From an income tax standpoint, it’s in your interests to keep good records of your transactions and activities. Keeping good records is not only required by law, but it makes your accountant’s job easier – this can result in both decreased fees (an accountant will take less time in preparing returns etc.) and increased deductions…
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Industry Super Australia (ISA), the umbrella group representing not-for-profit industry super funds, is calling on the Federal government to change the law, so that employers would be required to pay super entitlements of their employees at the same time they receive their salary or wages. The Australian Tax Office (ATO) is now doing more to chase…
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One of the largest claims made by business and by employees for that matter is the use of a vehicle for business or work related purposes. Much of the claim relates to depreciation on the cost of the vehicle. As technology continues to advance and with data sharing amongst authorities becoming more prevalent, the ATO…
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When you run your own business a good retirement plan can bring real peace of mind. Read more about your options – and why it’s never too early to start. PLANNING YOUR RETIREMENT When you’re busy running your own business retiring could be the last thing on your mind. But planning your retirement well in…
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$10 billion dollars has been refunded to Australian taxpayers so far this tax time, an increase of over $2 billion from this time last year, with most returns being processed in under two weeks. Australian Taxation Office (ATO) Assistant Commissioner Karen Foat highlighted that the ATO seeks to process returns as soon as possible, announcing that over…
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Around 5,000 businesses will potentially be impacted by the government’s proposal to allow the disclosure of business tax debts to credit reporting bureaus. Responding to a question on notice during a Senate committee inquiry, the ATO has revealed that under the proposed $100,000 tax debt threshold, around 5,000 businesses could potentially be reported. The previous proposed…
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Whatever the size of your business, it’s never too early to start building your retirement income, ensuring a healthy financial future. We help you make the most of the opportunities at every stage of your life with our go-to guide. THE BEST RETIREMENT SAVINGS PLAN FOR YOUR AGE It’s not just how hard you work…
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The founder of Foundr Magazine, Nathan Chan has experienced his fair share of ups and downs in business. Here are his six steps to success. When Nathan Chan had difficulties getting work in his field of choice, he decided to create his own business rather than throw in the towel. The end result is Foundr Magazine,…
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Are you looking to dive into the wonderful world of entrepreneurship? It’s not easy to start a small business but there are plenty that have gone before you. Before you get your business up and running, it might pay to do a little research, so you can avoid common startup mistakes. Here are five mistakes…
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Choosing smarter ways to finance the equipment you need can benefit the rest of your business in ways you hadn’t expected. Here’s how to get started. CHOOSING THE RIGHT FINANCING SOLUTIONS Arranging car finance or small business loans to purchase equipment for your business can sometimes seem complicated. However, you’ll find a range of flexible Equipment…
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Even if you don’t run a big multi-faceted business or employ an army of staff, there are still plenty of tax deductions that you could be eligible for. The most important thing to remember is that you will need to have a record to prove your expenses, so make sure you keep a handle on…
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From preparing financial records for tax returns to wading through mounds of receipts and invoices to figure out what you can claim, it’s safe to say that the End of the Financial Year is not a good time for many Australian small business owners. But, with July 31st having come and gone and the 2019…
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As interest rates approach zero, the Reserve Bank of Australia is considering “extreme measures” to try to avert an “emergency”. What happens if the RBA cuts rates to near zero, and the economy still doesn’t respond? The Reserve Bank of Australia has cut interest rates to 1 per cent, and, despite what you might hope,…
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Budgeting can be the difference between success and failure for a small business. Here, we speak with local business owners and advisors for their tips and tricks. Setting a budget has been an important part of the success for Parcelpoint. In fact, budgeting has allowed the small business to pick key projects that will have the…
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Gross profit is your total sales, less the direct expenses required to achieve those sales. Gross profit allows you to evaluate your business at any given moment, and track its growth and efficiency over time. Gross profit differs from net profit. When business owners talk about their bottom line, they refer to their net profit. Net…
