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Tax planning helps you do more with your money

Tax planning is a strategic approach to managing your business’ financial affairs, with the aim of legally minimising your tax liability. In other words, you plan ahead to make sure you pay the taxes you should be paying, but not a penny more. Working with your tax adviser, you can look for deductions, credits, exemptions […]

Plain English guide to profit and loss

Here’s our Plain English guide to profit and loss and what this report reveals about your finances. What is profit and loss? Your profit and loss statement is commonly called your ‘P&L’. It’s also sometimes referred to as your income statement or statement of earnings. Your P&L is a breakdown of your company’s revenue (money […]

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 an eye on the money that’s going out of the business, as well as what’s coming in. So, how can your accountant help with this? The days where […]

Five steps to better cash flow

Need a hand managing cash flow? You’re not alone. The key is getting your invoicing right, by invoicing customers as soon as possible and using tools like Xero’s invoice reminders to move payments along. That said, there are a few other simple rules you can apply to manage your cash flow and get your invoices […]

Is there such a thing as over-automation? The need for a human touch

Automating your key systems is the way to turn your enterprise into a 21st century, digital business. But are we getting carried away with automation? And could we be systemising areas which could benefit from a more personalised, human touch? Personalisation of the customer experience is vital. Automation can play a big part in creating […]

How to ride the wave of technological advancements

The rapid technological advancements we’re seeing are a double-edged sword for many business owners, presenting both great opportunities and potential challenges. Adopting and integrating these new technologies is essential if you want to remain competitive, but it requires careful navigation and a clear strategic plan for your tech stack. 5 key steps for transforming your […]

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Tax planning helps you do more with your money

Tax planning is a strategic approach to managing your business’ financial affairs, with the aim of legally minimising your tax liability. In other words, you plan ahead to make sure you pay the taxes you should be paying, but not a penny more. Working with your tax adviser, you can look for deductions, credits, exemptions […]

Plain English guide to profit and loss

Here’s our Plain English guide to profit and loss and what this report reveals about your finances. What is profit and loss? Your profit and loss statement is commonly called your ‘P&L’. It’s also sometimes referred to as your income statement or statement of earnings. Your P&L is a breakdown of your company’s revenue (money […]

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 an eye on the money that’s going out of the business, as well as what’s coming in. So, how can your accountant help with this? The days where […]

Five steps to better cash flow

Need a hand managing cash flow? You’re not alone. The key is getting your invoicing right, by invoicing customers as soon as possible and using tools like Xero’s invoice reminders to move payments along. That said, there are a few other simple rules you can apply to manage your cash flow and get your invoices […]

Is there such a thing as over-automation? The need for a human touch

Automating your key systems is the way to turn your enterprise into a 21st century, digital business. But are we getting carried away with automation? And could we be systemising areas which could benefit from a more personalised, human touch? Personalisation of the customer experience is vital. Automation can play a big part in creating […]

How to ride the wave of technological advancements

The rapid technological advancements we’re seeing are a double-edged sword for many business owners, presenting both great opportunities and potential challenges. Adopting and integrating these new technologies is essential if you want to remain competitive, but it requires careful navigation and a clear strategic plan for your tech stack. 5 key steps for transforming your […]

Setting goals for you and your business in 2024

The new year is a new beginning. If you are a business owner, this is often the time of year when you reflect on where you are at and think about your business goals for the year ahead. Setting goals is an essential part of personal and professional growth. These could be lofty goals, or […]

Do you know the rules and entitlements during the end-of-year holiday season?

As we head into the summer holiday period, is your business up to speed with your rights and obligations? It can be confusing to employers and employees alike – public holidays worked or taken as annual leave, business shutdowns, annual leave provisions… there are many rules employers need to understand. Employees are entitled to annual […]

Can an AI assistant streamline your business?

A business AI assistant is an artificial intelligence-powered software tool that’s designed to support and enhance different areas of your business administration and management. These AI assistants (sometimes known as virtual assistants or chatbots) use natural language processing (NLP), machine learning and automation to interact with you, your team and your customers. They can give […]

Taking care of data regulation and ticking the right compliance boxes

Your business faces an increasingly complex regulatory landscape when it comes to data privacy, consumer protection and industry-specific compliance requirements. Keeping on top of these compliance requirements is a complex task. Failing to meet your requirements can have serious implications, with non-compliance (whether intentional or accidental) resulting in legal repercussions and possible reputational damage for […]

A business budget will help with your financial decision-making

Business budgeting is about estimating your revenues, projecting your expenses and detailing the allocation of funds, so you stick to (and don’t overrun) your agreed budget ceiling. How does business budgeting affect your business? Having a clear, agreed business budget gives you a structured framework for your financial decision-making. It’s a practical way to control […]

5 guides to improve business credit scores

Do you know what your business credit score is, and how it can impact your finances? Your business credit score is a numerical representation of the company’s creditworthiness. In other words, how financially reliable the big credit agencies believe your company to be. In essence your credit score is a measure of your risk to […]

Plain English guide to profit and loss

Here’s our Plain English guide to profit and loss and what this report reveals about your finances. What is profit and loss? Your profit and loss statement is commonly called your ‘P&L’. It’s also sometimes referred to as your income statement or statement of earnings. Your P&L is a breakdown of your company’s revenue (money […]

Your upcoming tax calendar for November and December

With the year end approaching and businesses preparing for the holiday season it is important to keep your tax obligations in check and managing your workflow keeping the Christmas shutdown periods in mind. In order for you to be across your tax obligations, below are the key compliance dates for November and December 2023. Make […]

7 Easy steps in writing a business plan

Your business plan is the sat-nav that keeps the company moving in the right direction. Having that guidance can be a massive benefit to your success as a business. But what elements should you include, and what are the main considerations to think about? A detailed business plan will generally include 7 steps to creating […]

What to look out for when buying a business?

