Category: Accounting

Written by seriously good accountants. For business owners who want to understand their numbers, make good decisions & grow.

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3 ways to maximise your super for the best results

Maximising your super is an important part of managing your finances. The amount you put into it, the way you invest, and how you use the tax concessions available to you can make a big difference in how much money accumulates in your super account over time. Some of the…

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Filed Under: Accounting, Tax

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How to have a tax-deductible Christmas party

If you’re looking for an easy way to give your employees a gift this year, consider throwing them a Christmas party! The best part? Your end of year function could be tax-deductible. Here are some tips for throwing a festive and tax-deductible Christmas party without breaking the bank. Venue When…

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Filed Under: Accounting, General, Small Business Tax, Tax

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What you need to know about trust distribution resolutions

Following on from my article on 21 May 2021, https://seriouslygoodaccounting.com.au/articles/5-small-business-strategies-for-kick-starting-the-financial-year/, an essential part of tax planning for any business that trades through a trust, or a trust that has been set up to accumulate the family wealth, is to decide and document the trust distributions. These…

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Filed Under: Accounting, Compliance, Small Business Tax, Tax

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Why Do I Need An Accountant?

One of the most vexing challenges for small business owners is access to the right professional expertise. Just as with lawyers, accountants play a pivotal role over the life span of any small business. Regardless of where your business happens to sit in its lifecycle, sound accounting advice and accurate…

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Filed Under: Accounting, Advocacy, Tax

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Where Does All My Money Go?

One of the most challenging issues facing small business owners is managing their cash flow and keeping track of their money. As the only way your small business is going to survive is by consistently posting profits, this should be focusing your attention. You’ll soon find there are plenty of…

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Filed Under: Accounting, Business Advisory, Financial Awareness

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What Accounting Software Should I Use?

While most small business owners understand the benefits an accounting software package brings to their business, it remains a grudge purchase. Yes, it saves substantial head hours compared to manually keeping the books and its reporting functions are more helpful than a spreadsheet. However, if you happen to be a…

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Filed Under: Accounting, Business Advisory, Tech

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5 Reasons Why Cash Is King

The age-old saying “Cash is king” has been with us for decades. Historically, the concept has often been used to explain business failures. Without an adequate source of cash on hand, it is all too easy for a business to experience major issues ranging from an adequate capital to expand…

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Filed Under: Accounting, Business Advisory, Culture, Financial Awareness

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Should You Lease or Buy Equipment for Your Business?

Can’t decide whether to lease or buy the equipment you need for your small business? Don’t worry, asking yourself these six questions will help you decide… It doesn’t matter what line of work you’re in or even whether you are a new or growing business, equipment is crucial for business…

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Filed Under: Accounting, Growth, Optimising Processes, Tax

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Single Touch Payroll – What is it? Is my Business affected?

What is single touch payroll? Single Touch Payroll Reporting (STPR) is a legislated requirement which will see the ATO collect payroll data in real time. This will create significant changes for businesses and reporting to the ATO, so instead of filling out monthly, quarterly and yearly forms, the ATO will…

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Filed Under: Accounting, Compliance, Optimising Processes