Posts by advicecogillian
Overwhelming: Taxes about to increase as cost of living gets tighter
Federal Treasurer, Jim Chalmers has indicated that some tax and revenue measures may need to be adjusted (aka increased) in the next annual Federal Budget in May 2023, or as soon as 25 October when a mini budget is scheduled to be presented to Parliament. With interest rates and everyday expenses also rising, it’s important…
Read MoreAustralians are the richest people in the world?!
Credit Swisse recently released a global wealth report that showed the median Australian adult had a net worth of $US273,900 at the end of 2021, making them financially better off than adults of any other country. This reflects a favourable share and property market position for Australians at the time of the report. It is…
Read MoreUrgent message to business owners: ATO unrelenting in tax debt recovery – DPNs on the rise
The ATO is on a mission to recover unpaid taxes and directors are being held personally liable. The stakes are high, and business owners MUST seek the help of their accountant to navigate this murky water. Tens of thousands of warning letters are issued by the ATO each month to directors of companies with outstanding…
Read MoreFairwork advice for spontaneous public holiday to honour Queen
Thursday September 22 will be a “one-off” public holiday to commemorate the life of the late Queen Elizabeth II. The public holiday was announced by Prime Minister Anthony Albanese and confirmed for NSW by the Minister for Employee Relations Damien Tudehope under section 5 of the Public Holidays Act 2010. Businesses have had to scramble to accommodate…
Read MoreJobs Summit: highlights that tackle staff/skills shortages
The recent Federal Jobs and Skills Summit was a positive step in addressing the labour and skills shortages experienced by almost every industry, but questions remain about whether the actions being taken by the government are enough. Additional migration places, TAFE courses and childcare policies were announced, but business owners want to see more to…
Read MoreTop pressures on business cash flow and how to get ahead of it
The top (although not only) pressures on cash flow for small businesses are overdue invoices, inventory bloating, professional development to address the skills shortage and business technology. Various institutions, including Xero, the Australian Tax Office and Treasury have made announcements that relate to these themes with the intention of relieving cash flow pressure. Read on…
Read MoreIncome tax cuts are coming
Labor is sticking to its Stage 3 income tax cut plans. Here’s what it means for your income… The plan, which passed into law in 2019 with Labor’s support, will remove the bracket taxing 37 cents of each dollar of earnings between $120,001 and $180,000. The $180,000 top bracket limit will expand to $200,000. It…
Read MoreWhat rising interest rates will do to business cashflow
It is likely Reserve Bank of Australia cash rate will rise to circa 2.5% by the end of the 2023 calendar year. This will put significant pressure on small business cash flow. Business owners need to act now to stay ahead of the game. The reason for the interest rate increase is largely the current…
Read MoreTime for a business health check-up?
Dear Business Owner, How have you been feeling lately? Are you losing sleep, low on motivation, making lifestyle choices that you know aren’t good for your health but you’re so stressed you just don’t care? Your physical health is often a symptom of poor business health. If your business is not humming along soundly, it…
Read MoreStrategies for managing staff and skills shortages
Over 90% of businesses are experiencing workforce shortages, according to the 2022 Workforce Skills Survey, from the state’s peak business organisation, Business NSW. So how can business owners take control of something that feels very much out of control? The annual survey of over 600 businesses across the State was conducted through the last week of May…
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