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# Your Trusted Doncaster Accountants & Financial Planning Partners

For over 60 years, Roy A McDonald Pty Ltd has provided expert accounting, tax, and strategic financial advice to individuals and businesses across Doncaster, Manningham, and surrounding communities.

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## Posts

- [News](https://royamcdonald.com/news/)
- [Payday Super Has Arrived: What Every Australian Employer Needs to Know](https://royamcdonald.com/payday-super-has-arrived-what-every-australian-employer-needs-to-know/) - From 1 July 2026, one of the biggest changes to Australia's superannuation system in decades has come into effect. The Australian Taxation Office (ATO) has introduced Payday Super, requiring employers to pay employees' Superannuation Guarantee (SG) contributions at the same time as they pay wages, rather than making quarterly payments. For many businesses, this represents
- [New Financial Year 2026–27: Understanding the Latest ATO Tax Changes](https://royamcdonald.com/new-financial-year-2026-27-understanding-the-latest-ato-tax-changes/) - Stay Ahead of the New Tax Rules with Roy A McDonald Pty Ltd Accountants The new financial year has brought several important tax and superannuation changes that affect individuals, small businesses and employers across Australia. Keeping up to date with these changes is essential to remain compliant while taking advantage of available tax opportunities. At
- [New Financial Year, New Opportunities: Smart Financial Tips for the Second Half of the Year](https://royamcdonald.com/new-financial-year-new-opportunities-smart-financial-tips-for-the-second-half-of-the-year/) - Fiducian Financial Services Doncaster – Helping you make informed decisions for a secure financial future As we enter a new financial year, the months from July to December provide a valuable opportunity to pause, review your financial position, and set clear priorities for the year ahead. Whether your focus is building wealth, managing debt, protecting
- [Economic & Market Commentary – Why Staying Invested Matters](https://royamcdonald.com/economic-market-commentary-why-staying-invested-matters/) - Financial markets are constantly influenced by economic data, interest rates, inflation, geopolitical events and investor sentiment. While these factors can create periods of uncertainty, history has consistently shown that disciplined, long-term investing remains one of the most effective ways to build wealth. According to Fiducian's latest Economic & Market Commentary, the global economy continues to
- [Is Your Business Viable? Use the ATO’s Free Business Viability Assessment Tool](https://royamcdonald.com/is-your-business-viable-use-the-atos-free-business-viability-assessment-tool/) - Running a successful business requires more than generating sales. To remain sustainable over the long term, a business must be able to meet its financial obligations, manage cash flow effectively, and provide an appropriate return to its owners. With many Australian businesses facing rising operating costs, interest rates, and economic uncertainty, regularly reviewing your business’s
- [Medicare Levy, Medicare Levy Surcharge and Private Health Insurance: What Every Australian Needs to Know](https://royamcdonald.com/medicare-levy-medicare-levy-surcharge-and-private-health-insurance-what-every-australian-needs-to-know/) - Many Australians are surprised to discover that the Medicare Levy, Medicare Levy Surcharge (MLS), Private Health Insurance and Lifetime Health Cover (LHC) loading are all separate components of Australia's healthcare and taxation system. Understanding how these rules work together can help you make informed financial decisions, potentially reduce unnecessary costs and ensure your healthcare arrangements
- [How to Put More Money Into Your Super Today](https://royamcdonald.com/how-to-put-more-money-into-your-super-today/) - For many Australians, superannuation is one of the most valuable assets they will ever own. Yet despite its importance, many people rely solely on their employer's compulsory contributions and miss opportunities to significantly boost their retirement savings. Whether you're looking to build wealth for retirement, reduce your tax bill, or simply make your money work
- [End of Financial Year 2025/26: Financial Planning Strategies to Consider Before 30 June](https://royamcdonald.com/end-of-financial-year-2025-26-financial-planning-strategies-to-consider-before-30-june/) - As the 2025/26 financial year draws to a close, now is an ideal time to review your financial position and identify opportunities to improve your long-term financial wellbeing. The weeks leading up to 30 June can present valuable tax, superannuation and investment planning opportunities that may help you build and protect your wealth more effectively.
- [ATO Steps Up Support for New Businesses: What It Means for You](https://royamcdonald.com/ato-steps-up-support-for-new-businesses-what-it-means-for-you/) - Starting a new business is an exciting milestone—but it also comes with a range of tax, superannuation, and compliance responsibilities. The Australian Taxation Office (ATO) has recently reinforced its commitment to supporting new business owners, focusing on helping them get things right from the very beginning. At Roy A McDonald Pty Ltd Accountants Doncaster, we
- [ATO Clarifies Family Trust Distributions Tax — What Business Owners and Trustees Need to Know](https://royamcdonald.com/ato-clarifies-family-trust-distributions-tax-what-business-owners-and-trustees-need-to-know/) - If you operate a family trust or discretionary trust, the Australian Taxation Office (ATO) has an important reminder about how family trust distributions tax (FTDT) works and what can happen if distributions are made outside permitted boundaries. Understanding these rules can help trustees avoid significant tax liabilities and ensure their structures remain compliant. At Roy
- [ATO Guide for Property Investors: What You Need to Know About Capital Gains Tax When Selling Your Rental Property](https://royamcdonald.com/ato-guide-for-property-investors-what-you-need-to-know-about-capital-gains-tax-when-selling-your-rental-property/) - Selling a rental property can be a significant financial event — and it often comes with tax implications that many investors need help navigating. The Australian Taxation Office (ATO) has clear rules on how capital gains tax (CGT) applies when you sell a rental property, and understanding these can help you plan effectively and avoid
- [Tax-Effective Investing: Grow Your Wealth While Keeping Your Tax Bill in Check](https://royamcdonald.com/tax-effective-investing-grow-your-wealth-while-keeping-your-tax-bill-in-check/) - Investing isn’t just about chasing returns — it’s about making your money work smarter so that more of your gains stay in your pocket. With the right strategies, you can build long-term wealth and manage the tax implications that eat into your investment returns. At Fiducian Financial Services Doncaster, we help our clients understand how
- [The Top 5 Financial Concerns Facing New Clients – And How to Address Them](https://royamcdonald.com/the-top-5-financial-concerns-facing-new-clients-and-how-to-address-them/) - Many Australians don’t seek financial advice until a key life moment or growing concern prompts action. Whether it’s career progression, family changes, or financial uncertainty, these turning points often highlight gaps between where people are—and where they want to be. At Fiducian Financial Services Doncaster, we regularly see similar concerns raised by new clients. Understanding
- [2026–27 Federal Budget Summary: What It Means for Individuals, Investors & Business Owners](https://royamcdonald.com/2026-27-federal-budget-summary-what-it-means-for-individuals-investors-business-owners/) - The 2026–27 Federal Budget delivered by Treasurer Jim Chalmers introduces a range of proposed reforms that may significantly impact property investors, discretionary trusts, tax planning strategies, superannuation, and cost-of-living relief measures. At Roy A McDonald Pty Ltd Accountants and Fiducian Financial Services Doncaster, we have summarised the key highlights and what they may mean for
- [$20,000 Instant Asset Write-Off Extended: What Small Businesses Need to Know for 2025–26](https://royamcdonald.com/20000-instant-asset-write-off-extended-what-small-businesses-need-to-know-for-2025-26/) - The Australian Government has announced a further extension of the $20,000 instant asset write-off, providing continued tax relief and investment support for eligible small businesses during the 2025–26 financial year. This measure allows businesses to immediately deduct the business portion of eligible asset purchases, helping improve cash flow and encourage reinvestment into operations. What Is the
- [The War with Iran and the Share Market and how Fiducian is addressing it](https://royamcdonald.com/the-war-with-iran-and-the-share-market-and-how-fiducian-is-addressing-it/) - Recent share market falls and general market volatility have clearly followed the outbreak of war with Iran and the blocking of most oil shipments out of the Persian Gulf. While it is impossible to predict the exact outcome of this war, or when it might end, it is now evident that even in a ‘worst
- [Protecting Your Superannuation from Cyber Threats](https://royamcdonald.com/protecting-your-superannuation-from-cyber-threats-2/) - Superannuation represents one of the most valuable financial assets many Australians will ever own — often only second to the family home. But with increasing cybercrime targeting financial accounts, protecting your superannuation from hackers and scammers has never been more important. Cyber threats constantly evolve, and the $4 trillion Australian superannuation industry presents an attractive target
- [Ladies – Why the Best Investment Strategy Starts With You](https://royamcdonald.com/ladies-why-the-best-investment-strategy-starts-with-you/) - When you think about investing, often the first ideas that come to mind are markets, returns or risk. But for many women today, investing goes far beyond numbers — it’s about building clarity, confidence and real choice in life. More Women Are Taking Control of Their Financial Future Recent research shows that nearly half of
