Firm News

You’ve got a great idea for a business, and now you want to get it off the ground and take it to market. This is a very exciting time, but there’s quite a bit you need to think about before you can launch. We offer resources to help you get started. Follow our seven day program to:  Determine if you can make any money Prove you can beat the competition…  Read more

You would have been hearing a little about Labor’s proposed changes to negative gearing and CGT over the last couple of months. So with the election just a few short weeks away, here’s a summary of what the changes might look like. Currently… Negative gearing of an investment property occurs when the annual costs (interest, management fees, repairs and maintenance, depreciation, etc) are greater than the net rental income. Any…  Read more

Do you have employees? Then you need to be ready for Single Touch Payroll! By now you may have heard the buzz around Single Touch Payroll. It’s a pretty big deal for any business that has employees. So…what do you need to know and how does it affect you? Keep reading to find out. What is Single Touch Payroll? Single Touch Payroll (STP) is a new way to do your…  Read more

The annual Federal Budget is an event full of buying votes, new ideas, old ideas rehashed and new tax opportunities and pitfalls. In an election year, politicians’ imaginations run a little wild… so we’ve provided a summary blog and a longer assessment in case you want to know more. This year we are excited about two initiatives which in one form or another are likely to get bipartisan support.  These…  Read more

Like many small businesses, we’ve been through the process of defining our Mission (to identify opportunity, share passion and achieve prosperity) and our Vision (how our mission and values come together to an end goal), before engaging our team to define Porters’ Values (Care, Integrity, Passion, Team, Enjoyment). Our Values have some great thinking and team engagement behind them. As a business owner I use them to talk with staff…  Read more

In our last note, we had a quick review of how changes to the 2017-18 Budget might affect residential investment property owners and their Income Tax position.  While there was some bad news from the point of view of travel claims, and claiming depreciation on plant and material (at least in your Income Tax*), there are still plenty of things you CAN claim against managing your investment property. In this…  Read more

Want to know how the 2017-18 Budget affects your future tax position?   Here’s the rub… The ATO is interested ATO audits of over 300 rental property claims found errors in 90% of returns.  This means a huge potential loss of revenue for the ATO and fertile ground for tax reviews. This year, the Australian Taxation Office (ATO) will undertake 4,500 audits of taxpayers it considers are “high risk” because…  Read more

Taking steps to ensure your customers pay promptly should be a key priority for your business. When clients consistently pay on time, you are able to pay your vendors, suppliers, and employees on time and you’ll have an up to date view on the profitability of your business. This requires that you also implementing strategies to support prompt payment and make it easy for customers to pay as soon as the bill comes in. Provide…  Read more

Knowing how to price your services can be a real struggle. Charging an hourly rate can feel less scary than quoting a fixed rate package because you have confidence you’ll be compensated for every hour you spend on a project. But there are drawbacks to trading time for money – not the least of which is that it limits your earning potential. Charging by the hour can also lead to…  Read more

  New Year resolutions – we’ve all made them, and broken them − often before the end of January. There’s something about New Year celebrations that makes us yearn for a fresh start, but is there a way to make that desire for change more permanent? Here’s a twist that can make your resolutions more durable, more beneficial and less prone to that embarrassing quick fade. Align goals to your…  Read more

This is Simon’s first ever you tube clip. He’s pushed himself well out of his comfort zone to achieve our goal to be Accountants with a difference. Fifteen takes later (and some film editing by Gilbert) we have a result. Brilliant not perfect is a great place to start. We have even received our first you tube subscriber, which means there’ll be more to come. Enjoy    Read more

Having an online business presence with an effective website and social media pages is essential for today’s consumers. You won’t build a loyal customer base if you can’t earn your visitors’ trust, which is why companies value social proof so highly. Social proof isn’t a new concept, or one that only applies to social media. It’s a psychological phenomenon. In online terms social proof is how others view your business based on…  Read more

It takes time, energy, and continuous effort to build a brand that attracts loyal customers. This effort is  rewarded by word of mouth referrals and repeat business. Without a doubt, the good name you worked so hard to earn is one of your most valuable business assets. This solid customer base and positive employee relations is known in business as “goodwill.” Most small business owners understand that a company’s goodwill…  Read more

For business owners who want financial security now and freedom in retirement, having a financial planner on the team is a must. A close working relationship between your financial planner and your accountant, such as the link between Porters CA and Knight Financial Advisors, will accelerate your results. Many people view a financial planner as someone you invest lump sums of money with, however the role extends well beyond that.…  Read more

ATO data analysis and data matching means false tax claims are far more easily detected than ever before, according to Porters Chartered Accountants, Albany manager, Jodi Bradley

Planning and knowledge will help you achieve your business goals.  Business finances need insight to be under your control rather than controlling you.

Do you have a strategic plan which is going nowhere fast, revolving in your head or waiting for the right staff member or business conditions?  It’s time to get started at brilliant.  Even quite good with a passion for continuous improvement will see you progress at startling speed. Perfect is the enemy of progress. Waiting for the perfect plan and conditions will guarantee missed opportunities and stagnation. Will it work…  Read more

Employee fraud is a real risk for small businesses that can’t afford an internal control function.  Do you have a plan to deliver strong internal controls in your business? Billing schemes. Skimming. Payment tampering.   In fact, according to the Association of Certified Fraud Examiners 30% of fraud cases take place in small businesses. This article will help you identify the most common signs of fraudulent activity before an unscrupulous employee destroys…  Read more

Looking for a low risk tax deduction? Donate to a charity and invite the ATO to part-fund a good cause… What’s not to like?  Donations must be made by June 30. Some of the charities we at Porters CA love and support are Teen Challenge WA, Anglicare WA, Rebound WA, Youth Focus, Brain Cancer research. Donate to your school, sporting club, people in need. What goes around comes around. Do a…  Read more

So many opportunities and limited resources to take them on? This is the plight of many business owners wishing to embrace opportunity and grow their potential. The most difficult decision is knowing which opportunities to embrace and which to set aside. Not every opportunity will be right for your business. Equally, an opportunity may be right but the timing is all wrong. Over-commitment, especially when taking on projects that don’t actually…  Read more