Buying a business is a great way to enter into the business world, or to expand your existing business empire. But buying a business isn’t something to enter into lightly. Becoming the prospective owner of a new business means doing your homework, researching the business you plan to acquire and working closely with a team […]

9 Strategies for Generating High-Quality Leads

Acquiring high-quality leads to convert into new clients is a formidable challenge. The current economic climate necessitates increased profitability with limited resources, compelling accounting firms to exert extra effort in convincing potential clients of the value of their services. If your firm isn’t experiencing the growth you anticipate, despite consistently delivering top-notch client services, it […]

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 things you want to emphasise, and it makes these rules and guidelines official so your employees know what you expect from them and what they can expect from the business. While […]

Are you ready for an enterprise resource planning solution?

As your business scales, the complexity of your systems, data, and management information will grow at a similar pace. And if you’re using software, apps, and systems that are aimed squarely at the small business market, these platforms may begin to creak at the seams a little. This is when moving to an Enterprise Resource […]

How can small businesses compete with the big chains?

In tough economic times, small businesses face unique challenges. They may find themselves competing against big multinational chains that have the resources and scale to undercut local competitors. However, it’s important for small businesses to recognize their own strengths and embrace strategies that can help them not only survive but thrive in this competitive landscape. […]

What makes you a successful entrepreneur?

Do you dream about starting your own business? And, can anyone become an entrepreneur? When you look at the research, there are certain aptitudes, personality traits and business skills that tend to make you a more successful entrepreneur. But can you learn these skills? Or are these innate abilities that some entrepreneurial people are just […]

5 ways to overcome economic uncertainty

Economic uncertainty is an ongoing worry for any business owner. You can control your own financial management, but you don’t have any direct control over the wider macro-economy. And in the first few years of the 2020s, there have certainly been plenty of tricky ups and downs for your business to navigate. Current economic uncertainty […]

How to grow your Trade Business

Ready to scale your trade business? Imagine it as climbing a challenging peak – your venture starts at the base, and ascending to the summit demands smart strategies. This summary is your roadmap, leading you step by step toward success in Trade Business. Let’s talk about staff. Hiring matters – from apprentices to subcontractors and […]

The benefits of working with a business coach

Being a business owner can be immensely rewarding. But it’s also a highly pressurised and stressful vocation to choose. A business coach is your companion on the journey. The business journey can be full of pitfalls and challenges that make it more difficult to meet your goals and turn your enterprise into a success. A […]

Five Benefits of Establishing a Successor Director

Introduction: What is a Successor Director? In the dynamic realm of business, the preservation of operations is of utmost importance. However, what transpires when unforeseen events disrupt the flow, such as the sudden incapacitation or, even more unfortunate, the passing away of a company’s sole director? This is where the notion of a Successor Director […]

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 called an Income statement and its main purpose is to list income and expenditure. Whereas a balance sheet is a snapshot in time, the profit and loss statement shows transactions over a specific period of time. This […]

Have you got a plan for growth in your business?

Growth doesn’t need to mean more risk, more hours and more headaches. It may be as simple as identifying where the opportunities for growth are in your business and industry. Once you’ve done this you can establish what you and your team are going to have to do in order to maximise these opportunities, and […]

Proving your ongoing business viability through 5 financial reports

Whether you’re applying for government subsidies, taking out a business loan or seeking investor support, you need to be able to demonstrate your ongoing business viability. To prove your business viability, it’s important to have the right financial information at your fingertips. This information is also just as important for your own internal planning and […]

4 ways to enhance your UX

Your end users are the life and blood of your business. They’re the drivers of your relationships, sales, income and end profit. So, having a good user experience (UX) isn’t just a ‘nice to have’, it’s actually a critical requirement for any ambitious business to aspire to. Understanding what your ‘UX’ is, and how it […]

Everything You Need to Know About Retail Stock Control

Inventory management or retail stock control, encompasses all the tasks you carry out to keep your inventory in check. Activities like ordering products, storing your merchandise, counting items, and forecasting demand are all components of inventory management. 5 important areas to consider for a retail stock control Having the right products at the right time […]

5 questions to ask when you are buying a business

Buying a business is a great way to expand your business empire. You can buy out a close competitor, or dip a toe into a new industry and expand your reach as a business group. But whatever the reason for the acquisition, you need to ensure you’re not buying a lemon! Doing your research is […]

5 top lead magnets for your marketing

Bringing leads into your business is what drives sales. So, how do you create the most effective lead magnets to draw potential customers into your sales funnel? Yes, we know, there’s a lot of jargon in sales and marketing. But, ultimately, every business wants to attract customers, get their details and try to convert them […]

What’s the difference between statutory and management accounts?

As a business owner, you know you need to produce accounts – that’s a given. But do you know the difference between statutory accounts and management accounts? Your statutory and management accounts have two very separate purposes, and producing both kinds is good practice for any business that wants a handle on its numbers. Let’s […]

Why is it important to have client-centric with your service?

A business has to solve a need for an existing audience. If you don’t know who that customer is, or what your business can offer them, it may be difficult to get your business off the ground. Making your business more audience or client-centric You’re far more likely to make sustainable sales, revenues and profits […]

Go walking: keep you and your business healthy

Being able to run a business from a laptop is an amazing thing. But it does mean that you spend a LOT of time sitting in front of a screen not being very active. Research shows that office workers spend 75% of their waking hours sitting down – and that’s not great for your health. […]

Lodgment Penalty Amnesty Program: Get Up-to-Date with Tax Obligations

According to ATO official website, last 9 May 2023 as part of the 2023-24 Budget, the government announced a lodgment penalty amnesty program for small businesses to encourage them to re-engage with the tax system and get their obligations up-to-date. The lodgment penalty amnesty program applies to overdue income tax returns, business activity statements and fringe benefits […]

Take care of your well-being, not just your business

Being a business owner can be stressful. When the buck stops with you, it can be easy to let the pressure mount up and to discount your own well-being. But taking care of your own mental health is equally as important as taking care of the business – research from MYOB showed that 53% of business owners […]

ATO New Amnesty Program: Bringing Small Business Lodgments Up to Date

The Australian Taxation Office (ATO) is urging small businesses with overdue income tax returns, fringe benefits tax returns, or business activity statements to make use of a new amnesty program to bring their lodgments up to date. Announced in the 2023–24 Budget, the amnesty program covers tax obligations originally due between 1 December 2019 and […]

Your monthly activity statement (BAS) is due on June 21st

Your monthly activity statement is due by 21st of this month. Use the following checklist to make sure you are ready for lodgement day: Checking the figures at each of the BAS reporting labels means your statements are more likely to be accurate and less likely to need GST adjustments at the end of the […]

Do you need to improve the cash flow position for your business?

