Affinitas Accounting

Today, on World IBD Day, is a chance for Australians to understand a little more about what it is like to live with Crohn’s disease and ulcerative colitis, collectively known as inflammatory bowel disease (IBD).

We share this day with you, in support of our colleague Deb, who has been dealing with her Crohn's for 26 years.

Many people living with these illnesses stay silent about the day-to-day issues they face but during May, we can help them speak up. More than 100,000 – or 1 in every 250 Australians live with these serious gut conditions that are on the increase.

Affinitas Accounting has always been a team staffed with incredibly talented, efficient and hard-working mothers.

On behalf of the entire Affinitas Team, we wish want to acknowledge all mums and sincerely hope they are appropriately spoilt on Sunday. And, in particular, a shout out to the incredible contribution that working mums make to our economy as they juggle professional and family commitments.

We had a lovely time saying goodbye to Michelle last Friday, with some lovely gifts and an epic grazing lunch. Thank you for all your kind words that we have passed onto Michelle.
We'll introduce some of our new team members over the coming weeks, so stay tuned!

So long, farewell, au revoir, adieu it's time to say Goodbye!
After over 10 years of working with the Affinitas Financial Planning team, Michelle has decide to retire and today is her last day!
She will be missed by our clients and we wish her well in retirement.

Wishing our families, friends and clients a chocolate filled Easter.

Just a reminder that we're closed over the Easter break. We look forward to responding to your queries when we return at 8:00am on Tuesday 19 April.

Contact Affinitas Accounting on 07 3359 5244 or [email protected]

Happy April Fool's Day.

Let us know below if you're planning to prank anyone, or what's the best prank you've heard of.

Last night, Treasurer Josh Frydenberg delivered the 2022 Federal Budget, which was eagerly awaited given the impact it could have on the forthcoming election outcome.

In the lead up to Budget night, the Treasurer flagged that this Budget would ease cost of living pressures, lower certain taxes and focus on large-scale infrastructure projects.

Some of the key announcements made include:
• A one-off $420 cost of living tax offset for over 10 million individuals.
• An immediate 50% reduction in the fuel excise for the next six months, from 44c per litre to 22c per litre.
• Extending the 50% reduction of the superannuation minimum drawdown requirements for account-based pensions and similar products for a further year to 30 June 2023.
• Wage subsidies of up to $15,000 for employers who take on a new apprentice.
• Some small businesses to have access to being able to claim a 120% deduction ($1.20 claim for every $1 spent) for the cost of external training courses delivered to their employees.
• Increase to the number of guarantees under the Home Guarantee Scheme.

If you wish to discuss how this budget may impact you or your business, please contact us.
Contact Affinitas Accounting on 07 3359 5244 or [email protected]

An Hour that could change decades
Every year, at 8:30 pm on the last Saturday of March, millions of people across the world show their support for our planet, raising awareness of nature loss and climate change - the two biggest threats facing our one home.

Did you remember to switch off your lights for the hour??

Our financial planning team raises this area with all their clients, so we want to remind you to take time to talk about what matters most.
National Advance Care Planning Week is an annual initiative by Advance Care Planning Australia. It encourages all Australians, regardless of their age or health status, to make their future health care preferences known.

The initiative challenges people to discuss what living well means to them and to consider who they would want to speak for them, if they were too sick to speak for themselves.

End of Financial Year is Looming – its Time for Tax Planning

March 31 signals the three-quarter way mark through the tax year. By now, your bookkeeping software should be able to accurately reflect the year-to-date profit position of your business and you should be able to reasonably estimate your full year result – and, therefore, your profit and tax position.

NOW is the time to discuss with us the actions you can take before 30 June 2022 to reduce your tax and grow your wealth.

This year will be important for our Trusts to have tax planning done. There are some new ATO rules looming which may have retrospective application that need to be reviewed as part of your planning.

For 2022, key priorities are likely to include:
• Maximising superannuation contributions without exceeding the relevant caps
• Have government grants increased your taxable income?
• Bringing forward deductible expenses
• Asset purchase write-offs
• Legally deferring taxable income
• Managing capital gains
• Potentially using either a family trust or a "bucket company" to cap your tax at 25%

Tax saved means extra money in the business and ultimately extra money in the pockets of business owners.

NEXT STEPS
Contact us and book in your tax planning meeting well within the next 4-6 weeks. The sooner we get started, the sooner we can help you save tax and ensure there is enough time available to implement tax saving strategies.
Contact 07 3359 5244 or [email protected]