,

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
,

New rule: super for new employees

There's a change coming soon 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. Currently, if a new employee doesn't choose their own super fund, you can pay…
,

Structuring webinar

How do I structure my business so that it's set up for success? This is such an important question, and one that we will be deep diving in an upcoming webinar. When it comes to business structuring, not all structures are created equal,…
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

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 to help their business tenants with rent relief, but…

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…

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…
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…

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…
,

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…
,

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% -…

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…
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…

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…

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
, ,

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?
,

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…
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…
,

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…
,

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…

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…
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
,

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
,

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. …
, ,

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,…

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…
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,…
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…

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,…
Parental leave changes
,

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…