Tax time is fast approaching and with the current economic climate starting to shift its good to start your tax planning early. As FY22 comes to an end we begin to look ahead to the upcoming annual tax season. After a particularly strange year in the global economy, and with a small amount of uncertainty…
There is comfort in knowing if you take the time to do your business budget you have the power to eliminate excessive spending and create a faster cash flow positive business sooner. It can really help you plan for whatever it is you want to do in your business. A sad reality is that many…
It wouldn’t be business as usual without an upcoming change to your employer obligations, would it? The latest round of changes applies to superannuation. Here’s a breakdown of the new super rules that will come into force in July 2022. Minimum Income Thresholds Scrapped Low-income workers will receive a boost to their superannuation after changes…
Hiring staff is a costly and time-consuming process. The average annual wage for an employee in Australia is $67,860, not to mention the on-costs. Plus, it can take at least a few months to find the right employee and then help them become productive in the workplace. Today, we explore an overview of employer costs…
Single Touch Payroll is expanding to include additional information from 1 January 2022. We’re regularly being asked what this means to employers. In short, STP2 is designed to reduce the reporting burden on employers, who are often reporting across multiple agencies. It’s also intended to help Services Australia (Centrelink) customers, such as your employees,…
Australia’s Director Identification Number (DIN) regime came into effect on 1 November 2021 and will require you to register for an identification number. A director ID is a 15 digit identifier that, once issued, will remain with you for life regardless of whether you stop being a director, change companies, change your name or move…
“To win in the marketplace, you must first win in the workplace.” Doug Conant For many employers, the COVID-19 pandemic has exacerbated the challenge of finding good employees. As accountants, we’ve heard this day-after-day from our clients. Since travel is minimal, the unfortunate reality is that there is a reduced talent pool to choose…
A strong relationship with a valued accountant is important for any business. If you’re looking to grow, manage challenges or even simply keep a stable income, an accountant will bring a level of expertise you most likely don’t have yourself. This is a relationship that needs to be invested in. That doesn’t mean you need…
If your business engages contractors or subcontractors, Taxable Payments Annual Reports (TPAR) are due by 28 August 2021, for the following industries: building and construction cleaning courier services road freight IT and security investigation or surveillance. As businesses have pivoted over the past year, thanks to the pandemic, some businesses may have started to engage…
As accountants, we are often asked by our clients about managing wages and pay increases. Federal Minimum Wage Increases On 16 June, the Fair Work Commission (FWC) announced a 2.5% minimum wage increase, applicable from the first full pay period on or after 1 July 2021. The 2.5% increase will apply to all award minimum…
When it comes to business budgets, clients often fall into one of two groups. Those who understand the benefits of proactively managing expectations and planning for growth. Or those who run for the hills when we mention preparing a budget. Budgets are a smart, strategic way to plan for the future of your business.…
We are coming to that time of year where we begin to look ahead to the upcoming annual tax season. However, after a particularly strange year in the global economy, and with a small amount of uncertainty moving forward, most of us in business would prefer more cash in our own pockets right now. Here…
Have you heard that Australian businesses can now benefit from employing new employees, utilising young job seekers between the ages of 16 – 35 years? Under the JobMaker scheme, employers have up until 6th October 2021 to apply to access a Hiring Credit Scheme that can potentially offset up to $10 400 a year. …
For many businesses across Australia, the JobKeeper subsidy has ensured that operations could continue during a highly unpredictable year. However, with the end of JobKeeper fast approaching, will this still be the case? Here are the updates your business needs to be aware of before JobKeeper ceases and how to be prepared when it does.
After a financially difficult year for most, many small and medium-sized businesses are looking to reduce costs in the year ahead. Unfortunately, when reducing costs, some of the first people to go are Apprentices and Trainees. But before you cut them loose, did you know you can get 50% of eligible apprentices and trainees’ wages…
When it comes to your accountant providing accurate and timely financial reporting, it is important that you know your important accounting dates. Our Important Dates calendar is a useful resource so you can be confident that you are providing your accountant with the right information at the right time. We ask that you provide…
Want to increase your chances of ultimate business success? The secret lies in being proactive about your debtor management strategy and systems. Here is the Victor Bimrose step-by-step guide to help you get started today:
It is that time of year when we say goodbye to the year that’s just been and begin looking to the future, with anticipation. What will 2021 hold for us? How can we make our businesses thrive? And what do we need to do NOW to help make this happen? To help you get a…
While on the surface, your business banking may look as simple as choosing the right bank, there are many other things that must be considered. Here are the 5 most important aspects your accountant wants you to know about your business banking:
Between customers, marketing, tax and the other million things on your list, your GST obligations are often the last thing on your mind. But don’t stress! We are here to give you the rundown on when you should be registering for GST and why it is so important to get it right.
