We can already hear the cries “What?! We are already taxed enough. Why do we have to pay more??” Unfortunately, as the old saying goes – taxes are one of the two certainties in life.

Division 293 Tax (or Div 293 for the cool kids and your Accountant) was introduced as a way to even the playing field between high and low income earners when making contributions to superannuation. Below, we shed some more light on what Div 293 tax is, when it applies and how it is calculated.

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It can be tricky to navigate all the different scenarios and what should and should not be claimed. For this reason, we’ve developed a resource which helps us determine what we can claim when processing our clients’ transactions and as a business ourselves.

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If I am making a profit where has all the cash gone? This is a question that we get asked a lot. The answer is usually simple but can be hard to explain and understand. So hopefully what follows will answer some of your questions and help you to understand your business a little better.

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It’s unfortunate, but inevitable, that everyone goes through difficult times at some stage in their business journey. Sometimes this is due to things that could have done better or differently. But other times it’s due to circumstances outside of your control.

However, when it does get difficult, it’s important that you have good people around you to help guide and support you through.

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Each month our team works hard to put together a newsletter for our clients and community. But for this newsletter article we have decided to put ChatGPT to the test and asked it to write an article essentially on itself. This was to show the power of ChatGPT and AI. While the information is certainly detailed we do think it also shows that AI cannot replace the passion and human element that we put into each of our newsletters.

Without further ado, ChatGPT, show us what you got!

Edition 126

As accountants we’re getting our fireworks ready to celebrate the end of another (financial) year. 30 June is our New Year’s Eve, and when we prepare to reset our calendars to say ‘2024 Financial Year’. But before we take the leap, here’s 5 things that can help you start the new year right.

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On 9 May the Federal Labor government announced their 2023/24 budget. In this article we are going to give you a wrap up of the budget announcements we feel will impact our clients the most.

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2023 has brought a new employment and industrial landscape to Australia with the passing of a number of significant, landmark industrial relations laws late last year. These changes are now coming into effect.

In this newsletter we cover three key changes you need to be aware of

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We have all felt financial stress at some point in our life. No matter your financial position, whether your business is big or small, tax time can make you feel the heat.

But what if it didn’t have to be so stressful? One of the best ways to avoid financial stress is to plan. Planning will play a simple yet vital role when it comes to your business. Here, we give you some great tips to make tax time easier for you.

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Lincolns commitment and purpose for “being” is our people:

CLIENTS | TEAM | COMMUNITY

When it comes to the Community, our aim is to support locally or to find initiatives that align with our values of Respect and Excellence and that work with regional areas where many of our clients are based.

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Happy New Year – here’s to a little more red tape for your security. The Australian Tax Office (ATO) are further strengthening the security of their online services.

They are rolling out a change that will eventually require you to have an Online Services/Business Portal login.

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What a year it has been. As usual, the Lincolns year was packed full of client visits, expos, webinars and seminars. The team was also able to unwind at pilates, during bush hikes and the end of financial year party.

Take a look with us as we reflect on the year of 2022.