We’ve all been there. Standing around the barbie, listening to someone bang on about how little tax they pay. But

As the owner, you’re the single biggest cause of your business’s success. But you’re also the biggest barrier holding it

When it comes to superannuation – amongst other things – the media and the government have a lot to answer

The biggest problem I see with most businesses is also the most obvious, and in many ways the easiest to

The #1 secret of business success If there’s one thing I’ve learned over my 20 year career of helping business owners build

If you want to be financially free in the future…you need to create it for yourself. Nobody is coming to

Every now and then it’s good to get back to basics. To build assets for your long term future, whether

Believe it or not, in reality very few people actually achieve (or will achieve) financial freedom. In fact in this day

When you’re choosing a financial adviser to work with, it’s important you find the right fit for you and your

One of the major road blocks to building wealth for the future is carrying too much debt…or more specifically, carrying too much

Looking to buy your next vehicle? Right now, auto financing appears to be dirt cheap, but is it really? Craig

For assistance with your loan process, contact our Lending Advisory team at The Practice by emailing at finance@thepractice.com.au or call

As always, speak to us before you make any significant financial decisions: email us or call (03) 8888 4000  

As we are almost three quarters of the way through the 2018 tax year, we are starting to commence our

Changes to the super contribution rules mean anyone, not just the self-employed, can now make personal tax-deductible super contributions as

Given the shocking details that have been aired recently as a result of the Banking Royal Commission, we felt compelled

Single touch payroll will soon be mandatory for businesses with 20 or more employees. You should already have completed a

As business owners, we can sometimes get so caught up in the ‘doing’ of our business that we lose sight

Another Practice Business Retreat is done and dusted – this one in beautiful Byron Bay on 26-28 April at The

We’re proud of our new website – especially since it features our amazing (and extremely photogenic) team! Features include: Access

Recent legislative changes coupled with the effects of the banking royal commission have led to a dramatic change in bank

Single Touch Payroll is a reporting change for employers. It means employers will report payments such as salaries and wages,

The Practice Charity Club was set up to help those in less fortunate situations, and to improve the welfare of the

We are excited to announce the acquisition of Sydney accounting firm Pritchard Lees, effective 1 December. The move strengthens our

On 1 December 1997, two 24-year-old upstarts decided to strike out on their own and have a crack at building something

Dear clients and friends of The Practice, 2017 has been a year of considerable growth and significant achievement at The

“The most important thing in business – indeed in life – is to understand your purpose.” So said our first

I’ve found the big differentiator between a raging business success and one that just gets by ultimately comes down to

Most business owners don’t get an adequate reward for all their hard work, heartache and stress. Over the last 20

The Practice can now lodge all Export Market Development Grant (EMDG) documentation on your behalf through the AusTrade Portal. The

Scammers pretending to be from ASIC have been contacting ASIC Registry customers asking them to pay fees and give personal

As part of the 2017 State Budget, the Victorian Government has announced significant changes to Stamp Duty and Land Tax.

We’re excited to announce the release of The Practice App. Now you can take The Practice with you wherever you

I had the privilege to take 30 business owners away for a powerful, challenging and inspiring business retreat in June.

Matt Gardiner, head of The Practice Sydney In another exciting development, we are thrilled to announce the establishment of The

We are thrilled to announce that experienced executive Ron Gauci has joined The Practice as CEO. Ron was appointed after

Ron Gauci was appointed CEO of The Practice in July 2017 after an exhaustive search for the right person to

This is an extract from Jason Cunningham’s latest book, Have your cake and sell it too: the 7 key ingredients

ATO data regarding Super Guarantee non-compliance The ATO has provided some information about Superannuation Guarantee (SG) non-compliance in its submission

As another year races by, it’s timely to recap some of the important changes at The Practice this year, and

Personal income tax cuts are law The government has finally legislated the tax cuts originally announced in the May 2016

In my role as business adviser & accountant, I’ve had the pleasure to work with a diverse range of artists

You’re far too busy running your business, doing your job, or managing your household, to hunt down a better interest

TAX UPDATE Pre-retirees: Avoid ‘too good to be true’ tax schemes The ATO has launched a new project called ‘Super

To access the client portal, click this link.

When it comes to business, cash (flow) is king. As part of your yearly tax planning activities with your accountant

The ATO has advised that it is continuing its Contractor payments data-matching program. It will acquire data from businesses that

The ATO has been working on ways to deliver a simpler business activity statement (BAS) to simplify account set-up, record

The ATO is reminding taxpayers who earn income through the sharing economy that they have tax obligations they should consider.

