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.

Tax Planning

Tax Planning 2021 The end of financial year is fast approaching. Business and employment conditions alongside legislative change have thrown new considerations into the tax planning mix. Helping you achieve prosperity and pay less tax is our priority, so we have created guides for personal tax planning and business tax planning to help you get ahead before the end of financial year. The world is awash with government stimulus, debt and low interest rates. Asset…  Read more

Instant Asset Write Offs – what, how and when

Instant Asset Write Off (IAWO) and Full Expensing of Depreciating Assets (FEDA) Who doesn’t love a tax deduction? With IAWO and FEDA alongside low interest rates and a strong economy there is an opportunity to invest in productive assets to supercharge your business growth. In brief – when you buy an eligible asset you will claim 100% of the cost as a tax deduction. For a small business with assets…  Read more

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

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

Wanted in Albany – Bookkeeper, problem solver

Our Albany office is looking for a full time Bookkeeper to join our growing team. Porters CA is a boutique Accounting firm with offices in Perth & Albany that operate as a unified team, mixing excellence in tax compliance & bookkeeping with a personal touch & a view that opportunities are everywhere. Our goal is to create Prosperity and GREAT experiences for our Staff and Business Clients. Work is meant…  Read more

Christmas parties, gifts and tax

There is no separate fringe benefits tax (FBT) category for Christmas parties. You may encounter many different circumstances when providing these events to your staff. Fringe benefits provided to, an associate, or under an arrangement with a third party to any current employees, past and future employees, and their associates (spouses and children), may attract FBT. Implications for FBT The following explanations may help you determine whether there are FBT…  Read more

Looking for an exciting new job? We’re looking for an Accountant – Tax and Business Services in Albany, WA.

Porters CA is a boutique firm, mixing excellence in tax compliance and bookkeeping with a personal touch and a view that opportunities are everywhere. We are seeking tax & business services accountants to join our growing team. We’re seeking a graduate or early stage in your career, however if you have more experience we’ll fit the role to match your great attitude, aptitude and skills. Our goal is to create…  Read more

Winning Together – lessons from the Richmond Tigers

Planning for success means taking control of your future. In 2010 Richmond CEO, Brendon Gale, laid out a 10 year plan for the club including three premierships by 2020. Following no premiership in 30 years, this was no easy task and bordered on fanciful. I am not a Richmond supporter, but I admire what they have achieved. The CEO laid out a plan for “winning together”. We think it is…  Read more

WA residential real estate

The past six years have been tough for Perth’s property market but maybe the tide has turned. Perth dwelling values fell by more than 22% from highs in June 2014. For any home or investment property buyers from 2008 onwards, breaking even on a subsequent sale has been a measure of success. Regional markets are also booming. You will struggle to find a rental property, a holiday home, a vacant…  Read more

Philanthropy and community

October has been a busy month for us. We have been fundraising for and participating in a range of community events to raise money for valuable charities, research and services. It is inspiring and rewarding to have the opportunity to participate in fundraising events. We have connected with so many like minded individuals who share a goal, to make a difference. Donating to a cause or participating in community events…  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

The Valley of Despair – a travel guide

Fairy tale touring notes from an accountant? Stick with us, it could be fun and you could be the Hero in this tale… We love to guide clients from financial anxiety and a mess of paperwork to a better place with systems, process and control to free up time and achieve their goals. Valley Of Despair A Travel Guide You only visit The Valley of Despair on your way to…  Read more

Do you have more questions this tax time?

What a year! We don’t need to tell you that this year has been “unprecedented”. With so many stimulus packages, support programs, tax changes and business shutdowns this financial year is set to be like we’ve never seen before. Oddly enough, amongst all the upheaval, rarely have we felt so enthusiastic about the opportunities for people and businesses who are open to new ideas and who are looking for guidance…  Read more

Are you a caterpillar or a butterfly? Questions to ask post COVID.

As small business operators emerge post COVID, there are some important business questions to ask. These questions will help determine whether your business model is working and if there are additional changes you want to make to protect your business through future economic downturns or volatility. Will you remain the same old caterpillar or a change and improve like a butterfly? 1. What worked and what didn’t work in my…  Read more

Efficient business systems really pay off

You run a business, you take a risk. The aim is generally to provide income to support your lifestyle and family and freedom to be your own boss. For too many business owners, their business is a harder task master than any boss they have ever reported to. We know there is a better way… Too many businesses fall over or fail to achieve their potential because the owner has…  Read more

Business lessons learned during COVID-19

Image from The Spirit Business If you’re like many business owners you’re probably astounded by how the world changed in a very short time, and now it seems to have changed all over again! While we can all hope that the pandemic is a once-in-a-lifetime scenario, the truth is there is a lot in life and in business that is uncertain, and there is a great deal we can learn…  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

Commercial Lease Rent Relief during COVID19

If your business qualifies for JobKeeper support (effectively measured by your actual or forecast turnover reducing by more than 30%), then your business may qualify for commercial rent relief as provided for in the National Cabinet Mandatory Code of Conduct SME Commercial Leasing Principles during COVID-19. The key principles are as follows: Where it can, rent should continue to be paid, and where there is financial distress as a result…  Read more

Assistance for your Business to Cope with the Coronavirus Effects

We have drafted a memo with some insights to help you during this difficult time with the Coronavirus (or COVID-19) affecting all of us. So take a moment to make yourself a cup of tea, then read through this memo with an open mind. As a business owner, you need to face the possibility of team members being absent from your workplace, product supply issues and demand for your services…  Read more

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