Articles
Franked Dividend impacts to Taxable Income
Author: Duncan Warnock CPA | June, 2025
When a taxpayer receives a dividend from a company it can be franked, unfranked or a mixture of both. Franking credits arise for shareholders when certain Australian-resident companies pay income tax on their taxable income and distribute their after-tax profits by way of franked dividends. These franked dividends have franking credits attached. This article will illustrate 3 alternative comparison scenarios to illustrate how taxable income & tax credits are impacted when franked dividends are received vs not received.
Teacher Tax Deductions
Author: Duncan Warnock CPA | May, 2025
If you work as a teacher then there are teacher specific as well as general tax deductions that you might be entitled to that you are not aware of. As a father of 2 school children I really admire the expertise, effort and patience of school teachers. I love to help teachers with their annual tax return to ensure they get the opportunity to claim all the tax deductions that you are entitled to.
Business Tips for Sole Traders
Author: Duncan Warnock CPA | April, 2025
Even if you know that you are running your business as a Sole Trader (also referred to as ‘sole proprietorship') you might not really know 'What is a Sole Trader?' Warnock Accounting look after a large number of Sole Traders in the inner western suburbs (Maribyrnong, Ascot vale, West Footscray, East Keilor etc.) of Melbourne as well as other parts of Victoria. Read on for useful tips relevant for Sole Traders.
Business Expense Recording
Duncan Warnock CPA | November, 2024
If you are a Maribyrnong Business owner and not using accounting software to record & allocate your business expenses then you may be unsure about how to group or categorise your business expenses into logical categories. We are here to help. Read on for more information.
5 tax tips for a residential investment property
Author: Duncan Warnock CPA | December, 2024
Whether you are considering buying an investment property or already own one it is very beneficial to understand the tax impications of owning an investment property.
Click here to view full article that provides 5 important tax tips for owning a property investment.
Rental Property Schedule for Tax Return
Author: Duncan Warnock CPA | August, 2024
Looking for a convenient way to submit your rental property income & expenses for your tax return?
SORTED ! - Please complete the form below to submit rental property information to Warnock Accounting for the purpose of Warnock Accounting preparing your Income Tax Return.
Online GST Registration Request
Author: Duncan Warnock CPA | September, 2022
As a business owner you need to register for GST if your annual turnover is greater than $75,000. Click on the link to request help in getting your GST Registration completed ASAP.
Business Expense (Bill) recording with Xero Accounting
Author: Duncan Warnock CPA | March, 2016
Small Business accounting & bookkeeping of expenses is made so much easier when using Cloud Accounting software solution Xero. This article shows you a real example on how to enter a Bill (expense) into cloud accounting software solution Xero.
SuperStream - 5 keys things you should know
Author: Duncan Warnock CPA | February, 2016
Small employers (19 or fewer employees) must meet the SuperStream standard by 30 June 2016. Larger employers should have been using SuperStream since 31 October 2015. Read this article to learn how we can help you meet your SuperStream employer obligations
Tax Rates 2016
Author: Duncan Warnock CPA | December, 2015
Not sure what the 2016 Tax Rates are? Read this article for a detailed overview of the Resident Individual tax rates for the 2016 tax year.
Intuit QuickBooks Expenses
Author: Duncan Warnock CPA | October, 2015
Small Business Bookkeeping of expenses is made so much easier when using Cloud Accounting software solution Intuit QuickBooks. Learn how to record a business expense using Intuit QuickBooks by reading this informative & easy to follow article.
HECS & HELP Repayments
Author: Duncan Warnock CPA | September, 2015
'What HECS HELP Repayments do I have to make based on my income?' As an individual tax return specialist here in the inner west of Melbourne this is a common question that we often hear from customers in Maribyrnong, Ascot Vale, West Footscray & Yarraville . The income threshold and the percentage of your income you need to repay usually changes each year.
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Xero Invoicing Overview
Author: Duncan Warnock CPA | July, 2015
Cloud Accounting software solution Xero provides great functionality and flexibility for creating invoices. At Warnock Accounting (Maribyrnong) we love cloud accounting solutions because we are a small business and we love helping small businesses. Watch the Xero Invoicing video to learn just how easy Xero Invoicing is.
Super Contribution Tax Deduction
Author: Duncan Warnock CPA | April, 2015
As the sun starts to set on the 2015 financial year self employed sole traders should assess if there is an opportunity to minimise their tax for the financial year from a super contribution tax deduction.
Household Budget Planner with Xero Cashbook
Author: Duncan Warnock CPA | March, 2015
Dont have the time to manage your household budget? Let Xero Cashbook do the grunt work for you. Click on the article link below to travel to your household budget nirvana!
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Do I need to lodge an individual tax return ?
Author: Duncan Warnock CPA | February, 2015
Although most people do need to lodge a tax return each year, there are some situations where an individual tax return does not need to be lodged.
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Flight Attendant Tax Deductions
Author: Duncan Warnock CPA | January, 2015
If you work as a flight attendant then there are occupation specific as well as general tax deductions that you might be entitled to that you are not aware of.
20 reasons to use Intuit QuickBooks Online
Author: Duncan Warnock CPA | June, 2014
Here at Warnock Accounting we are passionate proponents of cloud accounting software. The flexibility of being able to access a cloud accounting package anywhere and anytime you have an internet connection makes it a must have in comparison to a desktop based software package.
One of the main cloud accounting packages available is Intuit QuickBooks. It is used by 1.48 million worldwide and has 3 types of subscription offerings. The current retail price of the most advanced offering called ‘Plus’ is $35per month. It you subscribe to Intuit QuickBooks via an Intuit Pro Advisor such as myself then it will be even cheaper than that. To request further information contact use at Warnock Accounting.
Real Estate Industry Employee Tax Deductions
Author: Duncan Warnock CPA | May, 2014
If you work within the real estate industry then there are real estate industry specific as well as general tax deductions that you might be entitled to that you are not aware of. Ensure you get the opportunity to claim all the tax deductions that you are entitled to by getting help from a good accountant with your annual tax return.
Free bookkeeping health-check - May 2014 Offer
Author: Duncan Warnock CPA | April, 2014
During the month of May 2014, Warnock Accounting is offering a free 1 hour no obligation bookkeeping health check session at your preferred meeting location.
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5 Reasons to use Xero Cloud Accounting Software
Author: Duncan Warnock CPA | March, 2014
There is a good reason why Xero is referred to as ’beautiful accounting software’. It is user friendly and looks good whether you are viewing it on your computer, iPad or iPhone at your office or at a café.
Employer Obligations and Advice
Author: Duncan Warnock CPA | April, 2014
As a small business owner the decision to employ or contract your first worker or subsequent worker is often an exciting milestone in the journey of your business. As well as enjoying this milestone it is also very important that you fulfil your employer obligations.
Cloud Accounting Overview
Author: Duncan Warnock CPA | February, 2014
We work with the leading cloud based accounting software programs to provide accounting services, support and training to our clients.
You may ask – why use the cloud based software? Cloud based software can be the perfect fit for small to medium-sized businesses.