In the dynamic world of small business, managing your cash flow effectively is not just a good practice – it’s essential for survival and growth. Understanding and implementing cash flow forecasting can be the compass that guides your business through uncertain financial seas. But what exactly is cash flow forecasting, and how can it transform … Read more
Hello small business champions! The festive season is knocking on our doors, and it’s time to think about the Christmas party. You want to be the boss who hosts a bash that’s talked about well into the New Year, right? But here’s the catch: you want to do it smartly, without getting lost in a … Read more
Ace in the Hole’ Budget 2023-24 The ‘ace in the hole’ of the 2023-24 Federal Budget was the $4.2bn surplus; the first in 15 years. The surplus was driven by a surge in the corporate and individual tax take. High commodity prices, inflation, and high employment have all pushed up corporate and individual tax receipts. … Read more
It’s hard to believe that it’s been 10 years since Clayton took over the business from Graham Fuller in 2013. Over the years, we’ve experienced our fair share of ups and downs, but through it all, we’ve remained dedicated to our vision and goals of helping small businesses succeed. We couldn’t have achieved this milestone … Read more
The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to use a new ‘fixed rate’ method (67 … Read more
Gender equality and addressing the pay gap The concept of gender equality is now included as an object in the Fair Work Act. Previously, to grant an Equal Remuneration Order (ERO) the Fair Work Commission (FWC) assessed claims utilising a comparable male group (male comparator). The legislation removes this requirement opening the way for historical … Read more
It’s that time of year again – what to do for the Christmas party for the team, customers, gifts of appreciation for your favourite accountant (just kidding), etc. Here are our top tips for a generous and tax-effective Christmas season: Tax & Christmas – For your business For GST registered businesses (not tax exempt) that … Read more
Sportspeople, media personalities, celebrities and ‘insta’ influencers beware. The ATO has taken a U-turn on how fame and image should be taxed. If you’re famous and make an income from your fame and image, the way the ATO believes you should be taxed on the income you make may change under a new draft determination … Read more
I got a text the other day “Hi Mum, I have broken my phone and I am using this number.” The “Hi Mum” scam has exploded with more than 1,150 Australians falling victim to the ploy in the first seven months of 2022, with total reported losses of $2.6 million. Once the scammer establishes contact, … Read more
There is nothing in this Budget that would create a UK style crisis. The stage 3 tax cuts legislated to commence on 1 July 2024 are not mentioned, and most funding initiatives appear to be a reallocation of previous Government initiatives. And, the commodity driven $54.4 billion improvement in tax receipts has largely been banked, … Read more
