Vault News

Frequently Asked Questions About Completing Tax Returns

Frequently Asked Questions About Completing Tax Returns

Completing your tax return can be a confusing process for many Australians. Here are some answers to some of the most common questions that taxpayers often have in regards to completing their tax return. When Can I Lodge My Tax Return? Taxpayers are able to lodge...

More Construction Firms Are Set to Collapse

More Construction Firms Are Set to Collapse

Recently published figures have shown that the cost of building a home has increased by an alarming $76,000 which means more construction firms across Australia are unfortunately going to collapse. The cost of building a house skyrocketed by a record $76,715 in April...

Unique Ways To Reduce Your Spending

Unique Ways To Reduce Your Spending

In recent months Australians have been forced to be more strategic in how they spend their money due to the rise in the cost of living. Here are some examples of some unique ways that you can reduce your spending. Put Less Petrol In Your Car A unique way to spend less...

The Biggest Mistakes Small Business Owners Make

The Biggest Mistakes Small Business Owners Make

Everyone makes mistakes at some point in their life and sometimes the negative impact of some of your mistakes can be significantly damaging for both the long term and short term. The best way to learn from a mistake without making one is to learn from the mistakes of...

Tips For Starting an Online Business

Tips For Starting an Online Business

If you are thinking about starting an online business there are a number of financial and legal foundations you must be aware of if you want your business to become successful. Here are some important things to be aware of when you are going through the process of...

The ATO Issues Warning Over Unpaid Crypto Related Taxes

The ATO Issues Warning Over Unpaid Crypto Related Taxes

The Australian Tax Office (ATO) is encouraging accounting professionals to engage with their clients on their cryptocurrency related activity. The ATO acting assistant commissioner, Sylvia Gallagher, confirmed that people as young as 18 years were getting involved in...

ATO Is Going After Taxpayers Who Make Dodgy Work-From-Home Claims

ATO Is Going After Taxpayers Who Make Dodgy Work-From-Home Claims

The ATO has outlined that it is pursuing taxpayers who are making work-from-home deductions for items such as for biscuits, toilet paper and doggy daycare and other items that are eligible for a refund at tax time. It was reported that by mid-February 2022the ATO had...

ATO Is Going After Taxpayers Who Make Dodgy Work-From-Home Claims

ATO Is Going After Taxpayers Who Make Dodgy Work-From-Home Claims

The ATO has outlined that it is pursuing taxpayers who are making work-from-home deductions for items such as for biscuits, toilet paper and doggy daycare and other items that are eligible for a refund at tax time. It was reported that by mid-February 2022the ATO had...

The Benefits of Single Touch Payroll Phase 2

The Benefits of Single Touch Payroll Phase 2

As part of the 2019–20 Budget, the Australian Government announced that Single Touch Payroll (STP) would be expanded to include additional information. The expansion of STP, also known as STP Phase 2, will decrease the reporting burden for employers who need to...

Inflation Has Caused Australian Workers To Be $600 Worse Off

Inflation Has Caused Australian Workers To Be $600 Worse Off

The average wage for an Australian worker is set to go backwards by the worrying amount of $600 in the first half of the year as a modest rise in forecast wages is unfortunately outpaced by soaring inflation. The Australian Council of Trade Unions has criticised the...

Inflation Has Caused Australian Workers To Be $600 Worse Off

Inflation Has Caused Australian Workers To Be $600 Worse Off

The average wage for an Australian worker is set to go backwards by the worrying amount of $600 in the first half of the year as a modest rise in forecast wages is unfortunately outpaced by soaring inflation.  The Australian Council of Trade Unions has criticised...

Calls For More Women To Work In The Construction Industry

Calls For More Women To Work In The Construction Industry

There has been a large number of female tradies using their social media platforms to encourage more women to pick up the tools and consider working in the male dominated construction industry. Roof plumber and tiny house builder Aimee Stanton reveals that she...

Tax Deductions for Constructions Workers and Tradies

Tax Deductions for Constructions Workers and Tradies

There are a number of tax deduction that can be claimed by Australians employed in the construction industry. When trying to determine if an item is tax deductible it is important to make sure that you have already spent money on the things you want to claim and that...

Job Ads In Australia Were At Record Levels For February 2022

Job Ads In Australia Were At Record Levels For February 2022

February 2022 was a record month for vacant job ads in Australia, with the amount of positions on offer over 41 percent higher than pre-pandemic levels. The latest figures revealed in the SEEK Employment Report showed that job ads grew 2.2 percent last month and 35.8...

Phil Maltby Has Joined The Team At Vault Accountants

Phil Maltby Has Joined The Team At Vault Accountants

Vault Group has recently acquired “Maltby Philip & Co” an accounting firm based in Moree and Bingara. The firm was originally established by Phil Maltby who is a veteran of the accounting industry having worked for over 40 years in regional New South Wales. Mr....

