Latest News

RBA Interest Rate Announcement 3rd May 2022

At its meeting today, the Board of the Reserve Bank of Australia have decided to increase the cash rate target by 25 basis points to 35 basis points. The Board judged that now was the right time to begin withdrawing some of the extraordinary monetary support that was put in place to help the Australian […]

Preparing for 30 June – Super Reminder

With the end of the financial year fast approaching, we’d like to remind you about some potential opportunities for super contributions. There are a number of strategies that may be of benefit in the lead up to 30 June: Co-contributions: Individuals who are working and have Assessable Income + Reportable Fringe Benefits & Reportable Employer […]

Important tax dates and obligations Q4 2022

Key tax & lodgement dates for the April – June quarter 2022 21 April Lodge and pay March 2022 monthly business activity statement. 28 April Lodge and pay March 2022 quarterly business activity statement if electing to receive and lodge by paper and not an active STP reporter. Make super guarantee contributions for the March […]

How an accountant supports your business development

As your accountant, we won’t just look after the financial side of your business, we can also advise you on the strategic side of your company, including the importance of business development as vital part of your growth plan. Business development (BD) is what helps your company move from slow, organic growth to fast-paced, hypergrowth. […]

New Family Trust Tax Rules – Will the Changes Impact You?

If your trust pays adult-child beneficiaries, then you’ll need to know how the new ATO tax guidance rules could alter your beneficiary arrangements. The proposed changes won’t affect every small business operating through a trust arrangement, but it’s important to check that existing provisions meet the new requirements. The ATO has released several related documents […]

5 things to update when you a get a new job

A new job is an exciting time that offers new opportunities. From Medicare to investments here are 5 things you should be on top of when you land your next role. The Australian Bureau of Statistics reported over 1 million Australians were out of work in July 2020, when unemployment during the pandemic was at […]

Quarterly economic update: January – March 2022

Robust domestic economic growth Australia is rebounding from the pandemic, with domestic economic growth forecast to reach 3.5 per cent this financial year. Some analysts predict it might be even stronger, possibly reaching as high as 4 per cent. Driven by Government spending Much of this is due to the lingering impact of the Federal […]

Super Guarantee rate increases to 10.5%

With the new financial year fast approaching, it’s worth noting the legislated increase to the Superannuation Guarantee (SG) contribution rate effective 1 July 2022. As per the table below, next financial year the SG rate will increase to 10.5%, on its path to 12% by July 2025. Super Guarantee (SG) rate Income Year Legislated Rate […]

The Risk of Losing your Home

As house prices spiral ever higher and interest rates test record lows, it has never been easier for anyone to borrow too much when buying a home and then suddenly find themselves struggling to meet the repayments. And the number of Australians in this situation is growing. Research by the University of NSW suggests the […]

10 tips to prepare for Retirement

Looking forward to an enjoyable retirement? Check out our top 10 tips to make sure you’re on track. Tip 1: Take stock How do you want to live in retirement? How much will it cost? Do the numbers. Now, what does your super balance look like? Do the figures meet your expectations? If not, what […]

RBA Interest Rate Announcement 5th April 2022

At its meeting today, the Board of the Reserve Bank of Australia have decided to maintain the cash rate target at 10 basis points and the interest rate on Exchange Settlement balances at zero per cent. The Australian economy remains resilient and spending is picking up following the Omicron setback. The strength of the Australian economy is […]

2022 Federal Budget

Tuesday night’s pre-election Federal Budget contained a variety of spending and support initiatives aimed at low and middle income earners, families and businesses. There were very few changes to superannuation, but a number of taxation and related measures. Please note that these proposals are not yet legislated, and as always, the team at AGS Financial […]

Market Impacts of War in Ukraine

The devastating and tragic invasion of Ukraine by Russian forces has brought and will continue to bring heartbreaking impacts to the lives of millions. Our thoughts are with those affected, and all of us here at AGS Financial Group hope for as peaceful and speedy a resolution as possible. You may be wondering about the […]

Understanding the Basics of Business Taxes

Different business structures pay taxes in different ways. Although there are many taxes that a business might be affected by, the main ones are goods and services tax, income tax, pay as you go withholding tax for employees, payroll tax and excise tax. Other taxes that a business could encounter are fringe benefits, capital gains, […]

Understanding the Basics of Personal Income Tax

Australian residents pay income tax on all forms of income, after a tax-free threshold of $18,200. Tax is calculated at four different rates according to how much income you earn each year, and the tax rate increases the more you make. The highest tax bracket applies to those with a taxable income of more than […]