5 Most Common Accounting Mistakes That Could Hurt Your Business

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Many small business owners tend to handle their own accounting and bookkeeping, especially when they’ve just started out. However, keeping track of the finance-side of the business– everything from income to expenses to tax compliance– can be overwhelming. Mistakes can happen quite easily and can have costly consequences to your business. Below are five of the most common DIY accounting errors that you should avoid. Unorganised Records It takes excellent…  Read more

Do not miss out! Small Business COVID-19 Adaption Grant of up to $10,000 for QLD businesses – Round 2

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The Queensland Government is extending the Small Business COVID-19 Adaption Grant Program. As part of Stage 2 of Queensland’s Economic Recovery Strategy – Unite and Recover for Queensland Jobs, up to $100 million is being made available to deliver a second round of grants, with half of this funding specifically earmarked for regional small businesses located outside of South East Queensland.     Round 2 will open on 1 July 2020. Many…  Read more

Instant asset write off extended for another 6 months

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In March, the government increased the threshold for instant asset write off form $30,000 to $150,000. this was meant to drop back to original threshold of $1,000 from 1 July. The arrangement has now been extended to 31 December 2020.   What does the instant asset write off mean for you? – If your (aggregated) turnover is less than $500 million – And you purchase asset that is available to…  Read more

52 Ways

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There are of course lots of ways to learn about business, however none are more life-changing than attending a live event. And when it comes to live events, none are more powerful than 52 Ways. Developed and presented by award-winning entrepreneur and 16 times best-selling author, Dale Beaumont, this one day workshop will totally transform the way you run your business. In just one day you’ll discover 52 different strategies,…  Read more

JobKeeper – Establishing whether the projected GST turnover of a business has fallen or is likely to fall

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In determining whether the turnover of a business has fallen (or is likely to fall) by at least 30% (or 50% as the case may be), the business would generally need to show a decline in its projected GST turnover in the current period (i.e., either a month or quarter) relative to its current GST turnover in the corresponding period in the 2019 income year. The concept of ‘projected GST…  Read more

Further STP developments

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In an indication of the far-reaching changes that Single Touch Payroll (‘STP’) will be bringing, Treasury has recently finished consulting on draft legislation that expands the data that may be collected through STP by the ATO (as announced in the 2019/20 Budget). The legislation, if enacted, will broaden the amounts that employers can voluntarily report under the STP rules, to include employer withholding of child support deductions from salary or…  Read more

Valuing car parking fringe benefits

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Are you looking after your employees and provide them with a car parking benefits? Don’t get caught out by the fringe benefits rules. Where businesses provide car parking fringe benefits to their employees, the taxable value of these benefits must be calculated correctly to ensure they are meeting their fringe benefits tax (‘FBT’) obligations, regardless of the method used. The ATO has advised they may directly contact businesses who have…  Read more

Continued focus on the cash economy

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ATO Assistant Commissioner Peter Holt has announced that, in the 2019/20 financial year, the ATO will be visiting a further 10,000 small businesses across the country, including up to 500 small businesses in Tasmania. He further said that businesses that advertise as ‘cash only’ and businesses that are operating outside of the ATO’s performance benchmarks for their industry will be especially targeted for a visit from the ATO. “Businesses that…  Read more

The Inventory Factor: What’s Affecting Your Inventory?

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Whether you are running a current business or looking to start up a new company, it is important that you have enough stock on hand to meet your consumer’s needs. However, investing all of your money in inventory drains your working capital and prevents that money being used elsewhere in the business. Accurate forecasts are vital when it comes to maintaining and replenishing inventories, and it is necessary for a…  Read more