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Tracking cash flow is important.

It's critical to regularly monitor your company's cash flow and performance. Tracking your business’ performance can also benefit you by: Recognising when you are straying off course so you act early. Maintaining profitability and positive cash flow. Assisting timely...

Have you just got married or changed your name?

Did you know that you must also update your name with the Australian Taxation Office. There are few different ways that this can be done. The quickest and easiest way is by logging into your myGov account. Before logging in, make sure you have an Australian...

Data Protection – The rise of the compromised.

Over my years as an accountant in public practice I have heard of cases of fraud with the ATO but never actually seen any first hand. That all changed in the last couple of month. I will detail the 2 situations below but for privacy have left out names and details. A...

Agent to Client Linking

Effective from November 2023, the ATO implemented necessary measures to enhance the security, protect clients against fraud and identity theft, and better manage agent access to tax and super. You must nominate your agent. We can’t do this process for you, but we can...

Small Business Technology Investment Boost

The Small Business Technology Investment Boost is a tax incentive program that provides small businesses with an aggregated annual turnover of less than $50 million and an additional 20% tax deduction to support their digital operations and digitize their operations....

Christmas Closure – Happy New Year from the Welsh Tax Team

My 2023 Tax Refund is lower?

With recent interest rate rises and the cost of living on the increase we are witnessing the effect it is having on taxpayers. In our experience many taxpayers rely on tax refunds as forced savings to assist with covering the cost of living. Unfortunately, a blow to...

Have you got a MyGov Account? Follow these steps to apply for one.

To set up a MyGov account, you can follow these general steps: Visit the official MyGov website https://my.gov.au/en/create-account/. MyGov is a platform used by several countries, so make sure you're on the correct website for your country. Look for the "Sign Up" or...

Tips to minimise your personal Tax or Minimise your Business Profit

Tips to minimise your Personal Tax Now's the time to review what strategies you can use to minimise your tax before 30 June 2023. Imagine what you could do with tax saved? You could: Reduce your home loan. Top up your super. Save for a holiday. Deposit for an...

Welsh Tax – Key Dates for June & July 2023

14 June: Submit and approve Auto Super batches by 14 June to ensure that they are cleared funds in superannuation accounts by 30 June. To be deductible in the 2023 tax year the funds must cleared in Super accounts by 30 June. Due to the volume of super contributions...

Changes to working from home deductions

The Australian Taxation Office has changed one method for claiming working-from-home deductions for the 2023 income year. From 1st July 2022 to 28 July 2022, the ATO will accept a representative 4-week diary of your hours. From 1st March 2023, a record of all hours...

Superannuation Guarantee – do you know when it’s due?

If you are a monthly superannuation payer you must pay your super guarantee by the 28th day of the following month. To ensure that super is paid by the due date we would suggest making payments no later than 21st Month that it is due. Jan 28th for December Super Feb...

Tips to tighten that belt

With interest rates and cost of living increases we should all be thinking about what we can do right now to tighten our financial belts. Here are a few tips to consider: Have your loans/ credit cards/ credit accounts reviewed by a Finance broker and see if...

Invoices Explained?

An invoice is a document that is time/date and itemises and records a transaction between a buyer and a seller. If goods or services were purchased on credit, the invoice usually specifies the terms of the transaction as well as information on the payment methods....

Scams – Keep an eye out!

Personally, I find it perplexing that these con artists don't have respectable employment and make a living that way. For computer users and businesses, they are a constant source of frustration and wasted expense. We are all aware that their objective is to steal our...

Refinancing? Where to start?

With interest rates on the rise many people & businesses are looking to refinance. When you start the process be prepared and it should be smoother and less stressful. We are always here if you need help. Some of the documents you should collate (if applicable)...

Queensland Mental Health Levy – Introduced 1 January 2023

The Queensland Government has implemented a new levy which will be used to fund mental health services to support Queenslanders. The mental health levy will be applied to some Queensland companies who pay more than $10 million in annual Australian taxable wages, and...

ATO Emails – Check first before opening

There are some very real looking ATO emails circulating, the below email was received by Kerri recently. TIP - Always check the source email address, don’t click on links or provide your bank details if you aren’t sure.You can review your ATO account status via your...

Christmas Giving – Staff Rewards

'Tis the season of gifts & parties But did you know that not all gifts & parties are equal when it comes to Taxes & GST? If you are considering giving Christmas gifts or having a Christmas party, there are several things to consider. If you are considering...

Estate Planning

Estate Planning is undertaken prior to ones passing and when it is done well can save thousands of dollars. At Welsh Tax we can assist you in reviewing your whole asset picture and investigate tax strategies that can legitimately preserve & protect your family...

Tax Deductions

Many Australians attempt to claim donations at year end, however, not all are tax deductible. The ATO is warning people not to double-dip in their deductions this year or run the risk of being audited. A non-deductible donation is generally treated as a private...

ATO Payment Plan – Does your business need one?

The Australian Taxation Office is becoming more proactive chasing tax debts. With the recent federal election, supply chain disruptions, soaring costs in fuel and now an interest rate rise it is vital for taxpayers to get their tax debts under control. We have...

Thinking about changing your accountant?

If you are not happy with your current accountant, it isn’t that difficult to move. Switching your accountant can be done with minimal effort and disruption to you or your business. The majority of time in the changeover/onboarding process will rest with the new...

Australian Taxation Office – Latest Scams

The latest figures that the Australian Taxation Office has released about scams is alarming! The ATO reported receiving 1,812* of ATO impersonation scams, just in the month of February 2022, indicating that individuals have reported losing $14,200 to scammers and the...

$450 Super Guarantee Threshold – Scrapped

Legislation has now been passed to remove the Super guarantee contribution (SGC) eligibility threshold. The removal the SGC threshold will help to make the system fairer on women, younger workers, and those working low paid jobs to help boost their super for...

Directors ID – Have you got yours?

Are you a director of a company or are you going to be one in the future? Then you better get your Director ID. The purpose behind the Commonwealth Business Registry Service's induction of the Director ID is to: Prevent the use of fraudulent director identities To...

Have you or your Business changed address recently?

Moving can be very stressful and there are many things to remember. There are many steps involved, one important step is changing your address. The importance behind updating your address is to avoid missing important mail or packages. You could be charged fees for...

The meaning behind the Logo

Our logo & Name story. The colour blue. Blue was my grandmothers favourite colour, cornflower blue. When picking the firm colours I wanted the colour to have meaning. I never met my paternal grandmother so this seemed the perfect colour for me to choose....

Welsh Tax – Director Profile

Kerri Welsh - Director – B.Bus, CPA, Com. Dec - Registered Tax Agent Kerri Welsh is the principal accountant and director of Welsh Tax. She is a qualified accountant and registered Tax Agent who has been working in the accounting profession since 1992. Kerri’s...

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