021
small business

Small Business Insolvency Reforms Now in Place

Changes to Australia’s insolvency framework have been in effect since 1 January, allowing eligible businesses experiencing financial distress to access a new, simplified debt restructuring process, or enter into a new simplified liquidation pathway to allow for a faster and lower-cost liquidation process. The new processes will be available to incorporated […]
30 September 2020
victorian small business

Victorian Small Business Grants Now Income Tax Free

Source: Accountants Daily The federal and Victorian governments have reached an agreement to make the grants to small and medium businesses under Victoria’s Business Resilience Package exempt from income tax. The $3 billion grant package, announced earlier this month, provides up to $20,000 in grants to businesses with a payroll […]
29 January 2019

Top Frauds to Look Our For

The impact fraud can have on an organisation can be monumental. Not only can it have a significant financial impact, but, depending on the type and severity, it can also destroy an organisation. This is why it is important to work with a trusted Melbourne accountant to help you have […]
10 July 2018

6 Must-Know Accounting Tips for Your Small Business

You can make yourself (and your Melbourne accountant) happy by following the six accounting tips for running small businesses below. Accounting is and always will be a critical function of the savvy business owner, but accounting doesn’t have to be a nightmare or something to dread. It just takes a little perseverance […]
29 January 2018

Smart Budgeting Tips for Small Business Owners

Running a small business often means having small budget, too. With startup costs, loans and other expenses, it can be difficult to get your feet planted. Businesses of all sizes experience financial fluctuation, so it’s important to create and stick to a stable budget plan. Before embarking on your journey in […]
11 December 2017

New Year’s Accounting Resolutions

The beginning of the year is a great time to reflect on the past twelve months and prepare for the next. Here are some useful accounting tips to help you get your business finances up-to-date and ready for the year. Keep your business in shape People often make New Year’s […]
8 August 2017

5 Mistakes Small Businesses Make When Hiring Accountants

Accounting: an organized way to keep track of exchanges. Sounds simple enough, right? As intuitive as it might seem, precise accounting is crucial to the health of your small business. Accurate accounting provides data that you can use to make wise financial decisions, and if your data is inaccurate, your […]
24 July 2017

Importance of Financial Projections

In order to get the attention of serious investors, it is important to have realistic financial projections incorporated into your business plan. Projections can be a tricky business as you try to anticipate expenses while trying to predict how quickly your business will grow. Nobel Thomas can help you with […]
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