- [Get It Right: Avoid Delays When Winding Up Your SMSF](https://royamcdonald.com/get-it-right-avoid-delays-when-winding-up-your-smsf/) - Deciding to wind up a Self-Managed Super Fund (SMSF) is an important financial decision. Whether your circumstances have changed, investment goals have shifted, or managing the fund is no longer practical, it’s essential to follow the correct process to avoid delays, compliance issues and unnecessary costs. The Australian Taxation Office (ATO) has recently updated its
- [Understanding the Types of Life Insurance: A Guide for Australians](https://royamcdonald.com/understanding-the-types-of-life-insurance-a-guide-for-australians/) - When it comes to protecting your financial future and your loved ones, life insurance plays a critical role. However, many Australians are unsure about the different types of cover available and how each one works. Understanding your options is the first step in making confident, informed decisions about your financial wellbeing. At Fiducian Financial Services
- [Are You Ready for Retirement? Key Steps to Secure Your Financial Future](https://royamcdonald.com/are-you-ready-for-retirement-key-steps-to-secure-your-financial-future/) - Planning for retirement is one of the most important financial journeys you will undertake. While retirement may feel like a distant milestone for some, the reality is that being prepared early can make a significant difference to your long-term lifestyle, security, and peace of mind. At Fiducian Financial Services Doncaster, we help clients take a
- [ATO Reminder: It’s Time to Check Your Car Logbook](https://royamcdonald.com/ato-reminder-its-time-to-check-your-car-logbook/) - As the end of the financial year approaches, the Australian Taxation Office (ATO) is reminding taxpayers and advisers that now is the perfect time to review vehicle logbooks to ensure they remain valid and compliant. At Roy A McDonald Pty Ltd Accountants Doncaster, we’re encouraging clients to take this opportunity to avoid common mistakes and
- [Get Ready for Business – ATO Tips for New & Aspiring Small Business Owners](https://royamcdonald.com/get-ready-for-business-ato-tips-for-new-aspiring-small-business-owners/) - Starting a business can be exciting, but it also brings a range of tax, super and regulatory obligations you need to understand and manage from day one. To help new business owners get this right, the Australian Taxation Office (ATO) has published Get Ready for Business guidance — part of a broader Small Business Focus Areas initiative aimed at helping small businesses build
- [ATO Update: Holiday Home Tax Deductions – What Property Owners Need to Know](https://royamcdonald.com/ato-update-holiday-home-tax-deductions-what-property-owners-need-to-know/) - The Australian Taxation Office (ATO) has reinforced its guidance around holiday home tax deductions, highlighting how owners must correctly report income, apportion expenses and ensure their property is genuinely available for rent to claim deductions. With many Australians owning coastal, regional or short-stay properties, understanding these rules is essential to avoid incorrect claims and potential compliance
- [January Economic Commentary](https://royamcdonald.com/january-economic-commentary/) - The global economy is forecast to grow this year and next at close to last year’s rate and around its longer-term trend rate. The IMF recently lifted its growth forecasts due to ‘surging investment related to technology, including artificial intelligence… as well as fiscal and monetary support and adaptability of the private sector’. Global growth is
- [Do You Have a Home-based Business?](https://royamcdonald.com/do-you-have-a-home-based-business/) - If you run your business from home and have a dedicated area set aside as a "place of business," you may be eligible to claim occupancy and running expenses. Here are some key points to consider: Claiming Expenses for a Home-Based Business Dedicated Business Area: If you have a specific area in your home designated
- [Are You Retirement Ready? How to Plan the Next Stage of Your Life](https://royamcdonald.com/are-you-retirement-ready-how-to-plan-the-next-stage-of-your-life/) - Retirement is one of life’s major milestones — and while it’s something many of us look forward to, it can also be one of the most complex financial transitions we ever make. Whether retirement is decades away or just around the corner, having a clear and effective retirement plan is essential to enjoy the lifestyle
- [You want to turn your hobby into a business?](https://royamcdonald.com/turn-hobby-into-business/) - If you currently have a passion which you think you may be able to earn income from, it is important to know how to transfer your hobby into a successful business. Step One Definitely speak to your business coach. This will help you determine if there is a market for what you’re wishing to
- [The One Thing You Should Avoid.](https://royamcdonald.com/deceased-estate-accountants/) - The one thing you should avoid before spending all the proceeds from a deceased estate. The time after a loved one passes away can be challenging and emotional. At Roy A. McDonald, we want to help you avoid further stress and worry by having a large tax bill because you didn’t speak to us about
- [Tackling False Employment-Based Clothing Tax Deduction Claims](https://royamcdonald.com/tackling-false-employment-based-clothing-tax-deduction-claims/) - The rules and regulations of tax deduction in terms of employment attire have been called into question, leading the Australian Taxation Office to review work-related clothing and laundry expense claims. Why do changes need to be made? Last year alone it was estimated that there were around six million claimants for employment-based clothing tax deductions
- [Coping With Redundancy](https://royamcdonald.com/coping-with-redundancy/) - Being made redundant can be frustrating and highly stressful, but the process can be made easier with a little help and some simple financial planning. Getting to grips with your financial standing The first thing to do when facing redundancy is to enlist the help of a professional Financial Planner. The current state of your
- [Managing Finances When in a Relationship](https://royamcdonald.com/managing-finances-when-in-a-relationship/) - Sharing the costs of living with a partner can be an exciting time – and with so many ways to split, contribute and maximise savings; most couples may find their opportunity to bring their own level of support to the table, the ideal way to enhance their relationship. From paying toward a holiday together, right
- [Have You Lost Track Of Your Superannuation Account?](https://royamcdonald.com/have-you-lost-track-of-your-superannuation-account/) - With around 14.8 million superannuation accounts in existence throughout Australia, there is an estimated $18 billion dollars of unclaimed funds – and this can sometimes be found in forgotten and secondary accounts. Could you be missing out on a lump sum that’s waiting to be found? How to find your missing account There are a
- [The Importance of Having a Valid Will](https://royamcdonald.com/the-importance-of-having-a-valid-will/) - When it comes to protecting your loved ones in the worst-case scenario, having a valid will can be extremely important. Obtaining the right advice and guidance to create a legally binding document can offer you and your family peace of mind – and safeguard the future. Seeking Legal Advice In recent years, many individuals have
- [Common Tax Mistakes When Purchasing a Business](https://royamcdonald.com/common-tax-mistakes-when-purchasing-a-business/) - Congratulations! Purchasing an established business or franchise, you have avoided the headaches of starting a business from scratch. You already have customers, revenue and by-passed some of the most difficult times in owning a successful business. However, avoiding common tax mistakes when purchasing a business, you can set yourself up for success. Two of the
- [How long should I keep my tax records for?](https://royamcdonald.com/how-long-should-i-keep-my-tax-records-for/) - What is a record Records are written evidence of your income or expenses that can either be in paper or electronic form. These records are important documents that are used for doing your tax during the income year. In most cases these records are to be kept for 5 years from the date you lodge
- [Residential Rental Properties: What Every Property Investor Needs to Know](https://royamcdonald.com/facts-about-income-and-deductions-when-renting-out-your-home/) - Owning a rental property can be a great way to build wealth, but it also comes with tax responsibilities. If you rent out a residential property — whether it’s a house, unit, or apartment — it’s important to understand your obligations to the ATO. Here’s what you need to know to stay on top of
- [Budgeting for retirement: 5 things to consider](https://royamcdonald.com/budgeting-for-retirement-5-things-to-consider/) - Budgeting for retirement is an essential part of ensuring a secure financial future for yourself and your loved ones. Australia has a comprehensive superannuation system which has helped retirees maintain their standard of living. However, it may not be enough for all your financial needs in retirement. The earlier you start planning for retirement, the
- ['Payday Super' and what it means for you](https://royamcdonald.com/payday-super-and-what-it-means-for-you/) - “Payday Super” is a major reform to Australia’s superannuation (retirement savings) system that requires employers to pay their employees’ Superannuation Guarantee (SG) contributions at the same time as they pay salaries and wages.
- [Company Director Duties: A Practical Checklist for New Directors](https://royamcdonald.com/company-director-duties-a-practical-checklist-for-new-directors/) - Stepping into a company directorship is an exciting milestone — but it also comes with serious legal responsibilities. Check the six-point checklist to assist new directors stay compliant and confident in their role.
- [Build Strong Habits with Purpose](https://royamcdonald.com/build-strong-habits-with-purpose/) - We often focus on what we want to achieve – whether it’s saving more, retiring earlier, or eating healthier. But the key to long-term success isn’t just the goal—it’s the system and the mindset that support it.
