, , ,

Your company isn’t a bank account: loan to a business right

You're finally your own boss, and in its early days, the business needs upstart funds. Such as a loan to a business, to sustain it until it finds its own feet. But you can't move funding sources in and out like in a bank account, and the ATO…
, ,

Can the ATO make a tax debt invisible to you?

For both individuals and small business owners, the idea of tax debt with unseen consequences is worrisome. It can impact future financial operations without clear signals or the usual pathways to address it. Usually when you owe a tax debt,…
, ,

EV FBT exemption hitches: cautions for 2024

The clock ticks towards March 31st, the end of the Fringe Benefits Tax year. Employers are gearing up for “Check your Odometer Day” to report their car usage in the hopes of saving on their electric vehicle tax (EV FBT). But under the…
,

Swerve out of car FBT record keeping roadblocks

31st of March every year marks the time to read the car odometer; not for the next visit to the mechanic, but for car FBT (Fringe Benefits Tax) reporting on your business' vehicles. You’re providing a car and it’s your obligation to report…
, , ,

Can my SMSF invest in property development?

Australians love property. The lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is enticing for SMSF trustees. It encourages them to pursue the dream of large returns…
, , ,

A summary of all business tax changes this year

Employers & business Superannuation guarantee increases to 11% from 10.5% National and Award minimum wage increases take effect. The minimum salary that must be paid to a sponsored employee - the Temporary Skilled Migration…
, ,

What does it take to pass your business to the next generation?

What is the end game for your business? Succession is not just a topic for a TV series or billionaire families, it’s about successfully transitioning your business and maximising its capital value for you, the owners. When it comes to…
, , , ,

Rental Property Reporting Blitz

The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses. The ATO’s assessment, based on previous data matching programs, is that there is a tax gap of…
, ,

Inflation deflating your small business: 7 adjustment tips

Inflation is a term that we've all heard quite frequently lately, with rates rapidly increasing. Small businesses are particularly feeling the effects of inflation, with supplies costing more, employee shortages, and shrinking profits. In…

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…
, ,

$20k Small Business Energy Incentive

In a pre-Budget announcement, the Government has committed to a Small Business Energy Incentive Scheme that offers a bonus tax deduction of up to $20,000. The Small Business Energy Incentive encourages small and medium businesses with…
, , ,

Super to be paid per paycheck and pursuable if owed

As announced in the 2023 May Budget, from 1 July 2026, employers will be required to pay their employees’ super guarantee entitlements on the same day that they pay salary and wages. Currently, super guarantee is paid quarterly. The Government…
, , ,

Instant Asset Write Offs (IAWO) capped to $20k again

From 1 July 2023 until 30 June 2024, the Government will change the instant asset write-off threshold to $20,000. Previously, 'small' businesses under a turnover of $500 million, could immediately deduct assets acquired from 6 October 2020…
, , ,

Slower asset write offs, some tweaks & changes to tax, and more money for ATO compliance!

Last year we had a double deal of government budgets, and without even coming full circle yet, it's time for this year's budget. https://vimeo.com/825343630   Businesses have limitations and compliance warnings to be aware of,…
, ,

What Work from Home deductions apply for me?

The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022…
, ,

FBT in 2023

2024 update: since these electric vehicle concessions were released, the ATO's been catching out business reporting incorrectly and hybrid electric vehicles have different rules. Head to our 2024 article for all the details. Fringe benefits…
, ,

Making business moves with financial goals

Businesses tend to progress more consistently if the owner sets financial goals and makes a plan to achieve them. The new year is a natural time to decide what you want to achieve and how. With that in mind, read on to learn the steps for…
,

Secure Jobs, Better Pay reforms

The Government’s ‘Secure Jobs, Better Pay’ legislation passed Parliament on 2 December 2022. We explore the issues. The Fair Work Legislation Amendment (Secure Jobs, Better Pay) Bill 2022 passed Parliament on 2 December 2020.…
, ,

Essential business de-cluttering for the new year

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…
, ,

Extension to domestic violence leave

Employees in Australia will soon have access to paid family and domestic violence leave. Business owners and employers should be aware of these changes as the paid family and domestic violence leave means you will have to pay up to 10 days of…
, , ,

Another 1% interest around the bend?