Keeping on top of the financial management of your business can be hard work. It’s possible to have a profitable business that is struggling to find the cash flow to pay expenses and fund growth. Likewise, you could have a positive cash flow position but are not turning a profit, particularly if you are scaling. […]

Changes to Government’s Temporary Full Expensing Scheme

According to Publicaaccountant.com, on 30 June 2023, the government’s temporary full expensing scheme will end – meaning the full cost of assets can no longer be immediately written off. Instead, eligible businesses will be able to deduct the full cost of assets up to $20,000 per asset that are purchased and ready to use between […]

Are you in the ATO’s firing line this tax season?

The Australian Taxation Office (ATO) has today announced its 3 key focus areas for this Tax Time: ATO Assistant Commissioner Tim Loh said the ATO is continuing to prioritise areas where we often see mistakes being made. ‘Within these areas, we have identified common mistakes, and are particularly focused on addressing these and supporting taxpayers and […]

Tax Tips for small businesses 2023

Common Tax Deductions for Small Business Are you claiming all the business tax deductions that you are entitled to? There are many expenses common to most small business, and there are other expenses that are specific to the nature of each industry and the goods or services that your business provides. Expenses must relate to […]

Super Guarantee Rate Rises in July to 11%

In July 2023, the superannuation guarantee statutory rate will rise to 11%. Annually, the rate is increasing by 0.5% until July 2025 when it will reach the legislated 12%. Prepare Now for the July Super Guarantee Rate Rise If you’d like help reviewing payroll costs and employee agreements, talk to us now, and we’ll make […]

ATO’s Crackdown: Work Claims, Rental Properties, and CGT in the Spotlight

The Australian Taxation Office (ATO) has recently announced a heightened focus on work claims, rental property deductions, and capital gains tax (CGT). This crackdown has accountants and taxpayers on alert, particularly those who own rental properties, investors, and individuals working from home. In this blog post, we will delve into the key areas where mistakes […]

Your monthly activity statement (BAS) is due on the 21st

Your monthly business activity statement (BAS) is due by the 21st of this month. Use the following checklist to make sure you are ready for lodgement day: Checking the figures at each of the BAS reporting labels means your statements are more likely to be accurate and less likely to need GST adjustments at the […]

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 behalf, your due date is not until the 25th of June. If you have been paying FBT instalments on your quarterly BAS, we still need to complete […]

3 cloud accounting tips to save your business time and money

By leveraging the power of cloud accounting, you can efficiently manage your finances and dedicate more time to building customer relationships or developing new products. Keeping on top of your accounts is a big part of running a successful and profitable business. But you don’t want to spend ALL your time dealing with accounting tasks, […]

Why your accountant is the mentor you didn’t know you needed

A accountant business mentor can provide guidance and support, so you make the right decisions and stay focused on the end goal as a business owner. They can also help you move forward in your career by providing advice and feedback on what steps to take to reach the pinnacle of success. But have you […]

Great Strategic business partnerships: the benefits of working together

Your business may compete head-to-head with a number of other companies, but this doesn’t mean you have to treat ALL other businesses as if they are the competition. In fact, there are real benefits in creating strategic alliances with other like-minded organisations. When you look at the wider marketplace, you’ll see that there are businesses […]

Using data analytics to give your business a competitive advantage

Data analytics is rapidly changing the way businesses are operated. By making use of your financial and non-financial data, you can quickly start to gain a deeper insight into your operations, performance and financial management. Data-driven decisions are quickly becoming the norm, for even the smallest business. Data analytics allows helps you spot the patterns. […]

Tax calendar for April and May 2023

We have our final 3 months to finalise tax planning for the 2023 income year. Despite the need for tax planning, April and May are also critical months to ensure all your tax lodgments are complete to avoid any penalties. In order for you to be across your tax obligations, below are the key compliance […]

Getting your bookkeeping ready for a digital future

Keeping up-to-date records of your business transactions isn’t the most glamorous part of being an entrepreneur, that’s for sure. But, in reality, having accurate and up-to-date bookkeeping is actually one of the core ways to keep your finances (and your business) under control Digital bookkeeping is the future of your finance The digital age has […]

Which is more important? Cashflow or profit?

