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 […]
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 […]
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 […]
Tax Planning helps you do more with your money
Strategic tax planning is essential for small businesses looking to efficiently manage their finances and legally minimise tax liability. It involves proactively planning ahead to ensure you only pay the taxes you owe, and no more. Working with your tax adviser, you can identify potential deductions, credits, exemptions, and strategies to optimise your tax position. […]
Mastering Financial Fitness: A Comprehensive Guide to Effective Bookkeeping
In the digital age, managing your finances efficiently is a non-negotiable aspect of running a successful business. With a myriad of tools and metrics at your disposal, maintaining accurate bookkeeping practices is the cornerstone of financial health. But why is it so crucial, and what steps can you take to ensure your bookkeeping is up […]
Key ways to access funding for your business
If you’re planning to fund a new business, you’ll need enough startup capital to get this venture off the ground. And once you’re up and running, you’ll need additional business finance and investment at each stage of your growth and expansion along the business journey. But where does this business funding come from? And what […]
Book a tax planning conversation with us today
The days of deciding on a tax strategy at the start of the year and then forgetting about it are gone. As taxpayers and tax advisers, we both have to be nimble, flexible and aware of changes. That’s why regular tax-planning sessions are so important. The need for regular tax-planning conversations As your accountant and […]
Tax planning helps you do more with your money
Tax planning is a strategic approach to managing your business’ financial affairs, with the aim of legally minimising your tax liability. In other words, you plan ahead to make sure you pay the taxes you should be paying, but not a penny more. Working with your tax adviser, you can look for deductions, credits, exemptions […]
Review your expenses – and save yourself money!
Running a business will always mean incurring certain expenses, or ‘spend’. Whether you’re a large family business or a small fledgling startup, there will be costs, overheads and supplier bills that mount up – and these expenses will gradually chip away at your cash position, making it more difficult to grow and make a profit. […]