Using financial reconciliation to keep your business on track

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  Among those activities, financial reconciliation plays a vital role in keeping your finances–and your business–on track. Here’s what you should know about financial reconciliation and how it can help your business. What is financial reconciliation? Financial reconciliation is a process of ensuring your financial records are consistent and accurate. Basically, when you conduct a financial reconciliation, you review financial statements and compare them with your bank statements, credit card…  Read more

Mastering the Art of Lean Inventory: A Small Business Guide to Just-In-Time Management

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As a small business owner, it’s essential to find ways to manage your inventory effectively to reduce costs, optimise warehouse space and ensure customer satisfaction. How you manage your inventory affects your cash flow, your customer relationships, and your relationships with vendors. That’s why it’s vital you use a system and process that works best for your business. Among the many methods of managing your small business inventory is the…  Read more

Unlocking the secrets of small business cash flow

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When it comes to running a small business, maintaining a healthy cash flow is essential for sustainability and growth. Your business can be incredibly profitable but still ultimately fail because of improper cash flow management. To prevent that from happening, here are some best practices that can help you better manage your cash flow and maintain the financial health of your small business. Remember, the key to success is to…  Read more

Practice Update – April 2023

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New 15% super tax to apply from 1 July 2025 The Government recently announced it will be imposing a 15% additional tax on individuals that have more than $3 million in superannuation.  The new measure is expected to commence from 1 July 2025 (i.e., the start of the 2026 income year). The main takeaways from the information provided thus far include the following:     The additional 15% tax will…  Read more

Book your tax planning session today

Robert King

MINIMISE YOUR BUSINESS TAX 2023 TAX PLANNING GUIDE Imagine what you could do with tax saved? You could: Reduce your home loan Top up your super Save for a holiday (when we can travel again!) Deposit for an Investment Property Pay for your children’s education Upgrade your Car Here’s a guide to the strategies you can use to minimise your business taxes this year. IS YOUR BUSINESS A “SMALL BUSINESS”…  Read more

Electric cars Fringe Benefits Tax (FBT) Exemptions

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With the FBT year coming to an end, this question pop ups a lot – what is FBT exemption for electric cars and how does it work? Essentially, from 1 July 2022 employers aren’t liable for FBT on eligible electric cars and associated car expenses. What are the basis rules for making your electric car FBT exempt? Car is a zero or low emissions vehicle This covers battery electric vehicle…  Read more

Differences between active and passive investing and why they matter

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When you invest your money, it’s a given that you’re willing to take on some amount of risk. There are strategies you can employ to ensure the risk you’re taking is minimal, but it still exists. If you’re comfortable with a lot of risk to enjoy a greater reward, it’s important to understand that you could lose everything you put in. Of course, most of us aren’t putting our money…  Read more

Avoiding bankruptcy: Top reasons it happens and ways to prevent it

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Starting a business is not for the faint of heart. A certain level of stress comes with carrying the responsibility of ensuring your company’s success. If things go wrong, it all falls back on you. That said, the freedom and sense of accomplishment of running your own business make the challenges well worth it. With good planning and strong business practices, you can avoid the pitfalls and drive your business…  Read more

Business Update – 15 March 2023

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  Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australian markets take a hit after multiple US banks collapse Australian markets experienced a sharp decline on Tuesday after multiple banks collapsed in the United States. The ASX200 opened down 1.6% and fell a further 2%, wiping out all gains made this calendar year, with financials bearing the…  Read more

Practice Update – March

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  Significant change to claiming working from home expenses Before 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses. These choices were: – The shortcut method – which was available from 1 March 2020 to 30 June 2022; – The fixed-rate method – which was available from 1 July 1998 to…  Read more

Financially Savvy Women: 5 Strategies to Improve Your Financial Literacy

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  It is well established that financial literacy is a key component of financial independence. The more you know and understand about finance, the better equipped you are to make important decisions. Historically, women have had lower financial literacy scores than men for many reasons, including social norms, a lack of access to resources, and needing to focus on other issues. That said, women are living longer than men and…  Read more

Business Update – 8 March 2023

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Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Inflation is still a concern as the economy slowly recovers Australia’s economy has recovered better than most from the COVID pandemic and is now 7% larger than before. But experts say that ongoing inflation is a continuing concern for everyday affordability. Mental health is a major concern as the…  Read more

Return on investment vs cost: how to weigh them when making business purchases

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Deciding to purchase something to help your business is a big decision. It can be difficult to part with hard-earned money, especially in the early days. To understand the right time to invest by purchasing something for your business, you must calculate whether the Return on Investment (ROI) would be profitable. The cost is the amount of money you spend making the purchase, plus any indirect costs (such as training…  Read more

Business Update – 1 March 2023

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    Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Woolies half-year earnings reveal shoppers changing habits The supermarket chain says consumers are swapping red meat for more “affordable luxuries” such as exclusive cheese brands and ice creams. It’s believed to be part of a trend where people eat more at home instead of going out to…  Read more

7 ways your trades business can market its services

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When you go into business as a tradie, your focus is often on performing your trade to the best of your ability – as it should be. With time, the quality of your work will speak for itself, which is the most valuable testimonial of all. However, any tradie accountant or bookkeeper will tell you there’s more to it these days. While your good reputation preceding you is undoubtedly essential,…  Read more

Business Update – 22 February 2023

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  Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. What to do if you can no longer afford your mortgage As rates continue to rise, many Australians find themselves unable to make payments on their home. Learn what to do if your mortgage payment obligations are becoming impossible to meet. Woolworths expands controversial surveillance tool Woolworths is…  Read more

Business Update – 15 February 2023

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  Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. RBA governor’s statement met with confusion Philip Lowe will appear before the senate this week to answer for the RBA’s rate hike strategy. Last week, he said that further interest rate hikes would be necessary to tame inflation, leaving observers confused as it seems to have already peaked.…  Read more

Business Update – 8 February 2023

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Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australian trade minister to meet Chinese counterpart next week as relationship thaws Australia and China’s top trade officials will meet to discuss their relationship. The meeting will take place online and will be the first between Australia’s trade minister and the Chinese counterpart in over three years. The hope…  Read more

Setting business financial goals for 2023

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Businesses tend to progress more consistently if the owner sets financial goals and makes a plan to achieve them. The new year is a natural time to decide what you want to achieve and how. With that in mind, read on to learn the steps for setting financial goals for your business for 2023. 1. Review and evaluate your 2022 goals You’ve got to see where you’re coming from to…  Read more

Business Update – 31 January 2023

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Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Interest rates are expected to keep rising despite softening inflation Economists generally believe that the worst of inflation is behind us, but they also say that the Reserve Bank will continue to raise interest rates until prices come down. Changes to FBT and providing employees with electric cars Employers…  Read more

7 tips to help your small business adjust for inflation

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Inflation has ballooned worldwide in recent months, and there’s no question that small businesses are feeling the pinch. Supplies cost more, employees are hard to find, and your profits are shrinking. It’s undoubtedly challenging, but you can weather the storm with the following tips. 1. Study your data Your numbers are always helpful, but in times of rapid inflation, you’ll be especially thankful that you keep a nice, clean set…  Read more