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

Payroll and Payment Summaries 2021 – what you need to know

The introduction of Single Touch Payroll (STP) requires more effort than usual on year end payroll finalisation. Under STP employers must report pay, taxes and superannuation information directly to the ATO every payday through STP. Employers using STP will not give employees a payment summary as they usually would at this time of year. Instead, employees will get an end-of-year income statement in ATO online services through myGov. Employers have…  Read more

A quick guide to Simplified Small Business Accounting

A quick guide to Simplified Small Business Accounting If you run a small business,simplify your accounting system and instead and concentrate on actionable metrics. This is especially true if you are the only one managing your business. Below are some of the ways you can streamline your small business accounting system: Track your inventory using dedicated inventory management software. Online inventory management software and point of sale systems allow you…  Read more

It’s time to review your fringe benefits

The fringe benefits tax (FBT) year ends on 31 March. That means it’s time to review the benefits you’ve provided to your employees for the last 12 months and work out which of those attract FBT. You may provide your employees with benefits you do not usually provide because of COVID-19. This includes paying for items that allow your employees to work from home. Fringe benefits tax (FBT) may apply…  Read more

If my business is making a profit, where is the cash?

Often small business owners find themselves in the position of running a great business that appears to be profitable but there never seems to be any money in the bank. It’s an important situation to address. After all, a lack of adequate cash flow is one of the main causes of small business failure. Here are three reasons potentially profitable businesses have little money in the bank. What is the…  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

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.  Property prices in Australia in March 2021 grew at their fastest rate since 1988 and as Vanguard explains, the surge…  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

Federal Budget 2020: What it means for you

The Federal Budget was released on Tuesday 6th October. We have summarised what we feel is most relevant information for clients of Porters CA. If you would like to read more about the “Winners and Losers” of the Australian Federal Budget for 2020 click here. Key Points: Tax cuts for workers – more money in pockets for more Australians. JobMaker Hiring Credit scheme – businesses supported for hiring employees aged…  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

Adapting your business is just good business.

Tips to Adapt Your Small Business During the Pandemic As COVID-19 continues to impact the way businesses operate and consumers shop, many small businesses may struggle to stay afloat, let alone thrive. Below are some of the simple, yet effective, ways on how you can build a stronger brand, earn more sales, and survive in these uncertain times. Showcase locally-made products Now, more than ever, consumers want to buy from…  Read more

Three reasons why you need small business insurance

If your small business operates on a tight budget you might be tempted to eliminate costs that you think aren’t necessary. Often small business owners choose to go without business insurance as a way of saving money, but doing so can be incredibly costly in the long run. Business insurance is something that may seem like an unnecessary expense in the short term, but is worth the cost now in…  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

Surviving and Thriving in a Recession

The pains caused by a recession can be brutal and most of us dread the thought. A recession can mean massive layoffs, fewer jobs and wages frozen, which means consumers spend less and in turn worsening the economic slowdown. If we look at the effects of the Global Financial Crisis (GFC) of 2008, between December 2008 and December 2010, about 1.8 million small businesses closed. According to Investopedia one decade…  Read more

Instant Asset Write-Off Extended

Good news! This week the government announced that the Instant Asset Write-off has been extended for six months, taking the initiative to 31 December 2020. Australian businesses with less than $500 million annual turnover will be able to take advantage of the write-off and invest in assets to support their business. This government initiative is designed to help the economy reopen and boost economic growth. The instant asset write-off applies…  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

Bookkeeping Tips – Business or personal expense – Keeping finances separate.

There are some things in life that go together well and others that definitely do not. Business and personal finances are in the category of items that should not be mixed. Although it may seem like a headache to keep them separate—who wants to manage all those bank accounts?—your life will be greatly simplified once you separate your personal and your business finances, especially your expenses. Paperwork and taxes will…  Read more

What would your employees change about you?

Every manager has habits that make them incredibly effective as well as issues that their employees wish they would change. The problem is that many employees won’t tell their manager what those weaknesses are, often out of fear of retaliation. So while managers conduct employee performance reviews pointing out areas for staff improvement, sometimes the manager’s own weaknesses go unaddressed. Porters Director Simon Terry recently acknowledged a staff member for…  Read more

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