News - Acumon Accountants and Business Advisors

Mental Health Support for Small Business Owners

September 16, 2021 27 Views

Running a business can be an isolating experience. And, with COVID-19 lockdowns and disruptions to trade, the pressure can be intense. NewAccess for Small Business Owners is a free and confidential mental health program developed by Beyond Blue to give small business owners the support they need. Whether you’re just

What happens to superannuation in a divorce?

September 9, 2021 23 Views

New legislation will help prevent superannuation assets from being hidden during divorce proceedings. From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court. The recently enacted laws are designed to ensure that there is procedural

The Superannuation Gender Divide

September 1, 2021 25 Views

On average, women earn 14.2% less than men based on full-time earnings. If you take overtime into account, the gap is 16.8%. When part-time work is taken into account, this figure blows out to 31.3%. And, the COVID-19 pandemic has only worsened the pay gap. Given that 93% of all

COVID-19 Business Support

August 12, 2021 762 Views

Overview of COVID-19 Business Support Package State Governments provide business support, while the Commonwealth provides individual income-support COVID-19 Business Grants One-off grants: – Tier 1: $7,500, for turnover decline of at least 30% – Tier 2: $10,500, for turnover decline of at least 50%; or – Tier 3: $15,000, for

Is your business adversely impacted by NSW lockdowns?

August 2, 2021 242 Views

The NSW and Federal Governments have released measures to support businesses during extended lockdowns of four weeks or more. Up to $100,000 in weekly JobSaver cashflow support paymentsUp to $15,000 through the expanded NSW 2021 COVID-19 business grants programNSW micro-business grantsNSW payroll tax deferrals and a 25% payroll tax waiverNSW

COVID-19 & Pandemic Leave Disaster Payments

August 2, 2021 357 Views

If you have been personally impacted by lockdowns and the related restrictions, there are now two COVID-19 payments accessible to individuals: the COVID-19 Disaster Payment; and, the Pandemic Leave Disaster Payment. Here we’ll provide you with some details about each and the eligibility criteria. How to apply for support

Acumon Connect – Winter Issue

July 19, 2021 1,155 Views

CLICK HERE to read the Acumon Connect Winter 2021 Newsletter In this issue: Help with lock downsSupport for NSW businessesCongratulations of achievementsEconomic impact of COVIDRecipe – Nutella Mug CakeSMSF’s issues & opportunities

What household COVID-19 lockdown support is available?

July 19, 2021 947 Views

If you can’t work because you or someone in your household is impacted by COVID-19, support is available. There are two payments accessible to individuals: the COVID-19 Disaster Payment; and, the Pandemic Leave Disaster Payment. How to apply for support You can apply for the COVID-19 Disaster Payment and the

What COVID-19 lockdown support is available to business?

July 19, 2021 761 Views

If your business has been adversely impacted by the recent lockdown in NSW, support is coming. The NSW and Federal Governments have announced a series of new measures to support business during extended lockdowns of four weeks or more. Up to $15,000 through the expanded NSW 2021 COVID-19 business grants

Superannuation Guarantee (SG) rate rise to 10%

June 28, 2021 114 Views

On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% – the first rise since 2014. It will then steadily increase each year until it reaches 12% on 1 July 2025. The 0.5% increase does not mean that everyone gets an automatic pay increase, this

‘Work From Home’ Deductions: ATO looking for valid expenses

June 14, 2021 278 Views

If you worked from home during lockdown and spent money on work related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed. The ATO has stated that it is

Your SMSF: Questions & answers on expenses & investments

May 13, 2021 523 Views

We often get questions from clients about what they can and cannot do in their SMSF, often to do with related party transactions – that is, interactions between the SMSF, its assets, and its members (or relatives of members). Here are some of the common questions and answers. We often

COVID-19 & Fringe Benefits Tax

May 3, 2021 95 Views

Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork. The COVID-19 lockdowns have added another layer of complexity as many work patterns and behaviours changed. A fringe benefit is a ‘payment’ to an employee or an associate (an associate

Acumon Connect – Autumn Issue

April 29, 2021 431 Views

CLICK HERE to read the Acumon Connect Autumn 2021 Newsletter In this issue: Tax PlanningDraft Practical Compliance GuidelineSuperannuation Changes

The Final Stage: JobKeeper & How To Access It

February 15, 2021 1,083 Views

The impact of COVID-19 has been felt very differently from region to region. Fortunes vary wildly between business operators subject to ongoing lockdowns and trading impediments to those benefiting from the “new normal”. For those severely impacted by COVID-19, JobKeeper might be available. The third and final phase of JobKeeper

Acumon Connect – February Newsletter

February 12, 2021 2,224 Views

CLICK HERE to read the Acumon Connect February 2021 Newsletter In this issue: – 2021 Opportunities– 2021 Risks– Benefits Of Going Digital– Financial Planning Advice