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Tax-time scams involving myGov and the ATO are set to surge this year, the Australian Cyber Security Centre has warned. With tax time now in full swing, the Australian Cyber Security Centre is warning tax practitioners and their clients to expect a surge in scammers impersonating trusted brands like myGov or the ATO. According to…
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Download a copy of our August Newsletter
Accountplan will be open both EKKA showdays, 12th & 14th of August, and for tax season our hours right through till end of August will be: Mondays 8:30am to 5pm …
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In small business you need to wear many hats, particularly in the startup phase. But trying to be all things to all people is a recipe for disaster, not success. Hiring a bookkeeper will take the pressure down. Once you reach the point of physical and mental exhaustion, you simply aren’t able to be anything…
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Only 13% of employees worldwide are really engaged at work. That leaves plenty of room for improvement. As a business leader, it’s up to you to re-inspire your troops for a successful year in business. Here are five leadership strategies you can use to energise your employees in 2019. 1. Express a clear vision Do your…
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In 2018, Inside Small Business reported that 10% of small business owners were working between 50-59 hours per week, with a further 16% saying they worked over 60 hours a week. 24% also said they work seven days a week.. Much of that is a labor of love. And yet, you started your business to gain more flexibility and…
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Does the thought of a ropes course tie you in knots? Maybe karaoke makes you cringe? Don’t worry—team-building activities don’t have to be anxiety-producing. In fact, the best games and events reduce workplace stress rather than add to it. If you’re a small business owner eager to create strong teams, we have you covered with…
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Parting ways with clients is a normal and pretty common part of doing business, but that doesn’t make it any easier. In this article, Kellie Byrnes acts as your client relationship counsellor to help ease the pain of separation. As someone working in the professional services field, you place high value on each of your…
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Burnout is typically accompanied by emotional exhaustion, cynicism and reduced productivity. Employers and employees can take steps to recognise and manage burnout at work. Burnout is a state of physical, emotional and mental exhaustion, says organisational psychologist Sarah Cotton, director of Transitioning Well. Its debilitating symptoms can include fatigue, insomnia, irritability, and inability to concentrate. “The…
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Not sure whether to hire in-house staff or work with freelancers? This article should help make the decision much simpler for you. Once you’ve decided to expand your business by investing in talent, the next step is to figure out whether you tap into the outsource or freelance workforce, or whether you hire staff in…
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Finance Friday #10 – What will happen with Interest Rates? Welcome back to another edition of Finance Friday, this week Mick talks about what will happen with interest rates. Posted by Accountplan on Thursday, 11 July 2019
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Tax Season is almost upon us and Accountplan is taking appointments now. Our opening hours up until Friday 12th July will remain as: Monday to Friday 830am to 5pm From Saturday 13th July we will operate as follows: Mondays 830am to 5pm Tuesdays 830am to 7pm Wednesdays 830am to 7pm …
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Urgent maintenance is an unavoidable aspect of being a landlord, so having a cash buffer set aside will help you deal with any unexpected problems. When renting out an investment property, having access to extra cash is vital for two reasons: ● to cover the costs of maintaining the property, giving it the best chance…
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Over $7.2 billion in work-related car expenses claimed last year have placed the popular deduction firmly in the headlights of the ATO this tax time. According to ATO assistant commissioner Karen Foat, over 3.6 million people made a work-related car expense claim in 2017–18, totalling more than $7.2 billion. The deduction will be a key focus area…
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Certain super fund members who have ‘inactive’ super accounts with insurance have until 1st July to respond to trustees to “opt in” to retain their insurance. Affected clients will have recently received letters or emails from trustees outlining the opt-in process. What is an ‘inactive’ account and potential consequences of extended ‘inactivity’? An account is…
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Managing your business can be overwhelming. It requires a huge commitment of time, money, and effort. All those responsibilities often short change the other areas of your life. None more than personal finances. In fact, most business owners believe they can’t save and invest for retirement because their business requires all of their mental and…
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Having a solid business idea is a far cry from having a successful business. In this article, Benjamin Kluwgant discusses the best ways to approach turning your concept into a reality. Have you ever been working your day job and all of a sudden experienced a light bulb moment with a genius business idea? Well,…