How Taxpayers Can Get $6.50 Back on Covid-19 Rapid Antigen Tests

How Taxpayers Can Get $6.50 Back on Covid-19 Rapid Antigen Tests

Federal Treasurer Josh Frydenberg has announced that the Australian Government will be offering tax breaks for individuals and business that use rapid antigen tests (RATs) in order for them to attend work. "Today, I'm announcing that we will ensure that Covid-19...

ATO Plans to Continue Their Focus on Late Lodgements In 2022

ATO Plans to Continue Their Focus on Late Lodgements In 2022

The Australian Tax Office (ATO) has announced that late lodgements will continue to be placed under heavy scrutiny during 2022. According to an SMSF auditor the ATO still looking to see further improvement in this area. In February 2021, the ATO established a new...

Important Information About Crypto Tax In Australia

Important Information About Crypto Tax In Australia

In 2021, the popularity of cryptocurrency rose significantly and consequently became more trusted by the general public. In November 2021, the Commonwealth Bank announced its intentions to allow customers to buy and trade crypto via their banking app. Despite crypto...

Tax Deductions For Pilots

Tax Deductions For Pilots

Tax deductions for pilots, doing your taxes might seem extremely dull in comparison to flying high in the sky when you’re working as a pilot. When you spend so much time off the ground and flying planes to locally, interstate or overseas, you need to stay focused on...

Transition To Retirement (TTR) Important Information

Transition To Retirement (TTR) Important Information

‘Transition to Retirement’ can be best described as a measure that allows people who are still working, and who meet the eligibility criteria, to derive income from their superannuation funds whilst they continue to work. By establishing a ‘Transition to Retirement’...

The Importance Of Managing Your Money

The Importance Of Managing Your Money

Knowing the importance of managing your money is a highly valuable skill. Being strategic and aware of how the money you spend is being spent and how the way you spend your money can be improved is super critical for anyone who is wanting to live a less stressful...

The Economy Of Brisbane During the Age of Covid-19

The Economy Of Brisbane During the Age of Covid-19

The economy of Brisbane has experienced a huge number of challenges over the course of the covid-19 pandemic. The possibility of the city going into lockdown at any time and the loss of revenue caused by businesses being forced to close unexpectedly whenever an...

Tips For Promoting Your Business On Instagram

Tips For Promoting Your Business On Instagram

Promoting business on Instagram, the social network has over 1 billion monthly users, making it one of the most influential social media platforms on the planet. Knowing how to use it effectively to promote your business and it’s products and services has the...

How To Find Out If Your Superannuation Is Being Underpaid

How To Find Out If Your Superannuation Is Being Underpaid

In Australia employers are legally required to contribute 10 percent of superannuation to their employees' wages. It is has come to some people’s attention that many Australians aren’t receiving the correct amount of money into their superannuation account from their...

What Is The ATO Doing To Tax Cryptocurrency?

What Is The ATO Doing To Tax Cryptocurrency?

The (ATO) Australian Tax Office has estimated that somewhere between 50,000 and one million Australians have currently invested in crypto related assets. Many of these individuals have failed, or will fail, to properly report the profits they have made for tax...

Important Information About Trading Cryptocurrency

Important Information About Trading Cryptocurrency

If you buy and sell cryptocurrency on a regular basis with the goal of making a profit, then the profit on disposal of the cryptocurrency will not be subject to CGT. Instead, it will be assessable income as you will be regarded as a ‘trader’ rather than an ‘investor’....

Working From Home It’s Not All That Bad

Working From Home It’s Not All That Bad

Week three and I'm slowly getting into a routine while working from home, however I have been able to adjust my timetable at the gym, I'm gaining extra hours sleep 3 days a week. I have had the opportunity to drive my son to school (well he drives me, he’s a learner)...

Vault Adopting The Work From Home Model

Vault Adopting The Work From Home Model

Understanding that the landscape is changing the Team at Vault have taken the step in adopting the work from home model with Team members now having the choice between the primary shared office in the city and their own workspace from home. Being more than just...

“Dine & Discover” Vouchers Extended By NSW Government

“Dine & Discover” Vouchers Extended By NSW Government

NSW Premier Dominic Perrottet has announced that NSW residents will be able to access an extra $50 to spend at cafes and restaurants as the successful “Dine & Discover” vouchers scheme has been extended.  The announcement has coincided with the states decision to...

NSW Government Announces New $100M Recovery Package

NSW Government Announces New $100M Recovery Package

The NSW Government has revealed that it will distribute another $100 million as part of the state’s economy recovery with the goal to bolster skills and “future-proof” the workforce. NSW Premier Dominic Perrottet highlighted that the multimillion-dollar package will...