Refunds for Tax Losses

December 11, 2020 1,134 Views

If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits. In the 2020-21 Federal Budget, the Government announced that businesses with turnover under $5bn* will be able to offset any losses made between 2019-20 and 2021-22 against previously

Tax deductions for investing in your business

November 26, 2020 637 Views

Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use. This means that

JobMaker Hiring Credits: What We Know So Far

November 19, 2020 783 Views

We’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. The legislation enabling the JobMaker scheme has not passed Parliament as yet and until this occurs, the JobMaker rules are not certain and may change. More details should be available soon and we’ll

Preventing a tsunami of insolvencies

November 2, 2020 667 Views

The Government has stepped in to prevent a wave of insolvencies when the COVID-19 support measures run their course in December 2020. Temporary insolvency and bankruptcy protections are in place until 31 December 2020 to enable businesses to trade through the pandemic. The measures provide: A temporary increase in the

Has COVID-19 devalued your business?

October 19, 2020 525 Views

If you are selling your business, merging, acquiring, or inviting in new investors, you need to understand the value of your business. But, to what degree does the pandemic impact on value? Should you discount or hold firm to pre COVID-19 performance on the basis that ‘we’re going to come

JobKeeper: The next steps

October 7, 2020 607 Views

The first tranche of JobKeeper ended on 27 September 2020. We look at the issues for those seeking to qualify for the second tranche of JobKeeper and for those no longer eligible. Wrapping up JobKeeper If your business is no longer eligible for JobKeeper payments, there are a few things

Acumon Connect – Spring Newsletter

September 30, 2020 1,459 Views

CLICK HERE to read the Acumon Connect Spring 2020 Newsletter In this issue: – Expert Advice– Q&A: Grants & Tax– Jason’s Juicy Burgers– Financial Planning Advice

Forecasting during a pandemic

September 23, 2020 454 Views

Now, more than ever, business operators should have a plan in place to manage during uncertain times. Even if your business is not directly impacted, it’s likely your customers, your supply chain, and your workforce will be to some extent. So, how do you plan for uncertainty when every assumption

COVID-19 and your SMSF

September 2, 2020 497 Views

COVID-19 has had an impact on many SMSFs. Let’s look at the key issues. Early release of superannuation When a member of your fund wants to access up to $10,000 of their superannuation early under the COVID-19 measures, there are some additional steps that trustees need to take. Trustees will

Business Help – What you Need to Know

August 13, 2020 585 Views

JobKeeper 2.0 The Government has announced further changes to the JobKeeper scheme. The good news is that employees that missed out on JobKeeper because they were not employed on 1 March 2020 might now be eligible. The proposed changes would enable employees employed on 1 July 2020 to receive JobKeeper

The ATO on COVID-19 fraud warpath

July 23, 2020 800 Views

Two major Australian Taxation Office (ATO) initiatives are searching out fraud and schemes designed to take advantage of the Government’s Coronavirus Economic Response Package. Tip lines, tax returns and STP The tip line, tax returns, and single touch payroll are just a few of the data sources the ATO is

Minimise Your Personal Tax

June 23, 2020 677 Views

TAX PLANNING GUIDE Now’s the time to review what strategies you can use to minimise your tax before 30 June 2020. Imagine what you could do with tax saved? Reduce your home loanTop up your superHave a holidayDeposit for an Investment PropertyUpgrade your Car The most important thing to remember

Acumon Connect – Winter Newsletter

June 11, 2020 1,243 Views

CLICK HERE to read the Acumon Connect Winter 2020 Newsletter In this issue: – Expert Advice– JobKeeper– Cupcakes with Claire– Financial Planning Advice

What Does Financial Freedom Mean To You?

June 10, 2020 477 Views

LET US HELP YOU ACHIEVE THE ULTIMATE IN FINANCIAL FREEDOM! Let’s keep it really simple. We can create for you, a one page plan for your future: how much money you will needan estimate of how much money you’ll havehow to help you get to what money you’ll need to

Acumon Connect – Autumn Newsletter

March 5, 2020 892 Views

CLICK HERE to read the Acumon Connect Autumn 2020 Newsletter In this issue: – Changes to key dates – Expert Advice – Welcome to our newbies – ATO targets lifestyle assets – Mix & Shake with Sally – Meet the Team – Financial Planning Advice

Are all your SMS Fund eggs in one basket?

February 11, 2020 845 Views

The investment strategies of Self-Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about a lack of asset diversity. The ATO is concerned that, “a lack of diversification or concentration risk, can expose the SMSF and its members to unnecessary risk if a

Maximising the value and returns on your rental property

December 18, 2019 919 Views

Did you know that capital allowance and depreciation are some of the biggest tax deductions claimed by owners of rental properties? If you have invested in a rental property or properties, we know that you’ll want to maximise their value and the returns that they can make for you. Tax

Are you holiday season compliant?

