Did you use the reduced rates that applied for fuel acquired? Fuel tax credits are a valuable way for businesses to reduce their fuel...
Our Blog
Please visit this page regularly to see regulatory updates and business news.Tax Deductions for Working from Home
Tax Deductions for Working from Home The Australian Taxation Office (ATO) has recently revised its approach to claiming deductions for work...
Taxes applied for providing car parking for your employees
Taxes applied if you are providing car parking for your employees If you provide car parking for your employees, you may have to pay fringe...
Received a business support grant?
Received a business support grant? You may have received a business support grant recently to help your business through tough times. If...
Future-Proofing Your Legacy: 10 reasons Why?
Future-Proofing Your Legacy: 10 reasons Why? Let me ask you this question, “is it important for you to protect your family wealth for...
Successor Director Solution: Business as usual
Successor Director Solution: Business as usual Caution: Having a Sole Director in a company without a backup plan is just not prudent. It...
Pick your Team Members In case of your incapacity
Pick your Team Members In case of your incapacity: Who will be your financial decision maker (Enduring Power of Attorney)? Who will be your...
Having the Last Say on Your Health Care Decisions: Advance Care Directive and Enduring Guardian (NSW)
What is an Advance Care Directive? One thing we can expect out of life is its unpredictability. Although thinking about the unpredictable...
In case of incapacitation due to illness or injury: Activate your EPOA (Enduring Power of Attorney)
POWER OF ATTORNEY “A power of attorney, like a will, is a way of preparing and planning for the future.”_Find Legal Answers There are...
Progress Payments in Construction Industry
What are the Security of Payments Laws? In NSW, those who perform construction-related work or offer supplementary goods and services under...
Are You Still Using Your ABN?
Are you still using your ABN? Your ABN may be flagged for cancellation if you haven’t reported business activity in your tax return, or...
Successor Director Solution: Business as usual because, the show must go on!
Let us keep your company invincible even in the face of your demise, sickness or legal plight! In Australia, there are approximately to 3...
WHAT HOME OFFICE EXPENSES CAN I CLAIM?
If you performed some of your work from your home office during the 2022 financial year, you may be able to claim a deduction for...
Special Disability Trusts
As a parent or caregiver to a person with a severe disability, it is critical to guarantee that the assistance your loved one needs for...
Big Tax Law Changes – No tax deductions if you don’t meet your tax obligations
There’s recently been a big tax law change that may reduce the tax deductions for many businesses across Australia. This may...
The ATO – Don’t Say We Didn’t Warn You!
WARNING TIME The Australian Taxation Office (ATO) is closing in fast on everyone who doesn’t properly declare their income and pay...
Personal Service Income
What is PSI or Personal Service income PSI is income that is primarily a reward for one’s efforts, skills and experience. What is the...
As a builder how do you manage every increasing costs and still not lose money?
Meet Sam, the builder who came to us for advice when he did not have any clarity what’s going on each project in terms of...
Single Touch Payroll Phase 2 Starts in 2022
All employers have to report payments made to employees and closely held payees to the ATO using Single Touch Payroll reporting from July...
Recovering Costs from Employees
At times, as an employer, you may feel justified in reclaiming money from an employee because they’ve lost company property, damaged...
Keeping Your Business Cash Liquid – the Difference Between Cashflow and Profit
The foundational goal of any business is to make a profit. As a business owner, that’s one of your key financial aims – to make enough...
Ideas for Charitable Corporate Gifts This Christmas
With the Christmas season just around the corner, it’s nice to acknowledge your suppliers/business partners and say thank you for another...
How Are Cryptocurrency Transactions Taxed in Australia?
Whether you’re currently involved in a cryptocurrency like bitcoin, or considering buying a cryptocurrency, it’s vital to explore the...
Changes to Company Tax Rates – Less Tax?
Some companies are eligible for lower tax rates. We’ll always apply the tax law for your benefit when we prepare your company tax...
Small Business Bookkeeping – Here’s How
While the software has replaced the leather-bound ledgers of the past, bookkeeping is still an essential task for modern business owners....
Farm Accounting – 10 Tips
Farming is a business with unique accounting needs. The specific challenges you face in running a successful and thriving farm, requires...
Construction Accounting Basics
Like any other business, if you’re starting a construction business it pays to do it properly. That means getting your accounts in order...
How to Manage Finances and Cash Flow in a New Business
Getting your head around effective financial management, when you are busy running a business can be difficult. Get it wrong, and you...
