BLOG

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 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

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

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

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

Payroll is one of those things that starts out simply enough. You start your business, hire a few employees, and things tick along pretty well. It’s straightforward enough to keep everything in line at first, but what happens to most companies is… they grow! This is a great thing, but it also means that payroll becomes more complicated. As such an important aspect of your business, it’s important that payroll…  Read more

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

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

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