Stay safe from scams

As we approach tax time, we also head into the season where scammers increase their activity – that is, looking to hoodwink small business and individuals alike. Please be careful and don't give any information. Scammers are becoming…

Should you start a SMSF?

For many people, the idea of managing and investing your own retirement savings is very appealing. But there is debate over whether running your own self-managed super fund (SMSF) is cost effective. So, what are the arguments for and against…

The 1 July 2021 superannuation changes

Changes from 1 July 2021 will impact on how much money you can contribute to superannuation and how much you can have in your retirement phase superannuation account. In general, your superannuation is either in an accumulation account…

Traits of successful people

Richard Branson, of Virgin fame. Red Balloon founder Naomi Simpson. Bill Gates of Microsoft. Oprah Winfrey of… well, you get the theme. What do all of these people have in common? It’s not their fashion sense. Or their preferred model…

Buying a business

Many of us dream of running our own business, with all the independence and satisfaction that offers. While striking out on your own can be personally and financially rewarding, getting off to a good start is crucial to success. So if…

Is learning the new fountain of youth?

Think of someone older who inspires you – a family member, colleague, or even a distant friend. Chances are, there’s one thing in common you’d use to describe them. “She was 90 years old, but sharp as a tack!” “I can’t believe…

What is key person insurance?

What happens if a key employee or one of the part-owners in your business becomes critically ill or dies? It’s a question nobody likes to think about. In fact, only six per cent of Australian small businesses have insurance to safeguard their…

Weighing up the cost of risk – insuring your business

Running your own business can be rewarding, but there is also risk involved when you put your own money and reputation on the line. What would you do if your shop was destroyed by fire, a client sued over advice you gave, or your business was…
preparing to sell your business

Preparing to sell your business

Business owners, I'm talking to you. Whether you love your business or not, you may not plan on working in it forever. Be it you want to keep working for a long time, you are coming up to retirement age soon, or you simply want to have a…

FBT in 2021

Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork. The COVID-19 lockdowns have added another layer of complexity as many work patterns and behaviours changed. A…

COVID-19 Vaccinations and the Workplace

The first COVID-19 vaccination in Australia rolled out on 21 February 2021 preceded by a wave of protests. With the rollout, comes a thorny question for employers about individual rights, workplace health and safety, and vaccination enforcement.  The…
March business tax update
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Tax updates: March 2021

Individuals and small business owners who have taken advantage of the government’s COVID-19 support programs will find themselves increasingly under the tax man’s microscope in coming months. This is just one of the key developments occurring…
circuit breaker grants

Circuit breaker grant

The Victorian Government recently announced funding to certain businesses that were affected with the recent 5 day snap lockdown. There are 4 initiatives to help a broad number of industries, but the one we'd like to bring to your…
What is a BAS?
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What is a BAS anyway?

We mostly deal with businesses who already are in business and therefore aware of what a BAS is, but if you are new to business and GST, you may be scratching your head as to what a BAS is, why you have to lodge it, and how. So we've found…

Winding up: Simplifying small business insolvency

On 1 January 2021, new laws came into effect that introduce a new, simplified debt restructuring and liquidation framework for small business. Drawing on key features of the Chapter 11 bankruptcy model in the United States, the new system…
selling your business

How to sell your business

We’re often asked the best way to sell a business. There are two key components at play in the sale of a business; structuring the transaction and positioning the business to the market. Both elements are important and can significantly…
jobkeeper 2021 eligibility

The Final Stage Of JobKeeper And How To Access It

The impact of COVID-19 has been felt very differently from region to region. Fortunes vary wildly between business operators subject to ongoing lockdowns and trading impediments to those benefiting from the “new normal”. For those…
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Get paid faster with these invoice tips

No one likes late payments from their customers. Late payments have a negative effect on cash flow. Chasing customers for payment takes valuable time. Prevention is better than cure when it comes to getting your invoices paid on time. Here…
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How to mark emails as safe

We send various communications throughout the year, and it's important that you receive them. Some email accounts can sometimes flag emails as spam accidentally, and we want to help make sure ours don't end up in that boat. One thing we…

100% true blue

There is something that was on our radar for our business goals, and that was to be completely Xero focused. We find the Xero platform superior over others and find it far more beneficial to be highly skilled with the best rather than some…
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Soaring to success in 2021

The start of a new year is a great time to reassess where you are in life, your career or business – decide what you want to achieve and put some strategies in place to work towards achieving even your most ambitious goals. The start…