Managing Debt in Your Small Business
Running a small business requires taking some risks. Debt is one of those risks, but it is also a positive tool for small business that is...
Single Touch Payroll Phase 2 Expansion is Nearly Here
The expanded Single Touch Payroll (STP) Phase 2 is due to start on 1 January 2022. However, the ATO has just announced that there will be...
What Does an Accountant Do?
The best accountants can do much more than just tax and compliance work for your business. They’re troubleshooters and strategic advisors...
Do You Have Direct Debits and Online Payments Set Up for Your Business?
Do you have direct debits and online payments set up for your business? Making it easy for your customers to pay you is vital to business...
How to Achieve Business Success
While change may be the only certainty in business, you still need to know where you’re going. You can’t stop the unexpected from...
Making price quotes work for you
When a customer asks you for a quote, it means they’re seriously considering doing business with you and you’re one step away...
Setting goals and measuring performance
Goals are what drive the long-term performance of your business. Agreeing on clear targets, and measuring your progress over time via key...
Company Director? You’ll need a Director Identification Number
The government has initiated a new system that attaches a unique identifying number to an individual who is a company director. If you are...
How’s your work-life balance?
It’s great to be the boss – you can work any hours you like, right? Unfortunately, for many business owners, that means long hours,...
Understanding the Basics of Capital Gains Tax
A capital gain (or loss) occurs when an asset is sold. The difference between the purchase price and the sale price is the gain or loss....
Before Choosing an Accountant, You Should Ask These Questions
Whether you hire an individual accountant or manage your own business, it is crucial to keep track of your finances. An accountant is an...
Accounting Basics: the Profit and Loss and Balance Sheet Reports
Understanding your finances is a vital part of running your business. But getting down into the nitty gritty of the company accounts...
How to Claim for Working from Home Expenses?
Working from home is becoming the norm for many businesses, either due to lockdowns or greater employee flexibility. It’s important to...
Measure Business Success with KPIs
When it comes to meeting your business goals, it pays to have an effective way to measure your success. Key Performance Indicators (KPIs)...
Team Communication Tools – What is Slack?
When you have employees working from home and no longer together under one roof, communication becomes more important than ever. Slack is a...
Can You Require Employees to Be Vaccinated in Australia?
Vaccination is an effective way to help protect against COVID-19. But as an employer, can you require your team to be vaccinated? While in...
Video Marketing Explained
In a world of multiple online channels and social media formats, video seems to be coming out on top. Social platforms like Instagram, Tik...
Is your business focused enough on cyber-security?
We live in a digital world where our company’s data and (crucially) our customers’ data is under constant attack. Hackers are always...
New Employees? Find out about Stapled Super Funds
From 1st November, if you have any new employees start work with you and they don’t nominate a specific superannuation fund, you may need...
Automation Can Ease Your Business Workload
Small and medium-sized businesses are spending on average 120 hours a year on admin tasks, according to recent research. If your people are...
Why Accurate Leave Management Is So Important?
Managing employee leave might seem like quite a basic task for many businesses – especially smaller ones with only a few employees...
Want to Get Paid Faster?
Xero’s Small Business surveys show that almost half of invoices are paid late. Late payments are one of the most frustrating things a...
6 Marketing and Design Tools for your Small Business
As a business owner these days, you have access to a huge variety of different online, digital and social channels for sharing your...
Tax Tips for Small Businesses
Common Tax Deductions for Small Business Are you claiming all the business tax deductions that you are entitled to? There are many expenses...
COVID-19 Government Assistance for Business – Handy Links
Business.gov.au has one handy webpage with links for all COVID-19 related financial assistance for businesses in all states and...
3 Tips for a Better Recruitment Ad
The job market is running hot and it’s tough to attract good new staff. You need to write a job listing that will help your role stand...
Establishing Your Competitive Advantage
Why do customers buy from you? Knowing what it is that makes someone choose your products and/or service over your closest competitor is...
What Is Inventory Accounting? – and Why It’s Important
Keeping track of your inventory, the time it takes to sell and the profit made on each product is essential if you want to manage your...
How to Accept Payments Online – and Why It’s Smart
One of the best things about online shopping is instant, hassle-free payment. Enter your details, click, and you’re done. If your...
Streamline Your Business Administration with Digital Record Keeping
Good record keeping is the mainstay of accounts management. It assists you to both meet your compliance obligations and provide...
How Does an Accountant Save You Money?
Turning a profit will be high on your list of goals as a business owner. And if you want to generate the best margins, that means keeping...