- [If you don’t consolidate your super accounts, you’ll hate yourself later](https://royamcdonald.com/if-you-dont-consolidate-your-multiple-super-youll-hate-yourself-later/) - A lot of Australians forget that their super is their asset and can be used in retirement, however we get our super statements and put them in a shoe box or file them away because we can’t access the money now. If you have changed jobs recently, worked on short term contracts, or worked on
- [What Information You Need to Prepare Your Tax Return](https://royamcdonald.com/what-information-you-need-to-prepare-your-tax-return/) - Filing your tax return doesn’t have to be stressful — the key is gathering the right information ahead of time. Here’s what you should have ready when preparing your return (or heading to your accountant). Essential Information & Documents Personal details & bank account info Make sure you have your personal details entered correctly: full
- [Is property a good investment for retirement?](https://royamcdonald.com/is-property-a-good-investment-for-retirement/) - Planning for retirement can feel daunting — especially when you know that once you stop working, the steady income disappears. While relying solely on superannuation or a government pension may once have been considered enough, many Australians are now seeking additional income streams to support their retirement lifestyle. Investing in property can be a smart
- [Why Content Creation Matters - and How It Links to Tax](https://royamcdonald.com/why-content-creation-matters-and-how-it-links-to-tax/) - What Makes Content Creation Successful (and Tax-Compliant) 1. Know your audience and your purpose Understanding who you’re speaking to helps you create better content — and clarifying your purpose helps determine whether you're operating as a business in the ATO’s eyes. If you intend to make profit, advertise, or run your platform commercially, you may
- [Cyber safety checklist for small business owners](https://royamcdonald.com/cyber-safety-checklist-for-small-business-owners/) - As a small business owner, safeguarding your systems against cyber threats is crucial. Here are several simple, effective steps you can take to keep your business — and your clients’ data — protected from cyber-criminals. Here are some simple things you can do to keep your business and clients data safe from cybercriminals. Keep software
- [Understanding PAYG Instalments - A Simple Guide](https://royamcdonald.com/understanding-payg-instalments-a-simple-guide/) - If you earn business or investment income — for example from renting property, dividends, interest or self-employment — using a system called Australian Taxation Office (ATO) PAYG instalments can help you spread your tax payments across the year. What are PAYG Instalments PAYG instalments allow you to make regular payments during the financial year toward
- [Business Support Fund Grant Victoria - $5000](https://royamcdonald.com/business-support-fund-grant-victoria-5000/) - Small businesses located within the 36 Melbourne suburbs that will soon re-enter Stage 3 coronavirus restrictions will be eligible for one-off grants of $5000 from the state government, with applications due to open in coming days. On Tuesday, Victorian Premier Daniel Andrews announced the return of ‘stay at home’ restrictions for suburbs across Melbourne’s north
- [Thinking of Starting a Side Hustle? Here’s What You Need to Know About Tax](https://royamcdonald.com/side-hustles-are-front-of-mind-this-tax-season/) - With the rising cost of living and a growing trend toward flexibility, more Australians are exploring side hustles – from ridesharing and food delivery to selling handmade goods online or freelancing. But if you’ve recently picked up a side gig, it’s important to understand your tax responsibilities. What Counts as a Side Hustle? A side
- [Understanding How Life Insurance Works](https://royamcdonald.com/common-mistakes-when-buying-insurance/) - Life insurance offers peace of mind by providing financial support to your loved ones if you pass away or become terminally ill. Here's how it works and what you should consider when choosing a policy. What Is Life Insurance? Life insurance pays out a lump sum to your beneficiaries if you die or are diagnosed
- [Redundancy in Your 50s: Turning a Career Setback Into a Fresh Start](https://royamcdonald.com/dealing-with-redundancy/) - Facing redundancy in your 50s can feel overwhelming. It often arrives without warning and brings a mix of emotions — shock, disappointment, uncertainty, and even relief. But while it can be a major life disruption, it can also be the beginning of a new chapter. With careful planning, the right financial advice, and a forward-looking
- [Avoid ATO penalties: Keep Your Business Records Right](https://royamcdonald.com/companies-urged-to-avoid-increased-penalties-for-not-keeping-appropriate-records/) - Ensuring proper record-keeping isn't just good business — it’s a legal requirement enforced by the Australian Taxation Office (ATO). Failing to comply can trigger administrative penalties, audits, or even prosecution. Here’s what you need to know to stay on the safe side: Why Keeping Records Matters Under Section 262A of the ITAA 1936, businesses must
- [How Financial Advisers Deliver True Value When Times Get Tough](https://royamcdonald.com/how-advisers-deliver-value-in-challenging-times/) - During times of change and uncertainty, the role of a trusted financial adviser becomes more essential than ever. Whether it's shifting economic conditions, evolving work trends, or a reassessment of life priorities, advisers provide a critical anchor when clients are navigating uncharted waters. In recent years, events like the Great Resignation, rising interest rates, and
- [Top Tips for Small Businesses](https://royamcdonald.com/top-tips-for-small-businesses/) - Running a small business is always a balancing act—managing cash flow, keeping customers happy, staying ahead of competitors, and complying with regulations. Add unexpected challenges such as shifting market conditions, rising costs, or technological disruption, and the pressure can feel overwhelming. But with the right strategies, small business owners can not only survive change—they can
- [Prioritising You: The Power of Self-Care for a Better Life](https://royamcdonald.com/the-power-of-self-care-for-a-better-life/) - In the hustle of everyday life—balancing work, family, and financial responsibilities—it’s easy to put your own wellbeing on the back burner. But looking after yourself isn’t a luxury; it’s essential. When you take time to nurture your physical, mental, and emotional health, you’re not only improving your quality of life, but also building resilience to
- [Earning Income from Overseas? Here's What You Need to Know](https://royamcdonald.com/paying-tax-on-foreign-income/) - If you’re an Australian resident for tax purposes, you’re required to declare all your worldwide income in your tax return — not just what you earn in Australia. This includes money earned while working overseas, income from foreign investments, pensions, and even some cryptocurrency earnings from international exchanges. What Counts as Foreign or Worldwide Income?
- [Downsizing Superannuation Contributions](https://royamcdonald.com/downsizing-superannuation-contributions/) - For many Australians, the family home is their largest asset. Once children have moved out and retirement approaches, downsizing to a smaller property can free up both cash flow and lifestyle options. Recognising this, the government introduced the downsizer contribution measure, allowing older Australians to contribute some of the proceeds from the sale of their
- [Value of Advice](https://royamcdonald.com/value-of-advice/) - The Financial Advice Association Australia (FAAA) have put together a Value of Advice index which measures the impact of financial planning on the lives of clients. View the full report here. Book a complimentary initial consultation to speak to our Financial Advisor. Source: https://faaa.au/ Lindale Insurances Pty Ltd ATF Lindale Insurances Trust ABN 27 027
- [Focus on CGT Asset Disposals](https://royamcdonald.com/focus-on-cgt-asset-disposals/) - When you dispose of an asset—sell it, lose it, swap it, or end your ownership—it triggers a Capital Gains Tax (CGT) event. This is when a capital gain or loss is crystallised and potentially needs to be reported in your tax return. What Counts as a CGT Event? According to the ATO, CGT events arise
- [Key Person Insurance – Protection for your Business](https://royamcdonald.com/key-person-insurance-protection-for-your-business/) - Fiducian Financial Services offers key person insurance policies as part of their business planning services and can provide advice on necessary insurance for businesses, including protection for key personnel. Their financial advisers help clients address risks such as business continuance, key person insurance, and other insurance needs as part of comprehensive business financial planning. How do Fiducian
- [Stay Festive Without Breaking the Bank](https://royamcdonald.com/stay-festive-without-breaking-the-bank/) - As the holiday season approaches, joy and celebration often go hand-in-hand with rising costs for gifts, travel, food, decorations and events. But with a little insight, planning and discipline you can enjoy this special time without the January regret. Build a Holiday-Specific Budget Start by understanding what you realistically can spend this season. Create categories
- [Is an SMSF right for you?](https://royamcdonald.com/is-an-smsf-right-for-you/) - A self-managed super fund (SMSF) puts you in control of your retirement savings. Instead of letting an industry or retail fund manage your super, you and fellow members act as trustees (or set up a corporate trustee) and decide how your super is invested.But the increased control comes with greater responsibility — and greater risk.
- [What to Do When Someone Dies: A Practical Guide for Executors and Families](https://royamcdonald.com/deceased-estates-checklist/) - Dealing with the loss of a loved one is challenging enough without the added complexity of managing their financial and tax affairs. Thanks to a comprehensive step-by-step guide published by the Australian Taxation Office (ATO), navigating the key responsibilities after death becomes clearer. Look After Yourself First Before diving into paperwork and legal formalities, the
- [Protecting your Superannuation from Cyber Threats](https://royamcdonald.com/protecting-your-superannuation-from-cyber-threats/) - With the nation’s collective superannuation holdings now exceeding $4 trillion, cyber-threats have become a stark reality for Australia’s retirement system. In a recent release, we at Fiducian Financial Services, an Australian owned and operated financial-services group, warn that cyber-criminals are increasingly targeting superannuation accounts and urged members to take steps now to protect their funds.