December 18, 2019 730 Views

We are just days from Christmas now, and before we sign off for the year, there’s just a few more things to cover. It’s the season for holidays, and as a business owner, you’ll need to know how to be compliant. New Fair Work Information Statement Firstly, there has been

Tax on shares: ATO extends data matching program

December 12, 2019 604 Views

The Australian Tax Office (ATO) is utilising data provided by the Australian Investments and Security Commission (ASIC) to data match share trades. The ATO is accessing more than 500 million records detailing price, quantity and time of individual trades dating back to 2014. The data complements information that the ATO

Taxation obligations and navigating the “gig” economy

December 6, 2019 640 Views

Firstly, Merry Christmas from the team at Acumon! We love this time of the year. There is a sense of goodwill and joy that people seek out and embrace (with the exception perhaps of the local shopping centre car park). After a hectic year, where time seems to tick by

Acumon Connect – Summer Newsletter

November 26, 2019 964 Views

In this Issue: – Key Dates To Remember. – Can the tax office take money out of your account? – Ruth is retiring. – In the kitchen with Deanne. – How much will your childs education cost? Click here to read the Acumon Connect Summer 2019 Newsletter

Ruth is retiring!

November 8, 2019 732 Views

It is with mixed emotions that the Acumon team will be farewelling our Receptionist, Ruth, at the end of this year. We will miss her expertise and dedication in the office, though we are happy for her to be entering an exciting phase of life… retirement! Ruth has been working

A helping hand for single parents

November 1, 2019 759 Views

Centrelink offers a range of financial benefits to help parents manage the cost of raising kids. And if you’re a single parent, you might even be eligible for additional financial support. This cheat sheet will give you an idea of which benefits you’re entitled to. Being a parent is a

Save time on decisions thanks to key financial calculators with the ACUMON App

September 24, 2019 670 Views

Making good decisions quickly often relies on access to key facts, figures and information. But swift access to reliable information is often a stumbling block which wastes time and effort. Thanks to the ACUMON App, you can have key financial information at your fingertips as it gives you access to

60,000 tax cheat tip-offs

September 10, 2019 794 Views

Tip-offs to the Australian Taxation Office (ATO) have reached an all-time high with close to 60,000 tip-offs received between June and May 2019 – almost double the number of the previous year. The ATO thinks the number of tip-offs will reach around 70,000 for the full financial year. Common problem

How to convert currency the easy way with the ACUMON App

September 3, 2019 586 Views

We’ve all been there. Whether it is a business trip or a well-deserved vacation, we have all found ourselves in the situation where we are trying to figure out just how much the tax fare is really costing us, in our own currency. Or perhaps you are making an internet

Will Apps replace websites? Are we witnessing the death of the web?

August 20, 2019 625 Views

It’s a subject that’s been causing debate in technology circles for quite a while now. In fact, as long ago as 2011 Forrester CEO George Colony gave a speech where he proclaimed the death of the web and the emergence of the “App Internet.” To bring home the logic

Confusion over personal income tax changes – what are you really entitled to?

August 16, 2019 661 Views

The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their income tax return. The Australian Taxation Office (ATO) has been inundated with calls from taxpayers wanting to know where their money is and how

Tax time: Are you in the ATO’s sights?

August 6, 2019 691 Views

A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected. We take a look at the key issues for

Acumon Connect – Winter Newsletter

August 1, 2019 531 Views

In this Issue: – Key Dates To Remember – ATO to Target Clothing & Laundry Claims during Returns Period – Acumon App – Winter Warmer – Financial Planning Advice 2019 Federal Budget Click here to read the Acumon Connect Autumn 2019 Newsletter

How to keep track of your business mileage with the ACUMON App

July 23, 2019 550 Views

Do you claim for business mileage – and spend hours Googling the places you’ve visited to work out the miles you’ve covered? Well, thanks to the Acumon App, you can now get all the information you need permanently recorded on your Smartphone. Just set the Mileage Calculator to ‘Start Trip’

Why business owners need to face up to the challenge of Mobile and Smartphone growth

July 16, 2019 561 Views

The business landscape is not simply evolving; it’s changing dramatically, thanks to mobile technology. Back in 1992 a 22-year-old test engineer sent the world’s first text message. Today, more than 8 trillion texts are sent each year and, in October 2015, global users of Smartphones reached an astonishing 1.5 billion.

Receipt Management

July 2, 2019 637 Views

Simple, easy and efficient receipt management Managing your receipts can be a tough task. Trying to keep track of all those important business expenses and receipts can be a nightmare: pockets overflow, wallets become crammed with them and inevitably, many are lost. If you are claiming back expenses, then this

How to close Apps in iOS on the iPhone, iPad or other iOS devices

June 21, 2019 606 Views

As more and more of our clients are using iPhones, iPads and other iOS devices, we want to blog about closing Apps in iOS. Your smartphone or iPad is a hardworking tool, capable of literally almost anything, including of course running our latest free App – you can get that

Single Touch Payroll

June 6, 2019 678 Views

Do you know what Single Touch Payroll is? STP is now in its second year… New mandatory salary and super reporting requirements came in to place last year, commencing 1 July 2018. Single Touch Payroll (STP) is a government initiative that changed the way businesses report on their payroll to

2019 Tax Planning + How a Coalition Federal Election Win Will Affect You

May 29, 2019 707 Views

Now that the Federal Election has been won by the Coalition, our combined focus needs to be on how you can save tax before 30 June 2019! While the Coalition have promised company tax cuts and individual tax cuts, the majority of these are planned for a few years’ time.