Cashflow and profit are two of the most important financial metrics for any business. But while they’re both related to the financial performance of a company, they measure different things. Knowing the difference – and how cash and profit contribute to your success story – is a vital skill if you want your business to […]

Your PAYG withholding statement (IAS) is due on the 21st

Don’t forget! Get your payroll information ready now for your installment activity statement due on the 21st. We’ll help you prepare for your IAS to make lodgement and payment easy and efficient. Some employers need to pay PAYG withholding liabilities to the ATO monthly, even if the BAS is lodged quarterly. The monthly instalment activity […]

7 ways to get more from your personal finances

Are your personal finances delivering the best return? We’ve got 7 top tips for getting the very best from your personal finances and can introduce you to an independent financial advisor. There’s plenty of advice available to help you manage your business finances. But what about the tips and hacks you need to get fully […]

Xero Payroll users need to transition to STP phase 2 now

It’s time to transition to STP Phase 2 in Xero if you haven’t already. Mandatory Phase 2 reporting is set to commence on 31 March 2023. We can help guide you through the steps. Single Touch Payroll (STP) is a government initiative that requires employers to report their employees’ tax and superannuation information to the […]

The dark side of ChatGPT and AI technology

The start of 2023 has been filled with excitement around ChatGPT and the possibilities of AI. Most of us have given it a try and many are starting to imagine the way this technology can be put to use to change business processes to be simpler, faster and more efficient. This is big news for […]

ATO announces changes to Work From Home deductions

Many Australians who work from home will lose up to $1,300 a year in tax benefits following a review from the Australian Taxation Office (ATO). Before the pandemic, around 2 million people worked from home, but that number increased to around 5 million over the past three years. Assistant Commissioner Tim Loh said taxpayers can now […]

Could outsourcing help you grow your business?

A surge in work is great news for a small business – but it can also be a source of stress. Outsourcing can help you cope with a seasonal or irregular burst of sales, without the commitment of new employees. When you run a small business, the amount of work can ebb and flow. Unexpectedly […]

Your annual GST return is due soon

Get your information ready now for your annual GST return by the 28th of February. Talk to us if we can assist with preparing the statement or reviewing your business accounting systems and processes to make your GST return easy, accurate and efficient. If you are lodging your own annual GST return you need to […]

Your upcoming tax calendar for February and March

Welcome to 2023! To help you understand your tax obligations as you get back into the swing of things, here is a list of tax calendar dates for February and March 2023. Welcome back to work after what was hopefully a restful and lovely summer break! And welcome to 2023, where we are truly looking […]

Understanding Your Breakeven Point

Do you know your business breakeven point? Knowing how much income you must generate to cover all fixed and variable costs means you can make better business plans and financial decisions for long-term sustainability and profit. Understanding your business breakeven point is essential to know how much money you need to make to stay in […]

New accountability measures proposed for ABN holders

Originally announced in the 2018–19 Federal Budget, and now set out in draft legislation, are newly introduced accountability measures for ABN holders. Once the accountability measures takes in effect, this will mean you will have to: Currently, there are no registration penalties for ABN holders when it comes to lodging tax returns. That is, you […]

Hiring employees who share your core values

At the beginning of your startup journey, you and your co-founders will be in charge of selecting and hiring the key members of your new team. The people you choose will identify with your core aims for the business and will (usually) share your core values too. For example, if being green is a key […]

Yearly business review, plan for the year ahead

What are your business goals for the year ahead? The beginning of a new calendar year is an excellent time to have a business review of the year just finished and reflect on what worked, what didn’t, what you’d like to change and new things you’d like to implement. Last year, there were inescapable impacts […]

How can AI help your business?

It’s important to be aware of new technology that could help your efficiency in any business. We’re used to companies using cloud systems, integrated apps and online solutions to maximise efficiency and data integration. But what can artificial intelligence could add to the mix? How does artificial intelligence work in a business context? Artificial intelligence […]

Check Your Business Performance Against the ATO Small Business Benchmarks

Are you interested in comparing your business performance against the ATO Small business benchmarks? It can be a useful exercise to see whether your business is performing well, on average, or lower than the benchmark figures. Each year the ATO publishes industry-based data to highlight specific ratios of financial and other types of performance. For example, […]

Employees and the Holiday Season – What You Need to Know

The summer holiday period can be confusing to employers and employees alike – public holidays worked or taken as annual leave, business shutdowns, annual leave provisions… there are many rules employers need to understand. Employees are entitled to annual leave and public holidays under the National Employment Standards minimum entitlements. Employers can ask employees to work on […]

Fringe Benefit Tax at Christmas Time

It is a time of the year when giving is encouraged. As a business owner, you may want to make sure you have all the information available to you, so that you are fully aware of your tax obligations this Christmas. Christmas parties The cost of food and drink associated with a Christmas party is […]

7 cashflow strategy for a financially stress-free holiday period

Holiday breaks are a chance to recharge for the year ahead especially after the year we have had. We look forward to warmer weather and finally setting up an out-of-office email for the break. However, for business owners, this time is a stressful without careful cashflow planning. Even if you do continue to operate through […]

5 easy cashflow tips for your small business this holiday

Whether you’re heading into a holiday period, or just planning to take a break (and congratulations, because a healthy business means work-life balance), it’s important to keep your cashflow under control. This means pre-planning and being proactive. When you’re not in the office, there are still overheads and salaries that need to be sorted. If […]

Your (BAS) monthly activity statement is due by the 21st of this month

Use the following checklist to make sure you are ready for lodgement day: BAS reporting Checking the figures at each of the BAS reporting labels means your statements are more likely to be accurate and less likely to need GST adjustments at the end of the financial year. This results in you having a more […]

Why customer success is vital for your small business

Enhancing your customer experience is the key to customer success for any business. It’s not just about making a sale but about keeping your customers happy and coming back for more. In short, it’s about pushing the idea of customer success in your business. What does ‘customer success’ mean? Customer success is a holistic approach […]

How to improve your year-end processes and plan for 2023

We’re well into the final quarter of the year, with 2023 just a few months around the corner. But are you ready for the year-end processes? And have you done your homework when it comes to planning your business journey for 2023 and beyond? Let’s take a look at the key ways to tie up […]

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 activity statement (IAS) and payment is due on the 21st, whether you are lodging your own statement or using our lodgement service. Things to review before finalising the IAS: Checking the accuracy of […]

Bringing your cashflow processes into the digital age

Keeping on top of your cashflow is even more important during tough economic times. With a global slowdown on the cards, energy prices soaring and supply chain still challenges, cash is likely to be tight over the coming year and beyond. Cloud technology and fintech apps, can give your business the best possible control over […]

