If you have an Industry Super Fund, chances are you’ve been trusting your money with a fund that promises low fees and reliable returns. Industry Super Funds have been the go-to choice for many Australians, largely due to their strong…
When choosing the right business structure, it’s essential to consider your business goals, tax implications, risk tolerance, and future growth plans. Here's a breakdown of the four common structures in Australia: Sole Trader Ideal For: Individuals starting a small business…
In uncertain economic times, small businesses must make strategic adjustments to stay resilient. Here’s a summary of proactive strategies to navigate challenging periods: Enhance Cash Flow and Reduce Reliance on Debt Collect Receivables Promptly: Regularly follow up on late payments…
As we navigate life’s financial milestones, many of us ask: “Would I be better off with a financial adviser?” The Financial Advice Association Australia (FAAA) recently launched its “Better Off with an Adviser” campaign, highlighting the benefits that sound financial…
The Vacant Residential Land Tax (VRLT) in Victoria, Australia, is expanding from 1 January 2025 to include all vacant residential properties, even in regional areas and those owned by the government or state entities, excluding unimproved or vacant land. Below…
As the Australian government continues to address the mounting challenges in aged care, self-funded retirees will soon face increased financial obligations. A recent article in Herald Sun - (September 13, 2024) titled Stumping Up to Fix Care, highlights how upcoming…
Embarking on a financial journey is a lifelong adventure filled with milestones, challenges, and opportunities. Each stage of life presents unique financial goals, from building a solid foundation in your early years to securing a comfortable retirement. Understanding and setting…
As Tax Time 2024 unfolds, millions of Australians are busy lodging their tax returns. It’s essential to ensure you claim all eligible deductions so that you obtain the best result. Professional assistance from the accountants at Roy A McDonald Pty…
Using money or assets from your company or trust for personal purposes can lead to significant tax consequences if not handled properly. It’s essential to ensure that these transactions are accurately accounted for to avoid unintended liabilities. Here’s a breakdown…
When it comes to claiming deductions for body corporate fees and charges, it's important to differentiate between the types of fees and their purposes, as this determines how and when you can claim them. Here’s a breakdown of what you…