Why Acumon Clients Love this Free App | New App from Acumon

May 7, 2019 697 Views

Why Acumon clients love the new App The Brand new App from Acumon It’s been a few weeks now since Acumon launched the new iPhone and Android App. In that time, clients and contacts have downloaded it across Maitland. The App has generated some fantastic feedback from users enjoying its

WORKHORSE VEHICLES – ATO outlines new Safe Harbour provisions

April 30, 2019 634 Views

Workhorse vehicles are generally exempt from the car fringe benefit rules, provided the private use of that vehicle is restricted to only minor, infrequent and irregular use. For example, dropping off / picking up children to school on the way to / from work. Where the private use is more

Federal Budget – What it means for you!

April 10, 2019 734 Views

This year’s Budget is rather unique as it occurred just before a federal election. While there are many parts of this years’ Budget that apply to future years, we have summarised below the key changes you need to know about for the next 12 months. Remember, if the Federal Government

ENTERTAINING, MEALS AND FBT TIPS & TRAPS

April 4, 2019 718 Views

An everyday occurrence across the business landscape in Australia is the practice of taking both existing and potential clients out for a meal to cement the business relationship, with the cost of this meal often covered by one party. Equally, business owners commonly reward by taking high performing employees out

What would happen if….

March 20, 2019 684 Views

Life does not always go to plan. While we logically know that, most of us don’t plan for the worst – it’s all a bit morbid and time consuming. The downside of not planning is the potential for hard earned assets to be squandered, family fall-outs, and money handed to

How the ATO identifies potential FBT employers

March 7, 2019 1,034 Views

The table below outlines the key tax return labels that can alert the ATO that an employer may have some FBT exposure. DISCLOSURE ITEM / RETURN LABEL FBT RISK Fringe benefit employee contributions Item 6, Label I of the ‘C Return’ Item 45, Label T of the ‘T Return’

Acumon Connect – Autumn Newsletter

February 28, 2019 1,799 Views

In this Issue: Key Dates to Remember Expert Advice – FBT Providing Cars to Employees The Acumon App Our Team Member Financial Planning Advice – Counting the Cost of a Curve Ball Click here to read the Acumon Connect Autumn 2019 Newsletter.

Acumon Accountants Launch Powerful App

February 26, 2019 826 Views

It’s landed! The Brand new App from Acumon As a firm we are constantly looking for ways we can improve the service we offer our customers and we are proud to announce the launch of our brand new Acumon App. It’s completely free of charge and it’s available for iPhones,

PROVIDING CARS TO EMPLOYEES TIPS & TRAPS

February 19, 2019 1,036 Views

The provision of company cars to employees is a regular practice across the Australian business landscape. Generally, there are two reasons to provide a car to an employee: 1. It’s a requirement of the job that employees travel regularly for work purposes, so providing a car will allow employees to

Help your kids avoid the debt spiral

February 5, 2019 799 Views

If you’re a parent concerned about the spending habits of your son or daughter, you’re not alone. Here are some simple suggestions to help your loved ones take back control and stay out of debt. When you’re young and living life to the full, it can be tempting to see

How much will your child’s education cost?

January 5, 2019 749 Views

Your child’s education is an important investment in their future. But getting it right takes careful planning, which means you need a true understanding of the costs involved. As every parent knows, a quality education is one of the most important foundations you can provide for your child. But the

Your top five New Year’s financial resolutions.

December 14, 2018 763 Views

Overspent in 2018? Here’s how to put your finances back on track – and even get ahead. Despite the best intentions, many of us will finish this year on a low note financially. Whether it’s the cost of Christmas presents or summer holidays, or unexpected expenses that cropped up

Managing your business cash flow over the holiday period

December 11, 2018 851 Views

December is usually the busiest time of the year for retail and hospitality businesses. But businesses in other sectors often find that their sales slowdown and their customers stop paying them for a few months. So cash flow dries up. Whether your business is large or small, well-established or in

Acumon Connect – Spring Newsletter

November 26, 2018 754 Views

In this Issue: Key Dates to Remember Expert Advice – The ATO – Don’t Say We Didn’t Warn You! The Acumon App Spring Recipe – Chicken and spinach pasta salad Financial Planning Advice – September Quarter Market Update Click here to read the Acumon Connect Spring 2018 Newsletter.

