The end of another financial year is fast approaching and as your accountant, we believe part of our client brief is to help you minimise
your tax liability within the framework of the Australian taxation system.
The purpose of this newsletter is to highlight some end of year tax planning opportunities but you need to act quickly and we encourage you
to schedule a meeting as soon as possible to assess your options and the steps you need to take well before the 30th June, 2019.
Please note, this is a pre-Federal Election Guide and things may change after May 18, 2019.
You can download the full copy of the tax planning guide HERE
To assist you we have put together a list of strategies to consider and note:
To maximise benefits for the current financial year, we suggest you prepare a preliminary calculation of your taxable income for the year
ending June 30, 2019 to establish if you have a tax 'problem' and identify the size of your likely tax debt.
Review all tax deductible expenses and assessable income in the latest available figures to determine the possibility of pre-paying some
expenses before June 30 or deferring some revenue until after July 1st.
The following list of tax planning opportunities is certainly not exhaustive and depending on your circumstances (including your
turnover and whether you are on a cash or accruals method of accounting), terms and conditions may apply to some of these tactics. If you
would like to discuss your tax planning options we urge you to contact
us
today and most importantly, don't leave it until the last minute as some of these strategies require some time to implement.
To minimise your tax liability there are several general strategies to consider before
the end of the 2018/19 financial year including delaying income and bringing forward losses. Read More...
Other things that need to be addressed before the end of the financial year including motor vehicle log book, superannuation rates and
other issues for small business owners. Read More...
In addition to the tax planning opportunities, there are a number of reporting requirements regarding stock valuation options, writing off
bad debts, etc. for businesses to consider. Read More...
Before making any superannuation
contributions please discuss this with our office. There are strict eligibility requirements. Most importantly, regardless of the type of
contribution being made, transfers and deposits must clear before June 30. Read More...
Details of what's required to obtain the immediate write off for individual small business assets valued lower than $30,000. Read More...
Disclaimer: This newsletter contains general information only. No responsibility can be
accepted for errors, omissions or possible misleading statements. No responsibility can be accepted for any action taken as a result of any
information contained in these articles. It is not designed to be a substitute for professional advice and does not take into account your
personal circumstances.
Attracting and retaining top talent is more challenging than ever. An employee share scheme (ESS) could be the answer for cash-poor,
growth-hungry businesses.
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Managing performance remotely presents some unique challenges. Adapt your approach with five tips and unlock the potential of your remote
workforce.
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Family comes first – until succession goes sour. Safeguard the future of your family business by learning how to manage a generational
shift.
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Received an ATO audit notice and don’t know what to do next? Transform your audit confusion into confidence with support from a tax audit
accountant.
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Expanding your business overseas poses some complex accounting challenges. Nail multi-jurisdictional compliance with international business
accounting advice.
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Measure your organisation’s customer experience (CX) in 2024 to meet growing customer expectations and identify new opportunities. Learn how
to measure CX to improve customer satisfaction, retention and loyalty.
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A business exit strategy is vital for every business owner. Learn how to plan an exit that rewards your efforts and maximises your return on
investment.
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In a tough economy, value creation is a powerful way to set your business apart. Discover why and how to do it for sustainable, long-term
success.
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Choosing the right business accountant is crucial to your business’s financial health. Streamline your procurement process with 5 carefully
considered steps.
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Teaming up can be a great business decision – or a costly failure. Make sure it’s the former by learning how to choose the right partner and
mitigate the risks.
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Knowledge is power and audits can uncover insights to put you on a path to success. Discover how your next audit can mitigate risk and drive
long-term growth.
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A successful journey requires a precise and purposeful roadmap. Learn how to write your business vision, mission and values to get where
you’re going faster.
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Contrary to common myths, SMSFs offer compelling benefits for those in the know. Discover if the pros outweigh the cons for self-employed
business owners.
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AI is transforming businesses in unexpected ways. Discover how this exciting tech can save you time, money, mistakes and deliver deep
insights to drive growth.
