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…
Small Business Benchmarks: What They Are and Why They Matter
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…
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…
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…
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…
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…
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…
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…
Choosing the right 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…
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…