- [Understanding Your Australian Tax Residency](https://royamcdonald.com/knowing-if-youre-an-australian-resident-for-tax-purposes/) - If you’re moving to Australia, leaving the country, or spending time abroad, knowing your tax residency status is crucial. It determines which income you must declare, what deductions you can claim, and your overall tax obligations with the Australian Taxation Office (ATO). Are You an Australian Resident for Tax Purposes? The ATO uses several tests
- [Choosing the Right Investments: A Practical Guide](https://royamcdonald.com/investing-for-the-long-term/) - Investing isn’t one-size-fits-all. To make your money work well, you’ll need to select investments that align with your financial goals, timeframe, and risk tolerance. Below are key considerations and an overview of common investment types to help you get started. Know the Two Broad Types: Defensive vs Growth Defensive investmentsThese are generally lower risk, designed
- [Attention Business Owners- Do you have an ATO debt?](https://royamcdonald.com/business-owner-pay-off-ato-debt/) - Do you need to pay off your ATO debt? Did you know the interest related to the borrowings may be tax deductable?
- [Take Control: The Ultimate Budget-Planner Guide](https://royamcdonald.com/budget-planner/) - Whether you’re saving for your first home, aiming to retire early, chasing an unforgettable holiday or simply curious where every dollar goes—having a clear budget is key. By tracking your income and expenses, you’ll uncover your full potential to save, invest and meet your financial goals. Why Use a Budget Planner? A proper budget planner
- [Smarter Investing for Long-Term Success](https://royamcdonald.com/smarter-investing-for-long-term-success/) - When it comes to investing, choosing the right fund manager can make all the difference. But what if you didn’t have to rely on just one? Fiducian’s unique ‘Manage the Manager’ investment approach is designed to reduce risk, smooth returns, and help investors stay the course—especially during uncertain market conditions. What is ‘Manage the Manager’?
- [Make Tax Time Stress-Free: Choose a Registered Tax Practitioner](https://royamcdonald.com/make-tax-time-stress-free-choose-a-registered-tax-practitioner/) - As tax time rolls around, it’s important to make sure you’re getting the right support. If you’re using someone to help prepare or lodge your tax return or to give you tax advice, ensure they’re registered with the Tax Practitioners Board (TPB). Working with a registered tax professional not only gives you peace of mind
- [Celebrating a Remarkable Milestone - 60 Years of CPA Australia Membership](https://royamcdonald.com/celebrating-a-remarkable-milestone-60-years-of-cpa-australia-membership/) - We are proud to share some very special news – our founder, Roy McDonald, has been recognised for achieving 60 years of membership with CPA Australia. This is an exceptional milestone and a true testament to Roy’s unwavering dedication to the accounting and financial services profession. For over
- [How to Stay on Top of Your Small Business Transactions](https://royamcdonald.com/how-to-stay-on-top-of-your-small-business-transactions/) - Running a small business means juggling many moving parts—but one area that shouldn’t fall through the cracks is how you manage your day-to-day transactions. Accurate record-keeping doesn’t just help at tax time. It’s essential for cash flow, understanding your financial position, and making informed decisions. The ATO has issued a timely reminder to small business
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- [Tax Time Mistakes](https://royamcdonald.com/tax-time-mistakes/) - As tax time rolls around, it’s tempting to rush through your return in the hope of a quick refund. But according to CPA Australia, the biggest mistake Australians are making right now is lodging their tax returns too early. The ATO starts receiving data from employers, banks, health funds, and other institutions in July—but this
- [Small Business Benchmarks: What They Are and Why They Matter](https://royamcdonald.com/small-business-benchmarks/) - Running a small business involves wearing many hats—managing operations, marketing, staff, and finances. One of the most valuable tools to help keep your business on track is something many small business owners overlook. What Are Small Business Benchmarks? Small business benchmarks are performance metrics that help you compare your business's financial and operational health to
- [Money and Relationships: Building a Strong Financial Foundation Together](https://royamcdonald.com/money-and-relationships/) - Financial disagreements are a leading cause of relationship strain. However, couples who proactively manage their finances and set shared goals often enjoy more harmonious and enduring partnerships. Drawing from Naomi Rosenthal's insights in Money & Life, here are key strategies to align your financial paths and strengthen your relationship. Open Communication is Crucial Discussing finances
- [Tax Time Toolkit for Investors: Maximise Returns and Minimise Headaches](https://royamcdonald.com/tax-time-toolkit-for-investors/) - As tax time approaches, it’s essential for investors—whether in shares, property, managed funds, or crypto—to get their financial affairs in order. The Australian Taxation Office (ATO) has sharpened its focus on investment-related income and deductions, so careful planning and record-keeping are crucial. This Tax Time Toolkit outlines the key areas investors need to consider ensuring
- [Fiducian Monthly Economic Commentary](https://royamcdonald.com/fiducian-monthly-economic-commentary-2/) - The global economy is expected to slow marginally this year, according to the latest forecasts provided by the International Monetary Fund (IMF). Global growth is forecast to be 2.8% this year and 3.0% in 2026, which is below the IMF’s previous forecast of 3.3% in each year (around the long-term trend rate). In the IMF’s words,
- [2025 ALP Election Policies](https://royamcdonald.com/2025-alp-election-policies/) - The Australian Labor Party (ALP) presented a comprehensive suite of policies during the 2025 federal election, aiming to address key economic, social, and environmental challenges. Certified Practising Accountant Australia (CPA Australia) has provided an analysis of these proposals, highlighting their potential implications for businesses, individuals, and the broader economy. Business and Industry Initiatives The ALP's
- [Self-employment - Managing Financial Success](https://royamcdonald.com/self-employment-managing-financial-success/) - Embarking on self-employment offers independence and flexibility but also introduces unique financial responsibilities. To ensure a stable and successful journey, consider the following strategies:​ Manage Your Cash Flow Income for the self-employed can be unpredictable, with potential gaps between payments. To maintain financial stability:​ Prioritise Essential Expenses: Before making significant purchases, ensure you've covered personal
- [Financial strategies for women over 50](https://royamcdonald.com/financial-strategies-for-women-over-50/) - Navigating the path to retirement can be particularly nuanced for women over 50, especially when considering career transitions or reduced working hours. With thoughtful planning and informed strategies, it's possible to achieve financial security while crafting a fulfilling post-work life.​ Understanding Life Expectancy and Living Arrangements In Australia, a 50-year-old woman today has an average
- [New incentives for build to rent developments](https://royamcdonald.com/new-incentives-for-build-to-rent-developments/) - In response to Australia's housing affordability challenges, both federal and state governments have introduced a suite of incentives aimed at bolstering the Build-to-Rent (BTR) sector. These measures are designed to stimulate investment, increase the supply of rental housing, and provide more affordable options for residents.​ Federal Initiatives As part of the "Homes for Australia" plan,
- [Understanding property depreciation and its benefits](https://royamcdonald.com/understanding-property-depreciation-and-its-benefits/) - Depreciation refers to the gradual wear and tear that occurs as assets age, leading to a decrease in their value. For investment properties, depreciation applies to both Plant and Equipment and Capital Works, which are classified separately for tax purposes. Accurately calculating depreciation is essential for maximising tax benefits. As an investor, you can claim
- [Inheriting property with your siblings: what are the options?](https://royamcdonald.com/inheriting-property-with-your-siblings/) - If you anticipate inheriting the family home from your parents, it’s natural to focus on the potential benefits, such as financial security or the emotional value of preserving a family legacy. However, inheritance can become complex, particularly when multiple siblings are involved. Disagreements over property division, differing financial expectations, and emotional attachments can lead to
- [Navigating the gift of a home](https://royamcdonald.com/navigating-the-gift-of-home/) - Gifting a house to your children is a generous and impactful gesture that can provide them with financial security and long-term stability. However, this significant decision involves various financial, legal, and emotional considerations that must be carefully assessed. It’s not just about transferring ownership—it’s about understanding the long-term implications for both you and your children.
- [The Gift of Financial Intelligence: Setting the Next Generation Up for Success](https://royamcdonald.com/the-gift-financial-intelligence/) - As parents or grandparents, it can be tempting to hand over an envelope of cash for birthdays or Christmas. While this gesture is thoughtful, it may not teach younger generations the money skills they need for a financially secure future. Instead, consider alternatives that invest in their future while helping them master money management early
- [2025-2026 Federal Budget Summary](https://royamcdonald.com/2025-2026-federal-budget-summary/) - The 2025-26 Australian Federal Budget was handed down by Federal Treasurer Dr Jim Chalmers on Tuesday 25 March 2025 from Parliament House in Canberra. Below are some of the Key Takeaways from the 2025-26 Federal Budget. Tax Concessions Modest Income Tax Cuts: A small two-stage tax cut will commence from 1 July 2026 Increased Medicare
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- [Discover the Fiducian Difference: A Comprehensive Suite of Funds to Meet Your Financial Goals](https://royamcdonald.com/discover-the-fiducian-difference/) - At Fiducian Financial Services Doncaster, we are committed to empowering our clients with tailored financial solutions that align with their goals and aspirations. As part of this commitment, we proudly offer a suite of investment funds managed through the unique Fiducian Manage-The-Manager System. What is the Manage-The-Manager System? The Fiducian Manage-The-Manager System is a sophisticated
- [Owning a Holiday Home: What You Need to Know](https://royamcdonald.com/owning-a-holiday-home-what-you-need-to-know/) - Owning a holiday home is an exciting investment opportunity for many individuals and families. Not only does it provide a getaway retreat, but it can also offer the potential for rental income when you’re not using it. However, owning a holiday home comes with specific responsibilities and tax considerations that owners should be aware of.