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Get across the costs and benefits of going green – and discover how a well-considered sustainability strategy can pay dividends for people,
planet and profit.
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Gross, net or operating? Profit margin calculation can be a complex process. Choose the right metric to steer your business in the right
direction.
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See how to optimise your tax position when including electric vehicles in your business fleet in 2023. Maximise efficiency and minimise EV
costs. Ask your accounting expert.
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Protect your company from business email compromise (BEC) and fraudulent transactions in 2023 by understanding the BEC threat. Ask your
accounting expert.
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Make some 2023 new financial year resolutions and develop a robust strategy for strategic budgeting and forecasting in challenging
conditions. Ask your accounting expert.
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The 2023 EOFY brings a crucial opportunity to optimise tax strategies and minimise liabilities as we face uncertain economic conditions and
changing tax laws. Ask your accounting expert.
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In 2023, directors face increasing scrutiny and penalties. Protect your position by understanding director ID numbers, director penalty
notices and more.
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When it comes to managing supply chain risk, information is power – and protection. Streamline the process and save time by creating a
supplier questionnaire
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Do you know how well your business is performing? Discover the KPIs that underpin business success and how a trusted accountant can keep you
on track.
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For business owners, FBT 2023 might involve some complex calculations. Get across changing covid exemptions and keep your hybrid workforce
compliant.
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Sustainability profiles and reporting are key concerns for consumers and businesses in 2023. Ask your accountant for support to get and stay
compliant.
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Get support to manage rising business costs in 2023 with 7 strategies including forecasting, reviewing recurring expenses, and debt
consolidation.
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Selling your business is fraught with stress. We break it down into simple steps and outline how a business valuation accountant can set you
up for success.
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A cyber attack can end your business even if you aren’t the target. Get across cyber security standards and protection strategies to keep
your business covered.
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Operating reactively is a trap for busy small businesses. Discover how proactive tax planning can protect and grow your SME through
uncertain times.
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Keep your business cash flow moving through supply chain pressures, rising interest rates and inflation uncertainty. Make clear forecasts
with the right financial and accounting support.
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Managing a remote workforce in 2022? Get your employer deductions right to avoid paying more than you need to or unwanted attention from the
ATO.
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Getting sound financial and accounting advice from professionals you trust will help set your retirement up for success. We've put
together a list of things to consider to get your retirement planning organised.
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If you’re planning to sell any business assets, make sure you understand the small business Capital Gains Tax (CGT) concessions you’re
entitled to claim.
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The 2022-23 Federal Budget is aimed at moving business into the digital era with both carrots and sticks in the budget. In this overview we
examine what the impact of the Federal Budget will have on individuals and businesses...
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With the upheaval experienced to all aspects of our lives due to the Covid pandemic, it is not surprising many people are questioning their
career choices and considering major changes. As a result, we are expecting to see a surge in business start-ups in 2022. New business
owners often focus on the product or service offering, financial aspects or other mechanics of start-up whilst neglecting their marketing
plan, instead of making it a priority…
Read More…
In part one and two of this series of articles we identified the fact that there is no secret formula or magic potion that guarantees
financial success in business, however, there are some key ingredients that successful businesses have in common. In part three we
look at the importance of building a great team, having a lead generation website (including video content) and building a customer
database...
Read More…
Wishing all our clients and their families the very best for the Festive Season and a safe & happy 2022. Please note we will be closed
from Thursday 23rd December and re-opening Monday 10th January 2022. In the meantime, and in case you missed it, check out our
latest Business Accelerator Magazine, full of articles and news about growing and nurturing your business. This edition includes our second
article in a series on What are the Key Ingredients for a Successful Business? As well as articles on the ATOs new Stapled Super Fund rules,
an examination of why start-ups fail and info on the rules around the newly introduced Company Director ID Number…
Read More…
Superannuation stapling came into effect from 1 November 2021 for new employees and employers will need to ensure their onboarding process
complies with the ATO’s new ‘super stapling’ requirements...