Could a 4-Day Week Be a Good Fit for Your Team?
The pandemic has acted as an impetus for reflection, with many workers and business people reassessing the hours they work and the priority...
How to Manage Poor Employee Performance
When one member of your team begins to perform below par, this can have a knock-on effect across the whole business. So, dealing...
Single Touch Payroll Phase 2 Postponed
All employers have to report payments made to employees and closely held payees to the ATO using Single Touch Payroll reporting from July...
Succession Planning for Small Businesses
It takes guts to start a business. It also takes a strategic mindset to succeed. Business owners are no strangers to weighing risk and...
Your Business Exit Strategy in 9 Steps
How do you make sure your business is on the best possible footing when you are ready to leave it? Here’s our advice… What is a...
Does Your Business Have a Disaster Recovery Plan?
With extreme weather events on the rise and climate change becoming an increasing threat, it’s never been more important for your...
3 Company Policies You Should Have in Writing
Putting important company policies in writing makes good sense. It compels you to think about how you want your workplace to run and the...
Wellbeing in the Workplace
Supporting and promoting health and wellbeing in the workplace is important for staff and business owners alike. Providing a physically and...
What is Personal Services Income?
Personal services income (PSI) is income received as payment for individual personal efforts and skills. It applies to many contractors who...
How to Start Small with Small Business Marketing?
Big isn’t always best when it comes to marketing, and this rings true when it comes to small businesses. Support for small businesses is...
How to Thrive in a Changed World
One year on, small business owners are still struggling with the effects of the pandemic – lockdowns in some parts of the world, closed...
What Do You Want from Your Business?
When you started your business, you probably dreamed about flexible hours and highly profitable, stimulating work. Ideally, you would’ve...
The Perfect Time for Planning?
Being in lockdown is frustrating. There’s so much you can’t do. But is it the perfect time to do some business planning? Business...
Should I Focus on Profits or Cashflow?
Turning a profit is at the heart of running any successful company. But should profits be the only financial focus if you’re looking...
The Value of Cashflow Forecasting During a Crisis
Projecting your cashflow pipeline forwards during a crisis is vital. To be able to navigate the future path of your cashflow, you need to...
The 10 Ways to Lift Your Margin
Improvements can always be made at the margin. Small tweaks to your processes or systems can make a massive difference to the end result....
Should You Buy or Lease Your Business Assets?
There are certain items of equipment, machinery and hardware that are essential to the operation of your business – whether it’s the...
Is Your Business Eligible for JobMaker Payments?
The JobMaker Hiring Credit scheme is designed to encourage businesses to employ additional young jobseekers aged 16-35 years. The hiring...
Top Reasons Why You Should Take Employee Retention Seriously
Some businesses treat employees like cogs in a machine: lose a few and there are always plenty more to replace them with. But every person...
Your PAYGW Payment Summary Annual Report for Non-Employees Is Due Soon
If you need to provide payment summaries to people other than employees, such as suppliers where no ABN was quoted, you need to lodge...
Is Your Cost of Sales Affecting Your Gross Profit?
Do you know how much it costs you to produce each product or service in your range? The better you can understand this cost of sales – or...
LinkedIn for Marketing Your Business
Having a LinkedIn company page isn’t a compulsory requirement when you set up a business. It works best in industries where networking is...
Understanding Your Balance Sheet
To understand the financial position of a business at a specific point of time, look at the balance sheet. The balance sheet may also be...
How to Handle Bad Reviews About Your Business
When was the last time you made a purchasing decision based on positive customer reviews? Most of us can remember when we decided NOT to...
How to Effectively Handle Employee Conflict
Conflict is common in most workplaces. While it may not seem too detrimental at low levels, research has found that serious conflict and...
How to Do a Bank Reconciliation
Bank reconciliation keeps your bookkeeping accurate and can help lower your tax, alert you to fraud, and allow you to track costs. Bank...
Search Engine Optimisation for small businesses
The internet is amazing, putting a vast trove of information right at our fingertips. But with the current Google page count at an...
Understanding Your Revenue Drivers
For your business to make money, you need to generate revenue. You produce revenue through your usual business activity, by making sales,...
Cash Is Not Profit and Vice Versa
The purpose of a business is to make money, and that means you have to know the difference between profit and cashflow. Net profit is what...
Understanding Your Statement of Cash Flows
The statement of cash flows, (also known as the cash flow statement), shows how your business has generated and used cash (and cash...