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Earlier this year The Federal Government announced it would extend the instant asset write-off for another year, and in the Budget announcement the Treasurer has added another sweetener for small business – extending the threshold to $30,000*. When it comes to small business cash-flow is king, and being able to invest in your business is…
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End of financial year (EOFY) is a stressful time for small business owners and their tax agents alike. Make things easier for you and your accountant by taking up the following four habits. Recently there have been considerable studies on the habits of small business owners and, without fail, those who follow the best practices…
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If you apply for a home loan, particularly if the loan is for more than 80 per cent of a property’s value, you’ll more than likely have to prove to lenders that you have a satisfactory amount of savings. This is to demonstrate your ability to funnel a portion of your income into repayments. Although…
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Download a copy of our June Newsletter
The tax debt collections powers granted to the ATO may put taxpayers on the back foot, says one tax barrister but advisers should not shy away from negotiating with the tax office to minimise the damage. The ATO’s use of tax debt recovery action has been thrust into the spotlight in recent times, with its…
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Finance Friday #9 – Is a Family Guarantee right for you? Welcome back to another edition of Finance Friday, this week Mick talks about if a family guarantee is right for you. Posted by Accountplan on Thursday, 30 May 2019
Putting a price on a business can be challenging – whether you’re the buyer or the owner who’s looking to sell. Here, we reveal some essential tips and methods for assessing business value. HOW TO VALUE A BUSINESS Thinking of buying a business – or selling your own? Pricing a business for sale can be tricky. What…
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Leasing commercial real estate can be one of the biggest investments a business owner can make, so it’s important to go above and beyond when doing your due diligence. As a nimble business owner, you can usually navigate around the little bumps, but it’s the unexpected impacts on big investments that represent the largest risks.…
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The Buy Now Pay Later sector is winning-over the youth demographic with the promise of instant gratification, but the mortgage professionals and banks warn that with every sugar-high comes the risk of a corresponding low. ‘Buy Now Pay Later’ providers such as AfterPay and Zip Pay have experienced massive growth in popularity, with the number…
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If you apply for a home loan, particularly if the loan is for more than 80 per cent of a property’s value, you’ll more than likely have to prove to lenders that you have a satisfactory amount of savings. This is to demonstrate your ability to funnel a portion of your income into repayments. Although…
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Prime Minister Scott Morrison has signalled that getting his tax changes through parliament will be a top priority for his re-elected government. As per Treasurer Josh Frydenberg’s announcement in the April federal budget, the Liberal Party plans on introducing the biggest round of income tax cuts since the era of John Howard and Peter Costello. Headline…
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You have a special set of skills, so your business should offer a clearly defined set of services. As a tradesperson, carving out your niche is a simple way to make business life easier. As a tradie, you want to spend most of your time on the tools rather than chasing jobs, right? While you…
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Prime Minister Scott Morrison has announced a low-deposit scheme for first home buyers in the lead-up to this Saturday’s federal election. Over the weekend, Mr Morrison announced that his party plans to allow first home buyers to access 95 per cent loan-to-value ratio mortgages. The First Home Loan Deposit Scheme, which will partner with private lenders,…
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A massive congratulations to our very own Jodie Fletcher who today celebrates 19yrs with the Accountplan group. These days Jodie is one of our most experienced accountants, doubling as our resident specialist in Self-Managed Super Funds. She has certainly come a long way since joining Accountplan as our receptionist straight out of uni. With a…
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Refinancing can be a great way to save money if you believe you are paying too much for your loan, but there is more to it than just finding a loan with a lower interest rate and making the change. Before making the switch, ensure the savings you could make outweigh the fees involved. Here…
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Single Touch Payroll (STP) has been on the radar for small business owners for some time now. First mentioned back in 2014 it wasn’t however until 1 July 2018 that STP was rolled out for employers with 20 or more employees. The rollout now extends to those with 19 or fewer employees as at 1st…
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We are thrilled to introduce Katrina Simkin who recently joined the Accountplan team. Katrina, a Redcliffe local, has 20 years accounting industry experience in both customer facing and management roles. We are looking forward to Katrina’s experience providing much greater capacity in both our Administration and Bookkeeping teams. So please don’t be shy and join…
