Category: Financial Awareness

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

Image for New amendments and expansion of the SME Recovery Loan Scheme

New amendments and expansion of the SME Recovery Loan Scheme

The SME Recovery Loan Scheme terms have been amended and expanded due to the ongoing economic impact of the COVID-19 pandemic. The 2022 Scheme expansion will now be available from 1 January 2022 until 30 June 2022. This expansion allows SMEs to access loans of up to $5 million with…

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Filed Under: Financial Awareness, General, Growth

Image for 5 ways to make sure your super goes to the right person when you die

5 ways to make sure your super goes to the right person when you die

Upon someone’s untimely death, their superannuation may be one of the elements of the estate that can be bequeathed and divided between their loved ones. However, this is not done through their will, as super isn’t automatically included unless specific instructions have been given to their super fund. Often these…

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Filed Under: Financial Awareness, General

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How having multiple jobs affects your taxes

If you earn income through more than one job, a common misconception is that each employer withholds taxes from your paycheck in the same way. This is not necessarily true; they may use different tax withholding methods which could lead to an underpayment of income taxes with one employer, and…

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Filed Under: Financial Awareness, General, Tax

Image for How stapled super funds will impact employers

How stapled super funds will impact employers

From 1 November 2021, if you have new employees who don’t choose a specific super fund, you may need to request their ‘stapled super fund’ details from the Australian Taxation Office. We’ll explore what a stapled super fund is and how it will impact you as an employer. Existing superannuation…

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Filed Under: Compliance, Financial Awareness, General, People

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Image for I owe money to my private company money but can not pay it back at the moment.  Can I get more time?

I owe money to my private company money but can not pay it back at the moment. Can I get more time?

Well, there is good news for you, the ATO announced it is to allow extended time for minimum yearly repayments on complying Division 7A loans, so if you owe money to your private company, you have more time! What is a complying Division 7A Loan Agreement? Many incorporated business owners…

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Filed Under: Compliance, Financial Awareness, Tax

Image for Federal Budget 2021-22

Federal Budget 2021-22

The Government has decided not to go down the austerity path, which will be a relief for many taxpayers and businesses. Rather, the Government has decided to put its foot on the accelerator with the hope that the growth in the economy over a long period of time will help…

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Filed Under: Financial Awareness, General, Small Business Tax

Image for What can you tell your employees about super?

What can you tell your employees about super?

It’s a common question asked by employees: “what should I do about my super?” If you are an employer or manager and feel confident of your knowledge of superannuation and investment, it can be tempting to give an answer. However, just about anything helpful you have to say will likely…

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Filed Under: Compliance, Financial Awareness, General, People

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Federal Budget 2020-21

We all understand that budgets are an exercise in predicting the future. Given what has happened in 2020, gazing into the crystal ball and extracting something reliable is fraught with difficulty. The Treasury has given its best estimate, but we also need to appreciate that budgets are usually never 100%…

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Filed Under: Advocacy, Business Advisory, Financial Awareness, 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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Where Does My Tax Money Go?

One of the most common gripes small business has is about the level of taxation and the cost of complying with complex regulation. These regularly top the list of small business growth-inhibitors. So, where do all those small business taxes actually go? Well, one of the main functions of Australia’s…

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Filed Under: Financial Awareness, Tax