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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

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

The bubble has burst in WA and we need to join the rest of the world in accepting the reality that Covid is here. What we do know is that the world economy has not collapsed, businesses in WA have been relatively sheltered and we are more aware of how we can react to outbreaks. Our first case in 10 months is a setback but not a disaster. We have…  Read more

The past six years have been tough for Perth’s property market but maybe the tide has turned. Perth dwelling values fell by more than 22% from highs in June 2014. For any home or investment property buyers from 2008 onwards, breaking even on a subsequent sale has been a measure of success. Regional markets are also booming. You will struggle to find a rental property, a holiday home, a vacant…  Read more

Family business owners often share a similar goal – to grow the business and pass it on to the next generation. While keeping the business in the family and getting to work with your parents, siblings, or children can be rewarding, managing and growing a family-owned business isn’t without its challenges. Conflicting views on business and family matters such as succession of power, rivalry, favoritism, and disposition of assets often…  Read more

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

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

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

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

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

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

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

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

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

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