Key Tax Solutions

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

You may be aware that It is compulsory to register for GST when your sales are above $75,000. This includes the sale of ...
11/08/2026

You may be aware that It is compulsory to register for GST when your sales are above $75,000. This includes the sale of a commercial property. One of the reasons for registering for GST is a one-off commercial transaction, which selling a commercial property is.

If you do not register for GST and you sell your commercial property, you can be held liable for 1/11th of the sale price as GST. This could potentially cost you tens of thousands of dollars.

Purchasers of commercial property should also register for GST. If the purchase is a creditable acquisition you will be able to claim the GST on purchase, i.e. receive a large GST refund. Another advantage is, that the banks are happy to fund the purchase GST-inclusive. Having this refund is great to fund any small repairs or improvements you would like to make to the property before moving in.

You might have heard of people not charging GST on these transactions. This can be the case if the Going Concern test is passed. However, both the seller and the buyer of the commercial property still need to be registered for GST.

There are a few more issues, feel free to reach out if you would like to learn more.

https://www.keytaxsolutions.com.au/contact_us

One of the greatest compliments we can receive is the trust of a long term client.Thank you for your wonderful review an...
05/08/2026

One of the greatest compliments we can receive is the trust of a long term client.

Thank you for your wonderful review and for choosing Key Tax Solutions since 2007. Knowing that you have found our team efficient, knowledgeable, friendly and reliable over so many years means a great deal to us.

We believe great accounting is about more than numbers. It's about building lasting relationships, providing clear advice and being there when our clients need us.

A sincere thank you for your recommendation and continued trust. We look forward to supporting you for many more years to come.

Do you know whether your business will be affected by the new Anti Money Laundering laws which are now in place from 01 ...
28/07/2026

Do you know whether your business will be affected by the new Anti Money Laundering laws which are now in place from 01 July 2026?

Many company directors use their accountant's office as their registered company address and assume nothing will change.

In reality, these new laws will introduce additional compliance requirements for accounting practices that provide this service, including customer due diligence, ongoing monitoring, record keeping and regular reviews.

My concern is that many businesses will only discover what is required when the deadline has passed.

At Key Tax Solutions, we have already put the necessary systems, training and processes in place to meet these obligations and support our clients.

If you currently use your accountant's address as your registered office, now is a good time to understand what these changes mean for your business.

If you are unsure whether these reforms will affect your company, please get in touch with our team. A short conversation today could save a lot of time and uncertainty later.

The new financial year is an excellent time to review your subscriptions and direct debits. Many businesses carry unnece...
21/07/2026

The new financial year is an excellent time to review your subscriptions and direct debits. Many businesses carry unnecessary expenses into the new financial year without realising it.

Consider tracking all recurring software and service subscriptions in a subscription register. The register should include the cost and the next renewal date.

Cash flow for a small business is crucial! Managing your subscriptions and direct debits with a structured approach will help identify unused licences and prevent accidental automatic renewals.

Don’t forget to also check your bank and credit statements regularly to catch any unnecessary charges.

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.

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