Business and Tax articles

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What is Audit Insurance?

As part of our products and services, we offer Audit Insurance to all of our clients (both business and individual). We partner with Accountancy Insurance for this product as they seem to have the most well rounded and competitive policy.…

What do I do before EOFY?

EOFY is once again around the corner, and we encourage business owners to be proactive. Talk to your accountant, look at your books, and make any little adjustments needed before June 30 hits. This will have optimal results for next financial…
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2022 Business Due Dates

Business due dates available as download. Updated posters available In previous years we have distributed a large poster for business owners to see at a glance the important due dates coming up. This year we have shrunk it down to A4…

Help – I’m locked out of my Xero

We've heard this phrase multiple times, and it's specifically usually when a client has a new mobile phone. Previously, you had to remove 2 step authenticator from your old phone before you got your new phone, and you no longer need to do…
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What’s changing on 1st July 2022?

FOR BUSINESS Superannuation guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July 2025. If you have…

The 120% deduction for skills training and technology costs

It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction. Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving…
gym membership tax deductible

Can I claim a tax deduction for my gym membership?

There are lots of reasons to keep fit but very few of them have to do with how we earn our income. As a result, a tax deduction for a gym membership isn’t available to most people. And yes, the Tax Office has heard all the arguments before... 'Keeping…

What is Div 293?

What is Division 293? Division 293 is an additional tax on high income wage earners in Australia. This tax is payable if you exceed the Division 293 income threshold and have taxable super contributions in a given income year. What is the…
Director ID

How do I set up my Director ID?

Since 5th April 2022, all directors must apply for a Director ID BEFORE being appointed a director. It is free to apply for your director identification number, but you must apply for your own number and verify your identity. No one else…

4 reasons to switch to cloud based accounting

If you’ve been considering making the move to a cloud-based accounting system, you’re not alone. Cloud technology has impacted many business functions, including making managing financial aspects of your business easier and more efficient. Cloud-based…

Director penalty notices

The ATO have announced that they will be targeting unpaid debts very soon, with only 21 days to pay. They will first be sending out letters stating that they might send out a penalty notice soon. This will affect many thousands of…
Shaun Farrugia

Investment Property Advice

Shaun recently was a guest speaker in an investment property live event with Wheatley Finance, called 'Good Debt, Bad Debt'. The full recording (a whopping 2 hours of content) hasn't been released yet, but we will link to it when it becomes…

Budget wrap-up 2022

  We know that the news can't stop talking about both the fuel excise reduction, and a $250 payment – and with the price of fuel at the moment it's no wonder.This budget is designed to help short term cost of living pressures (and…
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Selling an investment property?

When you sell an investment property, you may make either a capital gain or a capital loss. A capital gain or loss is the difference between what it cost you to obtain and improve the property (the cost base) and the amount you receive when…
Tips on buying first rental property

Tips for buying your first investment property

There are many people who believe that when it comes to investing, nothing beats real estate. This may be true, but you still have to be smart when making your real estate investment decisions. Although investment properties can be a…

How to get your construction business paid faster

Steady, reliable cash flow is crucial for the survival of your construction business – so taking steps to ensure your customers pay promptly is a key priority. Nine tips to reduce debtor days for construction business owners Debtor days…

Superannuation change from July 2022

There is a new employee superannuation change coming into effect from 1st July 2022. All employees now need to receive super On 11 May 2021, as part of the 2021–22 federal Budget, the Australian Government announced it will remove the…
Shaun Farrugia

Guest speaker on a live event

We are excited to announce that Shaun will be a guest speaker on a live event with Wheatley Finance. Good Debt, Bad Debt. Wednesday March 23rd 2022. 12–2pm https://www.wheatleyfinance.com/event/ In this online event (Zoom), Wheatley…
Trusts and trust distribution changes

Trusts and Trust Distribution changes in 2022

Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result…

Rent relief extended

What do we know? The Victorian Government have announced that the business rent relief previously closing on 15th January 2022, will be extended further until 15th March 2022. This is great news for businesses struggling with omicron cases. The…

How do I increase my profit margins?

Profit margins are fundamental to business success and growth. How you choose to increase your margins so your business can achieve sustainable development is up to you – but taking small steps on a regular basis will help keep your customers…

What is my accountant talking about?

Sometimes accountants use words that most small business owners don't understand. We try our best not to do that, and explain things as simple as possible. Sometimes though, there are some important terms that need to be used. Here we explain…
Are RAT tests tax deductible
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Are RAT tests tax deductible?

Are Rapid Antigen Tests (RAT) tax deductible? Well, a recent announcement from the government says yes. Let's go through it all. The government announced on 7 February 2022 that they will ensure COVID-19 testing expenses are tax…
outgrown your accountant?

