An expense claim is a collection of receipts from spending personal money that the organisation needs to pay back to you.
Long Term Compounding
Compound interest is interest paid on the initial principal as well as the accumulated interest on money you have invested.
Objecting ATO Decisions
If the ATO makes a decision that you don’t agree with then you may be eligible for make an objection or appeal.
Aged care changes and the family
Decisions around aged care are always difficult and emotional. From the start of next year they are likely to get even more complex, with both the Age Pension and aged care sectors set for another shake-up. Currently, many people entering aged care choose to keep their former home and rent it out to help supplement
Audit Insurance – Why?
It is a common misconception that you will only be audited if you are not compliant. The approach by the Australian Taxation Office (ATO) and other government bodies in this respect has changed. In addition to audits, the ATO and other government bodies have significantly increased the number of enquiries, investigations and reviews they are
Super gets a Makeover, again
Just when those saving for retirement thought the rules couldn’t get any more complex, the Turnbull Government has revised some of the key elements of the controversial superannuation reforms it announced in the May 2016 Federal Budget. After some noisy criticism, amendments were announced in mid-September to water down the more contentious elements. Despite this,
Think you are covered?…think again!
How well are your insurance needs covered? Many of the clients we see have insurance in their industry super funds, and for that reason (often wrongly) believe ‘they have adequate insurance’. This type of insurance cover they have is known as Group Insurance and can be a real danger if you don’t know exactly what you are covered
SMSF Advice – What’s Changed?
From 1 July 2016 Accountants can no longer recommend various strategies associated with self managed superannuation funds unless they are appropriately licensed under new legislation. Accounting firms have had 2 years to decide how they will comply with this new legislation, with many accounting firms still yet to implement a solution. At Initiative, we embraced this new regulation
Transfer/Reconcile Money between your bank accounts
Use Xero to record the details of a transfer you have made between your bank accounts. You can also record a transfer directly from a specific account on the Bank Account Details screen or during the reconciliation if you have imported a transfer transaction from your bank but have not yet recorded this in Xero.
Xero Tip of the Month – Payroll EOFY
Make this Payroll year end the smoothest yet End of year is a busy time for everyone, but it doesn’t need to be complicated. Payroll in Xero makes your year end tasks as painless as possible — providing you with the tools and education to make your compliance tasks a breeze and freeing you up to