Twitter for Marketing Your Business
Twitter is well established as a social media platform for entertainment, sport, news and everyday online content sharing. It’s also an...
Understanding Your Profit and Loss Statement
Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. It’s sometimes...
Making Data Meaningful in Your Business
Three steps to ensuring data is meaningful for your business Raw data describes the facts and figures that a business processes every day....
Inventory Management Best Practices for Retailers
Inventory management is incredibly important in retail and yet studies reveal that 43% of small businesses either don’t track inventory...
What’s the Difference Between PAYGI and PAYGW?
Many people new to running a business and employing people are unsure about the difference between PAYGI and PAYGW. They are not the same...
Taxable Payments Annual Report (TPAR) for 2021
The taxable payments annual report (TPAR) reports to the ATO information about payments made to contractors for certain services. TPAR for...
Ethical Marketing
Ethical marketing is about drawing the line between moral and immoral advertising to your customers. It’s the difference between...
Upsizing or Downsizing? We Can Help with the Forecasting
The post-Covid, globalised economy has created a number of challenges for the average business. Depending on your business purpose and...
Cashflow and Cost Control
More than ever, cashflow is a vital part of staying afloat, whether your business is in recovery or growth mode. Revenue, profit and your...
Why Building a Customer Database Is Good for Business
As more and more business moves online, you need an efficient way to contact customers. An online database helps you reach out to your...
Your Step-By-Step Guide to Meaningful Customer Feedback
Your clients or customers experience your business in a way you never can. They’re an incredible source of knowledge and insight....
The Results Mindset
If you struggle to achieve the results you want, it’s likely you’re disregarding one of the key components of The Results Mindset...
Reporting Cryptocurrency Transactions at Tax Time
Have you dived into the world of cryptocurrency exchanges? Cryptocurrency is used to describe encrypted virtual currencies which exist as...
Is It Time to Fire a Client
The best clients make being in business all worthwhile. They value your expertise, appreciate your hard work, they’re friendly to work...
Australian Consumer Law Changes
Changes to the Australian Consumer Law (ACL) from July 2021 – do they affect your business? The financial threshold definition of a...
Why Employee Onboarding Is So Important
Even before you start recruiting for a position, you should be prepared to make a new employee’s introduction to the business as smooth...
P Is for Purpose, Not Profit
Why does your business exist? Your purpose is three to seven words explaining why your business exists for your customers; it should be...
Have You Changed Your Business Purpose?
Many businesses will have been through a tough and transformative period through 2020 and into 2021. In some cases, companies have had to...
6 Reasons To Look at Your Financial Reports
Making time to look over your financial reports each month is an important task for any business owner. If you are not taking the time to...
Employing Casuals? Here’s What You Need to Know About the New Rules
Casual Employment New Rules from March 2021 The Fair Work Act 2009 has been amended to enforce several new rules for employing casual...
The Importance of Having a Business Coach
It can be lonely at the top when you’re running your own business. As the owner manager, the buck stops with you and that can result...
Why Bookkeeping Is Essential for Your Small Business
As a small business owner, do you need a bookkeeper, an accountant, or both? Bookkeepers can seem a little mysterious. In fact, they deal...
What Small Businesses Can Learn from Their Competition
It takes little more than a laptop and a social media page to get a legitimate business off the ground these days. As a result, it’s next...
The Basics of Invoicing – What You Need to Know
Invoicing plays a key role in all businesses (it’s how you get paid) so understanding how they work, what to put on them and the...
Keeping Your Cashflow Strong in Tough Times
Small businesses are particularly vulnerable in tough economic times. When sales are slow, there are still overheads and salaries that need...
Pay and Payroll Mistakes That Can Cost Your Business
Getting pay or payroll wrong is a major financial and legal risk. Business owners and management are ultimately responsible for any pay...
Government Support for Your Business
As Australia goes into a new wave of Covid-related lockdown, businesses again face the challenges of social distancing, the wearing of face...
It’s Annual Accounts Review Season!
It’s that time of year again – Annual Accounts review season! To ensure the Annual Accounts process is as smooth as possible for...
Single Touch Payroll Reporting for Closely Held Payees Mandatory from July
Does your business make payments to closely held payees? If so, you will need to start reporting these payments via Single Touch Payroll...
Franchise Accounting Tips
Many think that buying a franchise eliminates the financial risks associated with starting a business. It’s a proven format, established...
Buying or Selling Shares? Remember to Include Details in Your Tax Return
With the increased availability of share trading apps, making it cheaper and easier to buy and sell shares, more people are entering into...
