Category: Small Business Tax

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

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

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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

a woman who is a SMSF trustee ensuring she is compliant and avoiding mistakes

How to avoid common mistakes made by SMSF Trustees

Self Managed Super Funds (SMSFs) are one of the fastest growing structures in Australia, but they’re also one of the most complicated. SMSF trustees need to know all about investments and how to protect their SMSF. They also need to be aware that SMSFs have strict rules around who can contribute or withdraw funds. Trustees...

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Filed Under: Compliance

Everything you need to know about business activity statements (BAS)

What you need to know about Business Activity Statements (BAS)

If you’re a business owner or sole trader, you need to know how to prepare for Business Activity Statements (BAS). This article will take you through the steps you need to take to get ready for your BAS, including when to lodge and what information needs to be included. So whether you’re new to BAS...

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Filed Under: Accounting, Compliance, Tax

business owner with accounting lady

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 a 50% Government guarantee. What...

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Filed Under: Financial Awareness, General, Growth

Man calculating super to maximise super, money jar and calculator

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 best ways to maximise your...

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Filed Under: Accounting, Tax