More support for businesses

More support for Vic businesses

The Victorian government have announced some new supports to help businesses most affected by the current restrictions.We're going to specifically talk about these support measures: 1/ The Covid-19 Disaster Payment2/ An additional $2,800 Top-Up…

July Covid support for businesses

The NSW Government has announced new grants of up to $10,000 for businesses adversely impacted by the recent COVID-19 lockdowns. Eligibility for the grant is streamed into general business, and hospitality and tourism.
We love a checklist

Business Growth Checklist available

We have just created a new business download that is quite helpful. Over at Optimised Accounting, we love checklist, and if you do too feel free to download this tool. Once your business is up and running, it’s important not to rest…
business partner breakup

3 reasons why business partners break up and how to prevent them

For many business owners, partnerships are an ideal way to run a business. Operating a business with a partner means you don’t have to make all the decisions on your own. It means you have someone there with you, to help you carry the burden…
business expense

Separating personal and business expenses

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…
Accountant for construction business

Managing field workers in your construction business

It’s one thing to manage workers when they’re all in the same place at the same time. However, when you run a construction business with field workers, things can get a lot more challenging. Not only are you typically not on the same job…

Life lessons to teach your kids if you want them to be rich

Everyone wants the best for their children, and this includes being rich. Being rich is not just about money– it is about wealth in all aspects of life. In this article, we will share some life lessons you must teach your kids while they’re…

If my business is making a profit – where is the cash?

Some small business owners find themselves in the difficult position of running a business that appears to be profitable, but still having no money in the bank. It’s an important situation to address. After all, a lack of adequate cash…
Bookkeeping mistakes

3 consequences of avoiding your bookkeeping

If you ask 100 business owners what they like least about running a business, chances are good that bookkeeping will rank high on the list. It’s an annoying and frustrating chore that takes up a lot of time and is easy to put off until tomorrow. Avoiding…
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2021 Due dates

Business due dates available as download. Updated posters available The last 2 years Optimised Accounting created and distributed a poster for business owners to see at a glance the important due dates for businesses. Now that all of…

Business Costs Assistance Program Round 2

This evening the Victorian Government finally announced the eligibility criteria for the latest business grant. This is to help with the most recent lockdown in May–June 2021. Eligible businesses with an annual payroll of up to $10 million…

Am I taxed on an insurance payout?

Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance,…

Work from home expenses under scrutiny

If you worked from home during lockdown and spent money on work related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed. The…
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1st July 2021 changes

We’ve summarised the key 1st July 2021 changes and their implications. Most of them relate to superannuation: Super guarantee rate increase to 10% On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% -…
where is my group certificate

Reminder about your group certificate

As tax time for individuals comes closer, we’d like to remind you that most employers won’t be handing out what is commonly called a Group Certificate or also referred to as PAYG Payment summaries. These are now known as Income statements…

Prepare your business for June 30

EOFY is creeping up fast, and we like to encourage business owners to be proactive and make any little adjustments needed before June 30 hits in order to have optimal results for your financial year.   Over at Optimised Accounting,…

The New Lifetime Director IDs

Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers. ASIC does not currently verify the identity of directors…

Federal Budget 2021-22

The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term. Key initiatives include: Extension of temporary full expensing and…

Your SMSF: when expenses and investments are not at arm’s-length

We often get questions from clients about what they can and cannot do in their SMSF. Often the questions relate to related party transactions – that is, interactions between the SMSF, its assets, and its members (or relatives of members).…

SMSF member limit to rise

While it’s not yet in force, the limit on SMSF member numbers is set to increase from the current four to six members later this year. For some Self Managed Super Funds (SMSFs), this will be a welcome change and will mean additional…

Xero help: 2FA

We've had a few clients recently ask us about removing 2 factor authentication from their Xero files. While 2 Factor Authenticator (2FA) or as it's called sometimes Multi Factor Authenticator (MFA) is important for keeping your data secure,…
2021 budget wrap up

Introducing our Lunch and Learn

Join us for a Lunch and Learn   This year, our budget wrap-up is going to be held on an online Lunch and Learn session.You must register to attend this webinar. Please click here to register.Join us we go through the 2021 Federal…

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…