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A Bookkeeping service can benefit businesses of any size. It gives you access to expertise for better management of finances, invoicing and bills and a seamless transiting from bookkeeper to accountant at EOFY. Perhaps even more important for you is the time freed up for you to focus on your business. To see bookkeeping packages click here. Expertise A bookkeeper is an expert at managing, sorting and recording your business’s…  Read more

Buying a property is a big investment. It’s often one of the most important investments people make in their lives. When it comes to getting a mortgage, many buyers focus solely on the immediate steps they have to take and fail to consider the right protections. What insurances can protect your home loan? It pays to understand the insurance options you have available for your mortgage in order to protect…  Read more

Risk management should be central to life and business. At Porters CA we see two simple key imperatives – (A) achieve your goals; (B) plan and manage the risk of not achieving your goals. With the WA borders set to reopen on 3 March it is time to start contingency planning. Absent a major surprise we are looking at a high and rapid incidence of Covid with: interruptions to business…  Read more

Are you looking for an opportunity to build your skills as a Bookkeeper in a professional and supportive environment? Porters CA offers you an opportunity to grow, assisted by strong systems and procedures in a supportive and friendly workplace. Training and career development is offered so you can become your best for a bright future. We are a boutique firm, mixing excellence in tax compliance and bookkeeping with a personal…  Read more

Australian company directors have the next year in which they will need to apply for a Director Identification Number through the Australian Business Registry Services (ABRS). The ABRS will roll out progressively between 2021 and 2024, with the first step being that all company directors will be required to obtain a Director Identification Number(DIN). For most directors, the due date will be 30 November 2022 however a new appointment as…  Read more

The Australian government announced the implementation of the Modernising Business Registers program as part of the 2020 Budget Digital Business Plan. The program will establish an Australian Business Registry Services (ABRS) to enhance how businesses register and manage their information with the government. The ABRS will roll out progressively between 2021 and 2024, with the first change being that business directors must obtain a Director Identification Number (DIN). For most…  Read more

As a business owner, have you ever considered what would happen to the business if you had to take a break due to serious illness or injury? Would the business survive? How would the bills get paid? And while you may not like to think about it, in the case of death, how can you ensure your family is given a fair deal in the case of a business partnership?…  Read more

Solid cash flow management is vital to ensuring your business survives and thrives but not everyone understands what cash flow is or how to manage it. That’s likely what makes it a leading cause of stress for small business owners. Cash flow refers to the movement of money into and out of your business. It is based on the amount of money you bring in minus the amount you spend.…  Read more

Every business needs a financial plan. Your financial plan gives you a way to monitor and review your cash flow, make adjustments to your spending and anticipate potential financial issues. A financial plan can also help when requesting funding or finding investors to bring more money into your business. Although many business owners are aware that financial planning is important, it is often overlooked or put off for another day.…  Read more

With cryptocurrencies gaining popularity, many people are unclear on how or when they can be taxed. Despite widespread belief to the contrary, you can be taxed on gains made as a result of obtaining or using cryptocurrency. If you’ve made a profit from trading cryptocurrency, for example, you need to declare it at tax time. Very few people really understand cryptocurrencies, what they are, how they exist and what drives…  Read more

Your 30s are an exciting time. You’re typically making more money than you were in your 20s and you’re looking to the future to determine the type of life you want to live. Your 30s are also a great time to take control of your finances, so you have more security and flexibility in the coming years. Here are 5 financial tips to follow in your 30s, to help you…  Read more

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

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

A Quick Overview The Superannuation Guarantee (SG) is scheduled to increase to 10% from 1 July 2021. If you have employees, you need to be ready for this legislated increase. What is Superannuation Guarantee? The Superannuation Guarantee is the minimum super an employer must pay to their employees super fund. The current SG percentage rate is 9.5% of employees Ordinary Time Earnings, but this is changing. Ordinary Time Earnings or…  Read more

Treasurer Josh Frydenberg has released the 2021 Federal Budget and confirmed Australia’s economy is performing more strongly than was expected six months ago. This article has a summary of the “Winners and Losers” of the Budget and we’ve compiled a recap of the key points below. Get in touch with us if you have any questions. A Quick Overview This budget assumes our international borders won’t reopen until mid-2022. $1.9…  Read more

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

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

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

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

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