Read More…
Most people for one reason or another contemplate starting their own business. While there’s no magic potion or secret formula that
guarantees business success, highly successful businesses have some common characteristics that we will explore across a series of articles.
In this instalment, we look at the importance of marketing and systemisation...
Read More…
Are you a Company Director? The new Director ID regime is now law and existing company directors have until 30 November 2022 to apply but
new directors appointed as of 1st Nov 2021 have just 28 days from appointment to apply and directors appointed 5th April 2022
onwards must apply prior to appointment...
Read More…
The COVID-19 pandemic has impacted the way we live, work and play. While the pandemic has posed a threat to lives and livelihoods,
there’s clear evidence that people have struggled to balance the hybrid work model particularly when combined with home schooling
duties. After 18 months of uncertainty people are doing a lot of soul-searching and a chunk of the population are re-evaluating various
parts of their lives including their employment and some are considering self-employment. In this article we examine the perils and
pitfalls of going out on your own, and importantly, how to avoid them...
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It's an emotional moment when you finally make the decision that it's time to sell your business. All those long hours, customer dramas and
financial risks will loom large in your mind, but the buyer isn't interested in how much work you've put into your 'baby', they want to see
financial proof that the asking price is justified....
Read More…
Don’t miss our latest edition of the quarterly Business Accelerator Magazine, full of articles and news about growing and nurturing your
business. This edition includes the first part in our series on The Key Ingredients of Business Success as well as looking at whether
COVID-19 Grants are taxable and the ATO’s data-matching programme targeting lifestyle assets…
Read More…
Most people at some stage of their lives, for one reason or another, contemplate starting their own business. While there’s no magic
potion or secret formula that guarantees business success, highly successful businesses have some common characteristics that we will
explore across a series of articles...
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The Tax Office has now extended its lifestyle assets data-matching program for the 2020/21 financial year through to 2022/23 and expect to
identify around 300,000 individuals each year…
Read More…
The Victorian Government has announced the reintroduction of the Commercial Tenancy Relief Scheme. Businesses with an annual turnover of
less than $50 million and who have experienced a decline in turnover of 30% or more due to the pandemic will be eligible as well as most
ACNC registered charities that have experienced a decline in turnover of 15% or more…
Read More…
For small business owners, access to government support is a critical lifeline and there have been a lot of changes in the last month. So
for our Victorian clients we summarise them in this article ...
Read More…
Australian businesses are again feeling the pinch financially as the second year of the COVID-19 pandemic continues to unfold. Businesses
along the east coast particularly are in a state of uncertainty - going in and out of lockdown like a swinging door. As a result, the
Federal Government has expanded the range of financial support available...
Read More…
Attention all Company Directors - The Government has introduced a Director Identification Number (DIN) to provide greater transparency
around the background of company directors and combat illegal phoenixing leaving creditors unable to recover debts...
Read More…
The Australian Tax Office has indicated that several types of costs associated with working-from-home will not be eligible as a tax
deduction…
Read More…
For our Victorian clients:- Victorian Business Costs Assistance Program (Round Two) - with the snap lockdown commencing
Thursday 27th May the Victorian State Government announced Round Two of the Business Costs Assistance program which opened for applications
today (Friday 4th June) and the Commonwealth Government has announced a Temporary COVID Disaster Payment for employees...
Read More…
As we approach the end of the 2021 financial year, tax planning has never been more important and as accountants, we believe our client
brief includes helping you minimise your tax liability within the framework of the Australian taxation system. Business planning is always
challenging but planning with a pandemic in the background is incredibly difficult given the uncertainty, so for many businesses, the number
one priority right now is cash flow...
Read More…
The Treasurer Josh Frydenberg released the Federal Budget on Tuesday May 11 and the focus is on recovery and investment to support job
creation to drive economic growth. In this article we examine the main changes proposed around personal and business taxation as well as
superannuation…
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In this fourth edition of our Recession Buster Newsletter we continue to examine the 4 Ways to Grow Your Business, specifically the 4th way –
Improving Your System & Processes. In other articles we explore the importance of having a website. Other articles include the 3rd part
of Ways to Turn Your Website into a Lead Generation Machine - this particular article looking at the importance of a good headline,
Live Chat function, Social Proof (Testimonials) & Social Media Links - and finally we look at mining your customer database for gold...