Low interest rates have been a mainstay since the global financial crisis of 2008. When the pandemic hit, Governments pushed stimulus measures through the economy and central banks reduced interest rates even further. Coming out of COVID,…
, ,

When “Hi, Mum, I broke my phone” costs you a fortune

I got a text the other day “Hi Mum, I have broken my phone and I am using this number.” The “Hi Mum” scam has exploded with more than 1,150 Australians falling victim to the ploy in the first seven months of 2022, with total reported…
,

Errors to avoid when setting up Payroll

Upgrading or changing your payroll system comes with a ton of wonderful benefits. Saving time and money, making everyone’s lives easier, and better integration are all good reasons to consider a change. But if the switch is mishandled,…
120% skills training and technology costs deduction

An update on the 120% deduction for skills training and technology costs

You may remember us posting about the 120% skills training and technology costs deduction in May as it was announced. (for a recap on that post, find it here). The Government has reinvigorated the 120% skills training and technology costs…

What are the differences between wages, salary, commission, and bonuses?

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…
Small Business Specialist Advice Pathways Program

Small Business Specialist Advice Pathways Program

We sent out an email about a new grant and we said that there were limited applications available. Well, it has been exhausted and they are now taking waitlists. To quickly sum up: The Victorian government announced a new $2000 grant for…
Do I need a .au domain name

Do I need a .au domain name?

You may have already heard about the new domain extension about to launch in Australia, but don't dismiss this news as unimportant. If you are a business owner, (especially if you have a .com.au domain name) this impacts you. Failure to…
selling a family business

Should I keep my business in the family, or sell?

Planning for the succession of a business is an important and sometimes overlooked part of a business plan. Once you exit the business you could keep your business in the family, sell to management or employees, be bought out by investors…

Why you should raise your prices

Running a business can be stressful, there's no question about that. In the lead up to EOFY, we held tax planning sessions, new year goal discussions, and had a general catch up with most of our business owner clients. Apart from these…

How do I overcome my customers’ fear of spending?

One of the biggest complaints from salespeople in a tight economy is the time it takes to achieve a sale.  So, what can you do to speed up the sales process? Sell the solution not the product Branding is wonderful but unless your brand…

How do I manage payroll effectively?

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…
,

EOFY Super deadline is approaching

We'd like to have your attention about superannuation payments prior to EOFY. Although not necessary, you have the option of: paying employee super one month early topping up extra super into your own fund Both will give you a…
Photo of printed BAS due dates 2023 calendar, coloured in blues and orange
,

Keep up with your BAS due dates in 2023 with a Free Calendar!

Keeping up with all your business' BAS due dates gets complicated fast. PAYG, Payroll tax, BAS, superannuation... and dog's breakfast. Keep scrolling to untangle the chaos with our due date calendar, structured and clear so you know what to…

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…

Is my business idea a good one?

5 steps to test your business idea When you’re in business for long enough, you’ll likely come up with new ideas you want to try. Innovation is important for your company to grow, to diversify its income, and to attract new customers.…

Secrets to keeping your employees happy

Traditionally, employers have relied on giving employees raises as a way to retain their staff and reward them for being hard-working and loyal. Raises can get expensive, and there is often an upper limit for what you can offer when it comes…
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…

Refining your Ecommerce pipeline

Businesses are increasingly moving online to expand their reach and provide the best possible experience to their customers. Being online, however, means more competition, so business owners must come up with ways to amp up their game to gain…

Director penalty notices for debts

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…

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…

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
,

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…
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…
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…
, ,

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…
stapled super
,

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
,

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
,

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…
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…