News and Tax Essentials

Can you boost your Superannuation?

If you are concerned with how comfortable you would like to live beyond retirement, you may be thinking about your superannuation. Naturally, your employer will be contributing a portion of your pay toward your superannuation. The amount that is contributed is often...

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Keeping Records for Tax: What do you need?

One thing to keep in mind is your work related expenses. If your work related expenses total $300 or more, you must have written evidence to prove your claims. When you are claiming Tax, one of the most important things you need think about is keeping records for...

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What happens if I don’t pay my tax debt?

Our best piece of advice to anyone who wants to avoid being in tax debt is to just stay on top of, and pay your taxes. If you do end up in a tax debt, then the next best thing to do is to start paying it off with an organised payment plan with the taxation office. Now...

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Lodging Tax Return. When do I do it?

The financial year in Australia is from the 1st July to the 30th June the following year. Any Income and work-related expenses realised within that period are what make up your tax return. But when does the return need to be lodged with the ATO? Lodging Tax Return...

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What Business Structure is right for you?

So you're all excited, you're going into business and can't wait to start. To make sure you get off on the right foot, it's important to plan properly and set your business up correctly. The most common types of business structures in Australia are: Sole Trader...

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What is an Audit?

What is an Audit? Auditors assess a set of company accounts to determine if they present a true and fair presentation of the company’s accounts. An audit provides comfort or assurance to the users that an independent third party has examined the accounts and agrees...

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What happens when you use a Bookkeeper?

You went into business because you were good at something; you are passionate about it and wanted a certain lifestyle. It is safe to say you did not go into business because you wanted to do bookkeeping! Being a small business owner you will be used to wearing...

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Grow your Business with a QuickBiz Loan

If you feel that your business is on the verge of it's next big milestone, but don't have the necessary funds to nudge it to the next level, you would be thinking about getting into a loan. NAB is currently offering a QuickBiz Loan, allowing small business owners to...

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Payment Arrangements with the ATO

2018 Update: This blog has been reviewed and updated to contain information relevant to payment arrangements. It is not uncommon for businesses or individuals to have trouble paying their tax debts at one stage or another. To help with this, the ATO offers payment...

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24 Hour Fight Against Cancer Stats and Facts

Our 24 Hour Fight Against Cancer Stats and Facts On the 15th and 16th of October 2016, Fitzpatrick Group participated in the 24 Hour Fight Against Cancer. It was a memorable event for our team, and a great honour to be a part of. We are extremely proud to have been...

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Selling Property over $2 Million

Are you selling or looking at selling property that is valued at $2 million or more? Those who are looking at selling property valued at 2 million or more, need to be mindful of new rules that will be applicable from the 1st of July 2016 onwards. What needs to be...

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Paying GST for business overseas

Are you doing business overseas? October 1, 2016 saw new changes to Australian GST law, meaning that you are no longer required to pay GST on certain transactions between your business and businesses overseas. These new changes have also introduced a reduction to...

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5 Marketing tips for Small Business Owners

Our top 5 Marketing Tips for Small Business Owners can help you to demystify one of the most crucial aspects of building a successful business - First, let's look at some misconceptions about marketing in 2018. Many business owners who want to promote their business...

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Lost Tax File Number – Is it serious?

When you first receive your tax file number, you are told how important it is keep it secure and private. Despite this, a lot of people don't realise how serious the repercussions can be for failing to protect their TFN from landing in the wrong hands. You will have...

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When to report a Capital Gain

There is a lot of confusion around the timing of when a capital gain is made. The point at which a capital gain or loss is made is called a CGT Event. It is important to establish the timing of a CGT Event as it may affect how your tax liability is calculated and what...

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Claiming car expenses for your tax return

The use of a car that you owned, leased, or hired in the year can be claimed if you used it for any work related purposes. Even if the car is not registered in your name, private arrangements can be taken into account. If the car was used as your own and you paid for...

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5 Step guide to new rental property

So you bought a rental property, and it’s an exciting time for everyone involved. However, you got lost in your excitement and covered in paperwork by the real estate agents, lawyers, conveyancers, mortgage brokers & Banks.   Now it is tax time and you have...

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Understanding Fringe Benefits Tax

Fringe benefits tax was introduced in 1986 by the Australian Taxation office to combat the then growing non-cash benefit schemes that some employees where receiving. Fringe Benefits Tax is calculated on many things and is considered the catch all provision that taxes...

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What do you need for your tax appointment?

Being prepared for your tax appointment will save a lot of time and energy for you and your accountant. Having all the right information and documents will also mean you can claim the best tax refund possible. But what is the right information? If you are a new client...

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9 tips for SBE on Immediate asset deductions

On the 12 May 2015 at 7.30pm the Government announced that it was introducing new accelerated depreciation rules for small Business entities (SBE). The rule originally allowed any asset purchased for less than $1,000 to be immediately written off. Under the new rules...

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Buying your own home

If you are a potential first home buyer (FHB) you may be feeling disheartened by doom and gloom in the media as to whether younger generations will ever own their own home. There is no doubt house price to salary ratio was lower in the 70s and 80s - often seen as an...

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The Sandwich Generation

Are you a member of one of the fastest growing demographic groups: the Sandwich Generation? Well you’re not alone. And the sandwich generation is growing! One notable authority on the subject has categorised three demographic groups affected by this issue:  ...

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Starting Over…

In Australia today around 1 in 3 marriages can be expected to end in divorce. With 77% of Australian couples also living together before getting married (and let’s face it - some don’t go the distance) the real impact of relationship breakdowns is likely to be much...

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Maximise Tax Deductions

According to the ATO there are around 1.9 million property investors in Australia and 2.7 million rental investment properties. Surprisingly, many landlords fail to claim all allowable tax deductions simply because they are unaware of all the expenses they can claim...

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When is my BAS due?

Business Activity Statements (BAS) can either be lodged monthly or quarterly. Lodgement dates depend on whether you, the client, lodge your BAS or whether Fitzpatrick Group lodges it. Monthly Statements A monthly BAS is generally due at the same time regardless of...

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Payroll Tax and the Jobs Action Plan Rebate

Payroll Tax rebate for employing a person in a new position. Businesses that increase the number of NSW full-time employees receive a payroll tax rebate following the employment of each additional NSW employee in a position that is a new job. All new jobs from 1 July...

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Small Business Grants

Small Business Grant of $ 2,000 for each additional employee you have employed since 1 July 2015. Have you increased the number of your employees in your Small Business since 1 July 2015? If so, you can apply for a Small Business Grant of $ 2,000 for your business,...

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Who Moved My Cheese?

Who Moved My Cheese? by Spencer Johnson, Kenneth H. Blanchard Today’s recommended book read is "Who Moved My Cheese?" by Spencer Johnson and Kenneth H. Blanchard. Dr Spencer Johnson wrote this book through a difficult time in his life. It illustrates the importance of...

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Are you and your staff time poor?

We’ve helped hundreds of businesses to improve and refine their processes to give them back time to improve the quality of their service. Our first consultation is free, with no obligations or pressure to work with us beyond our first meeting.