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The challenge for every business owner is to create a business that works independent of them. As an entrepreneur you need to be flexible
and multi-task but working ON the business can have a profound impact on your growth and profitability...
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There is an old saying, ‘The most fertile source of insight is hindsight’. That being the case, what can business owners learn from the
COVID-19 pandemic?
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Don’t miss our latest edition of the quarterly Business Accelerator Magazine, full of articles and news about growing and nurturing your
business...
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Every business owner wants to grow their business and their profits. While there’s no secret formula or recipe, the fact is, business growth
and improved profitability are outcomes achieved as a result of processes including marketing, your expertise, customer service and your
team’s performance.
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With the rollout of Australia’s coronavirus vaccine scheduled to commence in March there are some key things that every small business owner
needs to know...
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For our Victorian business clients, with the recent circuit breaker lockdown further impacting Victorian businesses, the State Government
has announced a further $143 million package to support those impacted by the recent snap lockdown...
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In this third edition of our Recession Buster Newsletter we continue to examine the 4 Ways to Grow Your Business, specifically the 3rd
way - Increasing the Average Sale Value. In other articles we explore the importance of measuring, monitoring & testing your
business, Other articles include the 2nd part of ways to turn your website into a lead generation machine - this particular article looking
at the importance of Lead Magnets & Calls to Action - and finally we examine the importance of goal setting and future planning...
Read More…
The JobMaker Hiring Credit system announced in the 2020-21 Federal Budget has now passed into law and employers can now register for
the credits available for eligible additional younger employees where the job has been created and the new hire has occurred after
7th October 2020. The intention behind the JobMaker credit legislation is to lessen the detrimental impact on the younger workforce of the
COVID-19 shut-downs...
Read More…
With the media flooding us with COVID-19 information and governments around the world using vocabulary that is normally reserved for war
time we know we are living in unprecedented times. Historically, business start-ups tend to surge when there are high levels of unemployment
and middle management lose their jobs. Amongst all the uncertainty, is it the right time to start a business?
Read More…
As businesses reopen, we are being confronted with a new ‘normal’. More people are now working from home and increasingly, staff and
customer meetings are being conducted online rather than face to face. In the second edition we explore the 4 Ways to Grow a Business
with a focus on the second way - How to Get Your Customers to Buy More Often. In other articles we look at how to turn your ‘electronic
brochure’ style website into a lead generation machine and how to convert those leads into sales. Finally, we look at the importance of
giving your customers a guarantee...
Read More…
The Australian Taxation Office (ATO) is warning business owners about the latest JobKeeper email scam to do the rounds, reminding SMEs to be
wary of requests for their personal information...
Read More…
The COVID-19 pandemic not only triggered a global health crisis, it also plunged Australia into recession for the first time in three
decades. As such, a lot of business owners are in unfamiliar territory and we are here to help you navigate your way through this
extraordinary and challenging period...
Read More…
Treasurer Josh Frydenberg presented his second budget on October 6 in what was described as the, "most important budget since World War
II". As expected, there is massive expenditure to reboot and stimulate the economy after the economic devastation brought on by the
coronavirus pandemic...
Read More…
As business owners, we need to learn from experience because history has a habit of repeating itself. Going forward we need to have a
contingency plan in the event there is another virus outbreak or some other catastrophe …
Read More…
The Government’s Stimulus Packages have given thousands of businesses a lifeline during the Coronavirus crisis. Unfortunately, with many
businesses back in lockdown in Victoria, some businesses just won’t survive this time around. As accountants, our mission is to ensure you
survive but if all avenues have been exhausted and it’s the end of the road, there are a number of things that need to happen to wind a
business up…
Read More…
Don’t miss our September edition of the Business Accelerator Magazine full of articles and news about growing and nurturing your business & strategies for the current crisis...
