Talking Concepts



Do you have a McGov account?

Did you know that your Income Tax Notice of Assessments is available and can be accessed via this account?

Your myGov account gives you:
• Secure access to a range of government services using one username and password
• A single inbox for your messages from Centrelink, Medicare, Child Support and the Australian Taxation Office.
• A quick and easy way to advise selected member services about changes to some of your personal details.

Financial Service Package

Our financial planning team are sending out the renewal packages for our Black, Blue and White Belt Financial Service Packages.

Reminder that if you want to take up the Early Bird Discount offer you need to return your signed Authority to Proceed and pay your Interpac invoice before the date advised.

If you did not receive a renewal package and you think you should have, please call Beth or Kelly on 9569 5676.

ASIC Fee Increase from 1st July 2021

Annual Review Fee     $276

Annual Review Fee for Special Purpose Company (SMSF Trustee)   $56

Late Lodgement penalties

For up to 1 month after prescribed time $83

For more than 1 month after prescribed time $344.

C&R News

New team Members

Concepts & Results Group are please to welcome two new staff to the C&R Team.

Mey will be working as one of our senior accountants & Ravneet will be working as part of our Bookkeeping team.

Turnaround times spike to 3-year high

 An increase in market lending activity and a competitive lending market have seen lender turnaround times spike to over 27 days in 3QFY21, AFG said.
The Australian Finance Group (AFG) Index for April 2021 revealed that lender turnaround times surged to 27.1 days in the third quarter of the 2021 financial year (3QFY21) from 25.2 days in 2QFY21. According to the aggregator CEO, David Bailey, “This is the highest [turnaround times] have been at any point over the last three years.” AFG’s figures have followed the reporting of turnaround times by the major banks at Parliamentary hearings last week, with the Commonwealth Bank of Australia (CBA), Westpac, National Australia Bank (NAB) and ANZ acknowledging turnaround time disparity between the direct lender channel and the broker channel.  
 The December 2020 Broker Pulse survey of 184 mortgage brokers revealed that all four major banks experienced a spike in turnaround times over the course of December. However, data from the survey covering the March 2021 period showed that turnaround times reduced. Westpac’s turnaround time reduced from 24 days in December 2020 to 13.7 days in March, while ANZ’s turnaround times reduced from 18.2 days to 16.4 days, and CBA’s turnaround times reduced from 15.2 days to 12.7 days, although it increased to 17.2 days in January 2021.
– The Adviser

Government announces new home ownership scheme

Three measures targeting home ownership, including a new Family Home Guarantee, will form part of the federal government’s upcoming Budget.
Over the weekend, the Treasury revealed that it would expand some of its existing schemes to help Australians buy residential property, and launch a new measure that would help more single parents purchase family homes, as part of its upcoming Budget for 2021/22. While the majority of detail on the new and updated schemes will be revealed on Tuesday evening (11 May), the Treasury has revealed that a new guarantee scheme will be launched, while some existing measures will be expanded and/or extended. Family Home Guarantee One of the new measures that will form part of the new Budget is a measure to help single parents purchase property. Starting on 1 July 2021, the new guarantee aims to support divorced or separated parents with dependent children by enabling them to purchase a home sooner with a deposit of as little as two per cent.
The new Family Home Guarantee, which will act in a similar way to the existing New Home Guarantee, will provide 10,000 guarantees over four years to single parents with dependents. It is expected that the program will have property price caps (similar to the Home Loan Deposit Scheme), but would not be limited to first home buyers. New Home Guarantee expansion
The New Home Guarantee, which was launched last year, will be expanded for a second year, providing an additional 10,000 places in 2021-22. First home buyers seeking to build a new home or purchase a newly built home will be able to do so with a deposit of as little as five per cent. First Home Super Saver Scheme The government has said it will also increase the maximum amount of voluntary contributions that can be released under the First Home Super Saver Scheme from $30,000 to $50,000. $124.7 million for public and social housing The government also said it would provide $124.7 million in funding to enable the states and territories to “bolster public housing stocks”, or to meet their social and community housing responsibilities under the 2011 Fair Work decision on Social and Community Services wages. ‘Government understands the importance of owning your own home’ In a joint release, The Treasury Josh Frydenberg, Assistant Treasurer Michael Sukkar, Minister for Families and Social Services Anne Ruston, and Jane Hume, Minister for Superannuation, Financial Services and the Digital Economy, said the measures would “help more Australians own their home sooner”. “The Government understands the importance of owning your own home and the significant economic and social benefits home ownership provides. “Supporting more Australians to own their own home is part of the Government’s economic plan to secure Australia’s recovery,” they said. The Treasury noted that other initiatives to help Australians buy homes, such as HomeBuilder, had helped support more than 120,000 Australians, and contributed more than $30 billion in residential construction. Further details of the schemes will be included in the upcoming Budget, which will be released on Tuesday evening (11 May).
– The Adviser

