Key Tax Solutions

Key Tax Solutions At Key Tax Solutions we pride ourselves on knowing all our clients personally

Many years ago, one of my trade-based clients, Kevin, won a large government contract worth around $1.6 million per year...
14/07/2026

Many years ago, one of my trade-based clients, Kevin, won a large government contract worth around $1.6 million per year over a five-year term — roughly $8 million in total.

Kevin had spent a couple of years pursuing government contracts and had been building his business to handle work of this scale. Once he won the contract, he hired an additional 20 staff to deliver the project within the required timeframe. The first year went smoothly: deadlines were met, and the customer was happy. Everything was going well.

Then, at the start of year two, the government department decided it no longer needed the full scope of works agreed in the contract, and would instead only require around $400,000 worth of services per year. Kevin had built his business around the original contract value — not just in staffing, but in vehicles, computer equipment, software subscriptions, additional insurance, and expanded office space and fit-out.

Losing $1.2 million in annual income was devastating for Kevin and his business. He'd borrowed funds to grow the business and had taken on ongoing costs and commitments he could no longer meet. With surplus staff on the books — and being over 15 employees in NSW — we had to have serious conversations about redundancies.

We also had to work through some difficult discussions around solvency and restructuring. It was a hard few years for Kevin, and a clear reminder that relying too heavily on one source of income always carries risk.

One of the most rewarding parts of my job is working with clients over many years and being part of their journey.Thank ...
07/07/2026

One of the most rewarding parts of my job is working with clients over many years and being part of their journey.

Thank you, Maureen, for your kind words and for trusting my team and me with both your personal and business accounting needs for more than 25 years.

Relationships like these are something I never take for granted. Our goal has always been simple. Provide honest advice, be available when our clients need us, and make the accounting side of life and business as straightforward as possible.

Thank you again for your continued support.

When someone passes away, the emotional weight is already significant. On top of that, there are a number of financial a...
30/06/2026

When someone passes away, the emotional weight is already significant. On top of that, there are a number of financial and tax responsibilities that need to be handled with care.

Having a clear checklist can make this process more manageable and help you avoid delays or unexpected issues.

Here is a structured overview to guide you through the key steps as an executor or family member.

1. Obtain the Death Certificate
Your funeral director will usually help with this.
2. Notify the ATO, banks and service providers that the individual has passed away.
3. Confirm the executor: Check the Will to identify who is responsible for managing the estate.
4. Assess probate requirements: Determine if probate or letters of administration are required. Seek legal support if needed.
5. Notify the ATO of authority: Advise the ATO who is acting on behalf of the estate.
6. Manage business obligations: Bring all BAS and tax lodgements up to date. Confirm authority if a company is involved.
7. Lodge final individual tax return: Complete all outstanding returns up to the date of death.
8. Assess if a Deceased Estate trust is required: Your accountant can advise if this is necessary. You will need to lodge estate trust tax returns.
9. Finalise tax position:Ensure all tax matters are settled before distributing funds to beneficiaries.

Two things in life are certain. Death and taxes.Whether directly or indirectly, you have been paying taxes your entire l...
23/06/2026

Two things in life are certain. Death and taxes.

Whether directly or indirectly, you have been paying taxes your entire life. What many people do not realise is that proper planning around your estate can save your beneficiaries thousands, or even hundreds of thousands, of dollars in unnecessary tax.

While tax itself cannot always be avoided, it can often be minimised with the right structure and advice in place.

As difficult or uncomfortable as this topic may feel, there are significant opportunities when it comes to estate and tax planning. As accountants, we often approach these situations from a practical perspective, but that does not mean we overlook the emotions involved. Our focus is always on protecting your best interests and helping your family achieve the best possible outcome.

Having an up to date Will in place is essential to ensure your assets are distributed according to your wishes and in the most tax effective manner possible. A good lawyer will also recommend putting a Power of Attorney and Enduring Guardianship in place at the same time.

Your accountant should be involved in these discussions to help assess the tax implications of your estate planning decisions.

For example, you may own two properties of equal market value. One may be your family home, while the other is an investment property with a large unrealised capital gain. Although both properties appear to hold the same value, the investment property may ultimately be worth less to the beneficiary once capital gains tax is taken into account.

There are many factors to consider, and every situation is different.

The best time to start planning is before it becomes urgent.

Many years ago, before I became self-employed, I worked with a client who unfortunately became the victim of an investme...
16/06/2026

Many years ago, before I became self-employed, I worked with a client who unfortunately became the victim of an investment scam.

They were a lovely couple — let’s call them Tommy and Gina. They operated their own self-managed superannuation fund which owned investment property and held substantial cash reserves, most of which sat in low-interest deposit accounts.

My former employer had recommended that they diversify part of their portfolio into shares and listed investments. Like many investors at the time, they had little experience with the share market and did not know where to begin.

One day, Tommy received an unsolicited phone call from someone claiming to be a stockbroker who could assist with share investments. Naturally cautious, Tommy asked Gina to investigate further before proceeding. The business appeared legitimate. They had a professional website, proper email addresses linked to a genuine internet domain rather than free email services, and polished correspondence with professional branding and email signatures.

Tommy initially invested approximately $10,000. All documentation was provided and appeared entirely legitimate. In fact, the first shares purchased were genuine holdings. Over time, the broker maintained regular contact, continued providing investment opportunities, and gradually built Tommy and Gina’s confidence.