Read More…
The ATO has announced a rise in the cents per kilometre deduction rate for motor vehicle expenses for the 2020/21 financial year. Effective
from July 1, 2020 it will be 72 cents per kilometre. The tax office is expecting to see a drop in work-related car expenses claims due to
the COVID-19 travel restrictions in the last quarter of the 2019/20 financial year ...
Read More…
The Government's JobKeeper Payment Scheme has been extended and the eligibility criteria has also changed. The purpose of this article
is to help you make a quick assessment of your eligibility.
Read More…
Whilst some businesses around the country are starting to emerge from lockdown, others (such as metropolitan Melbourne - stage 4) may be
closed under even tougher restrictions. One thing has become clear, it’s no longer ‘business as usual’ and things can change very quickly.
The world as we know it has changed and we have been forced to rethink our daily routines, spending habits, exercise regimes and social
interactions. Many businesses may well be in dire circumstances, but is this the time to be trimming your marketing, or just the opposite?
Read More…
The coronavirus has been labelled the biggest global crisis for three generations. The economy came down 50 floors in the ‘elevator’ and it
will be much slower and harder going back up via the staircase. To help your business survive and prepare for the period of regrowth we have
put together this list of items to consider
Read More…
As part of the Government’s response to the coronavirus and its financial impact on individuals, there is a temporary opportunity for
individuals to withdraw up to $10,000 from their superannuation funds before September 24th
Read More…
If you are one of the thousands currently working from home during the COVID-19 ‘shut down’, you may be able to claim a deduction for some
of the expenses for your ‘office’ area. There are two parts to this, those employees working from home and businesses where their principal
place of business is their home – effectively running their business from home.
Read More…
American business magnate, Warren Buffet said, “Only when the tide goes out do you discover who’s been swimming naked.” When the
economy is booming, we tend not to worry about our level of debt or expenditure on non-essential items. As the shock of the coronavirus
wears off, it’s time to move into the planning phase and develop a clear strategy. The following checklist serves as a useful action plan
...
Read More…
The 2019/20 financial year has been extraordinary and the number one priority for most business owners right now is cash flow, so tax
planning has never been more important. With June 30 fast approaching you need to act quickly to ensure that we help you minimise your tax
liability
Read More…
Pivoting is something business owners normally do when they sense the business needs a change of direction. The COVID-19 pandemic's arrival
with little or no warning has caused most Australian businesses, both big and small, to effectively go into hibernation. The question is,
could your business benefit from pivoting in the current environment?
Read More…
The coronavirus has been labelled the biggest global crisis for three generations and has stopped the economy in its tracks. Thousands of
businesses have gone into hibernation and self-isolation rules have changed the way we live. Business owners face never seen before
challenges and to help navigate your way we provide a checklist and other resources to help our clients
Read More…
There is a lot of confusion about the JobKeeper enrolment process for employers. Last week some 800,000 employers lodged an expression of
interest for the JobKeeper Payment System, but this DOES NOT mean you are enrolled.
Read More…
The Government have announced a ‘Job Keeper’ Program that provides wage subsidy payments to Australian businesses who have seen their
turnover reduce significantly as a result of the coronavirus. Registered employers will receive a flat $1,500 each fortnight for each
eligible employee, including those that have been stood down or recently rehired.
Read More…
Our clients are looking for help as the COVID-19 pandemic tracks towards being the greatest social upheaval the world has seen since World
War II. The updates and announcements are coming at a breakneck speed. With some industries more severely impacted than others the question
is 'What to do next?' In response, we have put together this action plan checklist
Read More…
Business owners are facing unprecedented challenges with uncertainty surrounding the COVID 19 (coronavirus) outbreak. The pandemic will
eventually pass but the big question is, when and what can you do to minimise the damage?
