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As we try to catch a breath from all the chaos going on with Coronavirus, we just got word of the Australian Government’s latest stimulus package. This package focuses on the ‘job keeper’ payment, aimed at helping businesses keep their staff, which will be a lifeline for many people over the coming months. Here a quick overview of what it means: Employers and sole traders will be able to apply…  Read more

It’s hard to escape the news of the Coronavirus as it continues to have a huge impact on people across the world. Closer to home, the Morrison Government has announced a stimulus package in response to the anticipated economic downturn. This package includes a number of economic stimulus measures for the 2019/20 and 2020/21 income years, with most of targeted at helping small to medium-sized businesses. Here to help But…  Read more

Banks and Lending Institutions Specific COVID-19 concessions have been announced by the following banks: i) CBA Deferring repayments on a variety of business loan and overdraft products, for 6-months. Reducing commercial interest rates by 0.25 Waiving merchant terminal fees for impacted customers with CBA payment terminals, for 90 days. Waiving early redraw fees on business term deposit accounts (including Farm Management Deposit accounts). Waiving establishment fees and excess interest on…  Read more

Payroll tax concessions The payroll tax threshold will be increased to $1 million on 1 July 2020. This brings the increase forward from the planned date of 1 January 2021 and will result in approximately an additional 300 businesses no longer being liable for payroll tax. The threshold increase will be reflected in Revenue Online when it comes into effect. Employers, or groups of employers, who pay $7.5 million or less in…  Read more

The Australian Government has announced two Economic Stimulus packages to the sun of $189 billion. The package includes both cash and tax incentive measures including; Real, Cash Money for Small Business Owners 1) 100% Cashback on PAYG Withholding, up to $100,000 in total Eligible small and medium-sized employers will be provided a 100% tax-free ‘cash back’ of up to $50,000 (and a minimum of $10,000) on your PAYG Withholding on…  Read more

GOVERNMENT STIMULUS PACKAGES – OUR TAX PLANNING MEETING WITH YOU THIS YEAR WILL BE VITAL! The Australian Government has just released a $17.6 billion economic stimulus package. The package has been marketed as a measure to protect the economy by maintaining confidence, supporting investment and keeping people in their jobs. The key tax and stimulus measures include: Business Investment From Thursday 12 March 2020, the instant asset write-off threshold has been increased from…  Read more

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

Today the Commonwealth government announced a $17.6 billion economic stimulus package to support Australian businesses dealing with the significant challenges posed by the spread of the coronavirus. The package has four components: Supporting business investment Providing cash flow assistance to help businesses Targeted support for the most severely affected sectors, regions and communities Household stimulus package The new measures will be introduced in the Parliament when it returns on 23…  Read more

A market update from joint venture partner Knight Financial Advisors To say it has been a volatile month in markets would be an understatement. From their recent highs to recent lows US shares have fallen 13%, Eurozone shares have lost 16%, Japanese shares have fallen 14% and Australian shares have lost 13%. Emergency central bank intervention saw bond yields plunge to new record lows in the US and Australia. Commodity…  Read more

Risk management should be central to every business. At Porters CA – Chartered Accountants we see two key imperatives – (A) achieve your goals; (B) manage the risk of not achieving your goals. Simple really. Invest in solutions that will improve your business performance and resilience in all cases such as remote working capability, duplicate supply options, multiple unrelated revenue streams, strong client communication channels, robust funding arrangements, documented operating…  Read more

Join the small business train. You’re working all hours, making sales, invoicing clients but it seems that all of us ask the same question, “Where does all the money go?” When you own a small business, it’s vital you understand how money flows into and out. At a basic level, you need to know where your income comes from and what your expenses are. At a deeper level, knowing how…  Read more

Small business owners can enjoy diversity and job satisfaction by being involved in all aspects of their business. Involvement in all areas of your business allows you to use a variety of skills which challenge you and keep work interesting. Very few operators however, enjoy doing the books. Many business owners do their own bookkeeping under the assumption they will save money. Time spent on the books is less time delivering…  Read more

When you run your own trade business, your life involves long days on job sites managing projects, staff and clients. Often we see successful business operators working so hard they find no time for invoicing and bookkeeping. Thanks to a variety of online software companies, running your business is now a lot easier. You can efficiently manage your projects, employees, finances and records on your computer, tablet, or mobile phone.…  Read more

With Christmas at hand it is time to think about payroll and staff leave over the Christmas break. Getting ready now will take some of the stress out of payroll over this period. Are you closed over Christmas? Do your staff need to put in leave requests for this period? If so get them in early to help with smooth processing. Discuss expectations with your staff. Those who don’t have…  Read more

In October we held our official Albany office opening. The celebration marked Porters’ return to Albany, with our goal to rebuild a strong local presence in our beautiful new space overlooking Princess Royal Harbour. We believe in supporting local businesses and in our preparing for our official opening we know why. The personal service, attention to detail and commitment to get the job done made the event a resounding success.…  Read more

With the implementation of single touch payroll, the ATO has real time data of wages paid, super due and receipts by super funds. This means now more than ever Superannuation must be paid on time. We’ve helped many small businesses implement systems to embrace single touch payroll by moving to cloud accounting with Xero or MYOB and gaining the additional benefits of time, knowledge and control of their business. We see…  Read more

There are some things in life that go together well and others that definitely do not. Business and personal finances are in the category of items that should not be mixed. Although it may seem like a headache to keep them separate—who wants to manage all those bank accounts?—your life will be greatly simplified once you separate your personal and your business finances, especially your expenses. Paperwork and taxes will…  Read more

As part of our pledge to leave a legacy. Porters Director Simon Terry completed the MACA Cancer 200 ride last weekend raising $5364 for Cancer research. Simon attained a position on the honour roll whereby individual entrants committed to raising more than $4000 for Harry Perkins institute instead of the minimum required entry of $2500 funds raised. We are so grateful to all who donated and helped Simon reach his…  Read more

Small business owners know that to find a loyal customer base, you have to stand out from your competitors. One of the best, and easiest, ways to do that is to have outstanding customer service. How you treat your customers reflects on your entire business. Your customers deserve to be treated well. They are supporting your business. Many small business owners focus a lot of attention on their products and…  Read more

Advice from the desk of Simon Terry I have been helping clients recently with commercial leases they can’t afford, in premises they don’t need, for leases we didn’t discuss, locked in place by personal guarantees. So I have put together 10 tips of dos and don’ts: 1. Personal guarantees – don’t do it.  Accountants create business structures to minimise personal risk so don’t undo our hard work. 2. How well…  Read more