Three things you should do before closing your company

Source: ASIC InFocus April 2021 Edition

One of the most common questions asked is ‘what do officeholders need to do before closing their company?’ To keep it simple, here are the three key things:

1. Ensure your company has no ASIC fees outstanding

If your company has any ASIC fees outstanding, they will automatically reject your deregistration application.

2. Ensure your company meets all the criteria for deregistration

Your company must also meet the deregistration criteria which includes, all members agreeing to deregister and the company’s assets totalling less than $1000.

3. Apply for deregistration at least two weeks before your annual review fee due date

Finally, you should apply for deregistration at least two weeks before your annual review date. If you don’t, your annual review fee will be charged and you’ll need to pay it before the company can be deregistered.

If you are planning to deregister your company, we suggest speaking to our office to ensure that the company is no longer required, has no outstanding ASIC fees and meets all the criteria for deregistration.



Interest Rates that start from…

1.84% p/a Fixed Rate
3.19% p/a Comparison Rate

Based on our lender panel, Bank of Melbourne’s 2 Fixed Year Advantage Package Rate, provides the most competitive Interest Rate. Interest Rates are correct as at 24/05/2021 and subject to change at anytime. The comparison rate is based on a loan amount of $250,000, over a 30 year term.

Dates to Remember

30 June 2021 – end of financial year

14 July 2021 – STP EOFY finalisation declarations declarations lodged for employers

14 July 2021 – PAYG payment summaries to be issued to employees

28 July 2021 – SGC rate increases to 10.0%

28 July 2021Superannuation Guarantee (SG) for 1 April to 30 June payment due date

14 August 2021 – PAYG Annual Payment Summary to be lodged with ATO

28 August 2021 – All Superannuation contributions for the 2020/2021 year to be paid

28 August 2021 – Building & Construction TPAR due

30 September 2021 – STP – EOFY finalisation declarations lodged for businesses with only closely held related employees

23 October 2021 – Workcover rateable remuneration forms lodged if remuneration was more than $200,000

26 March 2022 – Workcover rateable remuneration forms lodged if remuneration was less than $200,000

Be wary of potential scams

Source: ASIC InFocus April 2021 Edition

Scammers have been contacting ASIC customers asking for payment to renew business names or companies. The emails often link to fake ASIC invoices that have incorrect payment details or infect your computer with malware when you click on them.

An email may not be from ASIC if it asks you:

  • to make payment over the phone,
  • to make payment to receive a refund, or
  • for your credit card or bank details directly by email or phone.

For a business name, ASIC will issue a renewal notice 30 days before your renewal date. For a company, ASIC will issue your annual statement within a few days of your review date. If it’s outside their usual timeframe, it might be a scam.

To help protect yourself:

  • keep your anti-virus software up to date,
  • be wary of emails that don’t address you by name, misspell your details, or have unknown attachments, and
  • don’t click any links on suspicious emails.

If you’re unsure if an email received from ASIC, the ATO or Concepts & Results is legitimate, please contact our office on 9569 5676 and we can confirm if it is legitimate.

Visit us

Want to discuss the above face to face? Come visit our specialised team members to find out more.

612 Warrigal Road, East Malvern PO Box 61, Holmesglen, Vic 3148

Call us

Have any questions? Further discussions on the above can be may be held over a telephone appointment.

(03) 9569 5676

Contact us

For any and all queries regarding the above, you may contact Concepts & Reuslts by emailing us