Profit Sense - Accountants & Business Advisors

Profit Sense - Accountants & Business Advisors We believe in providing quality Accounting, Taxation and Business Advisory Services, to Individual and Small to Medium Enterprises.

21/08/2026

A Huge Thank You to Our 2026 StreetLife Sponsors!

It takes a village to create StreetLife... and our sponsors are a big part of that village. ❤️

As a volunteer-run festival, Sunbury StreetLife simply wouldn't happen without the incredible support of businesses and organisations that believe in our community. Every sponsorship helps us create a fantastic day for local families while raising funds for this year's charity partner, Wildlife rescue and rehab. - statewide.

Please join us in thanking our amazing 2026 sponsors:

Hume City Council
One Agency Sunbury Region
Sunbury Connected Communities
Greater Western Water
Dental Couture
National Australia Bank (NAB Sunbury)
BYD Sunbury
Tile Mart Sunbury
Elite Flooring Xtra
Choices Flooring Sunbury
Nicholas James Lawyers
Profit Sense - Accountants & Business Advisors
Sunbury Screens & Blinds P/L - SSB
Strong Pilates Sunbury

❤️ The best way to thank our sponsors is to support them.
The next time you need a product or service, consider choosing a business that chooses to give back to our community.

From all of us on the StreetLife Committee, thank you for believing in our vision and helping us celebrate 10 Years on the Street. We couldn't do it without you.

See you down the Street on Sunday 22 November 2026!

10/01/2024

WRJCA would like to thank our VMCU Representative Carnival Sponsors. Helping to find our next cricket superstar.

Profit Sense – for all your Accounting, Taxation and Management Consulting Services

PEET – Leading Australian Property Development Company – Planning our communities

NS8 Lawyers and Advisors – HR, Legal and Safety advisory services to Farming & Agriculture, Horticulture, Transport, Retail, Manufacturing and Construction

Werribee KIA – Drive away in a new KIA EV or Hybrid today.

Elite Cricket Academy – Western Suburbs most elite cricket facilities, equipment and coaching programs

stones and tiles – Hoppers Crossing’s Ultimate Tile Hub – for all your tiling products and services

We would like to welcome John Gosetti to Profit Sense.John has over 25 years of experience in the Sunbury area assisting...
05/12/2022

We would like to welcome John Gosetti to Profit Sense.

John has over 25 years of experience in the Sunbury area assisting small to medium size businesses and individuals in all industries.

John’s passion is business structures/new setups, tax minimisation strategies, asset protection, and retirement planning.

With great client rapport, John is always there to assist from the beginning to the end.

Please join us in welcoming John whenever you come into the office next.

Super comparison tool updatedThe YourSuper comparison tool helps individuals compare MySuper products and choose a super...
02/09/2022

Super comparison tool updated

The YourSuper comparison tool helps individuals compare MySuper products and choose a super fund that meets their needs.

It ranks the performance of these products by fees and net returns.

Each year, the Australian Prudential Regulation Authority ('APRA') assesses the performance of each MySuper product, and this information is displayed in the comparison tool. Updated information for the 2022/23 year is now available.

The comparison tool provides one of the following results for each MySuper product:
• Performing – the product has met or exceeded the performance test benchmark.
• Underperforming – the product has not met the performance test benchmark.
• Not assessed – the product had less than five years of performance history and has not been rated by APRA.

Individuals who are members of underperforming MySuper products will receive correspondence to notify them of the underperforming status.

Individuals can access a personalised version of the tool which allows them to view and compare their existing MySuper products by doing the following:

• Log in to ATO online services through myGov.
• Go to the 'Super' drop-down menu and select

‘Information’, then select ‘YourSuper comparison’.
To access a non-personalised version of the tool (without logging into myGov), visit ato.gov.au/yoursuper

More COVID-19 business grants are now tax-freeThe Federal Government has expanded the list of State and Territory COVID-...
02/09/2022

More COVID-19 business grants are now tax-free

The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses.

A State or Territory Government COVID-19 grant payment will generally be tax-free if:
1. the payment is received under a grant program that is formally declared to be an eligible program;
2. the recipient carried on a business and had an aggregated turnover of less than $50 million in the income year the payment was received, or in the previous income year; and
3. the payment was received in the 2021 or 2022 income year.

The following Victorian and ACT COVID-19 grant programs have recently been declared as eligible grant programs for these purposes:

• Business Cost Assistance Program Round Two – Top Up (Victoria).
• Business Cost Assistance Program Round Three (Victoria).
• Business Cost Assistance Program Round Four (Victoria).
• Business Cost Assistance Program Round Four – Construction (Victoria).
• Business Cost Assistance Program Round Five (Victoria).
• Commercial Landlord Hardship Fund 3 (Victoria).
• Impacted Public Event Support Program Round Two (Victoria).
• Licensed Hospitality Venue Fund 2021 – Top Up Payments (Victoria).
• Live Performance Support Program (Presenters) Round Two (Victoria).
• Live Performance Support Program (Suppliers) Round Two (Victoria).
• HOMEFRONT 3 (ACT).

