Your public company now needs a ‘consolidated entity disclosure statement’
Public companies are now obligated to submit a “Consolidated Entity Disclosure Statement” (CEDS) annually, providing detailed information on all entities within the listed or unlisted company. Following the Treasury’s announcement on 5 July 2024, and as part of the Australian Government’s commitment to tax integrity and transparency, all public companies (those open to public investment) […]
Getting your small business tax in order
As the 2023/24 financial year concludes, it’s important to prepare for submitting your tax return and ensuring that sufficient cash reserves are set aside to meet your company’s tax obligations. This guide is intended to help small businesses understand their end-of-financial-year (EOFY) tax responsibilities, detailing the types of taxes for which you may be liable […]
Following up on invoice payment in a down economy
Collecting payments on outstanding invoices can be challenging during economic downturns. However, maintaining a steady cash flow is crucial to ensuring your business can meet its financial obligations and cover operational expenses. During these times, it is essential to approach payment collection with empathy and maintain open lines of communication with your customers. Outlined below […]
Changes to Capital Gains Withholding Tax
Changes to Foreign Resident Capital Gains Withholding Tax Rate and Threshold The withholding tax rate for capital gains under the regime for non-residents is proposed to increase from 12.5% to 15%, with the property value threshold of $750,000 being proposed for removal, effectively reducing it to nil. Key Information: Currently, the regime mandates that purchasers […]
DIY accounting vs hiring an accountant: make the right choice for your business
When starting a small business, it’s tempting to manage your own accounting to save money. Hiring a professional accountant or tax adviser can be seen as an avoidable expense. But is handling your own financial management really the best choice for your business? Let’s examine why partnering with an experienced accountant might be a smart […]
Budgeting for success: the importance of good financial management
Effective cash management is vital for small businesses with limited financial resources. Clear budgets and spending limits are essential for maintaining financial stability. Four Key Budgeting Strategies 1. Adopt a Comprehensive Budget A detailed budget is the foundation of financial stability. Even a simple Excel spreadsheet can track income and expenses. Steps to Implement: 2. […]
2024–25 Federal Budget Highlights
The Federal Treasurer, Dr Jim Chalmers, handed down the 2024–25 Federal Budget at 7:30 pm (AEST) on 14 May 2024. Described as a “fiscally responsible Budget aimed at alleviating current financial pressures,” the Treasurer has projected a surplus of $9.3 billion for the second consecutive year. The government’s primary focuses, outlined in the Budget, include […]
5 common accounting mistakes (and how to avoid them)
Embarking on a business venture entails grappling with myriad challenges, particularly in the realm of financial management. For those not well-versed in fiscal intricacies, navigating the complexities of bookkeeping and accounting can be formidable. Despite the availability of modern accounting tools, the potential for inadvertent errors persists. What are the common accounting pitfalls encountered by […]
Leveraging In-Depth Financial Data for Informed Business Decision-Making
As a business owner, making optimal decisions is paramount. Strategic spending, revenue management, and cashflow analysis deeply impact long-term success. Utilising financial data is crucial for maintaining a competitive edge. Here are five benefits of real-time financial insights: Unlock Your Financial Data Potential: Upgrade from basic metrics to comprehensive insights with customised dashboards and reporting […]
Tips for dealing with economic uncertainty in your business
In the face of recent political shifts and economic slowdown, we’re navigating uncertain waters. Here are some recommendations for adeptly managing your team during these times: