Blog – Maddern Financial Advisers

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Taxes

Your End of Financial Year Checklist

Team Maddern
15/Jun/2020
It always takes some planning to get your finances in order for the end of financial year, and this year may look a little different, come June 30. The COVID-19 pandemic may have impacted your circumstances and therefore your situation could be looking different to normal.
Tax time

How COVID-19 changes tax time

Team Maddern
06/Jun/2020
As this financial year draws to a close, it will be viewed as a year like no other. COVID-19 (coronavirus) has impacted everybody’s life, albeit in different ways for different people.
working from home

Calculating your working from home deductions. New tax shortcut!

Team Maddern
16/May/2020
With many people now working from home because of COVID-19, some of the expenses your employer normally covers – such as electricity, heating and cooling – are coming out of your pocket instead.
Taxes

Tax concessions: helping small businesses

Team Maddern
25/Jan/2020
Running a business keeps you pretty busy, so it’s easy to overlook the help that’s available. Many small businesses don’t realise the government offers a range of valuable concessions that can make a real difference to their annual tax bill. Depending on your annual turnover, these can include reduced tax rates, asset write-offs, simplified depreciation rules and tax-free restructuring.
Gift, Present

Unwrapping the joys and pitfalls of giving

Team Maddern
02/Dec/2019
Christmas is a time of giving, when thoughts turn to family and to helping those less fortunate. To gift in a meaningful way that maximises the benefits, it’s important to consider tax. While Australia doesn’t have a gift tax, there are tax considerations nonetheless for both the giver and the recipient. Buying a toy for your grandchild is one thing but many parents wish to help their adult children or grandchildren with more substantial gifts such as a home deposit or a car. If you receive a Centrelink age pension now or are within five years of retiring, that “gift” will be counted as an asset and could affect your pension.
Festive season

Tax and the festive season

Team Maddern
24/Nov/2019
As the festive season approaches it’s time to start thinking about celebrations and spending time with friends and family. For most business owners, it also means it’s time to start thinking about saying thanks to your employees for another year of hard work. But it’s important to be aware of the tax implications of any gifts and celebrations you provide, as the rules can be complex.
Carving pie

Carving up your GST

Team Maddern
28/Sep/2019
Apportioning your GST obligations For many small businesses, reporting the GST you collect after issuing tax invoices to customers can be a headache. But there is a way to save time and make the bookkeeping process a bit easier – if you meet the ATO’s eligibility criteria.
Side hustle, woman working

What you need to know if you have a side hustle

Team Maddern
15/Sep/2019
Whether it’s to pursue a passion or to make a little extra money, more Australians than ever now have a side hustle. But while freelancing, moonlighting and pursuing passion projects can be a great way to add value to your life, they can sometimes complicate how you go about managing both your time and finances.
Investing money

Smart ways to invest your tax return

Team Maddern
08/Jul/2019
Tax time can often feel like a hassle, but it’s all worth it when that tax refund lands in your account. So, what’s the best way to spend it? With last year’s average refund being $2,574, it’s no small question.i And if you are one of the lucky ones to receive a refund your options are endless. From paying down debt to investing in your future to blowing it all on a big holiday, the choice of how you spend your refund will depend on your goals and your circumstances.
Small business - tax

Is your business financially fit?

Team Maddern
24/Jun/2019
The secret to a successful business is to make sure you are not just working IN your business but that you are also working ON your business. As the end of the financial year approaches, there’s no better time to give your business a financial fitness check. Of course, the best policy is to continually monitor how your business is faring throughout the year. But if you’ve been caught up in the day-to-day management then now is a good time to get back on track because you will be looking at your figures for tax time anyway.