Xero’s NEW 2SA login

November 5, 2018 1,301 Views

Just one easily guessed password can stop your business in its tracks. When it comes to keeping your Xero data secure, put an extra deadbolt on the door with two-step authentication (2SA), and stay safe online. Here are three steps to get you started and why it will become mandatory

Ethical investing can make cents

October 29, 2018 729 Views

Ethical investing has gone from backwater to mainstream over the past decade, as Australians discover they can make the world a better place whilst having the potential to make money at the same time. Whether you choose to support a sustainable future, animal welfare or strong corporate governance, it has

Tax Agent Scam Alert

October 4, 2018 894 Views

In a recent twist in the ‘fake tax debt’ scam, we have received increasing reports of a new scam method where scammers impersonate registered agents to lend legitimacy to their phone call. THE FRAUDSTERS DO THIS BY coercing the victim into revealing their tax agent’s name, and initiating a three-way

Your handy moving-house checklist

October 2, 2018 822 Views

Whether you’re a growing family in need of a bigger house, empty nesters downsizing, or someone who’s just looking for a change of scenery, moving to a new home is a big deal. It can also be costly, stressful and time-consuming. But don’t sweat, this checklist will make planning your

Are you holding back your business?

September 19, 2018 878 Views

Overcoming the biggest problems in business often comes down to the simple things. Here are a few simple things you can do to capitalise on your opportunities and reduce your risks. “I didn’t get time…” No more excuses Most people simply don’t set aside the time to do the forward

Clothing deductions hung out to dry

August 29, 2018 1,041 Views

The Australian Taxation Office is closely examining workrelated clothing and laundry expense claims of taxpayers submitting their 2017-18 tax returns. The ATO says that clothing claims are up nearly 20% over the last five years with people either making mistakes or deliberately over-claiming. Common mistakes include people claiming ineligible clothing,

Are you prepared for life’s unexpected plot twists?

August 29, 2018 898 Views

It’s impossible to know what’s on the horizon, but with the right personal insurance, at least you can be financially prepared against any curve balls life may throw at you. So, how do you know which types of cover are right for you? Here are some personal insurance basics to

Acumon Connect – Winter Newsletter

August 27, 2018 893 Views

In this Issue: Key Dates to Remember Expert Advice – Clothing Deductions Hung Out to Dry Meet Sharyn Crichton – Team Member Profile For Winter Winter Recipe – Chicken and vegetable baked risotto Financial Planning Advice – Perfecting part-time work Click here to read the Acumon Connect Winter 2018 Newsletter.

Everything You Need To Know This New Financial Year

July 19, 2018 1,076 Views

We are now a few weeks into the 2018-2019 financial year and the new financial year brings with it a few changes and updates to tax, wages, superannuation and cash payments. To help you become aware of these changes and updates, please find below a summarised version of everything you

The business owner’s checklist

July 13, 2018 1,045 Views

Being your own boss can be rewarding, but it’s also incredibly challenging. That’s why it’s important to future-proof your hard work by taking steps today that will prepare your business for tomorrow. When you’re running your own business, it’s demanding enough to keep up with the day-to-day, which means it’s

Perfecting part-time work

June 26, 2018 1,010 Views

Working part-time can give you the freedom to make the most out of both your professional and personal life – but you need to get the balance right. There’s no doubt about it, our working lives are becoming ever more flexible. Almost half of all female employees in Australia now

Use our Tax Deductions Checklist this EOFY

June 21, 2018 981 Views

Happy EOFY! We have reached the end of the 2017-18 financial year and now is the time to be collecting all your receipts, making sure your log book is up to date and getting ready for tax time. Paying less tax is not about ‘cheating’ the system, its all about

Time to ask for a pay rise?

June 6, 2018 1,081 Views

The gender wage gap is putting many women on the back foot financially – but a successful salary negotiation can make a significant difference. Here’s how to do it. In November 2016, Hillary Clinton came close to shattering the glass ceiling in her run for the US presidency – but

Acumon Connect – Autumn 2018

May 28, 2018 879 Views

In this Issue: Key Dates to Remember Expert Advice – Driversnote App Meet Clayton Atkins – Team Member Profile For Autumn Autumn Recipe – Slow Cooker Italian Beef Ragu Pasta Financial Planning Advice – Your future starts now Click here to read the Acumon Connect Autumn 2018 Newsletter.

