Archives by Month :

November 2023
6 future challenges for businesses in Australia
What do you expect would be on the list of future challenges for businesses in Australia? We reviewed the takeaways from the 2023 Intergenerational Report to gain an insight on the Government’s projections for coming decades. This report raised many thoughts on what future challenges there may be for Australian businesses. read more
The 4 new rules for fixed-term employment contracts
Amendments made to the Fair Work Act 2009 (Cth) regarding the use of fixed-term employment contracts will come into effect on 6 December 2023. These amendments will restrict the use of fixed-term employment contracts entered into on or after 6 December 2023 and may also impact 'consecutive contracts' entered into prior to this date. read more
November 2022
Cash flow tips to prepare for the year-end break
A constant element through all of the challenges of business is the need to manage cash flow. The year end break period can further complicate cash flow. Many businesses usually find cash availability is tighter over this time, with more downtime, a lull in sales into the new year and debtor payments pausing over the break. Below we provide cash flow tips for you to review, so that you can start preparing for the year-end break now. read more
June 2022
Payroll tax alert: Do you have interstate employees?
Does your business have employees working interstate, whether on a permanent basis or on a temporary remote working arrangement? It is important to understand that the level of your total wages across Australia can affect when you start to have a payroll tax liability in a particular state/territory. read more
May 2022
The ATO focus areas for 2022
Assistant Commissioner Tim Loh said “The ATO is targeting problem areas where we see people making mistakes.” Below we review some key points to help you ensure these ATO focus areas won’t be a problem for you this tax time. read more
December 2021
What do you anticipate for your business in 2022?
What do you anticipate for your business in 2022? Do you think the trade and health challenges will ease, or are we in for an altogether new intensity in business operations? Below are some of the trends we have been noticing. read more
A short guide on when tax applies to business gifts and staff events
It's important to understand that just because something is a gift, or provided as a reward or donation, doesn't necessarily mean it is safe from tax. Below we provide a short guide on when tax applies to various business gifts and staff events. read more
November 2021
Understanding director identification numbers and when you need one
We answer some common questions around the introduction of DIN’s: What are the key requirements under this legislation? Do I need to obtain a DIN? When do I need it by? How do I apply for a DIN? What if I don't register? read more
June 2021
What working from home expenses can you claim?
What working from home expenses you can claim is determined by both the type of working from home setup you have and also by the method you are using to make the claim. Currently there is also a ‘shortcut’ method available that makes it simpler to claim working from home expenses during the coronavirus pandemic. read more
December 2020
Instant asset write-off provisions now unlimited for businesses with an aggregated turnover of under $5 billion
The instant asset write-off provisions are now available until 30 June 2022. Also, for the first time, businesses with aggregated turnover of $500 million or above, but under $5 billion, are eligible to benefit. Below we comment on six things to be aware of when considering the instant asset write-off provisions. read more
Opportunities and risks for businesses in 2021
Here are some of the opportunities and risks we see for businesses in 2021: Incentives to create jobs, the JobTrainer Fund, Homebuilder Grant, Instant Asset Write Off, COVID-19 lockdowns, rules and regulations, Trade relations with China and the closure of businesses being propped up by JobKeeper. read more
Proposed cash payments limit legislation abandoned
A cash payments limit was first mentioned in the 2018-19 Federal Budget as a way to tackle the black economy, which has been estimated at being worth up to $50 billion a year. Following this, the Government moved to introduce a $10,000 cash payments limit through the Currency (Restrictions on the Use of Cash) Bill 2019. This bill was abandoned on 3 December 2020. read more
13 Features of a Meaningful Strategy Meeting
A strategy meeting is an investment in positive future business performance. It is about clarifying with your team what the goals of the business are and setting out a plan for reaching those goals. How do you go about having a strategy meeting? We have listed 13 features of a meaningful strategy meeting that will help you maximise the benefits of your strategy session. read more
November 2020
Looking to claim a tax deduction for transporting bulky equipment to and from work?
