During times of crisis, we’re forced to reinvent the way we work and what we work on to remain sustainable. From technology adoption to product innovation and blowing up stale processes, a crisis forces us to start with a fresh page and plan for a better, more resilient business. Four ways to reinvent your […]
Reopen For Business – Planning Template
In March 2020, the Prime Minister announced the new National COVID-19 Coordination Commission (NCCC) to minimise and mitigate the impact of the global pandemic on jobs and businesses and to facilitate fast social and economic recovery. The Commission has released a template that businesses can use to plan for reopening operations while keeping the workplace healthy, safe […]
Tax Tips For Individuals
Although your tax return is not due for a few months yet, the end of the financial year is nearing…have you captured all your work-related deductible expenses to make the most of your 2020 tax return? Income The Australian Taxation Office (ATO) automatically receives information from your employers about salary and wages that you have […]
Reduce Your Debtor Days And Improve Your Cashflow
Managing the gap between the receiving money into your business and paying money out of your business is vital for sustaining viability. Debtor days is the average number of days taken for a business to receive payment for goods or services. Keeping track of the average number of days for a business to receive payment […]
Tax Tips For Self-managed Superannuation Funds
Having a self-managed superannuation fund (SMSF) gives you control and flexibility over how you make investments and prepare for retirement. It’s important to get your deductions and record keeping correct for the SMSF audit process and the tax return, as there are strict laws governing SMSFs. An SMSF must be set up as a trust […]
Your PAYG Withholding Statement (IAS) Is Due On The 21st
Some employers need to pay PAYG withholding liabilities to the ATO monthly, even if the BAS is lodged quarterly. The monthly instalment activity statement (IAS) and payment is due on the 21st, whether you are lodging your own statement or using our lodgement service. Things to review before finalising the IAS: Have you allocated all […]
Your Monthly Activity Statement (BAS) Is Due On The 21st
Your monthly activity statement is due by the 21st of this month. Use the following checklist to make sure you are ready for lodgement day: Have you allocated all bank transactions to the correct accounts? Have you verified that the bank balance listed in your accounting software matches the balance in your bank account? Do […]
Key Numbers To Focus On In Your Business Now
As a business owner, it’s always been helpful to have an understanding of accounting – but in the post-lockdown world, it’s never been more important to have a good grasp on your finances. With the business world irreparably changed by the impact of coronavirus, your business is facing a ‘new normal’. Priorities have changed, customer […]
Get Your Business Records Ready For Your Tax Return
Whilst it is not exactly business as usual right now, you still need to prepare for your business tax return. Organising your documents now will mean you can get your tax return completed earlier and access any refunds due or start planning for tax payments. Getting your business records up to date and accurate will […]
