Ways to Make a Difference

Gone are the days when an entrepreneur was expected to be entirely focused on making a profit. Obviously, earning money is important to being sustainable and therefore staying in business, but it’s possible to both earn a profit and make a positive difference in the world around you, too. There are great reasons for doing so. Making a positive difference contributes to the greater good. It can also boost employee…  Read more

Consequences of Avoiding Your Bookkeeping

If you ask 100 business owners what they like least about running a business, chances are good that bookkeeping will rank high on the list. It’s an annoying and frustrating chore that takes up a lot of time and is easy to put off until tomorrow. Avoiding your bookkeeping is dangerous, however. Not knowing your company’s financial situation can result in a series of missteps that could ultimately cost you…  Read more

What lockdown support is available?

If you can’t work because you or someone in your household is impacted by COVID-19, there is support available, but it comes with fairly strict eligibility criteria. There are two payments accessible to individuals: The COVID -19 Disaster Payment; and the Pandemic Leave Disaster Payment. Both payments are accessible through Services Australia and applications can be made through your MyGov account if you have created and linked a Centrelink account.…  Read more

Business Update – 30 June 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Five states in lockdowns After months of keeping the coronavirus under control, five out of eight Australian states and territories are battling the highly infectious Delta variant. In order to prevent the spread, lockdowns in three large cities have been implemented, affecting more than 20 million Australians, or about…  Read more

End of Financial Year Checklist

The end of the tax year is right around the corner and though you may be dreading 30 June, there are things you can do to feel better prepared and make the most of your tax deductions. Because this year has been different for many people in terms of their employment situation, there are changes to tax reporting that may affect you. Here are some things to know about your…  Read more

Make the Most of the End of Financial Year

Preparing your End of Financial Year (EOFY) information often feels stressful—there are receipts to sort out and reports to review, and you need to make sure you have all the necessary information about your income and expenses. It can be overwhelming, and it can make the EOFY feel daunting. The end of the financial year isn’t just a time to collect receipts and find invoices, however. It’s also a time…  Read more

Business Update – 23 June 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. NSW Records 16 New Local Cases, New Restrictions Reimposed NSW recorded 16 new cases of COVID-19 since the last time health officials spoke at 11 am on Tuesday. There’s also one mystery case where authorities still haven’t identified the source of COVID-19 detected in a nine-year-old child from Sydney’s…  Read more

Business Update – 16 June 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Melbourne’s Lockdown Lifted Lockdown in Melbourne was lifted on 11 June, but restrictions remain in place including a mandate to wear face masks at all times outside the home, limiting travel to within 25 km, and preventing some businesses from operating. Although restrictions have been eased further in regional…  Read more

What changes on 1 July 2021?

On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% – the first rise since 2014. It will then steadily increase each year until it reaches 12% on 1 July 2025. The 0.5% increase does not mean that everyone gets an automatic pay increase, this will depend on your employment agreement. If your employment agreement states you are paid on a ‘total remuneration basis (base…  Read more

Business Update – 9 June 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Melbourne’s 2-Week Lockdown to ease on 10 June with some restrictions to remain Melbourne will emerge from a two-week lockdown at 11:59 pm on 10 June, after only two new infections arose in Victoria on Tuesday. Victoria was plunged into a one-week “circuit breaker” lockdown on 27 May, but…  Read more

Work from home expenses under scrutiny & the perils of browsing Facebook

ou worked from home during a lockdown and spent money on work-related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed. The ATO has stated that it is looking very closely at work-related deductions that are being claimed. If you are claiming your expenses, there are three methods you…  Read more

Vital Money Management Tips for First-Time Entrepreneurs

Financial management is a vital part of running a successful business, but often entrepreneurs start their business with little understanding of how to make solid financial decisions. Managing your finances is about more than bookkeeping and paying taxes—although those are also important to a sustainable business. It’s about managing cash flow, preparing for income fluctuations, and having the resources to take advantage of opportunities. Here are 6 money management tips…  Read more

Am I taxed on an insurance payout?

Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income assessed for tax purposes – but this is not always the case. Insurance payouts for damaged or…  Read more

Business Update – 2 June 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Melbourne to Stay in Lockdown For Another Week Melbourne’s lockdown has been extended for another seven days, but stay-at-home measures will be lifted in regional Victoria. Residents of Greater Melbourne will only have five reasons to leave home: shopping for food and supplies, authorised work and education, care and…  Read more

Steps to Early Retirement

For some people, early retirement is a choice. For others, it’s a necessity. Regardless of which group you fall into, there are some steps you can take to help make early retirement a reality and live the life you dream about. 1. Know your goals Before you know exactly how much money you need to save, you need to know your goals for retirement. Do you want to live in…  Read more

Ways to Make the Most of Business Down Time

Every business experiences slow periods when the market for their goods or services lessens and sales drop. Business owners might be tempted to view downtimes as unproductive or wasted, but there are ways you can make the most of your business during these seasons. Here are four ways to ensure this time isn’t wasted. Take a good look at your business When things are busy it gets easy to fall…  Read more

Business Update – 26 May 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. VIC: Melbourne’s Lockdown Fate Hangs in the Balance Authorities are locked in emergency talks about placing Melbourne in a five-day lockdown. A fresh cluster of COVID-19 cases in Victoria has grown to 15 in three days, and the next 24 hours are particularly critical as some of the infected…  Read more

Business Update – 19 May 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. JobMaker Hiring Credit’s Second Claim Period Now Open The second claim period of the JobMaker Hiring Credit is now open. So if you’ve taken on additional young employees between 7 January and 6 April 2021, you may claim the following payments: up to $10,400 over a year for each…  Read more

Superannuation Guarantee increasing to 10% on 1 July 2021

A Quick Overview The Superannuation Guarantee (SG) is scheduled to increase to 10% from 1 July 2021. If you have employees, you need to be ready for this legislated increase. What is Superannuation Guarantee? The Superannuation Guarantee is the minimum super an employer must pay to their employees super fund. The current SG percentage rate is 9.5% of employees Ordinary Time Earnings, but this is changing. Ordinary Time Earnings or…  Read more

Federal Budget 2021: What it means for you

Treasurer Josh Frydenberg has released the 2021 Federal Budget and confirmed Australia’s economy is performing more strongly than was expected six months ago. This article has a summary of the “Winners and Losers” of the Budget and we’ve compiled a recap of the key points below. Get in touch with us if you have any questions. A Quick Overview This budget assumes our international borders won’t reopen until mid-2022. $1.9…  Read more

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