Business tips: Making the most of digital business and cloud solutions

Transforming into a digital business sets the best possible infrastructure for your future growth. And, as your business scales, the benefits of going digital business will start to become obvious. Running your key business processes in the cloud and using the latest digital software and apps adds to both your efficiency and your productivity. And, […]

Expert Bookkeeping and Accounting for the Building and Construction Industry

Are you looking for expert accountants and bookkeepers in the building and construction industry? We know it’s a complex industry, and it’s been hit hard recently. Getting professional help to get your business finances under control will help ease the stress of pressures that many in your industry are facing. Engaging advisors who are specialists […]

Steps on how to apply for a Director ID Number

This content was written by Bradley Conn of businessDEPOT, you can find the original piece here. In an earlier blog, we discussed the introduction of the director ID number [director Identification], what it is, who actually needs one, when applications need to be submitted, and briefly touched on how to apply for a director ID number. Since then, there have been […]

Single Touch Payroll Phase 2 Updates

Employers should now know of the Single Touch Payroll Phase 2 reporting requirements. While some accounting and payroll software already meets the ATO’s reporting requirements, some software providers have deferrals in place to allow customers more time to transition to the new system. Single Touch Payroll (STP) Phase 2 was initially planned for 1 July 2021 to […]

4 ways on how profit sharing can help your business retain talent?

In a tough labour market, finding talent is a challenge – so it’s especially important to retain your good workers. NZ company Mainfreight has had a bumper couple of years; the transport and logistics industry boomed during the pandemic and shows no sign of slowing down. In 2022, Mainfreight paid workers a total of $94 […]

Optus Data Breach

As you are probably aware, in the last few days there has been an enormous data breach relating to Optus customers. Millions of Optus customers have been affected by the breach and an extraordinary amount of personal data may have been compromised. But there are a number of actions you can take to minimise the […]

Pensioners’ income credit coming for 2022–23 income year

Additional income for pensioners in the 2022–23 income year The Federal Government has announced that age and veterans pensioners will be able to earn an additional $4,000 in the 2022–23 income year without losing any of their pension. The one-off income credit will effectively increase the amount pensioners can earn this income year from $7,800 […]

5 Best Tips in Leveraging the “SME Advantage”

It’s challenging times for employers, with record-high levels of employee turnover, shortages of skilled staff in a tight labour market, low unemployment, and wages rising to keep pace with surging inflation. Small and medium-sized enterprises (SMEs) may find it harder to compete with the deep pockets of large corporations, but there are plenty of advantages […]

Repeal ‘rare beast’ land tax regime: REIQ

The institute has said Queensland’s commercial and residential property investors are in fora “rude awakening” when the state government’s latest land taxation laws come into effectnext year. Real Estate Institute of Queensland (REIQ) chief executive officer Antonia Mercorellabelieves the bill is “as unique as it is illogical”, slamming the government for passing the billhastily and […]

What you need to know for stage one of Xero’s STP Phase 2 roll out

Get ready, because the first stage of Single Touch Payroll (STP) Phase 2 is right around the corner in Xero. For a quick refresher, STP Phase 2 will see Australian businesses build on their existing STP reporting to share more information with the ATO and other government agencies each pay run.  Read on to find out everything […]

How can you protect yourself against ransomware attacks? 

Ransomware can affect anyone – Protect yourself against ransomware attacks  It remains the most serious cyber threat due to its financial and disruptive impact. Ransomware is malicious software that makes data or computer systems unusable until the victim makes a payment, often in the form of hard-to-trace cryptocurrencies. Cybercrime syndicates are evolving their tradecraft and […]

Are you ready for Australian domain name changes?

Australians have until 20 September 2022 to seek priority allocation of an .au direct domain name that matches their existing domain name. Anyone with an Australian presence (including businesses, organisations and individuals) can now register a new category of domain name, known as .au direct. These shorter simpler domain names will end in simply ‘.au’ (e.g. mybusiness.au) and […]

4 easy steps in setting up the compliance foundations

To trade as a business, you need to meet the right compliance requirements. It’s certainly not the most exciting part of creating a business, but setting up the right legal, accounting and tax compliance foundations ensures that you’re doing everything by the letter of the law. Here are the main compliance steps to think about, […]

Business tips: Getting in control of your spending

Keeping the business in a positive cashflow position is vital. But you can only do this if your cash inflows (sales revenues and other income) outweigh your cash outflows (overheads, supplier costs and other liabilities like tax costs or loan repayments). One way to re-balance the cashflow scales is to get in better control of […]

Next round of Business Boost grants on the way

Small businesses ready to take their business to the next level are being encouraged to apply for a Business Boost grant up to $15,000. Previous Business Boost grant recipients have used the funds to introduce an online booking system, redevelop their website, develop a customised workplace health and safety system or train their staff. Businesses […]

8 Ways to Maximise Your Super

A little goes a long way with compound earnings. The earlier in your working life you start paying attention to your super, the better off you will be at retirement. However, it’s never too late to take an interest in your super fund’s performance and take action to grow your it! While the best strategy […]

Are you considering an SMSF? Here’s what you need to know.

