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Non Concessional Contributions

Personal Contributions made into an SMSF from after tax income on which no tax deduction is claimed are known as Non Concessional Contributions.  Non Concessional Contributions are essentially personal contributions made into your SMSF from your own personal Bank Account and not from your Employer. …


2019 TAX RETURNS

Don't rush your tax return, says ATO



Around nine million Australians will be able to see their year-to-date salary and wages, PAYG withholding tax, and any employer super contributions in near real time, this tax time.  …


n the 2019–20 Federal Budget, the Government announced its intention to change and build on the Personal Income Tax Plan. These changes are now law.

The ATO is implementing the necessary system changes so taxpayers that have already lodged their 2018-19 tax return will receive any increase to the low and middle income tax offset they are entitled to. Any tax refund will be deposited in the taxpayers nominated bank account.

Refunds for returns already lodged are expected to start to issue towards the end of next week, which is in line with the normal processing of refunds for this time of year.

Those who are yet to lodge their tax return will have any offset they are entitled to taken into account during the normal processing of their return.

The amount of the offset you may be entitled to, and the amount of any refund will differ for everyone depending on individual circumstances such as your income level and how much tax you have paid throughout the year.

For more information, including information on the amount of Low and middle income tax offset you will be entitled to, visit Lower taxes for hard working Australians: Building on the Personal Income Tax Plan. …


The 2019/20 Federal Budget has been handed down, and predictably, we saw some fine-tuning of the rules around super. But the news is all good - the latest changes will make it easier for older Australians to grow their retirement savings for longer.

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Obtaining probate of a Will is effectively getting the Supreme Court to validate the Will as the last true Will of the deceased – and can often be charged in accordance with sliding scales that increase with estate value (particularly in NSW). …


Editor: The Federal Election will be the primary focus over the next few months, with many commentators predicting a possible change in Government.

As usual, tax policy is a focal point of the political debate.

Recently, at Labor’s 48th national conference (16-18 December 2018), a document entitled 'A fair go for Australia: National platform – final draft' ('A fair go for Australia') outlined the key ALP policies.

This included many previously announced key taxation policies, with the notable exception of other (still) proposed reforms, including for example, the restriction of cash refunds of excess franking credits and the $3,000 cap on tax-related expense claims. …


Employers with 19 or less employees



Legislation to extend Single Touch Payroll to include employers with 19 or less employees is currently before parliament. The Bill has been passed by the Senate with a number of proposed amendments. It has been referred to the House of Representatives to consider the amendments put forward. …


Eligible Primary Producers can claim a rebate of 25% of the cost of purchase, delivery and if applicable, the labour cost to engage a person to install water infrastructure for animal welfare needs.

The On-Farm Emergency Water Infrastructure Rebate scheme can be applied to costs incurred from 1st July 2018 for new purchases, and installation of pipes, water storages and water pumps, de-silting dams, and associated power supplies such as generators.

The maximum that can be claimed is $25,000 per farm enterprise. The availability of rebates is subject to funds being available. No rebates will be offered beyond the allocated funding of $12 million. …


The new Child Care Subsidy will require families to update their information for relevant assessment by the Department of Human Services. …


Treasurer Scott Morrison handed down the federal budget on 9th May.  Read on to find out the changes that effect you and your business. …


Here at Freedom Accounting Group one of the things we love is saving our clients tax.

This year we have set ourselves a challenge. …


Freedom Accounting Group is conducting a seminar on 11 April 2017 to explain recent changes to Superannuation Rules and the Strategies for effective management of superannuation.
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Congratulations to our well respected clients Ben and Rhiannon Hickman, of BLR Painting & Decorating who won residential (single dwelling) new work under 50K and project of the year regional residential at the Master Painters NSW awards for excellence.

The honours rewarded the Hickmans’ efforts in the Hadar Homes display houses in Maygar Avenue, White Box Rise, which involved sprayed woodwork with full gloss enamel including dado panelling.

Well done Rhiannon & Ben from the team at Freedom Accounting Group.




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The end of the financial year is again fast approaching and time is running out to minimise your tax burden for 2016.  Here are some of the tax planning strategies available. …


Treasurer Scott Morrison handed down the federal budget on 3rd May and with it major changes for small businesses and superannuation. …


Congratulations to our well respected clients Tex Pierce & Kim McConville for their recent success in the Riverine Classic Beef Championship feedback trials coming second in the Carcase section, with the Reserve Championship in the Riverine Classic Beef Champion Pen.