Normally, going to and from work is seen to be private travel. This means any expenses involved, such as running costs for your car, or public transport fares, are considered personal and so can not be claimed as a tax deduction. However, there is an exception that provides for claiming a tax deduction for transporting bulky equipment to and from work. read more
October 2020
Tax cuts under the Personal Income Tax Plan: 2020-2021 and beyond
Stage 2 of the Personal Income Tax plan - we summarise the changes that have been implemented and provide some examples of the impact on personal income tax bills and weekly pay packets that result from those changes. read more
Round Three: $10,000 to $20,000 grants for eligible Victorian businesses
Round Three of the Business Support Fund program provides for one-off grants of $10,000 to $20,000, depending on your annual payroll in 2019-20. See eligibility criteria and link to apply. read more
August 2020
Eligibility and payment amounts for the JobKeeper wage subsidy now and going forward
The JobKeeper wage subsidy program is a temporary Federal Government stimulus measure to provide support to Australian businesses that have been significantly impacted by coronavirus. As currently legislated, it provides for a flat rate $1,500 payment per eligible employee at eligible businesses, for each qualifying fortnight. This support is scheduled to end on 27 September 2020. However, the Treasurer has announced the program is to be extended to run through to 31 March 2021, although with some changes. read more
March 2020
The Federal Government’s Stimulus Package to help Australia through COVID-19
The Federal Government has made two economic stimulus package announcements so far. These packages have now been legislated and most of the measures included have already taken effect. Below we go over the key measures to support businesses, then those to support individuals. read more
6 Key Steps for Contingency Planning in the Coronavirus Climate
It is as important for businesses to have a plan to manage any financial or operational flow on effects they may experience, as it is to have a plan to cope with necessary absences or leave required for self-isolation measures if COVID-19 is contracted by an employee, contractor or customer who has been onsite. read more
September 2019
Tax offsets and why the recent personal income tax cuts don’t necessarily give you cash back
The fact is that the changes to the personal income tax was in the form of tax offsets, rather than straightforward cash payments to tax payers. What this means is that first, you have to have a tax liability to benefit from the changes. read more
Beware ATO actions to recover tax and superannuation debt
The ATO can take various actions to recover debts. The action taken is tailored to each individual situation and based on the circumstances, past behaviour and lodgment and payment history. read more
June 2019
4 Key Points on the Instant Asset Write-Off Provisions
Eligible businesses can use these provisions to claim an immediate tax deduction for the full cost of qualifying assets under the threshold amount - rather than being restricted to only claiming the depreciated amount each year for the next 10 years. read more
ATO to further punish non-compliance with PAYG obligations from 1 July 2019
Now, the ATO has added another incentive for PAYG compliance. From 1 July, businesses that fail to comply lose the ability to claim the corresponding payments as a tax deduction. read more
Do you need a permit to employ children in the family business?
Some employers may be unaware that there is legislation that governs the employment of children, which should be considered before they are brought into the workplace. This is relevant even when the children to be employed are relatives of you or your employees. read more
5 year provision to carry forward unused concessional superannuation contributions
If you don’t contribute up to the concessional contributions cap amount in a financial year, you can carry forward the shortfall to contribute in up to the next five financial years, on top of the $25,000 cap for each of those years. read more
What does Victoria’s new Labour Hire Licensing Scheme mean for businesses in Australia?
The legislation affects individuals and/or entities that make arrangements to hire or host labour hire from Victoria. Labour hire providers are now required to obtain a license and must lodge annual reports on their labour hire activities. read more
March 2019
Single Touch Payroll (STP) reporting now updated and for all employers
Now legislation has been passed so that businesses with up to 19 employees are legally required to complete STP reporting from 1 July 2019. The new legislation also extends the scope of STP reporting to include some salary sacrificed amounts. read more
Interim financial reports are only for big businesses. Right or wrong?
