Bowling logo
P. 02 4983 1611 | F. 02 4983 1730 | E.

Firm News

Who can challenge your Will?

Posted on May 17, 2018 by admin

It is a common misbelief that a Will is executed in a way the Testator originally plans it. When preparing your Will, it is important first to understand how another individual can challenge these intentions. Your family members have the right to challenge your Will under the Family Provisions legislation. Only eligible persons can make a valid Family Provision claim generally within 12 months of the Will coming into effect, and the eligibility criteria differ slightly between each state and territory. The Will may be contested by an eligible family member if they feel your Will is unfair. Specifically, they have the option to argue that they have not received a fair amount from your estate and deserve a larger portion to be considered ‘adequately looked after’. Disputes from your family may arise in circumstances where a family member is partially or fully dependant on you, your Will is not clear in its intentions, or they can prove you were not of sound mind when preparing your Will. Specifically, claims of undue influence can arise. Undue influence refers to a circumstance where the Will in question is not an accurate testament to your true intentions for your estate because you […]

Keep Reading...


How to deal with a toxic coworker

Posted on by admin

Chances are, at some stage of your working life, you have dealt with a coworker who is destructive to your sanity. Toxic coworkers get in the way of productivity; bringing their negative energy and poor performance to the work environment. Working alongside a toxic coworker can impact your level of job satisfaction, the overall morale of your workplace, and ultimately, your health. Consider the following tips to deal with a toxic coworker: Look at the problem Why is this coworker bothering you? Once you have a better understanding, you can work on ways to address the issue. It is quite possible that the coworker is not aware of their behaviour and the impact it is having on you. Don’t take it personally Observe your coworker’s behaviour from an objective angle. Most of the time, someone else’s actions are reflective of them not you. Rise above their behaviour and focus on yourself. Establish boundaries Learn when to say ‘no.’ It is important to be assertive, establish ground rules and communicate those rules with your coworker.

Keep Reading...


How to spot a fake loan

Posted on by admin

When shopping around for a personal loan, it is wise to be conscious of any potential scammers that may try and offer you a deal that sounds too good to be true. Though a loan may look legitimate from a first glance, there are various tell-tale signs to watch out for to spot a fraudulent loan. When applying for a loan, be wary if your lender: – does not evaluate your credit report before approving your loan – calls or emails you to advise that you are a candidate for a loan – asks for an initial fee to be wired to a local or international bank account – offers a low-interest rate – approves an amount that is higher than you require or applied for – emails you from a personal email address (i.e., hotmail or gmail) – sends correspondence using an email address where the company name is misspelt – gives you an immediate deadline to accept the loan – has not provided a legitimate address It is essential to ensure the company you are dealing with is legitimate. Find their number from an independent source and then call them. Never call a number provided in an email […]

Keep Reading...


Why your business needs a mission statement

Posted on by admin

A compelling mission statement will give your small business the purpose it needs to grow. In just a few clear and succinct sentences the statement should announce your driving business strategy. However, it is not enough to merely generate a statement and slap it on your website. A mission statement will do little to impact your business unless you take active measures to embed its ideology into the workplace culture. Apply your mission statement as a guiding principle when making any strategic decisions at management level. This approach will influence you and your team to plan long-term by focusing core strategies on things that will remain constant, rather than those that will not. Invest all your time and energy into things that are always changing, like technologies or the competition, and you will continuously need to revise your core strategies. It is critical to use your driving purpose to form long-term strategies for your business that way they will still be relevant in five years from now. While impacting the way you create strategies at a management level, the guiding principle must also influence how your staff complete their everyday tasks. In this way, the ideology can be embraced at […]

Keep Reading...


How the new super measures will apply to SMSFs

Posted on by admin

The Government has introduced new measures to allow SMSF members to access their super for their first home or make contributions to their super from the sale of downsizing their home. SMSFs should be aware of the following: Downsizing From 1 July 2018, SMSF members who are 65 or over and exchange a contract of sale of their main residence may be eligible to make a downsizer contribution of up to $300,000 into their super without affecting their total super balance or contributions cap for the year. This contribution will count towards the transfer balance cap and be taken into account for determining eligibility for the age pension. SMSF members do not have to purchase another home to access this measure. However, the contribution can only be made once; it cannot be used for the sale of a second main residence. The First Home Super Saver Scheme SMSF members looking to get into the property market can now use some help from their SMSF under the First Home Super Saver Scheme. As of 1 July 2018, SMSF members over 18 years of age can apply to release their voluntary concessional and non-concessional contributions made from 1 July 2017, along with […]

Keep Reading...


