Tag: business

When was the last time you felt that you had a week’s worth of energy to pour into just four days of work? As COVID-19 has reshaped our work-life balance and continues to redefine what is essential in our professional world, the concept of a shorter workweek is gaining traction. With proposed legislation in various states and countries, and the ongoing conversation among professionals, it’s evident that the discussion around…  Read more

Stay in the know with some recent news updates relevant to business and the economy. Australian house prices smash records, fully reversing 2022 lows Home buyers and sellers have expressed confidence in Australia’s housing market, leading to the full reversal of the most rapid decline in house prices in recent history. Five key changes to welfare and work rules in Labor’s employment white paper Treasurer Jim Chalmers handed down the…  Read more

In the business world, cash flow remains the lifeblood that keeps your operations running smoothly. Whether you’re a start-up finding your feet or a seasoned business, maintaining a steady cash flow can be quite a challenge. But a few small changes can make a world of difference to your cash flow and overall revenue. So, let’s dive into some practical strategies you can implement to boost your cash flow. Get…  Read more

You run a great business. You know your product/service but do you know enough about your finances? Even if you have outsourced your financial functions, as a small business owner, it is crucial to have a solid understanding of key financial concepts to work with your advisor and ‘speak their language”. This article outlines several important concepts that every small business owner should be familiar with. Basics of income and…  Read more

Debt can be a significant burden on one’s financial life. It can cause stress, anxiety, and make it difficult to achieve financial goals. However, with a little planning and dedication, anyone can create a debt repayment system and get on the path to financial freedom. Here are some tips for managing debt and creating a debt repayment system: Take Stock of Your Debt The first step in managing debt is…  Read more

As a small business owner, you’re likely already aware of the importance of keeping your finances in order. Financial management goes deeper than paying your bills on time and collecting on invoices (although those are also important). It involves regularly checking up on your financial situation to make sure your accounts are in order, your records are up-to-date, and you’re spending within your budget. Among those activities, financial reconciliation plays…  Read more

Inflation has ballooned worldwide in recent months and interest rates continue to rise so there’s no question that businesses are feeling the impact. Supplies cost more, employees are hard to find, and if your prices are not rising then your profits are shrinking. Here are some ideas that can help. If you are in financial distress, do not wait to ask for help or advice. 1. Study your data Your…  Read more

Why is everybody talking about inflation? You can’t get through the news these days without hearing about inflation, how rapidly it is increasing and how it has to be stopped. Rates were generally low for quite some time and we all got used to it. Suddenly, however, everyone is getting squeezed by inflationary pressure. But what exactly is inflation, and how does it affect the money you have in the…  Read more

The end of the year tends to be a bit chaotic for business owners, but it’s actually a good time to get some extra housekeeping done for your business. Read on for some tips to help you finish the year neatly and feel prepared to face the new year. Review your goals and KPIs A lot has likely happened for your business over the course of the previous 12 months.…  Read more

The deadline for setting up a director ID by 30th November has passed. The ATO is urging those who haven’t yet applied for their director identification number (Director ID) to do so now. ASIC is responsible for enforcing director ID offences set out in the Corporations Act 2001. It is a criminal offence if directors do not apply on time and penalties may apply. What is a director ID? The…  Read more

Superannuation If you want to make a tax deductible contribution before 30 June or pay super for your employees for a tax deduction in FY22 – Take Action NOW. Funds must be received in a fund bank account before 30 June. From 1 July there are two key changes: the contribution rate for employer super contributions will increase to 10.5%; the minimum $450/month threshold ($350 for hospitality) for employer contributions…  Read more

Lodge your FBT to REDUCE ATO AUDIT PERIOD. Many small businesses manage their business to avoid fringe benefits tax using methods such as director contributions to ensure no tax is payable – this method is low cost and pragmatic however leaves an unlimited timeframe open for ATO. We recommend our clients to complete and lodge an FBT return, even if it is a nil result so as to draw a…  Read more

In April and May 2022, we assist clients with Tax Planning to provide specific actions to reduce your tax and manage your business and personal profits. REDUCING YOUR TAX and PLANNING FOR YOUR TAX PAYMENTS We have annual tax planning guides that will help you succeed: FY22 Tax planning tips and ideas for business FY22 Tax and wealth management tips and ideas for individuals When is a tax plan essential?…  Read more

Payroll is one of those things that starts out simply enough. You start your business, hire a few employees, and things tick along pretty well. It’s straightforward enough to keep everything in line at first, but what happens to most companies is… they grow! This is a great thing, but it also means that payroll becomes more complicated. As such an important aspect of your business, it’s important that payroll…  Read more

A Bookkeeping service can benefit businesses of any size. It gives you access to expertise for better management of finances, invoicing and bills and a seamless transiting from bookkeeper to accountant at EOFY. Perhaps even more important for you is the time freed up for you to focus on your business. To see bookkeeping packages click here. Expertise A bookkeeper is an expert at managing, sorting and recording your business’s…  Read more

Buying a property is a big investment. It’s often one of the most important investments people make in their lives. When it comes to getting a mortgage, many buyers focus solely on the immediate steps they have to take and fail to consider the right protections. What insurances can protect your home loan? It pays to understand the insurance options you have available for your mortgage in order to protect…  Read more

Australian company directors have the next year in which they will need to apply for a Director Identification Number through the Australian Business Registry Services (ABRS). The ABRS will roll out progressively between 2021 and 2024, with the first step being that all company directors will be required to obtain a Director Identification Number(DIN). For most directors, the due date will be 30 November 2022 however a new appointment as…  Read more

As a business owner, have you ever considered what would happen to the business if you had to take a break due to serious illness or injury? Would the business survive? How would the bills get paid? And while you may not like to think about it, in the case of death, how can you ensure your family is given a fair deal in the case of a business partnership?…  Read more

Solid cash flow management is vital to ensuring your business survives and thrives but not everyone understands what cash flow is or how to manage it. That’s likely what makes it a leading cause of stress for small business owners. Cash flow refers to the movement of money into and out of your business. It is based on the amount of money you bring in minus the amount you spend.…  Read more

Every business needs a financial plan. Your financial plan gives you a way to monitor and review your cash flow, make adjustments to your spending and anticipate potential financial issues. A financial plan can also help when requesting funding or finding investors to bring more money into your business. Although many business owners are aware that financial planning is important, it is often overlooked or put off for another day.…  Read more