Find out about the ACT Government land tax grab that was passed by the ACT Legislative Assembly just in time for the 2018 Federal Budget.
Superannuation is vitally important, and the government has put it front and centre with major updates to SMSFs and work test exemptions for people aged 65-74. Here are all of the changes and updates you should be aware of to keep your super in check.
Businesses can expect a lot of changes coming their way over the next few months. The instant asset write-off has been extended, and Directors will see more restrictions on GST exemptions as well as lots more.
While there were several budget announcements for families, they are very specific to particular family circumstances. Here's a financial overview of what families can be prepared to expect in 2018/19.
Wondering how the 2018 Budget will affect you personally? From tax cuts to a ban on large cash payments, to changes to capital gains discounts, here's a breakdown of the big changes that may affect you.
John is a Senior Manager and has been with the Canberra office for almost 3 years, but how well do you really know him? Learn why he hates the Hulk and what he does when he’s not mentoring staff at Nexis.
Did you know that the Tax Office knows more than most people think and receives more than 600 million transactions from third party sources including online platforms like Etsy, AirBNB and Carsales. Is it time you told us about your income earning hobby?
Bec, 27, single and sick of giving her money to someone else decided it was about time to buy her first home early this year. She had heard that first home buyers can use super contributions towards their purchase and she approached Michael at Nexis for an accountant’s point of view. Our interview with Bec is a good example of how accountants and financial advisors can actually provide complementary advice and are both beneficial when buying your first home.
A common question we get all the time is “Do we have to keep paper receipts?” The Australian Taxation Office’s latest taxation ruling makes this all a little clearer for everyone. Electronic records of transactions are generally ok, but check out our latest blog post where we have summarised the key learnings.
Meet Haylee, our Business Operations Manager joined the Nexis team in November and has since been assisting a number of our clients in the areas of recruitment, induction and success planning.
Recently, we created code to automate processes in Xero, making usage of the platform simple and straightforward for small business owners.
The instant asset write-off for small business has been extended until 30 June 2018. That means if you buy an asset for your business that costs less than $20,000, you can immediately deduct the business portion in your tax return.
Cryptocurrency is a significant area of growth and focus for the ATO at the moment, as the tax perspective differentiates treatment depending on the use of this currency.
You may have heard that Nexis will be expanding to Brisbane in the New Year. That’s right – Michael will be moving to sunny Queensland to be closer to his family and extend the Nexis offering to interstate. From an operational point of view, nothing will change for Nexis, and Michael will still be available as much as ever before.
On Friday 1 December, Nexis held their Annual Race Day at Thoroughbred Park. We raised $3,141.05 for our chosen charities for this year which were Beyond Blue and the Heart Foundation.
Christmas time comes with parties, food, gifts, food, parties and more food. All that entertaining can become pretty taxing, not only for your belly, but for your wallet, especially when the entertainment is for clients and staff. Luckily, some expenses are exempt from fringe benefits tax (FBT). We’ve done the research and found the top resources for you to figure out if some of those expenses are free from tax obligations at tax time.
The most wonderful time of the year has finally arrived! Christmas barbecues, Christmas parties, spending quality time with the family, backyard cricket and loads of presents are what make Christmas so special. But did you know that accountants love getting Christmas presents too? We’re not kidding. To make things just a little bit easier for you, we’ve compiled a list of the top three things to get your favourite accountant for Christmas.
A new law implemented on September 1 now prohibits business owners from charging their customers with excessive fees on credit, debit and prepaid cards.
You may have heard that the big banks have made the big decision to banish their ATM fees. By removing their fees, the banks hope that they’ll be making an impact for all Australians, although particularly those in rural and regional areas.
Watch Nexis director, Michael Talevich discuss what to consider when beginning a new business with Siobhan from Separate Together.
Michael will be on Kochie's Business Builders THIS Sunday, talking with Siobhan from Separate Together about how to start a new business.
Check out the preview, and stay tuned for the full video, which we'll be posting the next week.
A winter update on the Australian property market created specifically for Nexis clients.
What is key person reliance and what does it mean for your business? This month we look at how key person reliance can affect your future...
The Federal election in July provided some much needed certainty around taxation development. The ATO has issued some important updates:
Nexis Director Michael Talevich has written an article for the Canberra Business Chamber - Getting on the right track with your financial and strategic planning...
It’s been some time since you started your business. Many business owners have mixed emotions as they experience the highs and lows of owning and running a small business. Very few small business owners take the time to sit back and analyse the changes taking place in their business...
Can your profits go up when your sales are down? What about the other way – can you be worse off after a period of significant growth?
In uncertain times or slowing sales, you need to move quickly to protect your bottom line.
May has been an exciting month for tax changes with the main news coming out of the Federal Budget. Overall, the budget has introduced great measures for small business entities. Below are the main highlights that might be of interest to you;
Congratulations! You have recently become a small business owner or maybe have an opportunity to start a business. It’s now time for a reality check! Australian Government statistics provide a stark insight into business failures in Australia: somewhere between 50% and 75% of businesses fail within 3 to 5 years of their commencement.
SuperStream is a standardised electronic method of paying and reporting superannuation contributions
Canberra Business Point - Presentation by Director Michael Talevich - to be held Thursday 21 April 2016.
The new FBT year is upon us and will bring some changes to the way employers and employees will deal with FBT
ATO confirms that an employer cannot claim input tax credits where it pays an expense on behalf of a super fund
SMSFs have until 30 June 2016 to comply with strict new rules for collectables and personal use assets
ATO provides updated guidance on the process for claiming exempt current pension income
Tax and Superannuation Laws Amendment
The Tax Laws Amendment (Small Business Restructure Roll-Over)
Important Tax Changes regarding substantiation for phones and internet
One of the more important documents that a business should have is its business plan. This living breathing document should be not only a guide to the operation of your business but also a valuable document in your ability to obtaining funding. Whether this funding is from a bank, or an external or internal investor, your business plan can be the secret weapon to getting your finance needs across the line.
Owning an investment property can be far more affordable for potential investors than they think, particularly when they claim all of the tax deductions available to them.
The ATO has announced its areas of focus for the coming year. Specifically, the ATO will be targeting the following;
This month we wish to bring to your attention a number of changes in taxation laws and upcoming tax events and deadlines.