The end of another financial year is fast approaching and as your accountant, we believe part of our client brief is to help you minimise
your tax liability within the framework of the Australian taxation system.
The purpose of this newsletter is to highlight some end of year tax planning opportunities but you need to act quickly and we encourage you
to schedule a meeting as soon as possible to assess your options and the steps you need to take well before the 30th June, 2019.
Please note, this is a pre-Federal Election Guide and things may change after May 18, 2019.
You can download the full copy of the tax planning guide HERE
To assist you we have put together a list of strategies to consider and note:
To maximise benefits for the current financial year, we suggest you prepare a preliminary calculation of your taxable income for the year
ending June 30, 2019 to establish if you have a tax 'problem' and identify the size of your likely tax debt.
Review all tax deductible expenses and assessable income in the latest available figures to determine the possibility of pre-paying some
expenses before June 30 or deferring some revenue until after July 1st.
The following list of tax planning opportunities is certainly not exhaustive and depending on your circumstances (including your
turnover and whether you are on a cash or accruals method of accounting), terms and conditions may apply to some of these tactics. If you
would like to discuss your tax planning options we urge you to contact
us
today and most importantly, don't leave it until the last minute as some of these strategies require some time to implement.
To minimise your tax liability there are several general strategies to consider before
the end of the 2018/19 financial year including delaying income and bringing forward losses. Read More...
Other things that need to be addressed before the end of the financial year including motor vehicle log book, superannuation rates and
other issues for small business owners. Read More...
In addition to the tax planning opportunities, there are a number of reporting requirements regarding stock valuation options, writing off
bad debts, etc. for businesses to consider. Read More...
Before making any superannuation
contributions please discuss this with our office. There are strict eligibility requirements. Most importantly, regardless of the type of
contribution being made, transfers and deposits must clear before June 30. Read More...
Details of what's required to obtain the immediate write off for individual small business assets valued lower than $30,000. Read More...
Disclaimer: This newsletter contains general information only. No responsibility can be
accepted for errors, omissions or possible misleading statements. No responsibility can be accepted for any action taken as a result of any
information contained in these articles. It is not designed to be a substitute for professional advice and does not take into account your
personal circumstances.
In this fourth edition of our Recession Buster Newsletter we continue to examine the 4 Ways to Grow Your Business, specifically the 4th way –
Improving Your System & Processes. In other articles we explore the importance of having a website. Other articles include the 3rd part
of Ways to Turn Your Website into a Lead Generation Machine - this particular article looking at the importance of a good headline,
Live Chat function, Social Proof (Testimonials) & Social Media Links - and finally we look at mining your customer database for gold...
Read More…
There is an old saying, ‘The most fertile source of insight is hindsight’. That being the case, what can business owners learn from the
COVID-19 pandemic?
Read More…
Don’t miss our latest edition of the quarterly Business Accelerator Magazine, full of articles and news about growing and nurturing your
business...
Read More…
Every business owner wants to grow their business and their profits. While there’s no secret formula or recipe, the fact is, business growth
and improved profitability are outcomes achieved as a result of processes including marketing, your expertise, customer service and your
team’s performance..
With the rollout of Australia’s coronavirus vaccine well underway there are some key things that every small business owner needs to know...
Read More…
With the recent circuit breaker lockdown further impacting our Victorian business clients, we wish to draw your attention to the Victorian
State Government’s recent announcement of a further $143 million package to support those impacted by the recent snap lockdown...
Read More…
In this third edition of our Recession Buster Newsletter we continue to examine the 4 Ways to Grow Your Business, specifically the 3rd way -
Increasing the Average Sale Value. In other articles we explore the importance of measuring, monitoring & testing your business, Other
articles include the 2nd part of ways to turn your website into a lead generation machine - this particular article looking at the
importance of Lead Magnets & Calls to Action - and finally we examine the importance of goal setting and future planning...
Read More…
The JobMaker Hiring Credit system announced in the 2020-21 Federal Budget has now passed into law and if your business is eligible and you
hired additional younger employees from 7th October onwards, you can now claim the credit (quarterly in arrears) from the ATO
from 1 February 2021…
Read More…
With the media flooding us with COVID-19 information and governments around the world using vocabulary that is normally reserved for war
time we know we are living in unprecedented times. Historically, business start-ups tend to surge when there are high levels of unemployment
and middle management lose their jobs. Amongst all the uncertainty, is it the right time to start a business?
Read More…
As businesses reopen, we are being confronted with a new ‘normal’. More people are now working from home and increasingly, staff and
customer meetings are being conducted online rather than face to face. In the second edition we explore the 4 Ways to Grow a Business
with a focus on the second way - How to Get Your Customers to Buy More Often. In other articles we look at how to turn your ‘electronic
brochure’ style website into a lead generation machine and how to convert those leads into sales. Finally, we look at the importance of
giving your customers a guarantee...
Read More…
The Australian Taxation Office (ATO) is warning business owners about the latest JobKeeper email scam to do the rounds, reminding SMEs to be
wary of requests for their personal information...
Read More…
The COVID-19 pandemic not only triggered a global health crisis, it also plunged Australia into recession for the first time in three
decades. As such, a lot of business owners are in unfamiliar territory and we are here to help you navigate your way through this
extraordinary and challenging period...
Read More…
Treasurer Josh Frydenberg presented his second budget on October 6 in what was described as the, "most important budget since World War
II". As expected, there is massive expenditure to reboot and stimulate the economy after the economic devastation brought on by the
coronavirus pandemic...
Read More…
As business owners, we need to learn from experience because history has a habit of repeating itself. Going forward we need to have a
contingency plan in the event there is another virus outbreak or some other catastrophe …
Read More…
The Government’s Stimulus Packages have given thousands of businesses a lifeline during the Coronavirus crisis. Unfortunately, with many
businesses still in lockdown in Melbourne, the fallout will be felt all over the country and some businesses just won’t survive. As
accountants, our mission is to ensure your business survival, but if all avenues have been exhausted, and it’s the end of the road, there
are a number of things that need to happen to wind a business up…
Read More…
Don’t miss our September edition of the Business Accelerator Magazine full of articles and news about growing and nurturing your business & strategies for the current crisis
Read More…
The ATO has announced a rise in the cents per kilometre deduction rate for motor vehicle expenses for the 2020/21 financial year. Effective
from July 1, 2020 it will be 72 cents per kilometre. The tax office is expecting to see a drop in work-related car expenses claims due to
the COVID-19 travel restrictions in the last quarter of the 2019/20 financial year ...
Read More…
The Government's JobKeeper Payment Scheme has been extended and the eligibility criteria has also changed. The purpose of this article is to
help you make a quick assessment of your eligibility.
Read More…
Whilst some businesses around the country are starting to emerge from lockdown, others (such as metropolitan Melbourne - stage 4) may be
closed under even tougher restrictions. One thing has become clear, it’s no longer ‘business as usual’ and things can change very quickly.
The world as we know it has changed and we have been forced to rethink our daily routines, spending habits, exercise regimes and social
interactions. Many businesses may well be in dire circumstances, but is this the time to be trimming your marketing, or just the opposite?
Read More…
The coronavirus has been labelled the biggest global crisis for three generations. The economy came down 50 floors in the ‘elevator’ and it
will be much slower and harder going back up via the staircase. To help your business survive and prepare for the period of regrowth we have
put together this list of items to consider
Read More…
As part of the Government’s response to the coronavirus and its financial impact on individuals, there is still a temporary opportunity for
individuals to withdraw up to $10,000 from their superannuation funds before September 24th
Read More…
.png)
.png)
.png)
