Welcome to the Porters CA Blog.

Please enjoy our regular blog of relevant business, taxation and financial information. You can also follow us on Facebook, Instagram and Twitter.

Signs You’re Undercharging for Your Work

When it comes to the overall success of your business, one of the most important decisions you’ll face is what to charge for the work you do. Charge too much and you could scare away potential customers. Charge too little and you could run yourself out of business. Working out how much to charge is stressful, but it’s worth it. If your business doesn’t bring in enough money to pay…  Read more

A Beginner’s Guide to Cash Flow Forecasting

It is impossible to predict the future of a business with 100% accuracy however a cash flow forecast can help you prepare and plan for a range of possible future scenarios, good and bad otherwise. A cash flow forecast and scenario plan will help you make better financial decisions, help you keep on top of your finances and improve financial outcomes. Cash flow forecasting involves estimating how much cash will…  Read more

Xero Errors Can Be Costly – How To Avoid Them

Xero is a fantastic business tool and you want to get the most out of it to maximise your financial management. If you’ve just started working with Xero, it is normal to make a few errors while learning. We see mistakes that are quite common – and unfortunately costly to go back and correct at end of year. We want you to get the most out of the system giving…  Read more

A burst bubble is a setback, not a disaster. Don’t make rash decisions.

The bubble has burst in WA and we need to join the rest of the world in accepting the reality that Covid is here. What we do know is that the world economy has not collapsed, businesses in WA have been relatively sheltered and we are more aware of how we can react to outbreaks. Our first case in 10 months is a setback but not a disaster. We have…  Read more

New to Property Investing?

Everyone wants to achieve financial independence beyond a basic wage. In the current climate, many are looking to invest in property. Interest rates are at an all time low and don’t look to be rising any time soon and reports from economic forecasters suggest housing prices are set to jump.  In all the hype, it is important to stop, breathe, get advice and don’t dive in head first without a…  Read more

4 Common Sense Financial Tips To Make Your Money Work For You

Good personal finance skills are important but this seemingly simple concept can be difficult to master. Without knowing how to manage your money effectively, you run the risk of making financial mistakes that could significantly impact your life. Avoid money traps and manage your finances better with the following common sense financial tips. 1. Not all ‘tax effective’ investments are good investments. The term ‘tax effective’ is used loosely and…  Read more

Grow Your Family Business While Preserving Family Relationships

Family business owners often share a similar goal – to grow the business and pass it on to the next generation. While keeping the business in the family and getting to work with your parents, siblings, or children can be rewarding, managing and growing a family-owned business isn’t without its challenges. Conflicting views on business and family matters such as succession of power, rivalry, favoritism, and disposition of assets often…  Read more

Creating your business to-do list

When you’re a small business owner, your to-do list is often long and constantly growing. There are an overwhelming number of things need to be done and it can seem they’re all urgent. It’s easy to push important tasks to the side and focus on less-vital activities but that often means you miss deadlines, make mistakes and feel as though you’re always trying to catch up. Create a list and…  Read more

Preparing for the end of JobKeeper

Since the government announced the $70-billion JobKeeper program to support businesses and their employees, many businesses have relied on the scheme to stay afloat. Others have been grateful for the cash boost that made the way for smoother sailing. Phase one of Jobkeeper comes to an end on 28 September and not all businesses are eligible for the next relief package. According to a recent survey by the Australian Institute…  Read more

Battling Through COVID-19: Finance Tips for Business Survival

We’ve heard this before: the COVID-19 pandemic is an unprecedented global health and financial crisis that has caught many off guard. While the threats to human life are very real, the damage to the health of businesses is really just starting to show. The seriousness of the disease and the lack of a vaccine (at the time of writing this) have prompted governments around the world to impose strict measures…  Read more

Business Update – August 2020

Our August update is designed to keep you informed of the latest options available to business in response to Covid. Cashflow Boost Estimator Employers who are eligible to receive cashflow boosts can calculate the credits they may receive using the FREE cashflow boost estimator which you can download here. Those who received an initial round of cashflow boost will be eligible for a second round of assistance when they lodge…  Read more

JobKeeper to continue for eligible business until March

The Jobkeeper scheme has been extended but wage subsidies have been cut and eligibility has been tightened. A second phase of the JobKeeper program will run to March 28, 2021 Two tiers of JobKeeper will be introduced, based on hours employees worked in February 2020. The higher tier payment for those who worked 20 hours or more each week in February will be eligible for the $1,200 a fortnight payment…  Read more

JobKeeper changes coming in September

The government has announced changes to the JobKeeper scheme. The Treasury’s review found that the subsidy was still “needed” but required a “test to ensure that JobKeeper is well targeted”. Where a business has qualified and is receiving JobKeeper, then payments for eligible employees will continue until 27 September with no changes regardless of turnover improvements. Who will qualify past 27 September? We expect very few WA businesses will qualify.…  Read more

Finding money within your business

Times are tough for business owners. Many small businesses are experiencing cash flow problems from time to time and urgently need working capital. While many business owners immediately think of the bank or loans when they’re short of money, there are other resources you can tap before you ask for that expensive overdraft or overdraft extension. The money you need might already be there—locked up in inventory, assets or your…  Read more

Superannuation Guarantee Amnesty

On 6 March 2020, just as COVID-19 was starting to cause mayhem, the government passed legislation for a Superannuation Guarantee Amnesty. The amnesty allows employers to disclose and pay previously unpaid Super Guarantee Charge, including nominal interest, that they owe to their employees for past quarters (1 July 1992 to 31 March 2018). Despite intense lobbying for an extension, no changes have been announced and the Amnesty is due to…  Read more

Tax tips for business owners

Seamless bookkeeping and accounting You want to avoid paying more than you should come tax time. Part of that is ensuring you have well organised and recorded financial records. When tax time comes around, are you ready or scrambling last minute for missing financial records? Business owners have a lot on their plate and can easily lose track of an approaching tax deadline or financial data needed to submit returns.…  Read more

How to build a cash war chest when money is tight

Your “war chest” is the financial reserve your business has built up. Your war chest helps you take advantage of opportunities or cover unexpected costs or emergencies such as the current Covid pandemic. Building a cash reserve when finances are tight, however, can be difficult. You need money to continue running your business while attempting to keep your reserve account healthy. To begin you should download a cashflow scenario planner…  Read more

How to market and sell remotely – free webinar

We’ve teamed up with our Website provider Bizink to bring you a free webinar on how to market and sell remotely. They’ve been 100% remote for seven years but have built a global business and they want to share how they did it with you. I’ve attended webinars from them in the past and they are always practical and useful. They are going to cover everything from slide decks, proposals…  Read more

JobKeeper Eligibility Tests

The ATO has just released Alternative Tests for the JobKeeper payment which expands eligibility from the initial basic test. This is good news for many businesses, particularly startups, those affected by last year’s droughts and those with variable revenues. Basic Test If you satisfy the eligibility requirements for the basic test, you can ignore the alternative tests below. The basic test is satisfied where your projected GST turnover for the…  Read more

‘Job Keeper’ payment makes up Government’s 3rd stimulus package

As we try to catch a breath from all the chaos going on with Coronavirus, we just got word of the Australian Government’s latest stimulus package. This package focuses on the ‘job keeper’ payment, aimed at helping businesses keep their staff, which will be a lifeline for many people over the coming months. Here a quick overview of what it means: Employers and sole traders will be able to apply…  Read more

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