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The Federal Government unveiled its annual budget on 9 May. The images of tradies in hi-vis were replaced by images of health workers, carers and the aged as the budget focus turned to helping with the cost of living, with support for low-income earners while also allocating funding to health and education with the support for small businesses more about headlines than substance. Small Business Support The accelerated depreciation provisions…  Read more

Debt can be a significant burden on one’s financial life. It can cause stress, anxiety, and make it difficult to achieve financial goals. However, with a little planning and dedication, anyone can create a debt repayment system and get on the path to financial freedom. Here are some tips for managing debt and creating a debt repayment system: Take Stock of Your Debt The first step in managing debt is…  Read more

As a small business owner, you’re likely already aware of the importance of keeping your finances in order. Financial management goes deeper than paying your bills on time and collecting on invoices (although those are also important). It involves regularly checking up on your financial situation to make sure your accounts are in order, your records are up-to-date, and you’re spending within your budget. Among those activities, financial reconciliation plays…  Read more

ChatGPT – more exciting than crypto currency, bitcoin and the metaverse put together. More useful than Instagram and TikTok. AI generative language models are a transformational leap forward. I’ve had a chat with ChatGPT to write this article… You will see my input and ChatGPT responses. write a 4 line poem to get a business owner interested to use chatgpt With ChatGPT by your side, Your workload will subside, Efficient,…  Read more

Inflation has ballooned worldwide in recent months and interest rates continue to rise so there’s no question that businesses are feeling the impact. Supplies cost more, employees are hard to find, and if your prices are not rising then your profits are shrinking. Here are some ideas that can help. If you are in financial distress, do not wait to ask for help or advice. 1. Study your data Your…  Read more

Why is everybody talking about inflation? You can’t get through the news these days without hearing about inflation, how rapidly it is increasing and how it has to be stopped. Rates were generally low for quite some time and we all got used to it. Suddenly, however, everyone is getting squeezed by inflationary pressure. But what exactly is inflation, and how does it affect the money you have in the…  Read more

Legislation passed in late 2022 removes Fringe Benefits Tax (FBT) on eligible electric cars provided by employers to current employees for private use. Before we dive into the detail, ask yourself a few questions to see if the tax concessions on an electric vehicle might be right for you: Do you need or want a new car? With a cost of say $50,000 to $85,000 a tax benefit will rarely…  Read more

The ATO has recently released a draft tax guidance (PCG 2023/1) for claiming tax deductions for working from home. You need to be aware of these changes so that you can keep the appropriate records to maximise your tax claims in your 2023 Tax Return. You need to implement improved record keeping starting immediately. The ATO record keeping requirements are onerous for what are usually relatively low value claims.  Example…  Read more

As a client of an accounting firm, it’s important to remember that you are a vital part of the team working towards your financial success. Here are some tips on how to be a good client and get the most out of your relationship with your accountant: Communicate openly and honestly: It’s important to be upfront and honest about your financial situation and concerns. We are to help you, and…  Read more

The end of the year tends to be a bit chaotic for business owners, but it’s actually a good time to get some extra housekeeping done for your business. Read on for some tips to help you finish the year neatly and feel prepared to face the new year. Review your goals and KPIs A lot has likely happened for your business over the course of the previous 12 months.…  Read more

The deadline for setting up a director ID by 30th November has passed. The ATO is urging those who haven’t yet applied for their director identification number (Director ID) to do so now. ASIC is responsible for enforcing director ID offences set out in the Corporations Act 2001. It is a criminal offence if directors do not apply on time and penalties may apply. What is a director ID? The…  Read more

The good news is there were virtually no tax or superannuation changes that affect small or medium size business. This is very much welcomed. The bad news is with interest rates rising, high inflation and labour costs rising, businesses looking for assistance from the Government will be very disappointed by this interim Budget. Based on our analysis, the big winners appear to be: Families – Childcare subsidies extended, increased benefits…  Read more

There are a few different methods that employers use to pay their employees, and while they may have similarities, they each also have their own implications for your business and its employees. On top of that, there may be a blended model at play, in which you offer two types of compensation at once, such as a wage and bonuses. How you pay your employees will impact your finances and…  Read more

Payroll is time consuming and complicated. It can take away from the time, energy and passion you might otherwise invest in growing your business. So is it time to outsource your payroll? While there is a cost to consider when engaging a professional, if the time is right, it should pay for itself. When considering outsourcing your payroll talk to us to ensure your business is ready for the next…  Read more

There comes a time for every small business to raise their prices. We don’t always want to, for the sake of our customers, however in order to pay staff, overheads, and maintain and reasonable profit, raising your  prices for goods or services is essential. With inflation rising at a rapid rate, unemployment at an all time low and wages rising to meet demand, have you looked at your business figures…  Read more

Farm management deposits Tax planning is aimed at farmers saving tax while banking the benefits of a good year while creating a safety net for difficult years. Farm management deposits allow you to build wealth, save tax and get ahead. Farm management deposits (FMD’s) are a useful tax planning tool that can be used to delay tax liabilities in the year a deposit is made with income and tax recognised…  Read more

Superannuation If you want to make a tax deductible contribution before 30 June or pay super for your employees for a tax deduction in FY22 – Take Action NOW. Funds must be received in a fund bank account before 30 June. From 1 July there are two key changes: the contribution rate for employer super contributions will increase to 10.5%; the minimum $450/month threshold ($350 for hospitality) for employer contributions…  Read more

We regularly try to explain to clients the concept of a franked dividend – what are they, why do they matter, what does it mean for your tax and how can they work to your benefit. Some understand franking credits, some nod wisely but still feel confused, and some dream about doing something else, anything else apart from tax. We get that the concept is a challenge, so we’ll try…  Read more

Scrapping the $450 per month super guarantee threshold was a parting gift of the Liberal Party. From July 1, employers must make super guarantee payments for all employees regardless of an employee’s total monthly earnings. As announced in the 2021–22 federal Budget, the Australian Government the $450 per month threshold will be scrapped from July 1 to expand coverage of super guarantee to eligible employees regardless of their monthly pay. The…  Read more

As a parent, you may worry about how to ensure your child can receive a post-secondary education. Costs are constantly rising, and you may face high tuition fees as well as cost of living expenses if your child has to live away from home. Here are some steps you can take to save for your child’s education. Be clear about what you can and cannot afford to pay Being clear…  Read more