Over the following months, they invested a further $70,000 through the broker. It is important to remember this occurred almost 30 years ago, long before the modern safeguards and online verification systems investors rely on today.

Eventually, Tommy considered selling some of the shares and attempted to contact the broker. The phone number had been disconnected. The website had disappeared. The broker could no longer be located.

Sadly, Tommy and Gina had been scammed.

The investments had been made through their SMSF and they were only a few years away from retirement. The financial loss had a significant impact on their retirement savings.

What I remember most clearly, however, was the debate I had with my former employer regarding the taxation treatment of the loss. My view was that the money had effectively been stolen and should therefore have been fully deductible as a loss. My employer took the more conservative position that the amounts should instead be treated as a capital loss.

As we near the end of the 2026 financial year, we would like to highlight several important taxation and superannuation ...
09/06/2026

As we near the end of the 2026 financial year, we would like to highlight several important taxation and superannuation changes relevant for the 2027 financial year:

• The lowest marginal tax rate will reduce from 16% to 15%, providing a modest tax saving for individual taxpayers.

• The Superannuation Concessional Contributions Cap will increase to $32,500 for the 2027 financial year.

• The Superannuation Non-Concessional Contributions Cap will increase to $130,000, with the maximum 3-year bring-forward contribution increasing to $390,000.

• The HELP repayment threshold remains at approximately $67,000. Once taxable income exceeds this level, compulsory HELP repayments apply at progressive rates, increasing further for higher income earners above approximately $125,000.

PLEASE NOTE: Importantly, the proposed $1,000 standard work-related deduction is not expected to commence until the 2027 financial year. Accordingly, this deduction will not apply to 2026 income tax returns lodged after 30 June 2026.

Ana is our reliable and dedicated office coordinator, manager and bookkeeper, who always keeps the office running smooth...
02/06/2026

Ana is our reliable and dedicated office coordinator, manager and bookkeeper, who always keeps the office running smoothly. Having been with us from the very start, Ana knows everything about Key Tax Solutions, and takes meticulous care of our administration and bookkeeping tasks, while also supporting her clients to improve their own internal financial administration systems.

With a background in marketing and mortgage finance, Ana’s people skills and commitment to customer service drive her passion to see her clients succeed. But it’s her supportive, professional and empathetic nature which set the standard of service that our clients know us for.

When she’s not at work, Ana spends her time with her two adult children and her gorgeous 12-year-old black Cavoodle. She also enjoys challenging herself to try new things, having completed the gruelling Tough Mudder course back in 2013.

With Ana’s dedication to providing an excellent client experience, you know you’re in great hands with Key Tax Solutions.

28/05/2026

📣 BNI Quantum Feature Presentation Alert

We’re excited to welcome John Reilly, Accountant, Registered Tax Agent, and Director of Key Tax Solutions, as our upcoming feature presenter at BNI Quantum.

💡 Topic: Executor Responsibilities and Taxation Issues in Deceased Estates
📍 Location: St George Motorboat Club, Sans Souci
📅 Date: Wednesday, 3 June 2026
⏰ Time: 6.45am to 8.30am

With more than 22 years of experience running his own accounting practice, John has built a strong reputation for providing honest, practical, and trusted advice to individuals, families, and small businesses.

At Key Tax Solutions, John and his team pride themselves on operating with integrity, professionalism, and transparency, believing that trust is the foundation of every strong client relationship.

In this week’s session, John will share valuable insights into the responsibilities of an executor of a deceased estate, with a focus on the taxation matters that arise following the passing of a loved one. The presentation will cover outstanding tax returns, deceased estate tax obligations, capital gains tax considerations, superannuation death benefits, and ongoing estate administration responsibilities.

BNI members and guests, this is a valuable opportunity to hear practical guidance on an important topic that many individuals and families may face at some point in life.

Join us this Wednesday morning and experience the value of connection, education, and referral based business networking at BNI Quantum.

👉 Learn more and register: https://www.eventbrite.com.au/e/bni-quantum-networking-tickets-381406295497?

Just like the Federal Government, every business should have a budget for the next financial year. Have you worked on pr...
26/05/2026

Just like the Federal Government, every business should have a budget for the next financial year. Have you worked on preparing your budget? I often hear people expressing their distaste for budgets, some people even view them as a restriction of their activity when really it’s the opposite. It should be the goal to drive your activity!

A budget is a plan - how long do you spend planning for your next holiday? Many hours probably. A plan for your business should be worked on to help pay for your next holiday. A budget should be about 50% achievable. If it’s too easy you will not have enough pressure on yourself to achieve. If it’s too hard you are likely to get discouraged and give up on your plan and lose focus.

Don’t know where to start? If you have been in business for over a year, have a look at your performance in the last 12 months. Review areas where you can improve. How much extra income can you earn with your current resources? What if you add resources, how much more can you earn? It doesn’t have to be perfect, it just needs to be done. Reach out if you need help creating a budget which will help you achieve your goals.

Address

Shop 2, 78 Cahors Road
Padstow, NSW
2211

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Website

Alerts

Be the first to know and let us send you an email when Key Tax Solutions posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Key Tax Solutions:

Shortcuts

Share

Category