Single Touch Payroll Phase 2 Deferral Announced By ATO

Single Touch Payroll Phase 2 Deferral Announced By ATO

The Australian Tax Office (ATO) has announced that Australian employers will be given an extra two months to transition into the second phase of Single Touch Payroll (STP). The blanket deferral was made by the ATO as a consequence of recent lockdowns and the impact of...

SuperStream System Is Now Mandatory For SMSFs

SuperStream System Is Now Mandatory For SMSFs

As of Friday 1st October 2021, SMSF’s are now required to use the automated SuperStream System to process inward and outward cash rollovers. SuperStream System is a data and payment standard used for digital transactions within the super industry. Its main purpose is...

Business Planning In A Changing Landscape

Business Planning In A Changing Landscape

As we enter into the second year of the covid19 world, we have been examining the rationalization and changing business landscape. As accountants we are often lamented as being the providers of historical information and not necessarily forward thinking. In this light...

Work From Home Shortcut Method Extended By ATO

Work From Home Shortcut Method Extended By ATO

As a result of the ongoing covid-19 pandemic and the disruption it has caused Australian taxpayers, the Australian Tax Office (ATO) has confirmed that the work from home shortcut method will be extended until the end of June 2022.  The work from home shortcut...

Growing A Small Business During It’s Early Days

Growing A Small Business During It’s Early Days

Growing a small business is one of the most difficult things a person can do when trying to break free of the 9 to 5 rat race. The level of success a small business achieves is determined by a large range of different factors such as; the type of training you offer...

Tips To Improve Time Management When Working From Home

Tips To Improve Time Management When Working From Home

There are some key benefits to working from home in terms of the flexibility it provides and the money saved that is usually spent on public transport or fuel. Despite this, there are also some negative side-effects which mean it is important for employees to take...

Things to do before purchasing a franchise

Things to do before purchasing a franchise

Before you decide to go ahead and start to purchase a franchise, you must consider the same issues as you would if you were buying or starting any other business. Do online research on the franchise system, know the market you are going to be operating in and...

Refresher On Travel Allowances

Refresher On Travel Allowances

Refresher On Travel Allowances, the concept of having allowances to cover the cost of travel required by employees is not a new area of tax, but it had become increasingly significant in a world prior to the introduction of covid-19 travel restrictions. As business...

The Tourism and Hospitality Sector Hardship Grant

The Tourism and Hospitality Sector Hardship Grant

The tourism and hospitality sector, applications opened on Monday 11th October for the brand new “Tourism and Hospitality Sector Hardship Grant” an initiative arranged by the Queensland Government to support Queensland businesses in the hospitality and tourism sectors...

Australian Confirms Director ID Deadline

Australian Confirms Director ID Deadline

Australian Confirms Director ID Deadline, current Australian directors will now be given 12 months to apply to receive their unique director identification number before fines of over $1.1 million kick in for non-compliance. Existing company directors will now be...

How To Find Your Lost Superannuation

How To Find Your Lost Superannuation

Find your lost superannuation, If you discover that you have lost super, it could have the potential to give your retirement a major boost. It could mean that you are able to stop working a bit earlier than initially planned and therefore enjoy your retirement earlier...

Superannuation Rules Important Things You Should Know

Superannuation Rules Important Things You Should Know

Superannuation rules, Superannuation is a percentage of your income that is set aside for you to access after you reach retirement. Strict superannuation rules and compulsory fund contributions have put Australians’ retirement savings ahead of people in many other...

Tax Deductions For Retail Staff

Tax Deductions For Retail Staff

Tax deductions for retail staff, retail employees like store managers, sale assistants, supplier and buyers often wonder what type of tax deductions they are able to claim on their annual tax return. A lot of people get a smaller tax refund than what they should, this...

Engineers And Science Workers Tax Deductions

Engineers And Science Workers Tax Deductions

Engineers and science workers tax deductions, Science and Engineering is a highly technical and specialized field to work in. Whether you’re an engineer, dietitian, scientist, researcher, surveyor or zookeeper. Science and Engineering encompasses a wide range of...

Credit Score Has Been Impacted By Covid-19

Credit Score Has Been Impacted By Covid-19

Credit score has been impacted, millions of Australians have been financially impacted by the covid-19 pandemic. In the past year a total of $218 billion worth of payments have been deferred. Your credit score is unlikely to have been affected by mortgage holidays or...

Tax File Number An Important Information

Tax File Number An Important Information

A Tax File number which is often shortened to TFN is a unique ID number every Australian worker receives from the government. The TFN is used for an individual’s tax return, benefit payments and superannuation services.  Australians are also required to have a...

Financial Advice To Prepare Yourself For Retirement

Financial Advice To Prepare Yourself For Retirement

Financial Advice, for Australians who are still young retirement might seem like a lifetime away. Even if you don’t plan to retire until you reach an age where you are eligible to receive an age pension there are some small steps you can take to achieve your...