Sessional lecturer entitled to superannuation supportThe Federal Court has agreed with the ATO that a lecturer providing...
18/08/2022

Sessional lecturer entitled to superannuation support

The Federal Court has agreed with the ATO that a lecturer providing services to a higher education provider was a common law employee and therefore entitled to superannuation support, despite being engaged as an independent contractor.

The ATO reviewed the situation and concluded that the lecturer was entitled to receive superannuation support. This was on the basis that for superannuation guarantee purposes they were either an ‘employee’ within the ordinary meaning of that term, or was what is referred to as an ‘extended definition employee’ as someone engaged primarily for the provision of their labour services.

Some of the factors which indicated the lecturer was in an employment relationship with the higher education provider included:
 that the lecturer was engaged in his personal capacity and not through an interposed entity (such as a company or trust);

 that the higher education provider had a right of control over the lecturer, including the question of how, when and where he was required to provide the relevant teaching services; and

 the mode or manner by which the lecturer was to be remunerated was clearly expressed by reference to the time that the lecturer was engaged in delivering lectures and marking, not by reference to any readily identifiable or quantifiable product or result.

Tax time focus on rental property income and deductionsThe ATO is focusing on four major concerns this tax season when i...
11/08/2022

Tax time focus on rental property income and deductions

The ATO is focusing on four major concerns this tax season when it comes to rental properties.

Concern 1: Include all rental income

Concern 2: Accuracy of expenses

Concern 3: Capital Gains Tax upon sale of a rental property

Concern 4: Record keeping

Pandemic Leave Disaster Payment reinstatedIn recognition of the risks associated with more infectious new Covid-19 varia...
04/08/2022

Pandemic Leave Disaster Payment reinstated

In recognition of the risks associated with more infectious new Covid-19 variants through the winter period, the Federal Government has agreed to reinstate the ‘Pandemic Leave Disaster Payment’ to 30 September 2022, which was otherwise set to end as of 30 June 2022.

Eligibility for the payment will be backdated to 1 July 2022, to ensure that anyone unable to work owing to isolation requirements in this period, without access to paid sick leave, is supported.
Access to these payments will commence from Wednesday 20 July 2022, with existing eligibility requirements to continue.

For each 7-day period of self-isolation, quarantine or caring, the Pandemic Leave Disaster payment is:
 $450 if you lost at least 8 hours or a full day’s work, and less than 20 hours of work: or
 $750 if you lost 20 hours or more of work.

As a reminder, Pandemic Leave Disaster Payments are assessable income and should be reported in the tax return of the recipient in the year of receipt.

Super guarantee contribution due date for June 2022 quarterThe due date for employers to make super guarantee contributi...
28/07/2022

Super guarantee contribution due date for June 2022 quarter

The due date for employers to make super guarantee contributions for their employees for the June 2022 quarter is 28 July 2022. Note that the super guarantee rate in relation to salary and wages paid on or before 30 June 2022 is 10%.

Employers that do not pay an employee’s superannuation guarantee amount on time (and to the right fund) are liable to pay the ‘superannuation guarantee charge’ (‘SGC’). The SGC is more than the superannuation amount that is otherwise payable for the employee and is not tax deductible.

As we reported last month, the super guarantee rate increases to 10.5% in relation to salary and wages paid on or after 1 July 2022 (even if they are paid in relation to work performed before that date).

Note also, contributions received by superannuation funds after 30 June 2022 will not be deductible in the 2022 income year, even if they are made in relation to work performed during the 2022 income year.

Downsizer contributions age changes from 1 July 2022From 1 July 2022, people aged 60 years and over will be eligible to ...
25/07/2022

Downsizer contributions age changes from 1 July 2022

From 1 July 2022, people aged 60 years and over will be eligible to make downsizer contributions of up to $300,000 per person ($600,000 per couple) from the sale proceeds of their home into their super. For downsizer contributions made prior to 1 July 2022, eligible individuals must have been aged 65 years or older at the time of making their contribution.

Eligible downsizer contributions do not impact or count towards the member’s concessional or non-concessional super contribution caps.

During the 2022 Federal election, the previous Coalition Government announced it would support a further reduction to the downsizer eligibility age to 55 years. However, this announcement has not become law. Accordingly, contributions received on or after 1 July 2022 from members who are 55 to 59 will:

• be ineligible for treatment as downsizer contributions; and

• generally count towards either the member’s non-concessional or concessional superannuation contributions caps.

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10/33-35 Macedon Street
Sunbury, VIC
3429

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

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