The ATO has stated it will be paying close attention to excessive interest expense claims, and incorrect apportionment of rental

The ATO will begin cancelling the ABNs of approximately 220,000 trusts, where there is evidence those trusts are no longer

The ATO will acquire details of real property transactions for the period of 20 September 1985 to 30 June 2017

Parliament recently passed legislation amending the taxation law to impose withholding obligations on the purchasers of certain Australian assets –

By Tim Sherlock, Senior Accountant With the Christmas break almost upon us, many employers will look to reward employees and

One of our clients, and a close friend of Jason Cunningham’s – ex Melbourne Football star David Schwarz (aka THE

On 1 December 1997, two 24 year old upstarts – Robert Hadded and Jason Cunningham – flung open the doors

I wrote recently about research that showed 66% of SME owners don’t believe today’s education system gives children the skills they need

What makes a great workplace? The people? The pay? The jobs you work on? We can’t all be like Google

Is a healthy work/life balance really attainable for SMEs? Depends on your definition of balance. Many people think balance means

‘myDeductions’ online tool Tech-minded readers lamenting the lack of hoverboards can console themselves with a recently released online tool, myDeductions.

Xero’s Head of Security, Paul Macpherson, gives some tips to help all Xero users stay safe online. If at any

I was alarmed to read in MYOB’s latest SME Snapshot that almost half of respondents had one credit card they

Your important documents may be sent to the myGov secure website The ATO has a stated aim of reducing paper

When I was at school, I was taught a lot about trigonometry, geography, Australian history, physics, chemistry… and not a

Remember the good old days? I started reminiscing about how far we’ve come as a profession after reading a blog

It’s finals time! And as the pressure builds, so do the clichés – talk of ‘structures’, ‘KPIs’, ‘following the process’,

It’s a brave new world. Accounting has been transformed by numerous significant technological and operational changes that have forever altered

Australia’s SME revenue performance has hit heights not seen since September 2011, and revenue decline is on the, um, decline.

After leadership rumblings that seemed to last longer than his just-shy-of-two-year term as PM, Tony Abbott has exited stage left.

When the going gets tough, Aussie SMEs turn to their accountants first. That’s one of the findings of the most

I gave up long ago on the dream of a totally paperless office. The predictions weren’t worth the paper they

A recent inspector-general of taxation’s report found the ATO was owed $35.3 billion in 2013-14, up 9.7% on the previous

The government has introduced legislation for the following three small business measures that, if passed, will apply from 1 July

More data matching on individual returns The ATO has advised that last year, it cross-referenced information reported in tax returns

Recently, the banks have raised interest rates for investor lending by as much as 29bps (.29%) – more than a

All businesses are fundamentally the same. If I’ve learned one thing from my 18 years in business working with hundreds

Why penalise someone for working hard? For me, that’s what the current debate around increasing the GST boils down to.

BUSINESS IS TOUGH – GET FIGHTING FIT at Jason Cunningham’s Business Bootcamp It takes one to grow one. Tap into Jason

Think back to those heady, exciting days when you first decided to take the plunge and seize control of your

For 2014/15 individual income tax returns to be lodged this year, the ATO says it will be focusing on: unusually high

A recent risk review conducted by the ATO showed that up to 70% of employers that have Fringe Benefits Tax

Everyone’s looking to save a few extra bucks. Here are four ways you can reduce your taxable income (if you

From fridges to moisturiser, there are hundreds of surprising items that are tax deductible. Depending on your industry, here’s what

The pundits are divided about how much you need to retire on comfortably. One expert will say $1 million is

The ATO will have an increased focus on rental property deductions this Tax Time. It will be paying closer attention

The ATO is again warning the public to be aware of a phone scam that is circulating, where fraudsters are

There are keys to success that every single business – whether a start-up or a thriving enterprise – needs to

Cash flow is the lifeblood of any business. The highest profile measures in the recent Federal Budget focus on providing

Extract from an article in SmartCompany – read the full article here. The Australian Tax Office is stepping up its

We’ve all been there. Standing around the barbie, listening to someone bang on about how little tax they pay. But

Most pundits expect the RBA to cut the cash rate again this year. Some even predict the cash rate will

The government announced on 28 December 2014 that they intend to simplify tax and superannuation reporting obligations through ‘Single Touch

Some of the areas that the ATO has stated it will be focusing on are: Work-related expenses: motor vehicle expenses

The ATO is writing to businesses in the building and construction industry that have not lodged their ‘Taxable Payments Annual

The ATO has identified employers in the following industries as having a higher risk of not meeting their super obligations:

There have been some well-documented, high profile cases of the financial planning arms of Big 4 Banks (eg NAB and

Are you an ATO audit target? The ATO has announced it’s audit ‘hit list’ for this financial year: Work-related expenses:

There’s been growing consternation among many retailers and hospitality business owners over the decision to designate Easter Sunday and Grand

The Practice first opened its doors on 1 December 1997. We’ve come a long way since our humble beginnings in

“A goal is a dream with a deadline.” – Napoleon Hill, author of ‘Think and grow rich’ Didn’t achieve the

Research published in The Age recently shows a frightening retirement picture for many Australians, and highlights a disconnect between the

There was an increase in the number of businesses for sale in Australia in 2014, hitting an all-time high of

The winners of the inaugural Australian Accounting Awards have been announced – and we’re thrilled to announce The Practice’s CEO

Xero – introduction training session from Brendan Keogh on Vimeo.