It’s always a good idea to think about your retirement. Many people in Australia use a Super Fund to manage their retirement savings. But some people opt to do something a little different, and set up a self-managed super fund (SMSF). What is an SMSF? At a basic level, setting up an Self-Mangaed Super Fund […]

Australian businesses lose $227m in payment redirection scams

There was a 77 percent increase in payment redirection scams in Australia last year with businesses losing $277 million according to the latest Australian Competition and Consumer Commission report. And it was small and micro-businesses which were the hardest hit. The Targeting Scams report compiles data from Scamwatch, ReportCyber, major banks and money remitters, and […]

Business tips: Using forecasting to help your decision-making

Producing regular management information is one way to help improve your business decision-making. But looking at historical numbers can only tell you so much. In business, you want to know what the future holds. And to make truly informed decisions about your future strategy, it’s important to use forecasting tools to project your data forwards […]

Minimum wage and award minimums are set to rise July 1st

The Fair Work Commission’s annual wage review has resulted in two announcements made this week: The National Minimum Wage will increase by $40 per week, (an increase of 5.2%) from 1 July 2022 award minimum wages will increase by 4.6%, which is subject to a minimum increase for award classifications of $40 per week and […]

Your monthly Business Activity Statement (BAS) is due on the 21st

Your monthly Business activity statement (BAS) is due by the 21st of this month. Use the following checklist to make sure you are ready for lodgement day: Have you allocated all bank transactions to the correct accounts? Have you verified that the bank balance listed in your accounting software matches the balance in your bank […]

Top 3 tax scams Aussies should avoid

Avast cyber security expert Stephen Kho warns of the most pervasive tax-related scams as the tax season approaches this year, advising Aussies to be extra vigilant of “tax-time scammers” in the coming months due to the uptick in fraudulent online activity. In the next months, people across the country will be looking to lodge their tax […]

What you need to know about changes coming to payroll from 1 July 2022

While it may be lacking the fireworks and champagne of New Year’s Eve, come 1 July the new financial year ushers in fresh opportunities for Australia’s small businesses. Along with the new calendar, there are often regulatory changes for you to manage or implement. And this year is no different, with updates coming to payroll […]

7 Growth Strategies to Make the Most of Superannuation

There are many strategies you can use to grow your superannuation balance and make the most of available schemes. Here are some strategies to consider when planning for the end of this financial year and setting up your financial plans for next year. First home super saver scheme  This allows you to save money for […]

Election results are in, what’s next for tax?

The Australian Labor Party (ALP) has won the 2022 Australian federal election and has been elected to form government in the House of Representatives. It is unclear at the time of writing whether the ALP will have a majority in the lower house. In the Senate, the ALP will not have a straight majority and […]

Easy Tax tips for SMSF 2022

Having a self-managed superannuation fund (SMSF) gives you control and flexibility over making investments and preparing for retirement. It’s essential to get your deductions and record keeping correct for the SMSF audit process and the tax return, as there are strict laws governing SMSFs. A self-managed superannuation fund must be set up as a trust […]

The value of cashflow forecasting for your business

Forecasting your future cash pipeline Remaining in control of the cash coming into (and going out of) the business is the real focus, so you can accurately predict your financial position and can resolve any issues. Keyways to get more from your cashflow forecasting Run regular cashflow forecasts – The financial landscape is changing on a […]

New Family Trust Tax Rules – Will the Changes Impact You?

If your trust pays adult-child beneficiaries, then you’ll need to know how the new ATO tax guidance rules could alter your beneficiary arrangements. The proposed changes won’t affect every small business operating through a family trust arrangement, but it’s important to check that existing provisions meet the new requirements. The ATO has released several related documents as […]

Is your ABN still active?

The ATO has brought in an automated cancellation notification service for potentially inactive Australian Business Numbers. If you haven’t had any business activity or are behind in getting your activity statements lodged, the ATO will review your Australian Business Number and send a message asking you or your registered agent to confirm if the ABN […]

Business Grants: Applications for round 3 to open soon

The Department of Employment, Small Business, and Training administers grants and programs to help Queensland small businesses continue to recover, grow and thrive by committing grant funds for businesses to increase key capabilities, embrace innovation, and assist high-growth businesses to capitalise on opportunities. The next round of the Business grants program will open at 9 […]

Tips to cope with the rising cost of living

Whether it’s refilling your petrol tank or paying at the supermarket checkout, the higher cost of living is hitting every household hard. Across the world, everyday essentials are surging in price, up 7.2% year on year across the OECD. Unfortunately, experts predict that prices will keep rising for at least the rest of the year. What can […]

Super Guarantee Rate Rises in July to 10.5%

The superannuation guarantee statutory rate has remained at 9.5% since July 2014. However, plans have been in place for some years now, to increase the rate to 12% incrementally. In July 2022, the rate will rise to 10.5%. From then on, the rate will increase by 0.5% each year until July 2025 when it will […]

How are crypto transactions taxed in Australia?

Whether you’re currently involved in a cryptocurrency like bitcoin or considering buying digital coins, it’s vital to explore the tax implications. While these will vary according to your circumstances, and it’s important to seek professional advice, there are some basic tenets you can start with. Getting started No matter how you intend to use your […]

How an accountant supports your business development?

As your accountant, we won’t just look after the financial side of your business, we can also advise you on the strategic side of your company, including the importance of business development as a vital part of your growth plan. Business development (BD) It is what helps your company move from slow, organic growth to […]

Protected: Wills: What Happens to your Cryptocurrency When you Die?

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What is your net worth?

Calculating your net worth can be a quick and easy way to get an outline of your financial position. By working out your net worth each year, you can get a sense of whether your finances are going in the right direction. Tracking it can also help you focus on the big picture during those […]

Business Tips: Writing a Mission Statement

You’ve had your initial business idea and written a plan. But do you know WHY you’re creating this business, or HOW you’ll deliver your end product/service? What will the company’s underlying purpose be and how will your core values drive the business? To get these crucial elements ironed out, it’s a good idea to write […]

Looking after your own wellbeing and resilience

When you’re busy running a business, it can be easy to overlook your own wellbeing and mental health. Stress can have a serious effect on your ability to function and you can’t make consistently good decisions and lead your team if you’re under a weight of pressure or struggling with poor mental or physical health. […]

Are You Providing Employee Benefits Due to COVID-19? Look Out for FBT

Business owners providing employee benefits in addition to salary or wages because of COVID-19 need to check if fringe benefits tax could apply. Are you providing rapid antigen tests and other COVID-19 related benefits to employees? Although you may be providing various benefits to create a safe workplace and support employees, you may be inadvertently […]

What happens if you die without a Will in Queensland?