Managing the costs of aged care

May 4, 2018 1,054 Views

Choosing the best aged care facility for yourself or a loved one can take its toll – both emotionally and financially. But with a bit of planning, you can take control of your cash flow and make sure you find the right care facility. Whether you’re considering residential aged care

Minimise Your Business Tax | Tax Planning Guide

April 30, 2018 1,080 Views

Imagine what you could do with tax saved? Reduce your home loan Top up your super Have a holiday Deposit for an Investment Property Upgrade your Car Here’s a guide to the strategies you can use to minimise your business tax. IS YOUR BUSINESS A “SMALL BUSINESS” ENTITY? Small businesses

Minimise Your Personal Tax | Tax Planning Guide

April 30, 2018 1,046 Views

Now’s the time to review what strategies you can use to minimise your tax before 30 June 2018. Imagine what you could do with tax saved? Reduce your home loan Top up your super Have a holiday Deposit for an Investment Property Upgrade your Car KEY SUPERANNUATION CHANGES While you might

Your financial future starts now

April 11, 2018 1,034 Views

They say every great journey starts with a single step – and your future is just beginning. Here’s how to get on the path to financial freedom at the same time. Every year, thousands of young Australians start one of the biggest journeys of their lives: their careers. And, if

WHAT IS A CAR FRINGE BENEFIT?

April 3, 2018 2,432 Views

A car fringe benefit commonly arises when an employer makes a car they own or lease available for the private use of an employee. If you conduct your business through a company or trust, you may be an employee of the company or a trust. A car is made available

Entertaining, Meals and FBT – Tips & Traps

March 19, 2018 1,853 Views

An everyday occurrence across the business landscape in Australia is the practice of taking both existing and potential clients out for a meal to cement the business relationship, with the cost of this meal often covered by one party. Similarly, a common reward business owners give is taking high performing

Easter Colouring Competition

March 16, 2018 1,549 Views

The Easter Bunny is getting all his eggs ready and will be here in a couple of weeks! Acumon is very excited to be running a Colouring Competition for local kids to celebrate this exciting, chocolate filled time of year. To participate, you can download and print your colouring stencils below

Financial advice for a long life

March 5, 2018 1,008 Views

Retiring earlier and living longer: why every woman needs the right financial strategy to make sure their savings will last their distance. Women in Australia can look forward to long and healthy lives, with the average female life expectancy now higher than 84.1 What’s more, women tend to leave the

Acumon Connect – Summer 2018

February 23, 2018 941 Views

In this Issue: Key Dates to Remember Expert Advice – Planning for tax time long before EOFY Meet Scott Atkins – Team Member Profile For Summer Summer Recipe – Quick and easy creamy pasta salad Financial Planning Advice – Wedding thrills minus the endless bills Click here to read the Acumon Connect

Give your kids a home-buying boost

February 14, 2018 1,009 Views

Rising property prices have made it harder for young people to get into the property market than it was for previous generations. Here’s how you can lend your kids a helping hand – without necessarily having to put up all the cash yourself. Recent statistics show that just over half

Wedding thrills minus the endless bills

January 30, 2018 1,247 Views

Many newlyweds start married life struggling from heavy debts from their big day. However, with a proper financial plan, a walk down the aisle can also be a stroll in the park. With the average cost of an Australian wedding now well over the $30,000*, tying the knot can mean

Planning for tax time long before EOFY

January 22, 2018 1,193 Views

For small businesses and individuals alike, the end of the financial year is always an extremely busy time. For businesses, accounts also need to be finalised, taxes need filing and budgets planned for the new financial year. That’s a lot, but don’t stress. Planning ahead throughout the year can help

Goals first, strategy second

December 15, 2017 1,121 Views

If you haven’t figured out your lifestyle goals for the future, your financial strategy is like a journey without a destination. With Christmas almost here, and a brand New Year looming, now is the perfect time to start planning ahead and preparing for 2018 and beyond. When you’re creating a

Starting a business from home?

December 4, 2017 1,129 Views

Setting up a home business is an exciting step. But for many, it can also make the juggling act between work and family a bit more challenging. Here’s how to start out on the right foot. Running your own business can be incredibly rewarding, but it’s also plenty of hard

Acumon Connect – Spring 2017

November 21, 2017 1,134 Views

In this Issue: Key Dates to Remember Expert Advice – Managing the log book just got easier Meet Ruth Noble – Team Member Profile For Spring Client Profile – Carrie’s Place Financial Planning Advice – Teach your kids about money! Click here to read the Acumon Connect Spring 2017 Newsletter.

The Advantages and Disadvantages of Buying a Franchise

October 27, 2017 1,904 Views

Owning a franchise can be a great way to run your own business with support and security from a broader business network. Is a franchise the right fit for you? Before buying a franchise, consider your wants and needs, your strengths and limitations, your skills and passions and most of

Women and cancer: what you need to know

October 24, 2017 1,223 Views

Being faced with cancer can have a devastating impact on women and their families. That’s why it’s so important to reduce your health risks – and also know how to avoid the financial shock that a cancer diagnosis can bring. October marks the Cancer Council’s Annual Pink Ribbon Day, with

Is an SMSF right for you?

October 5, 2017 1,307 Views

If you’re thinking of setting up a self-managed super fund (SMSF), there are lots of things you need to consider first. That’s why it’s important to understand exactly what’s involved so you can decide whether an SMSF is the best option for your super. Like other superannuation funds, an SMSF

Business owners – what is your end game?