As well as a founding partner of The Practice, Jason is an author, highly sought after keynote speaker and media

A recent case before the Administrative Appeals Tribunal (AAT) involved a company that had withheld nearly $850,000 in pay as

With the Christmas break almost upon us, many employers and businesses will be planning to reward employees with a celebratory party or

Negotiations have been in the sports pages a lot of late. ASADA is negotiating with players and clubs; the AFL

The Ox and Mark Allen gave me a fair bit of ribbing (and rightly so) about a photo that recently surfaced

Machu Pichu. Swimming with sharks. Nude skydiving. (I just made that last one up.) What’s on your bucket list? A

Coles have announced they’re moving into… finance. Coles and Woolworths already have a market share of 72.5 per cent of

An article in the Sydney Morning Herald recently caught my eye about a man suing the ATO for ruining his

A revenue strategy is important, but it’s only one piece of the puzzle. If you don’t have a solid foundation

  Superannuation Guarantee is now 9.5% – ensure your software is up-to-date (talk to us if you’re unsure of your

With the Government determined to balance the budget, the ATO is reviewing the $17.7b uncollected taxes over 2012/13 (60% owed

As reported in The Age yesterday, several factors have presented consumers with never-before-seen rate opportunities. It’s a great time to get

Buying a property has always been the Great Aussie Dream… so it’s a no-brainer that everyone should buy rather than

Your business financials are important… but I argue they should be the last things you focus on. I encourage all small businesses

I read with interest (get it) a recent article in the Herald Sun, Superannuation funds climb by double digits in

At my recent ‘Secrets of business success’ event, I challenged the audience with two simple questions: 1) Why did you go into

Strategy Bootcamp – Thursday 14 August Join Jason Cunningham and The Practice’s Business Advisory team from for a powerful day

By Jason Cunningham – Director of The Practice   Happy New Financial Year! We Accountants get very excited at this

Can you smell it? Yep, fear. As 30 June approaches, people start thinking about the dreaded ‘T’ word. Well, help

  Get smart (and save) at 30 June With the end of the year fast approaching, we’ve put together a

Caitlin is an Associate Director in the Business Advisory team. She has over a decade’s experience in the accounting industry, having

Businesses: plan now for tax time Planning for your tax now enables you to make changes before the end of the

Budget 2013/14 – what does it mean for you? Key points from the Budget – with commentary provided by CPA

Part 2: Selling your property by tender How a Sale by Tender works A tender is essentially a type of

Last week, the Government announced a range of proposed changes to the superannuation laws. The aim of the changes is to create

Retirement means different things to different people, but when I refer to “retirement” I mean not needing (or wanting) to

Wealth Protection, Asset Protection & Estate Planning aren’t the most thrilling of topics. Most people would rather stab their own

Here’s an insider’s view of the key considerations when listing a property on the market, from the newest member of

In this excerpt from our recent education seminar, Unlock your super to invest in property, head of The Practice Wealth Management

Jason Cunningham outlines the 4 steps to creating wealth as detailed in his financial self-help book ‘Where’s My Money?’  

When selling your property, there are three main real estate selling strategies that your real estate agent will recommend. The following

NEW-home builders are set to save thousands with the State Government boosting grants and fast-tracking stamp duty cuts. But buyers

Matt Morrison outlines why budgets are the key to a successful wealth creation plan.

There are several super issues to be aware of from an accounting perspective… especially now that the ATO are watching super

How you could save yourself thousands… There’s a dirty four-letter word keeping many Australians awake at night: DEBT. Before they

Robert Hadded discusses the importance of correctly structuring your affairs, particularly for business owners and investors.

In this excerpt from our recent education seminar, Unlock your super to invest in property, head of The Practice Wealth Management

Alan Bliss boasts more than 30 years’ experience in the accounting industry. A highly regarded member of the accounting profession, Alan commenced

Matt commenced in the financial services industry in 2001, and has headed up The Practice Wealth Management team since 2009.

I lead a team of hard-working and highly skilled business advisers that work together to achieve outstanding results for clients. I help a diverse range of clients build better businesses by [...]

Nick joined The Practice in March 2011 as a Client Services Manager. With over 24 years experience in public practice,  he has

Up to $20,000 business improvement funding available Free business review Improve the productivity and competitiveness of your business Take your

The new guy is starting tomorrow and you’re trying to figure out if he’s an employee or contractor. What’s the

Without a secure income stream, even the best laid financial plans can come undone You’ve probably heard the mantra ‘cash

Director, The Practice Sydney office My driving force is understanding how the rapidly changing landscape impacts our clients, so they

With the Fringe Benefits Tax (FBT) year just about to end, it’s important to beware the possible effect on you

Graeme joined The Practice as Senior Manager in Tax & Business Advisory in March 2013. CPA qualified, he brings over 10 years’

After 20 years in the mortgage broking industry, Craig still gets a buzz from helping people overcome challenges to achieve