A shout out to all my accounting brother and sisters out there, the last week or so have been INSANE! For those who aren’t aware, your tax professionals have been working incredibly hard to get their heads around the new JobKeeper payment rules, whilst being smashed by a mountain of client questions. It’s really a learning curve for everyone!  I thought I’d put this blog together as a quick rundown of the JobKeeper rules as I know some people are finding…

On the morning of Sunday 22 of March, our prime minster Scott Morrison unveiled a second stimulus package totalling $66 billion. I’m going to be running through these updated incentives, particularly those that directly affect Australian small business.   Now I’ve been a little bit slow in covering these off, with the main reasons being:  We’ve been waiting for the package to be passed through as law. This didn’t happen until Monday evening after the package was announced on Sunday morning.  There were some grey areas which we tax professionals were still waiting for guidance…

Following the World Health Organisation’s announcement confirming the Coronavirus’ as PANDEMIC, our government has put together a scheme to keep our economy rolling on. On the morning of Thursday 12 of March, our prime minster Scott Morrison presented a number of measures, including cash payouts and small business relief resulting in $17.6 billion stimulus package. I’m going to be running these, particularly the incentives that directly affect small business here in Australia.  As quoted, “the measures are designed to support business sticking with investment they had planned and encouraging them…

If you know a little bit about me, I have been running an eCommerce business called Aura Eve for about 5 years now. It is a booty band and activewear online store which I was running with a business partner from 2014 until the very end of last year. Throughout that whole business journey, we’ve grown the business from our spare room to our garage and moved into our warehouse. We had to make a…

My name is Michelle Knight. I am a millennial Chartered Accountant and small business owner. I live on the beautiful Sunshine Coast, QLD, Australia. I’ve been an accountant working in public practice since 2012, predominantly assisting and servicing small to medium businesses.   I am so passionate about working with other small business other achieve their goals. I want to make accounting less scary and more FUN! I’m on a mission to teach other millennials everything I know in the…

Ever wondered how your HELP/HECS debt gets paid to the government? Are you unsure about these so called ‘thresholds’ and what they mean? We are currently rolling into a new financial year, which means some changes around tax legislation, including your HELP debt. If you’ve been to uni, you’ve mostly likely racked up a substantial HELP debt. When I went to uni it was called HECS. So HELP stands for High Education Loan Program.  I decided to write this blog as…

I recently received my Wondersmile aligners and it got me thinking about private health insurance and health care in Australia, more commonly known as Medicare. So I thought I’d give you a quick rundown.  What’s the Medicare Levy? And how does it get calculated? What happens if I have private health insurance? What happens if I don’t? Medicare in Australia  Medicare gives us access to health care here in Australia. Medicare gives us access to:  free or subsidised treatment by health professionals…

Ever wondered how your individual income tax gets calculated? Or how the Australian taxation system works? Long story short, in Australia the more you earn the more you get taxed. Tax affects all of us, so it’s important to understand how it works. If we didn’t pay tax, how would we run our schools? Our hospitals? Who would build our roads?  Our tax in Australia works on a sliding scale. Essentially, the higher your income, the more tax you…