Working from home

What deductions can you claim?

For a while now, the Australian Taxation Office (ATO) has been concerned about tax deductions individuals have been claiming for a whole host of expenses. 

home officeThe latest on their 'hit list' is home office expenses. We guide you through what you can and can't claim if you work from home.

Last financial year, 6.7 million taxpayers claimed a record $7.9 billion in deductions for 'other work-related expenses' which includes expenses for working from home. 

While the ATO appreciates that technology has led to more people working from home and greater flexibility, they don't believe that all of the claims being made are legitimate. 

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Collins Hume is Accounting Practice of the Year

Collins Hume named Accounting Practice of the Year by GPS Wealth

GPS Wealth named Collins Hume Accounting Practice of the Year 2018 at their annual conference held in Vancouver over the weekend.

Accounting Practice of the Year The award recognises best-practice wealth advice solutions and marks Collins Hume association with GPS Wealth, which started when ASIC regulation compelled accounting firms to obtain accreditation in order to provide self-managed superannuation advice.

"There were a number of high-quality finalists however, Collins Hume demonstrated an unparalleled commitment to providing their clients with quality advice through their relationship with GPS Wealth," says GPS Wealth Conference Coordinator Cathy Evans. 

"They are a regular participator in GPS Wealth events and provide much assistance and input into the understanding of the important Adviser and Accountant relationship. This partnership provides a personalised, tailored approach to meet their clients' investment needs and objectives."

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Mortgage broker payments

How and why a mortgage broker gets paid

If you use a mortgage broker, you do not pay for their services. The lender that gets your business pays the broker for your business. 

David SeymourGenerally, a mortgage broker gets paid in two ways – an upfront fee and a trail fee. Across the board the payments from most lenders do not vary much so there should be no bias in the lenders that a broker chooses to discuss with you. 

The upfront is paid by the lender for the introduction of your business. This fee replaces many of the costs a lender would have otherwise incurred in winning your business – staff wages, branches, advertising, electricity, telephones, superannuation – all those types of expenses.

The trail is paid each month based on the balance outstanding each month for the life of the loan. Many people ask why trail commissions exist and that is a fair question – the commission is paid to the broker so he or she can continue to provide you with assistance and support over the course of your loan. Simply speaking, if you have a problem with your loan, go back and talk to your broker and ask them to assist you, because they are being paid to look after you.

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Business mentors

Why EVERY business needs a Mentor

Starting a business tests the mettle of the hardiest contenders, but entrepreneurs have always loved a challenge!

mentorWhilst it can be seat-of-your-pants stuff, there are ways to navigate this labyrinth and come out smiling. One of the most underpublicised secrets is to latch onto a Mentor.

History has shown the benefits of Mentors – think Quincy Jones and Ray Charles or Jobs and Zuckerberg. 

A working arrangement with a seasoned Mentor will not only save your sanity but also help you boost profits and business value.  Read more…

4 new accountants

Collins Hume welcomes four new team members

Collins Hume is pleased to welcome new accountants Kelly Crethar, Shannon McDonald, Tim McOmish and Brock Lindsay to our team.

Collins Hume teamKelly Crethar is a Ballina local who obtained her Bachelor of Business (Accounting & Business Law) from Southern Cross University before embarking on a career in public practice and qualifying as a CPA. She is a Xero Certified Advisor as well as proficient across all Collins Hume's cloud accounting systems. Kelly loves spending time at the beach and getting her family into the outdoors.

Shannon McDonald is originally from Lennox Head and gained her Bachelor of Business (Accounting & Finance) at Southern Cross University. She is a Xero Certified Advisor and Champion of Xero Migration and Xero Payroll. Outside of work Shannon plays for the SCU Netty Rats in Lismore and is keenly involved in Northern Rivers Dance Studio (NRDS).

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