Category: Financial Awareness

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

Pros & Cons of SMSF Set Up

A Self-Managed Super Fund (SMSF) is a private super fund that you manage yourself where you are able to choose the investments and the insurance. Whilst an SMSF can have no more than six members, most SMSFs have two or more. As a member, you are deemed a trustee of the fund, meaning you are...

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Filed Under: Financial Awareness

2022 Work-Related Tax Deduction Checklist

The end of the financial year is fast approaching, so now is probably the time that you start looking for ways to save in this year’s tax return. Whether it’s through tax deductions, work expenses that you could bring forward or via the various tax offsets the government introduced. Looking to DIY your personal income...

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Filed Under: Compliance, Small Business Tax

small business super guarantee

Small Business Super Guarantee - what you need to know before the EOFY

With so much on your mind at any point in time, it’s easy for super contributions to fall to the bottom of any small business owners to-do list. Let us help you stay on top of your small business Super Guarantee this financial year by breaking down the recent changes and common pitfalls: Late Payments...

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Filed Under: Business Advisory, Compliance, Small Business Tax

Budget breakdown - how changes to the paid parental leave scheme will affect small businesses

Does your small business have employees looking to expand their family either via adoption or pregnancy in the coming months/years? If your answer is yes to that, the recently announced 2022-23 Federal Budget presented a change to the paid parental leave scheme that would impact you both. Paid Parental Leave Scheme Under the current scheme,...

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Filed Under: Business Advisory, Compliance, Management and Strategy, People

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Car Parking Benefit changes FBT liability for employers

Fringe benefits tax (FBT) returns and payments are due on the 21 May.  Before you complete your lodgement, it’s important to understand changes to one employee benefit that may impact the FBT liability of your business.  A refresher on FBT liabilities A fringe benefit is a ‘payment’ to an employee in respect of their employment,...

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Filed Under: Business Advisory, Small Business Tax

Budget breakdown - how superannuation changes will affect pensioners

The recently announced 2022-23 Federal Budget presented key changes to taxation, business, and superannuation, with the minimum pension drawdown amount put in the spotlight. While the impact of these changes varies from person to person, there are some key factors you should consider if you’re approaching retirement or have a family member on the pension....

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Filed Under: Financial Awareness, Tax

succession plan next generation

Passing the family business to the next generation?

When it comes to running a family business, one of the biggest questions that will arise is when and how to pass it on to the next generation. While the specific details of your family business may be different from others, there are some key questions you should ask yourself before beginning the succession process,...

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Filed Under: Business Advisory, Leadership, People

creating a successful business plan for a thriving business

The 5 elements of a successful business plan

Every business needs a plan. Whether you’re just starting out or you’ve been in business for years, a well-devised business plan is essential for success. Business planning can seem overwhelming, but it doesn’t have to be. There are five core elements that every successful business plan has. Whether you want to start a business, buy...

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Filed Under: Business Advisory, General, Growth, Management and Strategy

As the end of FBT year approaches it's important to know the fringe benefits you're providing employees

The end of FBT year is near - are you prepared?

As the end of FBT year approaches, it’s important to be aware of the benefits you’re providing your employees. One such benefit is fringe benefits, which are ‘payments’ made to an employee in a form other than salary or wages. This incurs a specific kind of tax known as Fringe Benefits Tax (FBT), which is...

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Filed Under: Accounting, Small Business Tax, Tax

how business' can boost their cash flow

How to boost your business' cash flow in 3 easy steps

It’s never too early to start planning for your business’s cash flow. In fact, the earlier you start, the better off you’ll be. That’s because cash flow is one of the most important aspects of any business. Without it, your business will quickly run into trouble. Cash flow is the lifeblood of any business, providing...

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Filed Under: Accounting, Business Advisory, Growth