September 26, 2017 1,258 Views

Why do you own a business? It’s interesting to consider this because we are shocked at how many business owners haven’t taken the time to consider this fundamental question. From a big picture perspective, having a business provides you with a lifestyle. That’s it! It gives you cash now to

Have you baby-proofed your finances?

September 8, 2017 1,289 Views

Becoming a parent brings a world of joy into your life, but it can also put a strain on your household finances. So if you’re planning to take time off work to look after your little one, make sure you’re financially prepared. Although the prospect of taking months off work

What can I claim against my tax?

August 24, 2017 1,466 Views

It’s tax time again. What can you claim to reduce your tax? Deductions you can claim According to the Australian Taxation Office (ATO) website, there are 3 things you need to claim a work-related deduction: You must have spent the money yourself and weren’t reimbursed; It must be directly related

Starting young

July 31, 2017 1,430 Views

Do you ever wish you started seeing a financial adviser earlier in life? Then consider setting your kids on their own financial advice journey sooner rather than later. As every parent knows, children need to learn from their own mistakes, but that shouldn’t be the case when it comes to

Are you using the correct award rates?

July 11, 2017 1,580 Views

Happy new financial year! We hope last years was financially prosperous, here’s to another exciting year ahead. However, as it is the new financial year, it’s time to ensure that you’re paying up to the correct award rates. Here is a quick how-to-guide that we’ve put together to make sure

Your 2017 EOFY Tax Minimisation Tips

June 23, 2017 1,788 Views

Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before and after 30 June. Some of these will help to minimise your tax. We have outlined these action points below to assist you. BEFORE 30 June

Federal Budget 2017-18 – What It Means For You

May 10, 2017 1,632 Views

The 2017-18 Federal Budget was handed down last night. Please find below a summary of the announcements that are most likely to affect you. Highlights Notwithstanding speculation to the contrary, the Temporary Budget Repair Levy (levied at two percent of taxable income in excess of $180,000) will cease on 30 June

What employers need to know about FBT 2017

March 24, 2017 1,955 Views

We know that no one likes to pay tax and certainly no more tax than they should. But very few people want to be on the wrong side of an Australian Taxation Office (ATO) audit where fees and penalties are paid for neglecting your obligations. The Fringe Benefits Tax (FBT)

The Handbag vs Briefcase deduction debate

February 23, 2017 1,914 Views

If a man can claim a briefcase as a tax deduction why can’t women claim their handbags? After all, men often have a lot of personal items in their briefcases and working women are just as likely to carry their ipads, documents, and other work related items in their handbag.

Acumon Connect – Summer 2017

February 13, 2017 2,204 Views

In this Issue: Key Dates to Remember Expert Advice – Pride & Prejudice: Top Three Predictions for 2017 Meet Kim Wright – Team Member Profile For Summer Client Profile – Newcastle Steel Frames & Trusses Click here to read the Acumon Connect Summer 2017 Newsletter.

The Biggest Changes to Super in a Decade

January 23, 2017 1,927 Views

The biggest changes to super in a decade – how to capitalise now! Major changes to tax and superannuation have just been approved by the Government in December 2016. These are the biggest changes in the last 10 years. They are significant. Most of these changes will take place on

Acumon Connect – Spring 2016

November 24, 2016 1,760 Views

In this Issue: Key Dates to Remember Expert Advice – How To Not Lose Your Family Wealth Meet Callan Stammer – Team Member Profile For Spring Client Profile – Mortgage Masters Click here to read the Acumon Connect Spring 2016 Newsletter.

Don’t Roll the Dice – Take your HR seriously

November 17, 2016 1,858 Views

Do you run a business with employees? If yes, then we can guide you to take care of your Human Resources (HR) the EASY way. Don’t get caught out. If you answer ‘Yes” to any of the below you may not be legally compliant and may be exposed. Contact our

What do the new tax tables mean for you?

October 26, 2016 1,846 Views

The Australian Tax Office have introduced new tax tables effective from 1 October 2016. Here is what you need to know about the changes and what you need to do for these changes. The most remarkable change is the tax threshold for the 37% marginal tax rate for individuals which

Do you know the value of your business?

September 26, 2016 1,685 Views

Knowing the value of your business is beneficial for a number of reasons, not just if you want to sell. It can help with benchmarking, planning, investing, insurance and more. Here are the top reasons why you should know the value of your business: Measure business growth – How do

Acumon Connect – Winter 2016

August 17, 2016 1,739 Views

In this Issue: Key Dates to Remember Expert Advice – What you need to know about claiming property depreciation Meet Brianna Matzanke – Team Member Profile For Winter Client Profile – Xtreme Indoor Go Karts Thornton Click here to read the Acumon Connect Winter 2016 Newsletter.

