Accounting
The Top 3 Reasons to Hire an Accounting Firm for Your Business and Why It Can Save You Big!
At the beginning of your journey into entrepreneurship, it’s relatively easy to keep a handle on your business finances. But as your company grows, you suddenly have much more on your plate, from suppliers and customers to employees and logistics. The good news is that you’re reaching new heights with your business. The bad news…
Read MoreFederal Budget – the biz and finance wrap
By now, we’re all familiar with the political rhetoric around ‘tightening our belts’ to recover the $36.9 billion Federal Budget deficit and survive higher cost of living. The recently announced budget suggests that resource prices, taxes and low-unemployment are crucial to economic recovery. Read on to discovery how those budget themes will impact SME’s. A…
Read MoreTax and super rules for the festive season
Small businesses gearing up to hire Christmas and summer casuals for what (we hope) will be a prosperous peak period, or who wish to celebrate without restriction this festive season, must keep the new super and tax rules in mind. Summer casuals – Employers are now required, as of 1 July 2022, to pay their…
Read MoreThere’s an app for that! Best secure business and finance apps to save time and money.
We attended the recent XeroCon – one of the Accounting and Finance industry’s biggest events of the year. It was clear that the most efficient businesses – big and small – are tapped into some fantastic apps to save time and money. Here are some of our favourites. There are so many apps, it is…
Read MoreTime is running out to register for mandatory Director ID numbers
Almost two thirds, or 1.6 million company directors across Australia have not yet applied for their Director ID number. The ATO’s new registration scheme has a deadline of 30 November 2022 for directors appointed on or before 31 October 2021, so it is absolutely critical that directors of companies and SMSFs avoid having their head in…
Read MoreHuge risk: Steps to protect and preserve online data
The largest cyberattack in Australia’s history via Optus in September has sparked huge concern over the susceptibility of our data, our identities and our credit. Almost in the same week that the hack occurred, the ATO announced that it intends to be fully digital by 2030. So how can you protect your business and personal…
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 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…
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