Opening a savings account for your kids? It’s great to get them into the habit of saving their tooth fairy money and gifts from granny to experience the joy of compounding early in life.

If the money is genuinely theirs, you as parents don’t need to declare the interest, so don’t give your TFN to the bank. If your TFN is linked to the account, the ATO will be expecting the interest to be declared by you.

If you have parked some of your own funds in the kids’ names however, the ATO view is that control of the money and therefore the interest belongs to you.

If you’re not sure please ask your friendly Halletts team member!

Those scammers just never give up – a reminder to check, double check and triple check before making any payments!

Fraudsters will send emails pretending to be from a creditor advising a change of bank account details, or even hack into internal company email addresses and request dodgy payments or ask to change salary bank account details.

If you receive any change of payment requests, please make a phone call to a known contact to confirm that it is authentic. Likewise if you send us any change requests, please understand that if we call you as well as responding to your email, we want to be sure that you are you.

A reminder for small businesses with a turnover of less than $50m – don’t forget the higher instant asset write-off threshold of $30K (that’s per item!) now applies to business assets purchased and first used between 2 April 2019 and 30 June 2020. To get a deduction this tax year, the item(s) must be installed ready for use before 30/6/19 – if you’re not sure or need help with your tax planning BEFORE the end of the financial year, please ask your friendly Halletts team member!