Read More…
In light of the recent health warnings from the Australian Government and World Health Organisation, we would like to share with you what we
are doing to assist with managing the impact of coronavirus and social distancing on our clients and team members
Read More…
The Federal Government has announced its Coronavirus Stimulus Package designed to bolster the Australian economy as the illness continues to
spread
Read More…
The Federal and State Governments have announced a range of relief benefits for small businesses impacted by the recent catastrophic
bushfires. Ranging from grant funding, concessional loans, financial support and other measures such as Land Tax relief in effected areas
Read More…
The Tax Office has lifestyle assets under the microscope, so if you’re in the enviable position of being able to purchase a luxury car, boat
or thoroughbred horse, be aware the ATO is data matching to keep track of these purchases
Read More…
Happy New Year. Not just the start of a new year, it’s the start of a whole new decade. Is this the time for you to finally make that big
change and buy that business you’ve been thinking about? Let’s examine the Five Phases of Buying a Business Read More…
Christmas time can be a make or break period for some types of businesses, retailers, accommodation, wholesalers & the information and
communication sectors for example experience their peak sales at this time. For other industries this can be an especially tough time of the
year with many business owners experiencing low demand, staff absences and supply disruptions...
Read More…
Have you fallen behind on your Superannation Guarantee obligations? Legislation enabling the Superannuation Guarantee amnesty that was
proposed back in May 2018 is before Parliament right now and if enacted, will apply from the original amnesty announcement ...
Read More…
There has been a number of high-profile businesses in the media recently for the wrong reason. How can this happen and how can you make sure
you don't join this "Rogue's Gallery"?
Read More…
Businesses fail for a multitude of reasons. Lack of sales and cash flow, inadequate capital and failing to adapt to change can all
contribute to the collapse of a business. Let's explore some of the major reasons why business start-ups fail.
Read More…
Consumer behaviour has changed and your website is now your marketing hub. In this article we look at three key website issues that confront
most business owners - not enough website traffic, poor conversion of leads to sales and a lack of strategy…
Read More…
We know we can’t please all of the people all of the time but with 72% of consumers reporting trusting online reviews as much as personal
recommendations it can feel really damaging to receive a poor online review. Despite your instinct to try and get it deleted there are other
courses of action open to you.
Read More…
With the end of financial year now behind us let’s look at a couple of things to address to tidy up last financial year and plan for
2019/20. Namely - Single Touch Payroll and the Immediate Asset Write-Off Change
Read More…
The Tax Office has introduced a Whistle Blower Hotline encouraging people to 'dob in' business owners they suspect are operating in the
black economy. The Hot Line went live on the 1st July 2019.
Read More…
No business can afford to get complacent. If you are adopting the SALY (Same As Last Year) approach, you may discover your business is ripe
and rotting, not green and growing….
Read More…
The Australian Taxation Office (ATO) has identified specific locations as ‘risk areas’ in each state to target small business
looking for evidence of black economy activity. Is your business at risk?Read More…
Creating wealth through an investment property is a well-established practice in Australia. Of the approximate 9 million residential
dwellings in this country, almost 25% are rental properties. Read on for our renovation tax tips...
Read More…
Don’t miss our latest newsletter which is stuffed full of articles on:-
Tax Planning & Tax Return Checklists
The Federal Budget Round Up
Buyer Beware! – Before You Buy a Business
Thinking of Renovating Your Investment Property?
The Importance of Local Search for Small Business Owners
ATO to visit 1,800 Businesses in a Black Economy Blitz
And don’t forget, Single Touch Payroll becomes mandatory for all Australian employers from today – watch our short webinar in a previous
blog to bring you up to speed….
Read More…
As the end of another financial year approaches we have created a Tax Planning Guide for 2019 which highlights some end of year tax planning
opportunities to help you minimise tax and take action on any items required pre June 30.
Read More…
Starting a new business seems a daunting task. But take our advice, don’t be scared – be prepared. Here’s some guidelines in what you need
to do when it comes time to let people know your new business exists.
