Have you ever wondered how Australia’s tax system works – or, if you have two jobs, why you still owe tax at the end of the financial year (EOFY), even though both your jobs have been withholding it all along? Australia’s tax system can seem complicated, but at its core it follows a simple and fair principle: the more you earn, the higher the rate applied to the upper portion of your income. Let’s break down how this works and what it means, especially if you have more than o

Managing finances is the backbone of any successful business, but for small business owners, it can feel like navigating a maze. While it might seem easier to mix personal and business funds, doing so can create chaos and unnecessary headaches down the road. Keeping your business and personal finances separate isn’t just a smart move—it’s essential for your business’s growth, clarity, and long-term success. Here's why maintaining distinct bank accounts is one of the best fina

A backflip bringing relief to millions of Australians saving for retirement.  In a major policy reversal announced today, the government...

Accounting fees are a necessary part of running a business or managing personal finances, but there are several ways to reduce these...

Accounting is a critical part of any business, but it’s often misunderstood. In Australia, many people hold misconceptions about the role...

Who doesn’t love giving, right? Whether it's to your favourite charity or a cause that speaks to your heart, donations are the way to go....

Investing in your education can be a smart move for your career and your tax return. But before you start stashing away receipts for...

Running a business requires wearing many hats, but when it comes to finances, having an accountant and bookkeeper is crucial for your...

Automating Super Payments with Xero and MYOB For small business owners in Australia, managing super contributions for employees can be...

Many people believe that having private patient hospital cover means they don’t have to pay the Medicare Levy Surcharge. While that’s...

In the world of numbers, accounting and bookkeeping are like those two sisters who always get mistaken for each other at family reunions....

As a business owner, does it ever feel like you’re constantly paying taxes? Whether it’s for Goods and Services Tax (GST), Income Tax, or...

In many cases, your gifts and donations could be tax deductible. While the purpose of giving isn’t to receive something in return, being...

While the rules regarding superannuation payments have not changed, in recent months and weeks the ATO has significantly intensified its...

The 2024 Federal Budget was announced on Tuesday 9 May. Here are our highlights: Increase to Medicare Levy low-income thresholds The...

What can I claim? Over the past few years, working from home has become a reality for many people. While there are many benefits to...

As an employer, you may like to reward and thank your employees for their hard work with a social function, gifts, a Christmas bonus, or...

As a business owner, there are multiple ways you are wasting money by not paying superannuation on time. Before we get into it, we’ll...

Here at Richwood we work closely with BMT Tax Depreciation to ensure that every deduction is maximised. Following is an article written...

Individuals Increase to LMITO It’s been an expensive year as the cost of living has skyrocketed, with rent prices rising, the cost of...