The team also came eighth in the Champion Pen of Five steers. …


As accountants, the number one thing our business clients want is advice to help them grow their business. In the digital age we believe the secret to growth is marketing and it could be the difference between boom and gloom for any business. …


Every entrepreneur wants to grow their business but there's no simple formula that guarantees success. In this series of posts we are up to the third way to grow your business, how to increase the value of each sale. …


Clearly, everyone wants to grow their business. Unfortunately there is no magic potion or silver bullet but we do know there are only four ways to grow a business. In this blog we examine the second method, how to increase the number of times a customer comes back and buys from you. …


Everyone wants to grow their business, however, there is no 'magic marketing bullet'. Fundamentally there are only four ways to grow a business including, increase the number of customers of the type you want. …


I must admit I don’t watch a lot of television but I did enjoy the latest Australian season of Shark Tank where budding entrepreneurs seek funding from a panel of wealthy investors (the sharks). While it’s another form of reality TV the show does provide business owners with some valuable business lessons. In this edition we ask the question, should you swim with sharks? …


I must admit I don’t watch a lot of television but I did enjoy the latest Australian season of Shark Tank where budding entrepreneurs seek funding from a panel of wealthy investors (the sharks). While it’s another form of reality TV the show does provide business owners with some valuable business lessons including the importance of knowing your numbers. …


I must admit I don’t watch a lot of television but I did enjoy the latest Australian season of Shark Tank where budding entrepreneurs seek funding from a panel of wealthy investors (the sharks). While it’s another form of reality TV the show does provide business owners with some valuable business lessons including the importance of business planning. …


We have been inundated with queries regarding the accelerated depreciation write-off for assets up to $20,000 acquired by small businesses since it was announced in the May budget. …


At the start of 2013 we noticed about 10% of our website traffic was coming from hand held mobile devices. By late 2013 this figure had jumped to about 15% but in 2015 we find close to 25% of our website visitors are using mobile devices. Why is this important you might ask? …


The Farm Innovation Fund is an incentive-based initiative to assist farmers within New South Wales to identify and address risks to their farming enterprises, improve permanent farm infrastructure, ensure long term productivity and sustainable land use plus aiding in meeting changes to seasonal conditions. …


Starting a handyman business necessitates research, risk, passion and planning. However, a great idea, loads of talent or enthusiasm is not enough to guarantee business success in the digital age. …


Starting a plastering business necessitates research, risk, passion and planning. However, a great idea, loads of talent or enthusiasm is not enough to guarantee business success in the digital age. …


Starting a painting business necessitates research, risk, passion and planning. However, a great idea, loads of talent or enthusiasm is not enough to guarantee business success in the digital age. …


Starting a plumbing business necessitates research, risk, passion and planning. However, a great idea, loads of talent or enthusiasm is not enough to guarantee business success in the digital age.

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Starting a carpentry business necessitates research, risk, passion and planning. However, a great idea, loads of talent or enthusiasm is not enough to guarantee business success in the digital age. …


Starting any business necessitates research, risk, passion and planning. However, a great idea, loads of talent or enthusiasm is not enough to guarantee business success in the digital age. …


In this blog I’m going to discuss the seven features your website needs to stand out in the crowd. These features have the potential to give your business a serious competitive edge in your industry. …


In this blog we are going to look at what you need to know before you select an accounting software program to use in your business. We will then look at specific software programs on the market including MYOB, Xero, Reckon, Saasu and Cashflow Manager. …


The types of business registrations you will require will depend on a number of issues including your type of business structure, your anticipated turnover and whether you also intend to employ staff. …


In this blog we are going to examine some of the most popular business structures used in Australia. Let me say upfront, it’s almost impossible to recommend a particular type of business structure without an understanding of your business, your industry, your family structure and your personal financial situation. …


We get lots of capital gains tax enquiries from clients regarding various issues around their principal place of residence so to clarify some key points we have put this blog together. …


When it comes to business registrations, a lot of business owners think like Pink Floyd, “All in all it's just another brick in the wall”. However, the right business registrations is a key part of your business foundations and you can’t afford to miss one … …


When it comes to insurance, a lot of business owners think like Pink Floyd, “All in all it's just another brick in the wall”. However, your choice of insurance is a key part of your business foundations. For business start-ups, insurance can seem like just another expense in a long line of costs, however … …


Marketing and consumer behaviour has changed. You can now buy almost anything online and for most businesses, your website is your silent sales person working 24/7 to generate leads and sales. …


In the last few years consumer behaviour has changed. We now buy books, music, electronics, shoes and clothing online. In fact, you can buy almost anything online and people even buy professional services online including accountancy services. …


They say politics and sport don’t match, however, last week at the Young Business Edge Gala Dinner held at Rydges in Albury I found business and sport certainly match. Let me explain … …


Once you have had that ‘light bulb moment’ and come up with that brilliant idea for your new business you want to get started in a hurry. However, before you make any big financial commitment you want to make sure the concept has ‘legs’. …


Just as evolution in animals dictates that only the fittest survive, in a recession it is generally survival of the smartest. In this country we seem to have a recession-like economy happening every seven to nine years and almost 75,000 Australian businesses were wiped out in the last downturn. To survive, business owners must ... …

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