Read More…
Whenever you are looking for a product or service in your local area you are probably going to Google it. In this FREE Webinar and article
we look at how small business can leverage the Power of Google's Local Search
Read More…
In ‘the biggest compliance issue since GST’ small employers (less than 20 employees) need to get on board with the ATO’s Single Touch
Payroll system from 1st July 2019 to report employee’s superannuation and tax withholding on a pay by pay basis. Find out what
you need to do now….
Read More…
Starting a Business is an exciting time, but there are so many things to consider it's hard to know where to start. In this Free 30 minute
Webinar we examine the processes and pitfalls when Starting Your Own Business....
Read More…
For a business start-up, your marketing could be the difference between boom, gloom and doom. In the digital and social age your website is
the hub of all your marketing …
Read More…
For a business start-up, your marketing plan could be the difference between boom, gloom and doom. Let’s look at the marketing essentials
to get you off to a flying start.
Read More…
Bookkeeping may not be everybody’s idea of fun, but it is an essential and unavoidable task in the success of your business. We look at 6
common bookkeeping mistakes and how to avoid them….
Read More…
All of us here at Accelerate Accounting Group wish you every success for 2019 and we'll be full steam ahead from the 7th January.
In the meantime, wherever the road takes you financially this year we’ll be there to support you. Dream big. And if those dreams include
Starting or Buying a Business this year, we’ll help you every step of the way....
Read More…
Running your own business can be rewarding. You get to follow your passion, choose who you work with and potentially make more money. It sounds irresistible with the flexibility, independence and freedom, however, there is a catch. There are risks but there are also strategies
to help reduce those risks…
Read More…
Ho, Ho, Ho! It’s coming up to the Holiday Season and you might be thinking of throwing an office break up party or providing your staff with Christmas presents. Without being The Grinch, there are Fringe Benefits Tax implications for both of these scenarios that you need to be aware of.
Read More…
With Christmas and the holiday season fast approaching, businesses may find their cash flow suffering particularly if current invoices don't get paid until February next year. This can be catastrophic for seasonal businesses so let’s look at some ways to help improve your cash flow.
Read More…
The Tax Office has deployed what they refer to as "mobile strike teams" to uncover business owners attempting to avoid tax, especially to target the cash economy. With plans to visit some 10,000 small businesses in the 2019 financial year nationwide, this follows on from their earlier successful blitz of cash-centric suburbs around Australia. To this end we outline some of the common mistakes the ATO has recently observed.
Read More…
One of the most challenging aspects of starting a new business is sourcing finance. Once you know how much funding you require it’s time to explore your finance options and there are 6 sources of funding available.
Read More…
There are numerous issues to consider when starting a new business. In this article we examine one of the most important issues, the need for legal advice and guidance with contracts, leases and other legal matters.
Read More…
Facebook remains every marketer's dream, with access to around 15 million users Australia wide. Advertising on Facebook provides the opportunity to expand your customer base without costing an arm and a leg.
Read More…
Aretha Franklin, the Queen of Soul, recently passed intestate (no Will) leaving a purported estate worth $108 million. A number of claims have already lodged been lodged which highlights the importance of having a Will. Let’s look at the administrative taxation process involved when you’re left to deal with a loved one’s estate.
Read More…
The ATO has indicated they are casting a wider net when it comes to claims for home office expenses, work-related expenses and ride-sharing income. Find out what’s under the microscope this financial year.
Read More…
Our valuable e-book, The 1 Simple Secret to Growing Your Business has moved from our Home Page to our Marketing Services page to make way for our new e-book The New Business Starter Kit. But we don't want you to lose track of this valuable free resource. We hope you find these videos and resources valuable because they have the potential to give your business a serious competitive edge in your industry.
Read More…
As a business owner and employer there are a number of legislative changes that came into effect on July 1, 2018 which you need to be aware of including Single Touch Payroll, the continuation of the Superannuation Guarantee Charge Amnesty, increased Minimum Wage Rates as well as changes to Penalty Rates and the Unfair Dismissal Threshold.
Read More…
The rate for work-related car expenses has increased for the income year starting 1 July 2018. It is now 68 cents per kilometre.
