Why do you need an accountant and not just a bookkeeper?

While these financial roles share common goals, they support different stages of the accounting process. As a business owner, it is important to know the difference. Goals-Driven An accountant looks at a company’s financial big picture. They analyse and interpret data, compile reports and financial statements, and prepare taxes. A bookkeeper, on the other hand, […]

Homebuyer grants to help all Australian homebuyers

Whatever we say about this year, we can’t deny that Australia was hit hard by the ongoing events of 2020. With the hit of the COVID-19 pandemic, the government has decided to take measures in order to help flailing economic sectors – one of these being the construction sector. To do this, a homebuyer grant […]

Casual workers may now be entitled to paid leave

In a landmark ruling, the Federal Court decided that Robert Rossato, a casual mining worker employed by labour-hire firm WorkPac was entitled to paid leave. The decision could significantly affect payroll costs for many businesses. The judgement of the case decided that Rossato was entitled to annual, sick and carer’s leave. The reason for this […]

ACT: Home buyers eligible for stamp duty waiver

In order to stimulate the failing property and construction sector, the ACT government has waived or reduced stamp duty as a stimulus measure. The concession, which will cost the government around $ 10 million in lost revenue, will apply to many residential land and off-the-plan apartment purchases.   What is a stamp duty? It is […]

Setting up a discretionary trust

In Australia and New Zealand, a discretionary trust is also called a family trust. A discretionary trust is one in which beneficiaries and/or their entitlements are not fixed, but are instead discretionary in two ways: trustees have the power to determine which beneficiaries will receive payments from the trust trustees can select the amount of […]

An indepth look at discretionary trusts – the pros and cons

Also known as a family trust, discretionary trusts are utilised by a not insignificant number of Australian businesses. The structure of a discretionary trust makes it particularly attractive for use within family businesses. Before we go on any further, here’s an infographic to quickly sum up the structure of a trust and the role of […]

Are you eligible for the homebuyer grants and how much can you expect?

Early June, Scott Morrison introduced a HomeBuilder scheme to mitigate the disastrous effect 2020 has had on the Australian construction industry. The scheme allows aspiring/present homeowners a grant worth $ 25, 000 to help Australians own their dream home. The grants are for new homes and renovations. In order to qualify, you must meet certain […]