- [Your Ultimate Retirement Planning Checklist: Secure Your Future Today](https://royamcdonald.com/your-ultimate-retirement-planning/) - Planning for retirement is one of the most significant financial decisions you’ll make. With the right strategies, you can enjoy a secure and fulfilling retirement while achieving the lifestyle you’ve always dreamed of. At Fiducian Financial Services Doncaster, we specialize in helping clients prepare for this exciting chapter of life. Using resources like the MoneySmart
- [Understanding Stamp Duty Valuations: What You Need to Know](https://royamcdonald.com/understanding-stamp-duty-valuations-what-you-need-to-know/) - Stamp duty is an essential cost that homebuyers, investors, and property owners must consider when purchasing or transferring property. It is a state-based tax, and the amount payable depends on the value of the property being transferred. One crucial element in calculating stamp duty is determining the property's value, and this is where stamp duty
- [Is a Self-Managed Super Fund (SMSF) Right for You?](https://royamcdonald.com/is-a-self-managed-super-fund-right-for-you/) - A Self-Managed Super Fund (SMSF) gives you control over your superannuation investments, offering a tailored approach to managing your retirement savings. Unlike industry or retail super funds, where professionals oversee investments and compliance, an SMSF puts you in the driver’s seat. But with great control comes significant responsibility. Before deciding to set up an SMSF,
- [Downsizing: A Personal Path to Simplicity](https://royamcdonald.com/downsizing-a-personal-path-to-simplicity/) - Downsizing goes beyond simply moving to a smaller home; it marks a transformative life change that can bring both emotional challenges and a sense of liberation. The team at 3Two Projects, recognise the deeply personal nature of this process and have assisted numerous clients in navigating the emotional complexities of letting go. Navigating the Emotional
- [Your Guide to Navigating Investment Property Taxes in Australia](https://royamcdonald.com/your-guide-to-navigating-investment-property-taxes-in-australia/) - Investing in property is a powerful wealth-building strategy, but it comes with its fair share of tax obligations. While the Australian Tax Office (ATO) provides various tax deduction benefits, understanding your tax liabilities and deductions can be challenging. Here’s a comprehensive guide to key investment property taxes in Australia and how to optimise your tax
- [Roy A McDonald Pty Ltd Accountants Celebrates 60 Years of Trusted Service in Doncaster East](https://royamcdonald.com/roy-a-mcdonald-pty-ltd-accountants-celebrates-60-years-of-trusted-service-in-doncaster-east/) - This year marks a momentous occasion for Roy A McDonald Pty Ltd Accountants & Fiducian Financial Services Doncaster as the business celebrates 60 years of dedicated service to the local community and beyond. Since its founding in 1965, the company has been a cornerstone of financial expertise, helping individuals and businesses achieve their financial goals
- [How Is Your Money Invested in Industry Super Funds?](https://royamcdonald.com/how-is-your-money-invested-in-industry-super-funds/) - 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 reputation and industry backing. But have you ever wondered how your money is actually being
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- [Choosing the right structure for your business](https://royamcdonald.com/choosing-the-right-business-structure-for-your-business/) - 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 or freelancing. Features: Simple and inexpensive to set up. Full control over decision-making and profits.
- [Tips for small businesses in uncertain times](https://royamcdonald.com/tips-for-small-businesses-in-uncertain-times/) - 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 and set up clear terms for receivables to improve cash flow. Cash Flow Forecasting: Create
- [Are You Better Off with an Adviser?](https://royamcdonald.com/are-you-better-off-with-an-adviser/) - 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 advice can bring to all Australians. Let’s dive into how having a qualified financial adviser,
- [What is income protection insurance?](https://royamcdonald.com/what-is-income-protection-insurance/) - Income protection insurance provides financial support if you're unable to work due to illness or injury, covering a portion of your lost income. It typically pays: Up to 90% of your pre-tax income for the first six months. Up to 70% for a specified period thereafter. Do I need income protection insurance? Consider getting income
- [Monthly Economic Commentary for November 2024](https://royamcdonald.com/monthly-economic-commentary-for-november-2024/) - The global economy has continued to sustain solid growth and avoid recession despite the implementation since 2022 of tight monetary policy by most of the world’s major central banks in an effort to lower inflation. This year, inflation has been coming down, leading to the International Monetary Fund (IMF) indicating in its latest report (October) that
- [Understanding Vacant Residential Land Tax: What Property Owners Need to Know](https://royamcdonald.com/vacant-residential-land-tax/) - 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 is a concise breakdown of the updates and how they apply: Key Changes Starting 1
- [The Impact of Aged Care Reform on Self-Funded Retirees](https://royamcdonald.com/the-impact-of-aged-care-reform-on-self-funded-retirees/) - 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 changes in aged care funding could significantly affect the self-funded retiree community. What’s Changing? Under
- [Financial Goals for Every Life Stage](https://royamcdonald.com/financial-goals-for-every-life-stage/) - 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 these goals is crucial for achieving financial stability and peace of mind. This guide will
- [When can I retire and access my Superannuation?](https://royamcdonald.com/when-can-i-retire/) - Superannuation (super) is generally accessible when you retire and reach your preservation age, which varies based on your date of birth. Alternatively, you can access it at age 65, even if you're still working. Preservation Age Before 1 July 1960: Age 55 1 July 1960 — 30 June 1961: Age 56 1 July 1961 —
- [Safeguarding against scammers](https://royamcdonald.com/safeguarding-against-scammers/) - Your personal information, also known as Personally Identifiable Information (PII), is incredibly valuable. Scammers can use this information to access your bank account, sign into your myGov account, steal money, or even commit fraud in your name. It’s crucial to be vigilant about protecting your details from falling into the wrong hands. Here are
- [Beginners Guide to Income Tax](https://royamcdonald.com/income-tax-guide/) - Income tax is an unavoidable part of earning money in Australia, and for most people, filing a tax return has become a routine annual task. Perhaps you’ve just landed your first job, recently finished school or university, or you’ve migrated to Australia—it’s understandable that you may not yet fully grasp how income tax works. Don’t
- [Maximise Your Tax Refund: Unique Deductions for Australians in 2024](https://royamcdonald.com/maximise-your-tax-refund-unique-deductions-for-australians-in-2024/) - 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 Ltd can help you navigate this process, ensuring you maximise your claims while avoiding any
- [Understanding the Tax Implications of Using Business Money for Personal Purposes](https://royamcdonald.com/understanding-the-tax-implications-of-using-business-money-for-personal-purposes/) - 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 of what you need to know. What Constitutes Business Money and Assets? When you take
- [Body corporate fees and charges](https://royamcdonald.com/body-corporate-fees-and-charges/) - 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 can and cannot claim: What You Can Claim Administrative Funds: Description: Payments made to the
- [The Role of Financial Advisors in Retirement Planning](https://royamcdonald.com/role-of-financial-advisers-in-retirment-planning/) - Importance of Early Planning: Early Start: Financial advisers emphasize starting retirement planning early to achieve better outcomes. Early planning helps in managing major financial elements like mortgages and retirement savings effectively. Client Benefits: Starting early enables you to take action that can maximize your retirement results. In 2022 the average retirement age for Australians was
- [Property Valuations Guide](https://royamcdonald.com/property-valuations-guide/) - When buying and selling property, a valuation becomes an essential part of this process. Having an idea of a property’s value when buying a property or selling your current home will help you establish: how much you should be prepared to purchase a new property for; or the change in value of your current property
- [Financial Security for Young Families](https://royamcdonald.com/financial-security-for-young-families/) - Ensuring your family’s financial security involves both immediate protections, like insurance and emergency funds, and long-term planning, like savings for education and estate planning. Here’s a breakdown of the key areas you might consider: General Insurance: Ensure you have adequate insurance coverage for health (hospital and extras), car, home and contents. Insurance helps to protect
- [Claiming a tax deduction for motor vehicle expenses – small business](https://royamcdonald.com/claiming-a-tax-deduction-for-motor-vehicle-expenses-small-business/) - As a business owner, you can claim a tax deduction for expenses for motor vehicles used in running your business. Types of Vehicles and Claimable Expenses for Tax Purposes Definition of Cars for Income Tax Purposes: Cars: Motor vehicles (including 4-wheel drives) designed to carry both: A load less than one tonne Fewer than 9
- [Optimising your tax return](https://royamcdonald.com/optimising-your-tax-return/) - With tax season here, taking proactive steps can ensure you maximise your tax return, whether you're an individual taxpayer or managing taxes for a business. Here are some strategic tips to consider: Organise Your Documentation Start by gathering all necessary documents, such as: PAYG summaries Receipts for work-related expenses Investment statements Records of charitable donations
- [Your top 5 work from home questions answered](https://royamcdonald.com/your-top-5-work-from-home-questions-answered/) - 1. What is the fixed rate for Tax Time 2024? The fixed rate for the 2023–24 income year is 67 cents per hour worked from home. This rate can change annually, so it's crucial to check the latest information on the official website. Utilising the home office expenses calculator is recommended for accurate claims. 2.