If a will cannot be located, it is usually presumed the deceased died ‘intestate’. This means without a will. Contrary to popular folklore, if you do die without a will your estate does not automatically pass to the State (Crown). Part 3 of the Succession Act 1981 (Qld) sets out the order eligible family will inherit your estate if […]

Estate Planning: What are the consequences of dying without a valid Will?

Passing away without a valid will can mean: the distribution of your assets may not reflect your wishes; you can not put structures in place that can assist your beneficiaries to minimise risk of third parties (including creditors) accessing their succession; the cost of administering your estate can be higher, particularly if there are trouble […]

What Happens if You Die Without a Valid Will After Separation or Divorce in Australia

When you are going through a separation, you need to update your estate planning documents to protect yourself, your children & family, and your assets. Here are some important matters to consider after a relationship breakup. Intestacy If you do not write a Will, the Government has already written one for you– but you might […]

Protected: Importance of Administration of the estate and the risk of access by third parties

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Protected: Who can ask for a copy of your Will in Queensland?

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Enduring power of attorney myths explained

A fear that a lot of people have, but don’t wish to speak about, is the fear of losing their mental capacity and what happens to their assets and personal care decisions once this happens and they cannot make decisions for themselves. This is where an Enduring Power of Attorney comes into play. It is […]

50% of Australians don’t have a valid Will. Here’s how to create.

Do you know that there is actually one Australian that dies every 3 minutes and 13 seconds? This fact is sourced from the Australian Bureau of Statistics. This news is a very alarming statistic, and it raises many questions around what happens after someone dies. It’s time to give some serious thought about getting a […]

5 goal-setting tips for the year

Wouldn’t it be great to have your best year ever, this 2022? Whether you want to grow your business or take more time for yourself, these goal-setting tips can help you achieve your long-term plans. Goal-setting tip #1 – Think big!  What do you want from your life – and how can your business help […]

Time to Review 2021 and Plan for 2022!

What are your business goals for 2022? The beginning of a new calendar year is an excellent time to review the year just finished and reflect on what worked, what didn’t, what you’d like to change, and new things you’d like to implement. Last year, there were inescapable impacts on businesses, with some thriving, others […]

Engaging Team Meeting Ideas and Activities to Start Your Day

Most companies invariably have one (or more) morning team meetings, and we often find them annoying and disruptive to our daily routine or tasks at hand. Meetings are considered important for moving your business forward through sharing information, solving problems, reviewing performance, making decisions and planning projects. They can also help to foster team building and inclusivity. […]

5 Virtual Team Building Activities Remote Teams Love in 2021

Looking for some effective team-building exercises to bring your team together? Since the pandemic, COVID-19 has been disrupting businesses all over, most teams have been forced to go remote. So how do you run team-building games for remote teams? Don’t worry! You can always run virtual team-building activities. That’s why we’re sharing this carefully designed list of virtual team building activities and exercises. These […]

SME Recovery Loan Scheme

The SME Recovery Loan Scheme enables small and medium-sized enterprises (SMEs) to access funding to get through the impact of coronavirus, recover and invest for the future. The Australian Government works with lenders to: enhance lenders’ ability to provide cheaper credit ensure that eligible businesses have access to finance to maintain and grow their business. […]

Government increasing spending with SMEs

One of the first things I do each morning is scan several online business publications and procurement reports. Boring, I know – I have to admit that sometimes my eyes glaze over as I see the same stories rebadged with a new headline and a slight twist on words. – Thomas Pollock, Gov Ready (formerly […]

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 year of great service. But what corporate gifts can you send that avoid the usual cliches of Yule logs and festive hampers? We’ve highlighted a few alternative corporate Christmas gifts to consider, all of […]

Why small businesses adopting or delaying technology?

Small business owners who embrace technology enjoy more efficiency, flexibility and even profitability than those who don’t are known by most Accountants and bookkeepers. Many small businesses are still slow to adopt technology despite knowing the benefits. At Xero, they sought to dive deeper into what’s truly holding them back. They have conducted a behavioural […]

Protect Your Family Wealth with an Estate Plan

This may be the most important reminder from us. We have recently discussed with you your business structures and asset protection. However, if you don’t put into place proper Estate Planning strategies at the SAME TIME as your asset protection strategies, you may end up with no protection at all if you are incapacitated or […]

What you should know about upcoming changes to super for new employees?

From 1 November 2021, a Federal Government initiative called “super stapling” comes into effect. This is to address a common problem of employees often having multiple super accounts every time they change jobs. The benefit to employees is that they would have a “stapled” super account that follows them as they change jobs, leading to […]

Get the best out of your business with a bookkeeper

How is bookkeeping different to accounting?  Bookkeeping is an essential service yet how does it differ from accounting? These two services are usually compared, but they are complementary:  Bookkeepers do the daily work and bring the accounts up to a high standard of detail and accuracy. They can also advise you on issues that might affect your business in the near future, such as cash flow problems […]

What You Need to Know about Director Identification Number Regime?

Based on the recent ATO announcement, the Australian Business Registry Services (ABRS) will be introducing and maintaining the Director Identification Number as of 1 November 2021. What is a Director Identification Number? The Director Identification Number is a 15 digit unique identifier that will help prevent the use of false or fraudulent director identities with […]

Why do you need to hire a bookkeeper?

Bookkeepers can help your business with day-to-day accounts through recording sales and other transactions. Aside from that, they can do a lot more too. So why do you need to hire a bookkeeper?  First, let us know about what are the tasks of a bookkeeper. They are the one who records the financial transactions of your business. They also do the following tasks:  keep track of sales, purchases, payments and invoices […]

7 Practical Ways on How to Improve Business Profit

As we have shared the first 3 key areas in growing your business from our previous blogs, we are now focusing on how we can improve our business profit. The 4 key areas are: Increase your customers Find new markets – with existing products or services Develop new products or services – to open new […]

Are your business email secured from Cybercriminals? Property-related business email compromise scams rising in Australia

Background /What has happened? The ACSC has observed a growing trend of cybercriminals targeting the property and real estate sector to conduct business email compromise (BEC) scams in Australia. In a BEC scam, cybercriminals pose as a legitimate business to send fraudulent emails to their customers or clients. In a property-related BEC, cybercriminals unlawfully gain access to […]

How Does Our Work Schedules Ruin Our Biological Clock?

