Celebrating a Milestone: Brentnalls Ranked 33rd Nationwide

Celebrating a Milestone: Brentnalls Ranked 33rd Nationwide

At CoggerGurry, we believe in hard work, innovation, and unwavering commitment to our clients and community. We are proud to share an incredible milestone with the Brentalls Affiliation being ranked 33rd nationwide in the prestigious Top 100 Accounting Firms for 2024 as published in the latest Financial Review.

As proud members of the Brentnalls Affiliation—a select network of just seven firms driven by collaboration and excellence—the team at CoggerGurry are continually empowered to grow, learn, and achieve success. Together, we are setting a standard of excellence in the accounting industry, and this acknowledgment is a shared victory for all of us.

This recognition reflects not only the expertise and dedication of the Brentalls group, but also our talented team and the trust and loyalty of our clients. Every conversation, strategy, and solution we’ve provided has contributed to this achievement.

“This ranking reflects the collaborative strength of the Brentnalls Affiliation, the dedication of our team and the loyalty of our clients,” said Andrew Heazlewood, Director at CoggerGurry and Chair of the Brentnalls Affiliation. “We are incredibly proud of this collective achievement and deeply grateful for the trust our clients continue to place in us.”

We extend our thanks to our clients, staff, and the Brentnalls Group for their contributions to this achievement. Your trust and support are the cornerstones of our success.

As we celebrate this milestone, we look forward to continuing to provide innovative and reliable services. Here’s to many more achievements together!

You can read more about the Brentnalls Affiliation here

To speak with us about how we can help you, call our office on (03) 5571 0111 or email reception@coggergurry.com.au

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Stay Alert: How to Spot and Avoid ATO Scams

By Cogger Gurry • December 13, 2024

Scams via email and SMS are on the rise, and what’s more concerning is how convincing they’ve become. In our industry, many of these scams come in the form of messages purporting to be the ATO and seeking additional information from you as a taxpayer. Here are key things to remember if you receive a suspicious email or SMS: Watch out for messages with links that prompt you to log in to government services like myGov/myID. The ATO has recently stopped including hyperlinks in unsolicited SMS messages. So, if you receive a message claiming to be from the ATO but it contains a link, it’s almost certainly a scam. Always access ATO services directly by typing the web address yourself: ato.gov.au or my.gov.au, or via the ATO app. Be cautious of emails asking for personal or financial information , especially if they claim to be urgent. The ATO will never request sensitive information such as passwords, account numbers, or personal details via email, SMS, or unsolicited phone calls. Be wary of downloading attachments or clicking on links in emails, as they may contain malware that can steal your personal information. If you’re ever in doubt, contact our office on 03 5571 0111. As your tax agent, we can verify whether any communication you’ve received from the ATO is legitimate and advise you if you think your security has been compromised.

Proposed changes to HELP loans could mean lower repayments in 2025

By Cogger Gurry • December 11, 2024

If you're one of the millions of Australians with a Higher Education Loan Program (HELP) debt, you might be wondering how the government's proposed changes to HELP loans could affect you. While these changes are subject to the passage of legislation, they are proposed to take effect by 1 June 2025. One of the most significant aspects of the proposed changes is a one-off 20% reduction in all HELP debts. This reduction would be automatically applied by the ATO before the annual indexation on 1 June 2025. For example, if you have a HELP balance of $27,600, you could expect a reduction of approximately $5,520 in your debt. From 1 July 2025, the minimum income threshold for making compulsory HELP repayments is proposed to increase from $54,435 to $67,000. This means you’ll only start repaying your HELP debt once your income exceeds $67,000. The new repayments will be calculated only on the income above this threshold, but the rates will be higher compared to the current system. Here are the proposed new marginal repayment rates: income below $67,000: no repayment required. income between $67,001 and $124,999: 15 cents for each dollar over $67,000 income above $125,000: $8,700, plus 17 cents for each dollar over $125,000. Another crucial change is the proposed capping of the HELP indexation rate. Once the legislation is passed, the indexation rate will be set at the lower of either the consumer price index (CPI) or the wage price index (WPI). This adjustment will be backdated on all existing HELP, VET student loans, and other similar accounts from 1 June 2023. As a result, if your HELP balance was indexed based on the CPI in 2023 and 2024, the ATO will adjust your account to reflect the lower indexation, potentially providing a refund if your balance falls below zero. If you would like more information on this topic, please contact our office on 03 5571 0111.

FBT and Tax Considerations for End-of-Year Parties and Gifts

By Cogger Gurry • December 10, 2024

FBT and Tax Considerations for End-of-Year Parties and Gifts As the end-of-year season approaches, it's a great time to celebrate with your employees and show appreciation for their hard work throughout the year. However, it's essential to understand the potential tax implications, particularly concerning fringe benefits tax (FBT), when planning holiday entertainment or gifts for employees. FBT is a tax employers pay on certain benefits provided to their employees or employees' associates (like family members). When planning a festive gathering, such as a Christmas party, it's crucial to determine if your event might attract FBT. Here are some key points to consider: • Location and attendees: If your party is held on business premises during a working day and is only for current employees, you generally won't have to pay FBT on food and drinks. However, if the event is off-site or includes employees' associates, you might need to consider FBT, unless the cost per person is under $300 and deemed a minor benefit. • Entertainment and gifts: If you provide gifts alongside the party, remember that gifts under $300 per person can also qualify as minor benefits, exempting them from FBT. However, if gifts exceed this amount, FBT may apply. • Including your clients: Costs related to clients attending your event are not subject to FBT. This means you can invite clients without worrying about FBT implications for their expenses. When it comes to calculating FBT on entertainment-related benefits, you have a few options: • Actual value method: This method involves calculating the actual cost of the entertainment provided to employees and their associates. If non-employees are involved, you need to apportion the costs accordingly. For example, if you host a dinner where employees and clients are present, only the portion related to employees is considered for FBT. • 50:50 split method: If you hire or lease entertainment facilities (such as a corporate box or function room, this method allows you to allocate 50% of the total entertainment leasing expenses to FBT, regardless of whether it's for employees, clients or others. This can simplify calculations but might not always be the most cost-effective approach. • Meal entertainment valuation: If the entertainment involves meals without recreational activities, you can use meal entertainment valuation methods. Options include the 50:50 split or the 12-week method, where you track meal costs over a period and determine the taxable portion related to employees. Both of these options are based on your expenditure on all meal entertainment for all people during the FBT year. *Important considerations* • Recordkeeping : It's essential to maintain accurate records of all entertainment expenses, including costs, recipients and the calculation methods you’ve used. • Tax deductions and GST credits : Generally, if your event is exempt from FBT, you cannot claim income tax deductions or GST credits for the associated costs. • Gifts to clients: If you’re giving gifts to clients, it's important to note that these are typically not subject to FBT. However, you may be able to claim a tax deduction for such gifts, provided they aren’t classified as entertainment.