2020 year in review

Just as we were recovering from the long drought and the worst bushfires on record, the global coronavirus pandemic took hold and changed everything. Suddenly, simple things we took for granted, like going to the office or celebrating…

Retrain your staff with the tax man’s help

For many business owners, fear of incurring a Fringe Benefits Tax (FBT) bill has kept them from retraining and re-skilling their employees to perform different roles or activities within the business. But a new exemption announced by…
JobMaker

JobMaker rules & enrolment

WHAT IS JOBMAKER? JobMaker is a credit available to eligible businesses and non-profit entities that create new jobs (not if you are merely replacing someone who left). The hiring credit is available for jobs created from 7 October 2020…

How to sign up to Xero and get the Vic digital rebate

The newest Victorian rebate is to help small businesses get online, sell online, or do more online. This includes things like getting a website, and also signing up to Xero which is great. Xero have explained how to go about doing…

2021 Risks & Opportunities

With the borders between the State and Territories all but open and 2021 in sight, there is a hunger for a return to ‘normal’. The recent Westpac-Melbourne Institute Index of Consumer Sentiment articulates this desire to ‘get on with things’;…

Maybe just maybe, Christmas is a little more in 2020

What if Christmas, doesn't come from a store. What if Christmas...perhaps...means a little bit more!” ― Dr. Seuss This year has looked different to other years, as the COVID-19 pandemic impacted our lives in many ways. As we look…

December tax updates

Although individuals and small business owners are now enjoying welcome tax relief in the wake of some valuable tax changes, there is more on the horizon as the government seeks to reboot the Australian economy. Here’s a quick roundup of…

Tax-effective ways to boost your super

After a year when the average superannuation balance fell slightly or, at best, moved sideways, the summer holidays could be a good opportunity to think about ways to rebuild your savings while being mindful of tax. With the Reserve Bank…
jobmaker information

JobMaker Hiring Credits: What We Know So Far

JobMaker has officially passed Parliament. Here is what has been announced so far: What is JobMaker? JobMaker is a credit available to eligible businesses for hiring additional employees (not if you are merely replacing someone who…
business tax loss

Refunds for Tax Losses

If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits. In the 2020–21 Federal Budget, the Government announced that businesses with turnover under $5bn* will be able to offset any…
invest in your business
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Tax deductions for investing in your business

Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the…
FBT rules working from home

FBT changes under COVID: What are the rules?

The COVID-19 pandemic is raising some interesting questions for small business employers in relation to their Fringe Benefit Tax (FBT) liabilities. With many employees working from home, common employee benefits are often not being supplied,…
Xero firsts - training for new users to xero
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Videos for new users to Xero

Xero have just created quite a few videos to help explain and go through some simple how-to's for those new to Xero. Worth a watch if you're new to Xero and still figuring things out. …
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2020 Budget wrap-up

This years budget is all about jobs In what has been billed as one of the most important budgets since the Great Depression, and the first since the onset of the COVID-19 pandemic dragged Australia into its first recession in almost 30 years,…

Opportunities amid the Covid-19 disruption

COVID-19 is resulting in significant disruption to well-established business paradigms, impacting businesses, sectors and stocks across the board. However as Albert Einstein once said “in the middle of difficulty lies opportunity”. That…

Preventing a Tsunami of Insolvencies

The Government has stepped in to prevent a wave of insolvencies when the COVID-19 support measures run their course in December 2020. Temporary insolvency and bankruptcy protections are in place until 31 December 2020 to enable businesses to…
JobKeeper 2.0

JobKeeper from 28th September

The first tranche of JobKeeper ended on 27 September 2020. Those needing further support will need to reassess their eligibility and prove an actual decline in turnover.  To receive JobKeeper from 28 September 2020, eligible employers…
3rd round of business support fund grants

3rd round of Victorian grants

The Victorian Government has announced a third round of the Business Support Fund to provide direct financial support to businesses impacted by restrictions in Victoria. The amount of the grant is between $10,000 and $20,000 depending on the…
Business Survival & Adaptation Package

More support for Victorian Businesses

Over 2 days, the Victorian Government has announced two new support packages delivering over $3 billion in “cash grants, tax relief and cashflow support." There are almost no details on the packages as yet – just the announcements. We…
covid devalued your business?

Has COVID-19 devalued your business?