If you’ve ever traveled between different time zones, you’ve surely experienced how badly jet lag can throw your biological clock out of whack. On the other hand, if you are usually tired whenever your alarm goes off every morning, studies show that you might be putting your body through that same kind of stress every […]

5 Tips on How to Break the ‘always-on’ Cycle and Boost Your Productivity

It’s not possible to expect people to function at 100%, 100% of the time. Including yourself. When you work in or run, a firm, chances are you value your time based on your ability to make the most out of every single minute. However, at what cost? This isn’t sustainable. After all, you wouldn’t overwork […]

7 Steps On How To Open New Markets With Fresh New Products

We’ve put together these articles full of ideas to help you grow your business. The 4 key areas are: Increase your customers – Best ways to business growth with existing customers and current market Find new markets – with existing products or services Develop new products or services – to open new markets Improve profit […]

How to Get a Bigger Slice of the Market?

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. We plan to send out to you 4 articles full of ideas to help you grow your business. The 4 key areas are: Increase your customers Find new markets – […]

Are you ready for the super guarantee rate rise?

According to the ATO, the super guarantee (SG) rate will rise from 9.5% to 10% on 1 July 2021. In line with this, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate for small businesses who have employees. The new super guarantee contribution rate of […]

Key Elements of New Loss Carry Back for Companies

The Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 introduced an optional temporary loss carry back for companies which received Royal Assent last year, 14 October 2020. The Act inserts new Div 160 into the ITAA 1997. What does the Loss Carry-Back means? The qualified corporate tax entities can elect to ‘carry […]

11 Tips on How to Find New Customers Within Your Current Market

In the last blog that we shared, we wrote about the first part of helping you grow your business by focusing on your current customer. In this article, we will provide tips on finding new customers within your current market. Here are the tips on how to find new customers 1. Use direct marketing that […]

9 Best Ways to Business Growth from Existing Customers

Your business growth means more profits for you now plus hopefully an increased sale price in the future when you decide to eventually sell your business. In the upcoming months, we plan to post and share blogs with ideas for your business growth. The 4 key areas are: I. Increase your customers from existing and […]

WARNING! The ATO Is More Connected Than You Think

Do not say we didn’t tell you about this. The Australian Taxation Office (ATO) is closing in fast on everybody who doesn’t properly state their income and pay the right amount of tax. We at Invigor8, as your Tax Accountants, want to help you be aware of what the Australian Taxation Office (ATO) is doing and […]

Top 9 Life Insurance Myths, Are They True?

Before we talk about the top 9 life insurance myths, let’s look at one of the key truths. Fully underwritten life insurance can provide an added degree of financial security and peace of mind into your life. There are common misconceptions or beliefs that most people do not consider to get the cover they need. […]

Is Your Business Protected by PPSR In the Aftermath of COVID-19?

Many of the government stimulus packages such as JobKeeper are due to end on 28th of March 2021, however it is impossible to project if they will be extending and for how long. If they do end in March as planned, businesses will immediately be required to pay employee salaries, suppliers, overhead costs, etc. without […]

SMEs Could Claim Insurance Ensuing Business Interruption Test Case Ruling

SMEs that have experienced a financial issue as a result of the pandemic restrictions could now look to their insurers for substantial payouts, following the New South Wales Court of Appeal pronounce that the COVID-19 pandemic exclusions in business interruption (BI) policies are faulty. Insurers could be facing millions of dollars in claims from businesses […]

Xero Boss Insights 2020

Together with Bernard Salt, Australia’s leading demographer, and his consultancy The Demographics Group, Xero have launched the Boss Insights 2020 – filled with data, stats and stories that unpack the role of business ownership in shaping modern Australia. We believe it’s the most comprehensive demographic study of Australia’s small business landscape ever made, but don’t […]

Are you being Data Smart with your Smart Phone?

Recently, the new shiny iPhone XS and XR entered the market. For all the Apple lovers out there, this might mean being the first to wrap your hands around the irresistibly smooth all-glass design, or finally upgrading your old glitchy iPhone to the new model. If this is you, I’m guessing you’re focused on the […]

Don’t lose a tax deduction for non-compliant payments to employees

Recently, the new shiny iPhone XS and XR entered the market. For all the Apple lovers out there, this might mean being the first to wrap your hands around the irresistibly smooth all-glass design, or finally upgrading your old glitchy iPhone to the new model. If this is you, I’m guessing you’re focused on the […]

Tax – What the 2019 Federal Election means for you!

There is only a short time before the Federal Election on 18 May 2019, and there’s a lot of wild speculation and “fake news” in the media. We’re not trying to recommend who you should vote for, but instead we believe that it is vital that our clients understand how they will be affected by […]

Thoughts for the year ahead – Tax + Wealth in 2019

There are a huge number of tax laws that may change this year as a result of the upcoming 2019 Federal Election. Individuals could be affected by: Losing franking credit refunds to their Self-Managed Super Funds and to themselves Paying higher capital gains tax Losing tax benefits from negative gearing into investment property Businesses could […]

2019 Federal Budget – What it means for you

This year’s Budget is rather unique as it occurred just before a federal election. While there are many parts of this years’ Budget that apply to future years, we have summarised below the key changes you need to know about for the next 12 months. Remember, if the Federal Government changes then the Budget changes […]

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 happen if you: Don’t lodge your BAS’s on time; or Don’t lodge your payroll each week using Single Touch Payroll (STP); or Don’t properly […]

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