- [Tax Time Checklists](https://royamcdonald.com/tax-time-checklists/) - Another tax year has come and gone and the team at Roy A McDonald Pty Ltd have put together some checklists to assist you in collating your tax information. Individual Taxpayers Checklist Rental Property Checklist Work Related Expenses Checklist Capital Gains Checklist All of these can be found on our tools and checklist website page.
- [Have you considered what to do in retirement?](https://royamcdonald.com/have-you-condsidered-what-to-do-in-retirement/) - The transition from a structured work life to retirement can indeed be daunting, despite financial security. Here are some additional thoughts and strategies that might support you during the transition:: Addressing Identity and Purpose Legacy Projects: Start projects that allow you to leave a legacy, whether it's writing a memoir, creating a family history book,
- [How your super can help you save on tax](https://royamcdonald.com/how-your-super-can-help-you-save-on-tax/) - Boosting your superannuation is a strategic way to secure a comfortable retirement. Here's a closer look at several methods that can help: Salary Sacrificing Definition: Salary sacrificing involves forgoing part of your salary and directing your employer to contribute it to your superannuation. Tax Advantage: Contributions are taxed at 15%, which is often lower than
- [Tax tips for small business](https://royamcdonald.com/tax-tips-for-small-business/) - It’s now a new financial year so it’s crucial to start organising your records for your 2023-24 tax return. The Australian Taxation Office (ATO) offers various resources, digital tools and services to assist small business owners in managing your tax and super obligations efficiently. Here are some helpful tips to keep in mind this year.
- [Small business tips when using a tax professional](https://royamcdonald.com/small-business-tips-when-using-a-tax-professional/) - Running a small business can be demanding, and having a tax professional assist with your tax obligations can make things easier. Here are some tips to help you make the most of your collaboration with a tax professional: Maintain Accurate and Complete Records Successful businesses keep thorough and precise records. Our office not only helps
- [Preparing your investments for the new financial year](https://royamcdonald.com/preparing-your-investments-for-the-new-financial-year/) - In light of the rising cost of living in Australia and ongoing global economic challenges, here are ten actionable financial tips to help you manage your finances more effectively in 2024: 1. Know Your Mindset and Goals Setting clear financial goals helps you stay motivated and focused. Knowing what you are working towards can provide
- [Find out how to Secure the Highest Property Valuation](https://royamcdonald.com/the-dos-and-donts-for-securing-highest-property-valuation/) - Preparing your home for valuation isn’t just about sprucing up the décor. Sure, a scatter cushion here and there and a new piece of art on the wall will make the place look a lot nicer, but unfortunately, it’s not going to increase the value of your property. Your property will need to be presented
- [How to know it's time to seek financial advice](https://royamcdonald.com/how-to-know-its-time-to-seek-financial-advice/) - Changing rules around tax and superannuation are making quality financial advice more valuable than ever. Due to the shortage of professional planners, advisers are having to do much more work, costing them more money, amid a heavy compliance load following the royal commission into financial services from 2017-2019. Fees have increased, with many advisers charging
- [2024-25 Federal Budget - Some Early Highlights](https://royamcdonald.com/2024-25-federal-budget-some-early-highlights/) - STAGE 3 TAX CUTS The Government’s changes to the Stage 3 tax cuts are a key element of the Budget. These changes are intended to broaden the benefit of the original tax cuts, significantly reducing the tax break for wealthier taxpayers and increasing the benefit for those on lower incomes. The original stage three tax
- [Budget 2024-2025](https://royamcdonald.com/budget-2024-2025/) - Easing cost-of-living pressures Responsible cost-of-living relief and helping Australians keep more of what they earn. This includes to following initiatives: Tax cuts for every Australian taxpayer New power bill relief Support for renters Cheaper medicines Supporting students A fair go for consumers Growing wages Enhancing support services Building more homes for Australians Building more homes
- [Making superannuation contributions: Super for beginners guide](https://royamcdonald.com/making-superannuation-contributions-super-for-beginners-guide/) - While your employer’s compulsory Super Guarantee (SG) contributions provide some level of financial security in retirement, if you are relying on this alone, you may risk not having enough super to enjoy your retirement. A solution is to boost your super account by making extra contributions yourself. Two basic things you need to know about
- [Why it's important to rebalance your retirement investments](https://royamcdonald.com/why-its-important-to-rebalance-your-retirement-investments/) - Investing is an essential tool for building wealth and securing a strong financial future. Although gaining high returns on investments is the ultimate goal, it’s crucial to understand investment portfolios are not static; they require careful monitoring and periodic rebalancing to achieve maximum profitability. Rebalancing is the process of adjusting your portfolio back to its
- [Estate Planning](https://royamcdonald.com/estate-planning/) - Estate Planning is about formally deciding while you’re still healthy how you want to be looked after if you become ill or die. It’s about protecting your assets to maximize the inheritance for those who you love. It’s about a fair distribution of your wealth according to your wishes. It’s about long term planning for
- [What is the Medicare levy?](https://royamcdonald.com/what-is-the-medicare-levy/) - The Medicare levy is an amount you pay in addition to the tax you pay on your taxable income. The levy is 2% of your taxable income and it helps fund some of the costs of Australia’s public health system known as Medicare. A reduction or exemption from paying a Medicare levy may apply, depending
- [Changing your business structure](https://royamcdonald.com/changing-your-business-structure/) - There are steps involved if you change your business structure. For example, when you: Change the composition of your business partnership because your previous partner has retired or passed away or a new partner is admitted. Change your entity type because the business has been restructured. Incorporate your business. Demergers A demerger is a form
- [Tax Planning](https://royamcdonald.com/tax-planning/) - Maximize Your Financial Potential with Strategic Tax Planning At Roy A McDonald Pty Ltd Accountants, we recognise that effective tax planning is essential for both individuals and businesses seeking to optimize their financial health. Our dedicated team of experienced professionals is committed to helping you navigate the complex landscape of taxation, ensuring that you keep
- [The 5 Things to Look for When Buying a House](https://royamcdonald.com/the-5-things-to-look-for-when-buying-a-house/) - Buying a home can be one of the most exciting times, but let's face it it's also a major financial commitment that requires careful consideration. While it's easy to let emotions guide the decision-making process, it's crucial to keep a clear head and think about the long-term implications of the investment. Whether you are in
- [Divorce and Separation](https://royamcdonald.com/divorce-and-separation/) - Divorce or separation can bring a heavy emotional toll and financial burden. Fiducian Financial Services is here to help. We will work with you, your family and your legal team to help you reach your long term financial goals, independently. Book a free consultation with our Fiducian Financial Adviser. https://youtu.be/r4P-gRQmdao Lindale Insurances Pty Ltd ATF
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- [Business Planning](https://royamcdonald.com/business-planning/) - Why Business Planning Matters Effective business planning is the foundation of a prosperous enterprise. It provides you with a roadmap for achieving your goals, managing resources efficiently, and navigating the complexities of today’s business environment. Whether you’re launching a startup or looking to optimise an established business, our Doncaster-based business planner team is here to
- [Women and Money](https://royamcdonald.com/women-and-money/) - There’s a lot to love about being female but when it comes to finances, women are at a disadvantage. Women earn on average almost $239.80 less a week than men. They take more career breaks to care for their families, so their earnings get interrupted and while women live longer, they retire earlier than men
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- [Your Succession and Estate Planning](https://royamcdonald.com/your-succession-and-estate-planning/) - According to a new research by Finder, more than half of Australians do not have a valid will. Estate planning is something that should be thought about and planned, sooner rather than later. Have you ever had a crisis and suddenly had to pick up the affairs of a loved one, such as your partner, parents
- [Superannuation Health Check](https://royamcdonald.com/superannuation-health-check/) - Why should you review your super? One of the biggest assets you’ll accumulate in your lifetime is your super. However, many Australians think they don’t need to worry about their super until retirement. It’s important that you regularly review and manage your super, at the very least make sure you: are getting the super you
- [Gifts and donations of crypto assets](https://royamcdonald.com/gifts-and-donations-of-crypto-assets/) - If you have received or have given a gift of crypto assets you will need to consider the tax implications that can occur. Giving a gift or donation in crypto By donating or gifting crypto assets you are essentially disposing of them. Therefore, donating or gifting crypto assets is a CGT event, similar to any
- [Tax-smart tips for crypto assets investments](https://royamcdonald.com/tax-smart-tips-for-crypto-assets-investments/) - There’s more to cryptocurrency then just buying and selling. It’s important you understand your tax obligations. If you exchange crypto for goods, cash, or other cryptocurrencies then it’s likely a disposal for the purposes of capital gains tax. Then a capital gain or loss will need to be included in your income tax return. To