If you are selling your business, merging, acquiring, or inviting in new investors, you need to understand the value of your business. But, to what degree does the pandemic impact on value? Should you discount or hold firm to pre COVID-19…
Forecasting during a pandemic

Forecasting during a pandemic

Now, more than ever, business operators should have a plan in place to manage during uncertain times. Even if your business is not directly impacted, it’s likely your customers, your supply chain, and your workforce will be to some extent. So,…
building resilience business owner

Building resilience to spring back stronger than ever

Our resilience has been tested of late and continues to be, with the ongoing situation of the coronavirus pandemic throwing challenges our way.  Resilience has certainly become a now frequently used buzzword, but what does it actually mean?…
Covid support states and territories

Covid-19 support – State based

In addition to general waivers, reductions or rebates on some Government licensing and fees, each State and Territory has some form of support accessible to certain businesses impacted by COVID-19. Australian Capital Territory Support Description Closes Rate…
CGT on inheritance

Understanding CGT when you inherit

Receiving an inheritance is always welcome, but people often forget the tax man will take a keen interest in their good fortune. When ownership of an asset is transferred, it triggers a capital gain or loss with potential tax implications.…

Stage 4 lockdown – support for business

Additional business support has been announced to help eligible businesses with the latest restrictions. Weren't previously eligible for JobKeeper? Although you may not have qualified for JobKeeper originally, stage 4 lockdown may have…
victoria business support fund

Business Support Fund Expansion

This article is the August update to the grant, for the latest BSFe grant please click below.     Businesses which have already received a $5,000 BSFe grant, or have applied for one, will not need to re-apply. Successful…
jobseeker changes

JobSeeker changes

On 21 July 2020, The Government announced changes the COVID-19 income support measures. We explore the details. Coronavirus supplement The Coronavirus supplement will continue, albeit on a reduced rate of $250 per fortnight (from $550), from…
Business Support Fund

Victorian Business Support Fund

The Victorian Government has announced that Stage 3 ‘Stay at Home’ will be in reinstated across metropolitan Melbourne and Mitchell Shire from 11:59 on 8 July 2020 to help slow the spread of coronavirus (COVID-19) in Victoria. These restrictions…
tax from your couch

2020 Tax Returns

This tax season there will be no in person tax return appointments at Optimised Accounting. This is to help keep everyone safe by reducing the risk of community transmission. Last year we developed an online data collection tool for submitting…
ATO targeting covid fraud

ATO targeting Covid-19 fraud

We always knew that a Government scheme swiftly distributing cash during a crisis was going to come with equally swift compliance and review measures, particularly when eligibility was self-assessed. Two major Australian Taxation Office…

Leadership through challenging times

As all leaders can attest to, no leadership role is smooth sailing. There will inevitably be the occasional storm coming over the horizon, with different challenges you need to respond to. Sometimes these challenges will be unprecedented,…
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What happens if you don’t pay your super on time?

In the past, monitoring of superannuation payments was not as stringent as it is now. If employees did not regularly read their super statements or check their balances, it is entirely possible that super could go unpaid - and unnoticed by the…
Parental leave changes
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Increased flexibility for Parental Leave for self employed

From 1 July 2020, parents accessing the Government’s parental leave pay (PPL) scheme will have greater flexibility and options. Targeting the self-employed and small business owners, the changes introduce a new flexible paid parental…
business due date calendar
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2020 Business due date calendar

On the back of the popularity of last years due date calendar, we have created a new one for this year. We usually hand out these posters during pre-EOFY tax planning sessions, however this year these were done on Zoom. If you would like to get your hands on one of these posters, please let us know.

Family trusts under ATO scrutiny

Family trusts have stood the test of time as a means of protecting family and business wealth, and managing the distribution of trust income in a tax-effective way. But the misuse of these tax benefits by a small minority periodically puts trusts…
home builder grant

HomeBuilder: What is it and how do you access it?

The Government has announced grants of $25,000 to encourage people to build a new home or substantially renovate their existing home. The HomeBuilder scheme targets the residential construction market by providing tax-free grants…
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EOFY checklist

It always takes some planning to get your finances in order for the end of financial year, and this year may look a little different, come June 30. The COVID-19 pandemic may have impacted your circumstances and therefore your situation could…
australia tax changes 2020
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What’s changing on 1st July 2020?

  Company tax rate reduces to 26% for base rate entities Cents per km rate for work-related car expenses increase to 72 cents Expected reforms to allow 66 and 67 years olds to make voluntary superannuation contributions without…

Could your business do with a cashflow boost?

The two cash flow boosts provided by the federal government to help businesses deal with the COVID-19 emergency have largely been overshadowed by the JobKeeper program, but they could provide valuable financial support to organisations that…