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.

We’re Hiring

Intermediate accountant: 2-5 years experience in tax and business services. We are looking for an enthusiastic accountant to join our team. Porters CA is a long established Chartered Accounting firm with a focus on excellence, growth and embracing new systems and ideas to meet the changing business and accounting world. Our goal is to create prosperity, great experiences and opportunities for our staff and business clients. Our client surveys and…  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

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

Cloud Accounting – better business

Technology is a tool and a means to an end. How does it help you? make your business run better make your life easier give you control information at your fingertips access to real time support from our team option for our bookkeepers to do it all for you We are here to help. What is cloud accounting? Accounting moves from your desktop computer to your fingertips. Cloud accounting software…  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

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

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

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

Payroll and Payment Summaries – what you need to know

The introduction of Single Touch Payroll (STP) has meant that tax time this year will be a little different. Under the new system 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…  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

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

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

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

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

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