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Asking how long it takes to get a loan approved is like asking how long a piece of string is. Every application is unique, so the time between your first contact with your bank or broker and approval can never be predetermined exactly. There are, however, some things you can do to help hurry your…
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The Tax Office is set to up its focus on popular car-related claims this tax time, which is set to capture the activity of businesses and their employees. Fringe benefits tax (FBT) is paid by employers on certain benefits they provide to their staff, and often includes allowing the use of a car for private purposes. For…
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Want to get more work done than you can manage, but you can’t afford to hire? Perhaps it’s time to take on strategic business partners. One of the main reasons people start their own business is to be their own boss. As business owners, we like to do things our way and often are happy…
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Are you looking to dive into the wonderful world of entrepreneurship? It’s not easy to start a small business but there are plenty that have gone before you. Before you get your business up and running, it might pay to do a little research, so you can avoid common startup mistakes. Here are five mistakes…
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When selling one property and purchasing another, the funds from the sale may not be available in time to use for the purchase deposit. There are typically two options in this scenario: a bridging loan and a deposit bond. Bridging loan A bridging loan is a short term home loan designed to allow you to…
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Download a copy of our April Newsletter
As widely predicted, the announcement included a range of tax cuts for both individuals and businesses. The Treasurer also announced increased funding for regulators to encourage tax and superannuation compliance, a number of positive changes to superannuation, and an affirmation of previously announced aged care measures. This summary provides coverage of the key issues of…
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New superannuation measures which will enable Australians aged 65 and 66 to be able to make voluntary superannuation contributions has been announced by the Treasurer. Treasurer Josh Frydenberg has announced a new measure which will enable Australians approaching their retirement years to make voluntary superannuation contributions, both concessional and non-concessional, without meeting the work test. …
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Having an online presence is vital to ensure that businesses stay relevant in the digital age. For most companies, a simple social media page just doesn’t cut it and a ‘proper’ website is needed. Luckily, as the world embraces the digital age, it’s easier to create a website than ever before. With a huge range…
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What’s The Secret To Buying My First Home? Saving for a home loan or mortgage isn’t glamorous but it has to be done. So here are some savings tips for first home buyers to help get you into the property market. How much should I be saving? One of the first rules of saving is…
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So now you’ve used your business software to produce a Profit & Loss Statement, how do you use that information to your advantage? The first insight you can gain from your Profit and Loss Statement begins by simply looking at the bottom line. Did you make a profit or a loss? Are you making enough?…
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A logo is one of the building blocks of creating a brand. If executed successfully, it can have tremendous impact and influence, helping to take your small business to the next level. As you prepare to get your business off the ground, designing a logo can seem like your last priority. However, once you have…
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In a highly competitive industry, retailers need to remain up-to-date. A retail business won’t thrive unless key areas are met. From making sure you have the right products to a great social media presence, this checklist has it covered. 1. CHECK YOU ARE OFFERING THE RIGHT PRODUCTS Whether your retail business focuses on one primary…
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So it’s nearing the end of June and you might think that it’s too late to do anything to reduce your tax before June 30, right?
Most small businesses now know about the $20,000 tax offset provided by the ATO that was introduced on 12th May 2015. What many of you may not know is that this write off will be reduced to $1,000 from 1st July 2018*
It is fast approaching the 30th of June so now is the time to run through a checklist of what you need to do prior to the end of the financial year.
Finance Friday #7 | End of financial year express equipment finance What would you spend $150k equipment finance on in your business? End of financial year express equipment finance What would you spend $150k in equipment finance on in your business?Mick Doyle is credit representative 495495 of BLSSA Pty Ltd, ACN117651760 (Australian Credit Licence 391237)…
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Every year news outlets flood us with information about changes in the budget, all manor of issues are covered and their consequences for individuals and businesses are highlighted to all. As can be the case with news media, some of the information is sensationalised and some of it complex so the truth, the actual impact…
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