Blog

  Last week, the ATO published a gazette notice informing that it would now acquire data from Services Australia, formerly the Department of Human Services, to verify individuals’ eligibility criteria for JobKeeper payments, temporary early access to superannuation and temporary cash-flow boost. Data for 3 million Australians are expected to be used for the data-matching program, running from 19 April to 24 September. The data that will be scrutinised include…  Read more

  Don’t be left up in the air by traditional IT solutions. Check out the top 9 advantages for small businesses switching to cloud computing. Cloud computing is fast becoming the norm because storing information and using software hosted on the Internet has many advantages. 1. Save money Traditionally, a small business spends money licensing software or buying packages to install or download onto individual computers. Cloud computing, on the…  Read more

  With the substantial increase in retail investors in the stock market due to Covid-19, it is important to keep in mind the tax implications of share market transactions and the requirement to disclose all gains or losses made. The Australian Taxation Office (ATO) is automatically updated with data on your share transactions so although  you may not remember your transactions, the Tax Office will know what shares you sold.…  Read more

  We’ve heard this before: the COVID-19 pandemic is an unprecedented global health and financial crisis that has caught many off guard. While the threats to human life are very real, the damage to the health of businesses is really just starting to show. The seriousness of the disease and the lack of a vaccine (at the time of writing this) have prompted governments around the world to impose strict…  Read more

  Managing cash flow is a vital part of running a successful business. Some business owners think managing cash flow simply means keeping track of how much money enters and leaves their business, but there’s actually more that goes into it. Cash flow forecasting, for example, is an incredibly valuable tool that helps you anticipate cash flow issues, plan for days when your cash flow is limited, and show the…  Read more

Good news! This week the government announced that the Instant Asset Write-off has been extended for six months, taking the initiative to 31 December 2020. Australian businesses with less than $500 million annual turnover will be able to take advantage of the write-off and invest in assets to support their business. This government initiative is designed to help the economy reopen and boost economic growth. The instant asset write-off applies…  Read more

Many small business people wonder whether it’s better for them to buy or lease capital equipment for their businesses. Your options regarding leasing or buying depend upon the nature of your particular business, but there are nevertheless a few guidelines you can follow to help you decide what you should do.   If you have the money available, and the item is really necessary to your business, then it will…  Read more

Debt can be a crippling problem for small businesses wanting to grow or just break-even during difficult times. By reducing debt you’ll improve the value of your business, its financial situation, and its ability to continue operating into the future. Assess your debt situation Take a detailed look at all of your debts – both current and long term. Evaluate which ones are more urgent and which can be parked…  Read more

If you have any doubt that word of mouth referrals are important, consider these recent stats: According to Neilson, 92% of shoppers trust recommendations from friends and family more than traditional advertising 20% to 50% of consumer purchases are made because of a word of mouth recommendation 81% of buyers are influenced by their friends’ social media posts. So how can you encourage positive word of mouth for your small…  Read more

Small businesses can grow in boom times as well as periods of difficulty by working smarter and taking advantage of opportunities. Put these following effective tips into practice to help grow your business. 1. Utilise new technology Modern technology can save you time, improve productivity and reduce your operational costs. Make use of Facebook, Twitter, Google+ and other social media tools to market your business. Dropbox is a cloud-based service…  Read more

Reality hit us when our National Franchise client informed us they were shutting down their franchise network due to their sales falling by 90%. The lock-down provisions and social distancing requirements, meant it was not possible for them to continue trading. Their rental liability alone would put them out of business in 3 weeks. In one foul swoop, 40% of our fee income vanished overnight and then came the phone…  Read more

For those after the latest information as at 27th April 2020, on the Job Keeper Scheme, we provide a summary from our reference source CCH : The basic turnover test Employers will be eligible for the subsidy if their turnover for the period has fallen below the thresholds and they meet the other eligibility requirements set out further below. Business type/size Turnover reduction threshold ACNC registered charity* 15% For Profit:…  Read more

For small business owners, the risk of data breaches and fraud is high, so taking all the necessary steps to protect your sensitive data is a must. Unfortunately for many entrepreneurs, the decision to increase their company’s data protection comes too late – after they’ve been victimized by a malicious hacker. The good news is, simple and inexpensive steps can be taken to avoid being hacked. According to a recent…  Read more

There are some things in life that go together well and others that definitely do not. Business and personal finances are in the category of items that should not be mixed. Although it may seem like a headache to keep them separate—who wants to manage all those bank accounts?—your life will be greatly simplified once you separate your personal and your business finances, especially your expenses. Paperwork and taxes will…  Read more

  Employees working from home As the situation around COVID-19 continues to develop, you may be working from home and incur expenses that you can claim at tax time. To claim a deduction for working from home, all of the following must apply: -You must have spent the money. -The expense must be directly related to earning your income. -You must have a record to prove it. This means you…  Read more

Everyone likes making money, especially small business owners. Invoicing, however, is typically one of the tasks that small business owners like the least. Chores like creating and sending invoices get set aside for other duties that are seen as more enjoyable or even more urgent. You tell yourself you’ll get around to it tomorrow, but tomorrow becomes next week, next week becomes next month, and suddenly you realize your client…  Read more

Ideally, you and your accountant are more than just “adviser” and “client”. With your combined skills, expertise, and a shared mission to support a thriving business, you’re more like strategic partners. The key to achieving success in any partnership is, of course, strong communication. At your next meeting, be sure to ask your accountant these four important questions. 1. What’s my best strategy for increasing revenue? Every business owner strives…  Read more

Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering…  Read more

Want to avoid paying more than you should come tax time? Or a frantic last minute search for missing financial records? New business owners have a lot on their plate, and can easily lose track of an approaching tax deadline or financial data needed to submit their return. Organization is key when preparing for tax time. As is taking advantage of the many tools and resources out there to support…  Read more

Cloud computing is quickly moving from an obscure concept to an everyday reality for small businesses all over the world. A 2015 survey of small business owners found that 52% had already adopted some form of cloud-based data storage; however, a general lack of awareness regarding the logistics and advantages of cloud computing has made others a bit more resistant. The truth is, there are several very practical benefits to…  Read more