Contractor or Employee – What You Need to Know
What is the difference between a contractor and an employee and whose responsibility is it to get right? An employee works in the business...
Get Your Business Records Ready for Your Tax Return
Organising your documents now will mean you can get your tax return completed earlier and access any refunds due or start planning for tax...
Are You Paying Yourself Too Little?
You probably didn’t get into business just to make money, but it is (and should be) part of the equation. Getting your salary right is an...
Review Your Expenses – and Save Yourself Money
Running a business will always mean incurring certain expenses, or ‘spend’. There are always costs, overheads and supplier bills that...
R&d Tax Incentive for Australian Businesses
The Australian Government’s R&D tax incentive provides targeted offsets that aim to encourage more companies to engage in R&D, in...
Are You Paying Too Much Tax?
Paying tax is an inevitable part of doing business. The more your income grows, the more tax you’re liable to pay. You’re rewarded for...
Prepare for Finalising 2021 Single Touch Payroll
It’s nearly time to make a finalisation declaration for Single Touch Payroll. There is no need to issue payment summaries to employees...
Reporting Cryptocurrency Transactions at Tax Time
It’s nearly time to make a finalisation declaration for Single Touch Payroll. There is no need to issue payment summaries to employees...
Your PAYG Withholding Statement (IAS) is Due on the 21st
Some employers need to pay PAYG withholding liabilities to the ATO monthly, even if the BAS is lodged quarterly. The monthly instalment...
Small Business Bookkeeping
While software has replaced the leather-bound ledgers of the past, bookkeeping is still an essential task for modern business owners....
Tax Tips for Self-Managed Superannuation Funds
Having a self-managed superannuation fund (SMSF) gives you control and flexibility over how you make investments and prepare for...
What’s the difference between financial accounting and management accounting?
You’re running a business, so you know the legal requirements around producing accounts and submitting tax returns. But do you truly know...
Your Monthly Activity Statement (BAS) Is Due on the 21st
Your monthly activity statement is due by the 21st of this month. Use the following checklist to make sure you are ready for lodgement day:...
Simplify Real Estate Accounting
Well-managed accounting is crucial in every business – in real estate, it comes with added layers of complexity. Whether you’re running...
Can Your Business Claim the Loss Carry Back Tax Offset?
As part of the Federal Budget 2020-21, the government announced a loss carry back measure to encourage new investment and work with the...
What Is Depreciation? and Why It’s Important
Depreciation is what happens when business assets lose value over time. It’s an often-forgotten cost of doing business – but it...
Your Fringe Benefits Tax Return Is Due Soon
If you are lodging your own fringe benefits tax (FBT) return, you need to lodge and pay by the 21st of May. If we are lodging on your...
Tax Tips for Individuals
Although your tax return is not due for a few months yet, the end of the financial year is near. Get ahead now by preparing all the...
Do You Need Better Access to Funding?
Cash is the fuel that powers your business. Does your business have enough capital in your company to actually fund your short, medium and...
Reasons to Start a Small Business Podcast
Advertising and marketing options are endless for any small business, but driving growth through paid activity quickly becomes expensive...
Personal Property Securities Register – Protect Your Business
The Personal Properties Security Register (PPSR) is a national online register of secured interests in property. You can protect your...
Income Splitting – New Rules from July 2021
Are you interested in learning more about income splitting and how to minimise tax by apportioning income or profit between associated...
Super Guarantee Rate is Set to Rise from July – Are You Prepared?
The superannuation guarantee statutory rate has remained at 9.5% since July 2014. However, plans have been in place for some years now, to...
Tax Tips for Property Investors
If you have income from investment properties, now is the time to start gathering your records and reviewing your expenses for the 2021...
Federal Budget 2021 – 2021
On Tuesday 11 May, the Treasurer, the Hon Josh Frydenberg MP, delivered the Federal Budget 2021–22, his third Budget. We have curated a...
Have You Considered Jobmaker Hiring Credits
If you are to increase head count during this period until October 2021, government job maker hiring credit means you can reduce the wage...
Don’t Lose a Tax Deduction for Non-Compliant Payments to Employees
If you are running a business, you can no longer claim deductions for payments to employees/workers if you have not met your Pay As You Go...
Achieve Ultimate Financial Freedom!
We’ll create for you a one page plan for your future – how much $ you will need, an estimate of how much $ you’ll have, and how to...
How to Open New Markets with Fresh New Products
Growing your business means more cash for you now plus a higher sale price in the future when you decide to eventually sell your business....