Financial reports are the gateway between what's just been happening in your business and what you should be doing right now, so the more current the report the better you can understand how to keep your business on course to your destination. read more
December 2018
PPSR anniversary coming up: Retain your security interests by renewing registrations
The seven year anniversary is important because this is when the first lot of PPSR registrations will start to expire. The default and cheapest option for a PPSR registration covers seven years or less. For some items the maximum timeframe you can register for is seven years. read more
December 2018 update to the National Employment Standards (NES)
The Fair Work Amendment (Family and Domestic Violence Leave) Bill 2018 provides an update to the National Employment Standards. This change is effective from 12 December 2018. So what are the National Employment Standards now? The National Employment Standards (NES) define the ten minimum employee entitlements in Australia. They cannot be excluded or reduced under any contract, award or agreement. read more
November 2018
3 New Rules for Gift Cards to apply from 1 November 2019
So what are the 3 new rules for gift cards? All gift cards sold in Australia from 1 November 2019 must meet the following requirements: 1 - They must be valid for a minimum of 3 years from the date of purchase, 2 - The gift card itself must prominently display either the actual expiry date or the the date the card was purchased and a statement about the length of validity, if it doesn't expire it should state words to that effect instead, 3 - No 'post supply' fees can be charged for the use of the card. read more
Payroll Updates for Employers: November 2018
Below are three key payroll updates for employers to be aware of and action where relevant: 1- Long Service Leave Act 2018 (Vic), 2 - Casual Conversion Clause in Modern Awards, 3 - Instant Payments. read more
September 2018
Company Tax and Franking Rate Changes Finalised for 2017-2018 Financial Year
This legislation brings in changes to company tax rates and by consequence, changes to the franking rate for dividends. These changes have been backdated to apply from 1 July 2017. read more
Payroll Updates for Employers: September 2018
Below are four key payroll updates for employers to be aware of and action where relevant: read more
7 Key Points on the new Family and Domestic Violence Leave Entitlements in Modern Awards
The Fair Work Commission has added a new clause to all Industry and Occupation Awards to bring in an entitlement to unpaid family and domestic violence leave. What this means is that employees experiencing family or domestic violence will be able to take 5 days unpaid leave each year, for the purpose of dealing with the impact of such violence. read more
July 2018
We’re moving!
Our team is very excited to advise that we will be moving closer to the Ballarat city centre next week. The new location is more central for clients and provides more room for staff, with the same benefits of accessible free parking for visitors. read more
June 2018
Amendments passed on Long Service Leave legislation in Victoria with imminent effect
The following changes to how Long Service Leave (LSL) is accrued and when and how it can be taken are about to take effect for Victorian employees: read more
Top 7 Questions on the Super Guarantee Amnesty
The Minister for Revenue and Financial Services announced a 12 month Superannuation Guarantee Amnesty on 24 May 2018. This Amnesty is intended to rectify historic Superannuation Guarantee (SG) compliance through offering employers an opportunity to correct any payment shortfalls without the usual hefty penalties involved. Below we answer the top seven questions being asked about the Amnesty. read more
May 2018
Federal Budget 2018-2019: Highlights for our clients
Federal Treasurer Scott Morrison's third budget has already been dubbed a 'Breadwinners' Budget by some, as it introduces a gradual lowering of income tax rates and temporary tax offsets for low and middle level income earners. read more
April 2018
Single Touch Payroll: Changes Ahead
Australia's Single Touch Payroll (STP) legislation is about to start impacting business owners, payroll managers and employees across Australia. read more
March 2018
Safe harbour introduced for Directors promotes rescue rather than closure of struggling companies
A recent reform of Australia’s stringent insolvent trading laws has enabled a safe harbour from personal civil liability for directors who are taking a course of action to keep struggling businesses afloat. read more
Top 5 Fringe Benefits Tax Black Spots
It is not safe to assume that what isn't reported to the Australian Taxation Office (ATO) isn't known or can't be known by the ATO. Their intelligence has been significantly increased with more data matching being done and audits are regularly undertaken. For example - by looking at your odometer readings and matching them to the business work schedule they can ascertain whether a car has been used for private purposes. read more
February 2018
What happens if you have a data breach? Mandatory notification laws introduced
On 22 February 2018 the Privacy Amendment (Notifiable Data Breaches) Act 2017 came into effect in Australia. This amendment puts an obligation on businesses to notify affected individuals and the Australian Information Commissioner where personal information is breached that is likely to result in serious harm to the individuals concerned. read more
December 2017
Culture is the key to Sustainable Cost Reduction
Whether you're considering cost cutting in response to your business situation or as a proactive step towards protecting your businesses financial future, if you want sustainable results you need to treat it with the respect it deserves. Cost cutting should be undertaken with a 'future thinking' mindset. read more
ACCC gets tough on excessive surcharges
The Australian Competition and Consumer Commission (ACCC) is cracking down on businesses charging customers excessive surcharges for paying with credit and debit cards. read more
November 2017
Nine Principles for Improving Business Culture and Leadership from “Turn the Ship Around!”
