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
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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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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
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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,…

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
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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.
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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…

Instant Asset Write Off explained

*UPDATE* (November 2020) A new article goes over the updates to Instant Asset Write-Off over here. *UPDATE* (June 2020) $150K Instant Asset Write-Off has been extended until 30th December 2020. Read Josh Frydenberg's media release…
working remotely

5 tips for working remotely (productively)

In the current climate, many businesses are needing to make changes to accommodate staff working remotely. If you are able to work from home the ensuing changes to your work habits can be challenging to negotiate, however there are things you…

How to get your payroll right

A series of high-profile examples of businesses underpaying their employees has brought the need to get payroll right into sharp focus. Complex award and enterprise agreements can complicate payroll obligations, in terms of both regular salary…

FBT hot spots

With the start of the Fringe Benefits Tax year looming on 1 April, businesses are being urged to review their Fringe Benefits Tax (FBT) position. The ATO’s top FBT problem areas Motor vehicle fringe benefits Failing to report motor…
tradies income protection insurance

Tradies: how does your insurance measure up?

As a tradie, you are largely dependent on your physical ability to earn a living. So, what would happen if you fell ill or had an accident? Would you be able to continue your current lifestyle? Most tradies work in a far more dangerous…
small local business
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Tax concessions: helping small businesses

Running a business keeps you pretty busy, so it’s easy to overlook the help that’s available. Many small businesses don’t realise the government offers a range of valuable concessions that can make a real difference to their annual tax…
Christmas for your business

5 things that will make or break your business this Christmas

The countdown to Christmas is now on and we’re in the midst of the headlong rush to get everything done and capitalise on any remaining opportunities before the Christmas lull. Busy period or not, Christmas causes a period of dislocation…

Recognising the signs of potential insolvency

Australia’s economy is growing at a slower pace than many would like, with small businesses in some sectors doing it tough. Recognising the warning signs of potential insolvency is key to trading through difficult times. Basically,…

Safe harbour for directors of struggling companies

Australia’s insolvent trading laws impose harsh penalties on directors of companies that trade where there are reasonable grounds to suspect that the company is insolvent. Criminal and civil penalties can apply personally including…
Invite a user into Xero
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Adding a user into your Xero file

With all new clients we ask to add us as a user into your Xero file. To help navigate this process we've created some screenshots to help explain how to do this:   1. Click on your Organisation name in the top left hand side of…
avoid FBT christmas
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Christmas is coming – avoid being stung by FBT

As the festive season fast approaches, it’s time to start thinking about and planning for the break. If possible, we want to avoid paying more tax in the form of FBT this Christmas time. Because really, who wants to pay an additional tax? (not us!) We’ll show you how.
data security for your business

Data security: protecting your business

The recent Facebook scandal demonstrates how serious data security breaches can be, but they aren’t limited to large organisations. Is your business data secure? Simply sending a file to the wrong person or leaving your phone in a taxi…

Productivity: Stop being so busy.

A smartphone buzzes in your pocket. Ten tabs sit stagnant in your browser. Unopened emails, newsfeeds and gifs all claw for your attention. This is the plague of distraction. And in our efforts to always be ‘on’ our actual productivity…
xero expenses
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Xero expenses

If you have a Xero account for your business and you have staff that are constantly purchasing business related things without a company credit card, the app Xero Expenses is fantastic. Instead of asking staff to keep their receipts, giving…
business for sale

Selling a business? Don’t forget about tax

It can take many years and a lot of hard work to build a successful small business. When you finally decide it’s time to sell, tax is often the last thing on your mind. Yet it can have a big impact on how much of the sale price you get to…

5 signs of a well run business

Every small business owner wants their business to thrive, but it can be tough to keep the money coming in the door while staying on top of all the necessary paperwork. One way to ensure success is to understand the behaviours that separate…
spring clean your business

Spring clean your business

This time of year we all tend to do some spring cleaning, and not just at home. Now that we are in the new financial year, you may have some numbers on how things are going and can clear out some unnecessary expenses. The secret to a…
small business tax gap
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The small biz tax gap

Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’. These new figures give visibility to tax compliance issues within the small business sector…

Important due dates

We have recently created a poster for our business clients to remember some very important Australian business due dates. We created this for our business clients, but they have been so well received that we've decided all business owners…

Business structuring: which one is right for me?

Wondering how your business should be structured? In this article we are going to focus on the four main business structures: sole traders, partnerships, companies, and trusts. Get it right from the start and your business will be set up for…
Single Touch Payroll

Have you heard of STP?

Single Touch Payroll or STP is a new system whereby all employers are required to submit payroll data to the ATO on the same day that they pay their employees.

Four business hurdles that trip up first timers

Whether you’re keen to start monetizing a passion project, or want to finally escape office politics and run your own show, here are four issues that regularly trip up new business owners. Starting your own business is an exciting time.…

Shaun talks about Trusts: Podcast

Shaun Farrugia (Optimised's founder), recently sat down with Paul Benson from Financial Autonomy (who is also our resident Financial Planner). They talked about all things Trusts, including: The dummies guide to what exactly a Trust…

Create a business budget in seven simple steps

You’ve got clients, you’re making money and you’re paying the bills. But if you don’t have a budget, how do you know your business is on track? Many businesses make the mistake of not creating a budget, either because they don’t know…