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FY22 Tax Returns | ATO Warning

Posted on 23/08/202221/08/2022 by Laze Spasevski

The Australian Taxation Office warned small businesses that it will focus on three main areas when assessing the FY22 tax returns. The first area the ATO plans to examine closely is overclaiming on expenses and claiming deductions for private expenses that are unrelated to business income. The second area is the potential omission of certain income streams, such...
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How To Cope With Rising Interest Rates

Posted on 19/08/202211/08/2022 by Laze Spasevski

Interest rates may be rising, but Reserve Bank deputy governor Michele Bullock is confident most borrowers will be able to cope. One reason for her confidence is that "household balance sheets are in very good shape", because the average household is ahead on their mortgage and has considerable equity in their home. Ms Bullock also noted lending standards have increased in recent years...
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Selling Commercial Property? Get Legal Advice

Posted on 16/08/202211/08/2022 by Laze Spasevski

When selling commercial property, it is important to seek legal advice first. Every business knows the importance of ‘buyer beware’ when purchasing a commercial property. But it’s also vital to meet certain legal obligations when you're the vendor. Otherwise, the buyer might have grounds to cancel the deal or take legal action. The vendor is required to disclose all mat...
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Is It Better To Buy Or Rent?

Posted on 12/08/202215/08/2022 by Laze Spasevski

If you’re wondering whether it’s cheaper to buy or rent, a new report has answered that question. Now, bear in mind that interest rates are obviously on the way up at the moment, and that these figures are changing rapidly. However, it's not all doom and gloom out there. Even with slightly higher interest rates, there are properties that make good sense when comparing to the cost of renting. ...
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Australia’s Economy Gets Big Tick

Posted on 09/08/202210/08/2022 by Laze Spasevski

Australia's economy is officially one of the strongest in the world. That’s after Moody’s affirmed Australia’s AAA credit rating, making Australia one of only nine countries in the world to have a AAA credit rating with the three major ratings agencies. "Australia's economy continues to demonstrate resilience, underpinned by its scale, diversity and high incomes, as well as its highly fl...
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Vacancy Rate 1% Nationally

Posted on 02/08/202216/08/2022 by Laze Spasevski

Australia recorded a national vacancy rate of just 1.0% in June, according to SQM Research, which means the rental market is strongly favouring property investors. Over the past 12 months, the percentage of vacant properties has fallen from 1.7% to 1.0%. As a result, there is now only one vacancy for every 100 rental properties. Extraordinarily, as you can see in the chart below, the vac...
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Finances on Your Mind?

Posted on 21/04/2020 by Laze Spasevski

If you are finding it tough to meet your current financial obligations or you are just interested in reviewing your current home loan, then you are not alone. Turbulent does not even begin to describe 2020 so far. As a result of COVID-19 and not forgetting the bushfires, thousands of Australians are out of work, with Treasury predicting that the jobless rate will double in the June quarter from...
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Coronavirus – JobKeeper Payment Explained

Posted on 08/04/202008/04/2020 by Laze Spasevski

What is the JobKeeper Payment Eligible employers will be entitled to receive $1,500 per fortnight for eligible employees from 30 March 2020 for a maximum period of 6 months. Employers must pass those payments directly onto eligible employees as wages or as a subsidy to their wage. For example, if an employee was earning $2,000 per fortnight as their usual wage, then the employer should, if t...
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Coronavirus – How is the Government Supporting Individuals and Households?

Posted on 29/03/202001/04/2020 by Laze Spasevski

As the situation with the Covid-19 pandemic changes by the hour, it’s difficult to keep up with and wrap your head around the announcements from government regarding the support that they are offering to individuals and households. Here’s a summary of the type of support that will be made available, taken from the Australian Government – The Treasury website: Income support to individuals ...
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Coronavirus Impact – Lenders cease lending to certain sectors of the economy

Posted on 27/03/202001/04/2020 by Laze Spasevski

In times of uncertainty it’s important that we all take measures to best protect ourselves. In response to the Coronavirus pandemic, the federal government has announced several measures to assist individuals and businesses get through this difficult time, but we also must individually take precautions in order to make it through this current setback. As we begin to see the economic impact ...
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