- [Retirement Planning](https://royamcdonald.com/retirement-planning/) - Even if you’re nearing retirement and haven’t consulted a financial planner before, there is still a considerable amount of help and advice you can benefit from. For most of us, the big questions around our retirement will include: When can I access my super? Should I take it as a lump sum? How much income
- [Tax-smart tips for your investment property](https://royamcdonald.com/tax-smart-tips-for-your-investment-property/) - Being tax-smart when investing in property means more than making the right property choices. If you use your property to earn income at any time, you need to: Keep records from the start Work out what expenses you can claim as deductions Work out if you need to pay tax instalments throughout the year Declare
- [Family trusts explained](https://royamcdonald.com/family-trusts-explained/) - A family trust is an excellent way to protect generational wealth, assets, and the financial future of your descendants. A family trust is a discretionary arrangement in which a trustee is the holder of certain assets and the distributor of the income generated by those assets for the benefit of beneficiaries and can be a
- [Are inheritances outdated?](https://royamcdonald.com/are-inheritances-outdated/) - Once upon a time we used to have to wait until a wealthy relative passed away before we received an inheritance. What many people don’t understand is there is more than one way to transition wealth to the next generations which help them financially thrive over the course of their lifetime. Here are some out-of-the-box
- [Protecting generational wealth](https://royamcdonald.com/protecting-generational-wealth/) - When planning to pass your assets onto your descendants, there are many things to consider. One of the most common questions people ask is: How do we protect our wealth so it ends up where we want it to go? Before we delve into how to protect your wealth, we first need to look at
- [Making money from your online activities? It could be income](https://royamcdonald.com/making-money-from-your-online-activities-it-could-be-income/) - Do you post make-up tutorials to social media, write a blog or stream gaming for others to see? Then you are a content creator. If you are making money from your online content then you will have income to declare and you will need to consider if your in business. It’s important to know what
- [Key takeaways from the 2023-24 Federal Budget](https://royamcdonald.com/key-takeaways-from-the-2023-24-federal-budget/) - Federal Treasurer Dr Jim Chalmers delivered the latest Federal Budget from Parliament House in Canberra on Tuesday 9 May 2023. Below is a summary of the key insights into this major announcement which have been put together by Certified Practicing Accountants Australia (CPA), exploring the impact the new spending measures will have on businesses, accountants
- [Do you have a holiday home?](https://royamcdonald.com/do-you-have-a-holiday-home/) - Depending on what you do with your holiday home there can be deductions and tax implications. Holiday home – not rented out If you own a holiday home and don’t rent it out, you don’t include anything in your tax return until you sell it. When the property is sold, you will need to calculate
- [How to plan and save for the dream family holiday](https://royamcdonald.com/how-to-plan-and-save-for-the-dream-family-holiday/) - As Benjamin Franklin famously stated, “By failing to prepare, you are preparing to fail”, and this statement is never more valid than when your sights are set on a family holiday. After years of travel restrictions, the thought of taking off to an exotic location is more than appealing – it feels like something we
- [Secure your future with a financial plan](https://royamcdonald.com/secure-your-future-with-a-financial-plan/) - There is no doubt the cost of living has increased to a point whereby most of us need to be aware of our finances. Simply logging on to your banking app and knowing the approximate value of any investments has never been sufficient, but especially not in our current economic climate. Every person, or family,
- [Working from home deduction changes for 2022-2023](https://royamcdonald.com/working-from-home-deduction-changes-for-2022-2023/) - For the 2022-23 income year onward there are changes to the record keeping requirements and calculating working from home deductions. There are 2 methods to calculate working from home deductions: Revised fixed rate method Actual cost method The revised fixed rate method has been updated to better reflect contemporary working from home arrangements, making it
- [Millennials are the winners in 'The Great Wealth Transfer'](https://royamcdonald.com/millennials-are-the-winners-in-the-great-wealth-transfer/) - According to the 2021/22 edition of The Boomer Guide, Baby Boomers are spending their wealth more than any other generation. A recent study by the Productivity Commission has revealed Baby Boomers will pass on a whopping $224 billion each year in inheritances by 2050. If you’re part of the windfall, there are three key areas
- [3 money myths we don't need anymore](https://royamcdonald.com/3-money-myths-we-dont-need-anymore/) - There’s no denying our first financial lessons come from our immediate family or the people closest to us. However, the money lessons being instilled in us are rarely sound financial advice which will work in our favour. Here are some ways to turn unhealthy money mindsets into smart financial decisions. Myth 1 - Save your
- [Record keeping for common business expenses](https://royamcdonald.com/record-keeping-for-common-business-expenses/) - It is important to remember that whenever claiming business expenses in your tax return as a deduction, you must have the records to substantiate your claims. There must also be records as to how you worked out the business use proportion of relevant expenses. The Australian Taxation Office (ATO) has information and examples for common
- [Rental property video series](https://royamcdonald.com/rental-property-video-series/) - The Australian Taxation Office (ATO) have created some helpful videos to assist you in understanding what your record-keeping obligations are if you own or are investing in a rental property. The videos include the following: An introduction to rental property and tax including: Tax tips on owning a rental property Record keeping What amounts to
- [Financial Planning and Budgeting are very different - this is what you need to know](https://royamcdonald.com/financial-planning-and-budgeting-are-very-different-this-is-what-you-need-to-know/) - Budgeting and financial planning are both processes designed to boost your financial wellbeing. And while there are striking similarities between the two, there are key differences in how the two work to help you achieve your financial goals. Budgeting As the old adage goes, ’Budgeting is telling your money where to go instead of wondering
- [What is financial planning?](https://royamcdonald.com/what-is-financial-planning/) - Financial planning helps people identify and work towards achieving their financial and lifestyle goals. Essentially, it helps you be more in control of your income, expenses, and investments so you can make informed decisions about managing your money and achieving your goals. This is done by clarifying what you want to achieve, assessing how you
- [Managing your tax and superannuation on the go](https://royamcdonald.com/managing-your-tax-and-superannuation-on-the-go/) - To manage your tax and super on the go the Australian Taxation Office (ATO) have created an app that you can download and install on your mobile device. Download the ATO app The app is free to download and use and is a simple and easy way you can access and manage your tax and
- [Refund Fraud](https://royamcdonald.com/refund-fraud/) - While most people do the right thing, a small number of people who engage in refund fraud will be held to account by the Australian Taxation Office (ATO). Examples of refund fraud Refund fraud is when a person claims a tax refund or other benefit by giving false information to the ATO. It is undertaken
- [Rate rises and the effect on your cash flow](https://royamcdonald.com/rate-rises-and-the-effect-on-your-cash-flow/) - This year may see many families struggle financially. Since May this year, the RBA has lifted cash rates from 0.1% to 0.85% amid rising inflation and costs. For an increasing number of retirees who have left the workforce with mortgage debt, that could put some strain on the household budget, and some may consider downsizing
- [How will the changes to Superannuation Guarantee (SG) affect you](https://royamcdonald.com/how-will-the-changes-to-superannuation-guarantee-sg-affect-you/) - From 1st July 2022, two important Super Guarantee (SG) changes will apply: the rate of SG is increasing from 10% to 10.5% the $450 per month eligibility threshold for when SG is paid will be removed. What does this means for Businesses These changes will mean that from 1st July 2022: you’ll need to make
- [Rental property repairs, maintenance, and capital expenditure](https://royamcdonald.com/rental-properties-repairs-maintenance-and-capital-expenditure/) - Repairs and Maintenance The cost of repairs and maintenance may be included in full in your tax return in the year you incur them if both: the expense directly relates to wear and tear or other damage that has occurred due to the property being rented out the property either: continues to be rented on
- [Tax Return Lodgment reminder for Child Care Subsidy and Family Tax Benefit](https://royamcdonald.com/tax-return-lodgment-reminder-for-child-care-subsidy-and-family-tax-benefit/) - If you have not lodged your 2021 Individual Tax Return by 30 June 2022, Services Australia may stop your access to your allocated Child Care Subsidy (CCS). This will mean that you will have to pay the full cost of childcare. To receive the correct Family Tax Benefit (FTB) amount you must also ensure that
- [Transition to Retirement](https://royamcdonald.com/transition-to-retirement/) - Have you been thinking about retiring or reducing your hours worked that you are currently working. Starting your journey to financial freedom for retirement is never easy but you’re not alone. Fiduciian Financial Services are always here to help guide you along the way. Download Fiducian Financial Services free Ebook: Transition to Retirement. You may
- [Financial Advice for Women](https://royamcdonald.com/financial-advice-for-women/) - Why Financial Planning just for Women? Women don’t share the same kind of financial experience that men do. So why should they receive the same financial advice? Women also have lifestyle and financial goals to achieve such as wanting to provide the best education for their children, saving for a holiday, paying down the mortgage,