10 signs you have outgrown your accountant

At Optimised Accounting, a frequent thing we hear from new clients that have just moved across to us is that their previous accountant didn't really communicate or give any advice that added value. Especially with Covid-19, we find that…
Business plan template

Business plan template

Happy New Year! If you are excited about the new year and the possibilities that it brings, we have a gift for you. A new year is a great time to sit back and reflect, and then improve your business. Whether you are thinking about starting…

A letter to santa

If Santa was an Australian tax resident: a laugh A lighter look at the complexity of Australian taxation laws and the year that has been.   To santa, Thank you for the opportunity to provide strategic business, tax and compliance…
succession planning your business

Succession planning: A will for your business

The unfortunate reality is most business owners don’t take proper holidays. Usually this is because their business relies on them and they don’t have the support to keep the business running without them. As a business owner, have…

How much cash does my business need?

Your business needs cash. Cash is what keeps your company in operation and enables it to grow, so you should know how much cash your business needs to survive. Although many people think the answer is linked solely to operating expenses, this…

Business structuring webinar recording

Business structuring, while a dry topic, is important. We recently held a webinar going through the ins and outs of the different business structures available in Australia, and the pros and cons for each. Whether you are setting up a new…

How to get your business back on track after lockdown

As you well know, the COVID-19 pandemic is not just a public health issue, it’s also caused lockdowns and resulting financial worries on a global scale. In Melbourne alone, we've had 6 lockdowns over 2 years, tipping us over 200 days in…

How to scale your business with minimal effort

If you want your business to grow, at some point you’ll have to think about scaling it. Scaling it isn’t exactly the same as growing it, though they are often used interchangeably. Growth refers to adding resources and increasing your revenue…
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What is Director ID?

In its 2020 Budget Digital Business Plan, the Australian government announced the full implementation of the Modernising Business Registers (MBR) program. The program is designed to both establish the new Australian Business Registry Services…

Covid-19 support to roll back

COVID-19 support will roll back as states and territories reach vaccination targets. The National Plan, the road map out of COVID-19, does more than provide greater freedoms at 70% and 80% full vaccination rates, it withdraws the steady stream…
stapled super
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What is a Stapled Super Fund?

  There's a change to superannuation that means to comply with 'choice of fund' rules you might need to do something extra when a new employee starts to work for you. Previously, if a new employee doesn't choose their own super…
Construction grant
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Construction support

On the 2nd October the Victoria Government announced they would support construction businesses with cash grants for the 2 week closure of the construction industry. Applications are now open. If you are a managed business client of ours,…
October support for businesses
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Victorian business support for October

The Victorian Government has announced additional funding to help support businesses for the next 6 weeks up until a point where we should be at 80% double vaccination rate.In this article we have outlined the following:   1. Business…

Commercial Landlord Hardship Fund 3

*update* this has been extended until March 15 2022.* We have been keeping an eye out for more details about the governments 'Commercial Landlord Hardship Fund' that they announced a little while back. At the moment landlords are encouraged…

3 ways to motivate workers

The question of motivating employees is often on a business owner’s mind. It can be difficult to find ways to genuinely motivate employees at work, and often the old standards—performance-based bonuses, increased rewards and commissions—only…

Divorce, Super & the Gender Divide

New legislation will help prevent superannuation assets from being hidden during divorce proceedings. From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information…
covid vaccine sticker

Freedoms for the fully vaccinated and what it means to business

Australia’s two largest states and the ACT are in lockdown as the Delta strain of COVID-19 takes its toll while others are standing firm on a policy of eradication. The result is a country at a policy impasse and divided by border restrictions. And,…

Covid Hardship Fund & more support

The Victorian Government have announced some additional assistance on 4th September. This covers a 4 week period, which ends on 30th September 2021 as we drive towards our vaccination targets. The majority of payments are automatic top-ups…

Digital Adaptation Program extended

The Victorian Government's Small Business Digital Adaptation Program program provides $1200 rebates so small businesses can access a range of digital business tools. The Victorian Government has partnered with 14 suppliers to help you build…

August government support (Victoria)

Melbourne is back in lockdown, so we thought we'd put up an update of what is available for support: COVID-19 Disaster Payments (To apply for this, you must to do so in your MyGov account) Eligible workers across the state who lose hours…
cryptocurrency taxed
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Tax implications of cryptocurrency

With cryptocurrencies gaining notoriety, 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…
xero accounting article innovate

Don’t wait for disaster to innovate

This blog article is over on the Xero blog, and it's quite good, so we thought we'd share it over here too. It's written by a New Zealander, but as Covid-19 is affecting us all it is still relevant. As we don't know if we will be back in…
cashflow

Cashflow advice for small businesses

Solid cashflow management is vital to ensuring your business survives, but not everyone understands what cashflow is or how to manage it. That’s likely what makes it a leading cause of stress for small business owners. In fact, a Capital One…
rent relief for businesses

Rent relief on the way for commercial tenants

On 3rd August the Andrews Labor Government issued legislation to make it a requirement for landlords to help eligible businesses that have endured a serious trading downturn due to no fault of their own.   Support for tenants *update*  You…
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…

2021 Tax Preparations for Individuals

Tax time is here. We have put together a list of Q&A's for how things will work this year, so you can get organised. Covid is obviously throwing a spanner in to the works, but right now we are planning to do In-person appointments in our…

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,…