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Money Matters

The start of a new year is a great time to review your finances. Click link below for information on recent changes and new opportunities in 2019….and beyond!

2018 Money Matters – December 2018

2017 DFK International Statistics

DFK International requests statistics about each member firm that collectively is submitted to the IAB publication. We are pleased to announce that we have ranked 7th largest association worldwide!

At the recent EMEA Annual Conference in Dubai, the International Accounting Bulletin presented the results of the World Survey of global accounting networks and associations. We are delighted to report that the DFK association remains firmly in the top 10 global associations. This is thanks to both organic growth within our member firms and to DFK’s continuing expansion with high quality accounting and consulting firms worldwide.

2017 Christmas Greeting

Maximise your Profitablity Webinar

Maximise your profitability in 60 minutes

Don’t miss this Webinar from DFK ANZ
Wednesday 2 November 12.30 AEDT

DFK Accountants and Business Advisors Melissa Healy and Brett Beaver present 6 key strategies you can action immediately in your business to maximise your profitability.

You’ll leave with new clarity, immediately actionable insights and 3 resources – – a step-by-step profitability infographic, a financial spotlight super worksheet, our “Free your working capital” checklist and the opportunity to reserve a Profit Improvement Evaluation Session with a DFK Advisor in the firm closest to you in Australia and New Zealand.

Register today >

Motor Vehicle Expense Substantiation Methods for 2015-16

In the 2015-16 Federal Budget, the government announced it will simplify the car expense deduction rules for individuals.

At the 30th of June there were four methods available for claiming motor vehicle expenses.

From 1st July 2015 the one-third of actual expenses method and 12% of the original value method will no longer be available to use for calculating deductions.

The cents per kilometre method (with the existing 5,000km cap) and the logbook method (with unlimited km’s) will remain. The cents per kilometre method will also be simplified further to use a standard rate of .66c per km rather than the previous rate based on the engine size of the car.

Cents per kilometre method

You can use this method to claim up to a maximum of 5,000 work-related kilometres per car even if you have travelled more than 5,000 work-related kilometres. For example, if you travelled 5,085 work-related kilometres, you can only claim the cost of travelling 5,000kms with this method. You cannot claim for the extra 85kms.
You do not need written evidence but you may need to be able to show how you worked out your work-related kilometres.

Log Book method

A car logbook must be kept continuously for a 12 week (3 month) period for the relevant car. Once completed, the log book establishes a business usage percentage which may be used to calculate your vehicle expense claim for up to 5 years.

By keeping a log book you can claim running costs such as fuel, repairs, insurance and registration, depreciation and any interest on finance for the vehicle.

Log books are available at business stationery suppliers and there are also various Apps available if you prefer an electronic version. Entries in the log book for each business trip should include:
• Date the journey began and ended
• Odometer readings at the start and end of the journey
• Kilometres travelled on the journey
• Reason for the journey


Vehicles owned by a company but used privately by an employee

To avoid any possible Fringe Benefits Tax complications of an audit by the Australian Taxation Office you MUST keep a log book if claiming expenses of the vehicle in the company that is being used by any employee or associated person.