This applies if you have chosen to use the cents per kilometre method for calculating work-related car expenses and will remain in place until the Commissioner decides it should be varied.
If you are paying your employees a car allowance in excess of 68 cents per kilometre, you need to withhold tax on the amount you pay over 68 cents.
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Eureka! You’ve had that brilliant idea for your new business. Before you can open your doors, there are numerous issues to consider and one of those important issues is having a Business Plan and Cash Flow Budget.
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The Tax Office is warning individuals and business owners not to claim 'stock standard' deductions on their tax returns this tax season. Taxpayers mistakenly claim expenses not directly related to their work and the ATO has them in their sights.
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In this fourth article in our 8-part series on Starting a New Business, we help you navigate your way through a maze of rules, registrations and regulations. One of those issues is making the right decision on what business insurances you will require.
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It’s exciting when you have that light bulb moment and you’re hit with an idea for your new business. Before you can open your doors, there are numerous issues to consider and you must navigate your way through a maze of rules, registrations and regulations. One of those importance issues is making sure you carry out the right business registrations.
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In this series we examine the 9 essential website features you need to convert your website from a static electronic brochure to a lead-generation Marketing Machine. In this article we look at the importance of Headlines, a Live Chat feature, Testimonials & Social Media Links. .
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Profit is the way we keep score in business. It is achieved through making the right management decisions and it impacts on your business valuation. You simply can't afford to leave any profit on the table.
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The Federal Treasurer, Scott Morrison, handed down his third Budget on the evening of Tuesday May 8th. We provide a round up of the changes that may impact you or your business.
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It’s exciting when you have that light bulb moment and idea for your new business. Before you can open your doors there are numerous issues to consider and you have to navigate your way through a maze of rules, registrations and regulations. One of those issues is the right accounting and bookkeeping software.
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The end of another financial year is fast approaching. Our 2018 Tax Planning Guide for the end of the 2017/18 financial year highlights some end of year tax planning opportunities which you may wish to consider before June 30, 2018.
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In this series we examine the 9 essential website features you need to convert your website from a static electronic brochure to a lead-generation Marketing Machine. In this article we look at the importance of Calls to Action and Lead Magnets.
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It’s exciting when you have that light bulb moment and you're hit with an idea for your new business. Before you can open your doors, there are numerous issues to consider and you must navigate your way through a maze of rules, registrations and regulations. One of those issues is the right business structure.
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In this series we examine the 9 essential website features you need to convert your website from a static electronic brochure to a lead-generation Marketing Machine. In this article we look at the importance of blogs, mobile responsiveness and video content.
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All employers need to perform a headcount as at 1 April 2018 to determine when they need to implement the latest ATO digital initiative - Single Touch Payroll. Employers with 20 or more employees will need to start reporting through Single Touch Payroll from 1 July 2018. Let’s look at what employers need to be doing right NOW.
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Can’t I use my superannuation? This is a very common question we get asked and in this post we look at what the government restrictions are on accessing your super and the impact of preservation age.
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According to a recent Telstra survey, only 50% of Australian small businesses have a website. Surely this can't be true! With the same report finding that 62% of customers will stop considering a small business if they can't find information about it online - there can be no doubt that having a website is a fundamental weapon in your marketing arsenal.
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The ATO recently conducted a blitz in specific suburbs around the country (including the city of Perth) where it identified a suburb as having 'high cash economy risk behaviours'. Due to its success, the Tax Office will maintain its audit focus on cash-based businesses. Could yours be next?
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Franchising is big business in this country and while buying into a franchise can often be promoted as a ‘gold mine’, the reality is, franchises can also fail. Let’s examine some of the most important things you need in place when buying a franchise.
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Cash is King, make no mistake, but it remains a constant challenge for today's small business owners. In this article we examine the differences between cash flow and profit and the importance of understanding your numbers to maintain a positive cash flow.
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Your marketing could be the difference between Gloom, Doom or Boom in 2018. We outline 4 Website Essentials you need if you're looking for new customers.
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