Scattered SuperFunds, Consolidate Now

August 10, 2016 1,866 Views

Are you sick of receiving multiple super statements each year and trying to keep track of all of your super accounts? Consolidate now to put an end to the scattered superfunds! The benefits of consolidating: You only need to pay one set of fees The amount of paperwork is reduced

Claiming home office expenses in your tax return

July 27, 2016 3,013 Views

Many aren’t aware that they can claim home office expenses. Whether your self-employed, a business owner or an employee – do you perform some of your work from home? If you do, here is a quick summary of the tax rules, and what home office expenses are allowed. Even if

Prepare Your Business for EOFY

June 22, 2016 1,777 Views

End of Financial Year is quickly approaching with a busy couple of weeks ahead for everyone, particularly business owners. But don’t stress, there are a couple of steps that you can take to prepare your business for EOFY and the future. The first step, and probably the biggest, is to

Are You Ready For EOFY?

May 18, 2016 2,079 Views

Regulatory requirements that small business owners are required to complete before the end of the financial year. With the end of financial year fast approaching, small business owners should start to think about what they need to do by the end of June, but don’t leave it until last minute.

Top Tips for Debt Management

April 20, 2016 2,544 Views

If you have one or a number of loans, there may be a way that you can better manage your debts. Acumon Financial Services is able to help you with this but here are some top tips for your debt management. Calculate your debt It is important that you look

Acumon Connect – Autumn 2016

March 29, 2016 2,185 Views

Please click the link below to view the Autumn 2016 Issue of our Acumon Connect Newsletter with expert advice on electronic signatures! Acumon Connect – Autumn 2016

Our Greenhills Office Has Moved!

March 15, 2016 1,958 Views

Our Greenhills office has now officially moved and we are very excited to meet you at our new location. The new office is at Suite 2, Unit 7, 19 Mitchell Drive, East Maitland (near Greenhills Vet). You are welcome to park anywhere, however we have allocated car parks at the

Teaching Your Children Good Financial Habits

February 18, 2016 1,794 Views

Budgeting, Spending and Saving: Crucial Skills ASIC recommends teaching children how to budget, spend and save money as early as possible. They see it as a vital part of a child’s development. They have a video on the website called “Teaching kids how to budget to become financially savvy.” We

Christmas is a time for giving

November 4, 2015 2,019 Views

The Christmas Season is a time for giving – donating to charity are tax deductible donations. This means any eligible donations you make to any approved organization, can reduce the amount of tax you owe to the ATO. This is a great benefit of donating to charity, and the tax

Acumon Connect – Spring 2015 – Wealth Portal

October 15, 2015 8,557 Views

The new ‘Wealth Portal’ on our Acumon website allows you to have your entire financial world in the one platform. With easy to use tools and the ability to access the portal 24/7, managing your finances has never been easier! The Benefits of the ‘Wealth Portal’: • All of your accounts are in

Would you like more control over your retirement savings?

September 30, 2015 2,151 Views

Is a Self-Managed Super Fund right for you? Self-managed super funds (“SMSF”) account for over 30% of all superannuation assets in Australia and continue to be the fastest growing sector within the industry. This growth has been driven by individuals wanting control over their retirement savings. SMSFs provide members with

Are Your Finances Secure?

September 4, 2015 2,060 Views

Password security has never been more important than it is in today’s world. Think about how you check you finances, pay bills, transfer money and make purchases. It is mostly done through online websites and applications. Whilst the security of finance and banking applications are generally pretty high, you may

Xerocon 2015 Highlights

August 17, 2015 2,312 Views

Simple Cashflow Forecasting

August 3, 2015 2,080 Views

Success in today’s business climate requires you to plan and know what to expect. Unfortunately, sometimes this requires you to push aside your passion for your business and spend time sorting out your finances! A major part of managing your finances can be taken care of using one very simple

Is your business ready for EOFY?

June 5, 2015 1,824 Views

End of Financial Year is quickly approaching with a busy couple of weeks ahead for everyone, particularly business owners. But don’t stress, if you are a business owner, you will be pleased to know that there are a couple of steps that you can take to prepare yourself for EOFY

Federal Budget 2015

May 21, 2015 1,960 Views

Last week we heard the Treasurer Joe Hockey deliver his second Federal budget, with some key surprises in it, especially for small business. Below is a summary of the key features and how they could affect you! We at Acumon are here to make you smart financial decisions NOW so that

To Do List for Small Business Owners at Tax Time

May 8, 2015 2,227 Views

With the end of financial year fast approaching, small business owners should start to think about what they need to do by the end of June. The below tasks are required by law to be complete. • File an income tax return – your accountant will need a variety of financial

Acumon Connect Autumn 2015 – Tax Planning Starts Now

April 23, 2015 1,912 Views

To view the newsletter, please follow the link below. Acumon Connect Autumn 2015

Acumon is Online!

February 9, 2015 1,947 Views

Keep Connected with Acumon Acumon has launched a new website and is now on social media. Keep connected with Acumon by liking our page and following us on Twitter. We keep you in the loop by posting helpful tips, expert advice and updates on what’s happening in office. Like our Facebook page facebook.com/acumonaccounting Follow