- [Tax treatment of cryptocurrencies](https://royamcdonald.com/tax-treatment-of-cryptocurrencies/) - The term cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on a blockchain. Cryptocurrency generally operates independently of a central bank, central authority or government. The creation, trade and use of cryptocurrency is rapidly evolving. This information is
- [Financial Health Check](https://royamcdonald.com/financial-health-check/) - Interested to find out how a Financial Planner can help you? For all new Fiducian clients we offer a free 60-minute financial health check A financial health check can help you determine how well your finances are doing or what you need to work on to reach your financial goals. By creating good money habits,
- [Super beneficiary nominations](https://royamcdonald.com/super-beneficiary-nominations/) - Most of us do not like talking about the end of life, however it is important to think about what you want to happen to your superannuation following death. After death your super balance and any insurance benefit, is usually paid to your dependents or legal representative. To ensure you have control over who receives
- [Business Victoria - small business free help](https://royamcdonald.com/business-victoria-small-business-free-help/) - If you run your own small business, you’re used to handling problems on your own. But you don’t have to. Get free and confidential well being coaching, financial counseling and business advice for you and your employees. Call the Partners in Well being Helpline on 1300 375 330 for assistance between 9am to 10pm on
- [Tax support through challenging times](https://royamcdonald.com/tax-support-through-challenging-times/) - If you're struggling to manage or pay your tax due to unexpected circumstances, you're not alone. The ATO have tax support to help you through the challenging times. Support for: Dealing with disasters, such as COVID-19 or drought Deceased estates Family and domestic violence general lodging and paying - call our office on (03) 9848
- [5 reasons to see a Financial Planner](https://royamcdonald.com/5-reasons-to-see-a-financial-planner/) - Planning for your future There are many reasons why you might need to speak to a Financial Planner however, to try and keep it simple for now, here are five key reasons why you need to see a Financial Planner. 1. You want to have better control of your finances Whether it be establishing a
- [Super Guarantee rate rising 1 July](https://royamcdonald.com/super-guarantee-rate-rising-1-july/) - On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%. If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate. If you need help to work out how much super you need to pay for your employees
- [Tips for Small Business in uncertain times](https://royamcdonald.com/tips-for-small-business-in-uncertain-times/) - Reduce your reliance on external debt To reduce your reliance on external finance, businesses should be focused on increasing the productivity of existing assets and employees and improving cash flow. Improving cash flow can free up money to fund necessary purchases or investments without having to seek external finance and can be used to pay
- [How long will my money last?](https://royamcdonald.com/how-long-will-my-money-last/) - The enormous pressure & uncertainty of the global COVID-19 crisis has sparked a financial crisis. Many Australians have had disruption to their income with major industries shutting down. For some, it has also meant job loss. You may be starting to worry about how long your money will last. Rather than just hoping for the
- [Notice of intent to claim a deduction for superannuation contributions](https://royamcdonald.com/notice-of-intent-to-claim-a-deduction-for-superannuation-contributions/) - 1. In order to claim a deduction for a personal contribution, a member must give their notice (or variation) by the following dates, whichever occurs first: a. the day they lodge their income tax return for the income year in which the contribution was made b. the end of the income year following the income
- [Financial Advice for Those in Retirement](https://royamcdonald.com/financial-advice-for-those-in-retirement/) - Did you know that while almost half of all retirees agree that hiring a financial advisor could make a huge difference when it comes to planning their retirement, only 24% actually have one? Compared to the 47% in the US and 57% in Canada, this is an incredibly low figure. Many experts in the field
- [The Types of Small Business Benchmarks](https://royamcdonald.com/the-types-of-small-business-benchmarks/) - The two variants of small business benchmarks that have been developed include: Performance benchmarks – which apply to all different industries across the country. Input benchmarks – which only apply to tradesmen and women undertaking domestic tasks and buying their own resources. More on Performance Benchmarks These types of benchmarks are financial variables for your particular market
- [Things to Consider When Hiring a Financial Planner](https://royamcdonald.com/things-to-consider-when-hiring-a-financial-planner/) - A good Financial Planner will typically offer an initial meeting and this is your opportunity to understand what they could do for you. From learning about their professional experience, right through to exploring their credentials, gauging how well you might work together and finding out about how they might be able to help; there’s plenty
- [Knowing Your Goals for an Effective Financial Future](https://royamcdonald.com/knowing-your-goals-for-an-effective-financial-future/) - It’s not uncommon for people of all ages to enlist the help of a Financial Planner; typically to help get their finances in order and prepare themselves for a comfortable future. Most Financial Planners can help in a number of ways, including: Insurance options Investing for retirement Investment strategies Superannuation advice In most cases, people
- [Changing the Structure of an Australian Business](https://royamcdonald.com/changing-the-structure-of-an-australian-business/) - It’s not uncommon for business owners to consider modifying the structure of their enterprise; from turning a sole trading service into a limited company, through to merging as a partnership. In these cases, there are correct and incorrect ways to do things – and some of the most common issues that occur include: Incorrectly reporting
- [How Married Women Can Protect Their Finances Before Retirement](https://royamcdonald.com/how-married-women-can-protect-their-finances-before-retirement/) - Grief is generally the number one thing you’ll feel when you lose someone close to you, but for women who lose their husbands, there may also be a fear of whether they’ll be able to handle their finances without their partner. Often, widows find it harder to get by without the extra income that their
- [Top 4 Cost Saving Tips To Remember](https://royamcdonald.com/top-4-cost-saving-tips-to-remember/) - Saving money is something that almost everyone strives to do – and fortunately, there are often plenty of ways that a person could reduce their outgoings to save a little extra cash. Because of this, keeping a few money saving tips in mind on a day-to-day basis may be useful for anyone who wants to
- [GST Costs When Subdividing Land](https://royamcdonald.com/gst-costs-when-subdividing-land/) - Subdividing a block of land can be a way to make extra cash on a part of land that may not be used otherwise. Usually, the profit made from selling this subdivided piece can either be counted as capital gain, or part of an ordinary income. This can depend on the circumstances of the sale.
- [Getting a Personal Insurance Plan Before Turning 35](https://royamcdonald.com/getting-a-personal-insurance-plan-before-turning-35/) - While having a personal insurance plan at any age can be a wise idea, those who are close to reaching the age of 35 should definitely consider it. Why? A major insurer, TAL, recently released statistics that showed that, for the 5 years to 2017 claims paid increased by 130% for those aged 35-46 from
- [Is that a Will or a Maybe?](https://royamcdonald.com/is-that-a-will/) - [vc_row][vc_column][vc_video link=”https://vimeo.com/219451447/13b1d2d1f4″][/vc_column][/vc_row]
- [What is Bitcoin?](https://royamcdonald.com/what-is-bitcoin/) - Although many people have heard of Bitcoin, few know what it is. Bitcoin is a form of digital currency that is also referred to as cryptocurrency. It works on a decentralized peer-to-peer (P2P) networked program that is installed on your computer, which means that financial transactions can be carried out between a seller and buyer
- [Smaller Businesses are NOT Immune to Cyber Attacks](https://royamcdonald.com/smaller-businesses-not-immune-to-cyber-attacks/) - [vc_row][vc_column][vc_column_text]You may think that you are immune to cyber crime or instances of ransomware because there are other, bigger companies for hackers to target. However, this is not the case anymore. In fact, no business that has any form of online presence can be classified as being immune to these activities anymore. As a result,
- [Top 10 Tips to Help Rental Property Owners](https://royamcdonald.com/top-10-tips-to-help-rental-property-owners-avoid-common-tax-mistakes/) - It’s essential that you avoid making these common tax-related errors. #1 – Ensure your Property is Genuinely Available to Rent Your property has to be genuinely available as a rental unit in order for you to claim all the related expenses you are entitled to. This means that you will have to have shown a
- [Tax-smart Tips for your Investment Property Journey](https://royamcdonald.com/tax-smart-tips-for-your-investment-property-journey/) - When investing in property, it is not only essential to choose the right property; you will also need to be aware that you will have certain tax implications and entitlements. Below are a few tips to help ensure that you handle everything correctly. Keep Accurate Records Keeping accurate records of all property-related expenses throughout each

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- [Self Employed](https://royamcdonald.com/tag/self-employed/)
- [tax checklists](https://royamcdonald.com/tag/tax-checklists/)
- [Aged Care](https://royamcdonald.com/tag/aged-care/)
- [Income Protection](https://royamcdonald.com/tag/income-protection/)
- [Capital Gains](https://royamcdonald.com/tag/capital-gains/)
- [Land Tax](https://royamcdonald.com/tag/land-tax/)
- [Stamp Duty](https://royamcdonald.com/tag/stamp-duty/)
- [accountantsdoncastereast](https://royamcdonald.com/tag/accountantsdoncastereast/)
- [financial adviser doncaster east](https://royamcdonald.com/tag/financial-adviser-doncaster-east/)
- [financial advisor doncaster east](https://royamcdonald.com/tag/financial-advisor-doncaster-east/)
- [#financialplannerdoncastereast](https://royamcdonald.com/tag/financialplannerdoncastereast/)
- [rental property](https://royamcdonald.com/tag/rental-property/)