Embedding the culture you want in your business into your business can be a long, tough battle. The smallest thing can be a subtle influence against your success. In this post we take you through nine principles used aboard nuclear powered attack submarine USS Santa Fe which contributed to a complete change of culture... read more
October 2017
Employer update on pending changes to Long Service Leave legislation in Victoria
If passed, this Bill will ... provide a number of changes to how Long Service Leave (LSL) is accrued and when and how it can be taken in Victoria. read more
It’s time to update your SMSF Trust Deed
Following the new superannuation laws that came into effect on 1 July 2017, all SMSF Trust Deeds should be updated so they remain compliant and continue to allow for optimum SMSF performance. read more
September 2017
Enhance your customer’s experience: McDonalds with flowers, your business with …
Are you doing something to brighten your customers day? What are you doing to enhance your customer's experience? Our local McDonalds restaurant is read more
ATO Focus on Deductions
Will your tax return attract ATO focus on deductions you are claiming? read more
Protect your business: Ensure your PPSR registrations are enforceable
Just because you have made a PPSR registration doesn't mean it is automatically enforceable. read more
August 2017
What’s your payroll process? Are you paying ‘right’?
Are you meeting all the payroll obligations imposed on you the minute you employ someone? read more
June 2017
Countdown to June 30: EOFY 2017 Tax Planning
The time before June 30 ends the current financial year is ticking away and with it, your chances to optimise your taxable outcome. We have shortlisted some items you may need to action prior to June 30. read more
Directors and Business Owners: Are you exposing your family home to risk?
Most directors and business owners would understand that if creditors, clients or employees take action against their business, the assets and wealth of the business are at risk. read more
May 2017
Business Name Ownership: Why it’s important to check who your business name is registered to
Do you know who the registered holder of your business name is? Have you changed business structures since registering your business name? You may need to update your business name registration. read more
Federal Budget 2017-2018: Highlights for our clients
Key budget items that will affect our clients. read more
Now businesses with up to $10M turnover can access $20,000 instant asset write off
Businesses with up to $10 million in annual 'aggregate' turnover can now benefit from a $20,000 instant asset write off by purchasing and getting new assets operational by 30 June 2017. read more
ON versus IN: Why you should work on your business instead of just in it
We’ve probably all heard this advice a number of times before: “You need to work on your business, not just in your business.” Did it help you with your business? There are many small business owners that don’t seem to truly understand what is meant. read more
April 2017
5 reasons to automate your quotes (plus 8 apps that could help you do it)
Potential clients can move faster than your business. Someone who has committed to solving a need is not going to wait endlessly for you, they want the job done and will find someone else. Your response to a quote will determine whether you win or lose both the client and the sale. read more
March 2017
Lead vs Lag Indicators: Why you won’t win in business while looking at the scoreboard
The financials for the last quarter are on your desk. The net profit isn’t so good, sales have dropped since last quarter and the bulk order of stock you made has significantly reduced the amount of cash available. Definitely not what you anticipated. read more
February 2017
Your Go-To Accountancy Blog
This is the first of many blog posts and articles we plan to add on the subject of accountancy and financial matters for businesses, Not-For-Profits, SMSF clients and anyone who takes an interest in financial matters, taxation and business development. From light-hearted links to in-depth analysis of important government legislation, we hope for our site to become a hotspot for all the latest news and information in the world of finance. read more

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