Focus on work-related car expenses

Posted on by admin

The Tax Office has flagged work-related car expenses as a concern this tax time. The ATO is targeting those who make mistakes or deliberately lodge false claims. Examples include: – Claiming things they are not entitled to, i.e., private trips such as work to home travel. – Making claims for trips that did not occur. – Claiming expenses that their employer has already reimbursed them for. Advancements in data-matching technology allow the ATO to match individuals with peers in similar occupations, earning similar amounts of income. Analytics is also used to identify claim patterns, i.e., over 800,000 people claimed exactly 5,000 kilometres under the cents per kilometre method last year. The best way to avoid making a mistake include: – only making a car claim if you paid for the expense yourself and were not reimbursed; – it was directly related to earning your income; and, – you must have a record to support the claim. An example of a legitimate car claim is travelling between work sites or between jobs as part of your job. Before you submit a car claim, consider if your employer would agree you needed to undertake the trips as part of your job. Employers […]

Keep Reading...


Morning habits matter

Posted on May 11, 2018 by admin

How do you like to begin each day? The daily routines of successful entrepreneurs prove that ‘when’ and ‘how’ you choose to start your morning significantly impacts the rest of your day in the office. Incorporating positive habits into your morning routine will help to increase your productivity and creativity throughout the day, and lead to a healthier and balanced lifestyle. Regular sleep patterns Consistently sleeping 7 to 8 hours every night is fundamental to leading a healthy lifestyle. As an entrepreneur, you may deal with long days at the office, and it is important to give your body and mind the most appropriate amount of time to refuel each night. Rising early Many high-profile entrepreneurs make a habit of always rising early. Getting out of bed provides more hours in the day to achieve your goals. Consistently rising early helps to form a disciplined routine. Morning workouts Waking up earlier allows time to exercise in the morning. Working out as soon as you wake up is a great way to get moving and start your day on a high. Studies show that consistent exercise can boost brain activity better than coffee and other caffeinated drinks, giving you a higher […]

Keep Reading...


Budget 2018: living stronger

Posted on May 9, 2018 by admin

The Government is focused on encouraging older Australians to better grow and secure their personal retirement funds. Retirees exempt from work test An exemption from the work test will be established to allow retired Australians aged between 65-74 who have total super balances below $300,000 in their first year that they do not meet the work test criteria, to make voluntary payments into their superannuation funds. Retirement income strategy Superannuation trustees will now be required to produce a retirement income strategy for their superannuation fund members. This is due to new amendments to the Superannuation Industry (Supervision) Act 1993. The Government is also set to revise the Corporations Act 2001 to ensure providers of retirement income products will supply standardised and simplified reporting to assist with more informed decision making. Pension Work Bonus Increase in funding to the Pension Work Bonus will mean that pensioners can now receive up to $300 per fortnight before their pension payments are affected. The Bonus will also cover self-employed individuals, who will be entitled to receive up to $7,800 per year without reducing their pension payments. Funding for older workers program Additional funding will be provided over four years to form the Skills Checkpoint […]

Keep Reading...


Budget 2018: creating a level-playing field

Posted on by admin

The Government will continue its commitment to strengthen the economy by focusing on improving its integrity measures to create a fairer level-playing field for all. Funding new ATO enforcement Additional funds will be allocated from the Budget over four years to fund a new ATO enforcement strategy to tackle the black economy. Through this measure, the ATO will implement new mobile strike teams, stricter auditing and a Black Economy Hotline for Australians to report black economy and illegal phoenix activities. Cash payment limit The Government will commence with a restriction on cash payments made to businesses for goods or services of up to $10,000 from 1 July 2019. Payments over $10,000 must be made via an online banking system or cheque unless payments are with financial institutions or consumer to consumer non-business transactions. No tax-deductibility for non-compliant payments From 1 July 2019, the Government is keeping a closer eye on those businesses that try to claim deductions for any payments made to their employees that do not comply with current regulations. Deductions for payments from a business to a contractor will also be disallowed if the contractor does not have an ABN and the business does not withhold any PAYG […]

Keep Reading...


Budget 2018: living longer

Posted on by admin

The Government is introducing a series of new measures designed to help Australians keep a greater portion of their superannuation savings pie. Insurance opt-in Insurance within super may not be suitable for everyone, particularly young people and those with low balances. From 1 July 2019, insurance will be offered on an opt-in basis for members with low balances of less than $6,000; members under the age of 25; and members who have not received a contribution in 13 months and are inactive. The changes intend to protect low balances from being entirely eroded and reduce incidences of duplicate cover. Reuniting lost super The ATO will have the ability to reunite all inactive superannuation accounts where the balances are below $6,000 with the member’s active account as of 1 July 2019. This will benefit those with inactive low balance accounts, i.e., low-income earners, young members and seasonal workers. Protecting your super The Government is banning exit fees on all super accounts to enable Australians to consolidate their super accounts on a more affordable basis. Additionally, a three per cent annual cap on passive fees charged by super funds on accounts with balances below $6,000 will protect those with low balance accounts […]

Keep Reading...


Bowling and associates services

accounting services

Bowling and associates services

taxation services

Bowling and associates services

self managed super funds

Bowling and associates services

bookkeeping

Bowling and associates services

company secretarial

Bowling and associates services

business support

Bowling and associates services

audit
services

Bowling and associates services

business
plans

Bowling and associates services

cloud accounting