With Australia officially in recession, it’s no wonder that freelancing is one of our fastest-growing sectors. Matt Barrie, CEO and Chairman of Freelancer.com, said, “Since the Covid-19 pandemic proliferated in the last 30 days of Q1 2020, Freelancer.com has seen exponential growth in user sign-ups, suggesting a strong desire for individuals to get back to…
Starting a new business is a very exciting time for any new entrepreneur. However, with 50% of start-ups not surviving their first 5 years, it is imperative that you know the costs before you get started. To ensure you do not miss anything, here are the top 10 hidden costs you need to be aware…
Do you know what the true costs of your employees are? At face value, it looks like their wages are what your business will pay. However, the true cost is a lot more than their hourly or weekly wage. Here are seven simple, but important, things to remember about working out the true cost of…
When we jump into the business world there are so many new terms to learn and it can be difficult to determine what are the key ones to focus on. From BAS to PAYG, to Cashflow to Profit and Loss. How are you meant to know what to focus on when you may not understand…
When the cash flow starts running short in your small business, it can be very stressful scrambling to find money to make ends meet. So how do you rectify this? How do you boost your cash flow and, in turn, ease your stress? The secret lies in your invoicing terms. You see, your payment terms…
You have a great idea and you’re ready to jump feet first into the business world. Congratulations! Before you take that leap, here are 5 important steps we recommend you take to give your new business the best chance of success. Step One: Legal Structure Should you be trading as a sole trader, a company,…
There is one time of year that usually brings dread to even the best entrepreneurs: Tax Time. But you can stress less if you implement these 5 bookkeeping practices into your business now, well ahead of those end of year obligations. 1. Prioritise your bookkeeping Make it a regular priority to focus on your…
The new financial year is almost upon us and by now, you have no doubt realised that the goals you set last year, may not apply as easily during these times of COVID-19. Here is what should you be focusing on in your business this financial year, so you still reach your personal and business…
by Mark Foxley-Conolly, Director While business owners know that managing cash flow is integral to running a successful business, many struggle to do so effectively. This may explain why the biggest cause of business failure is inadequate cash flow or high cash use.1 Cash flow issues can also be symptomatic of other problems within your…
There’s no better time than the beginning of a new tax year to improve efficiencies in your business – and we suggest you begin with your accounting system. Using a manila folder to keep your invoices, receipts and bank statements together until you meet with your accountant is fast becoming a thing of the past.…
by Mark Foxley-Conolly, Director As a business owner and employer, you have legal obligations to make appropriate super arrangements and payments for your employees. As an individual, paying into your own super is one of the most tax-effective ways to build your financial future. In this article, our super checklist outlines your obligations for managing…
If you think superannuation is only for old folks, you need to think again. It’s true that you won’t be spending your super until you retire, but your understanding of how it all works needs to start NOW so that you don’t miss out later on. Why? Because for Australians, super is our most tax-effective…
by Mark Foxley-Conolly, Director As a business owner and employer, you have legal obligations to make appropriate super arrangements and payments for your employees. As an individual, paying into your own super is one of the most tax-effective ways to build your financial future. In this article, our five tips can help you boost your…
To get your tax refund quickly you need to visit your accountant before the rush. Otherwise you’ll get stuck in the queue behind business owners with complicated tax returns that can take ages for your accountant to process. And in the meantime, the tax department’s got money that could be in your pocket! Here’s how…
If you are a business owner who’s sick and tired of tax-time headaches, it’s time to think about how to go about things differently in the 2018-19 financial year. Wouldn’t it be great to get your book work done on time and without the stress? The good news is, you can… By using a cloud-based…
A business without goals is likely to float along without ever realising its full potential with the business owner working long hours and taking few (if any) holidays. Having clear goals, in contrast, can help your business succeed by providing focus and motivation for you and your team. With goals in place, you are more…
Setting goals might sound a bit dull but it can make a huge difference to your financial future. Without goals, you’ll drift along, have a bit of fun and get by. But each year will end up pretty much like the last one – no better, and hopefully no worse. But if you set goals…
It’s almost the end of the financial year and you’ve worked hard. Fingers crossed you’ll get a tax refund and it will be good to have a bit more cash than usual. What will you do with it? Spend it all at once? Or think about how it, and the money you earn each week,…
If you or your partner is spending too much time grappling with depreciating assets, stocktake sheets or fuel tax records and not enough time working on your business, you need help. Managing your accounts can be a nightmare, and without the right sort of help you could be paying more tax than you should or…
Here’s THREE things you need to do NOW to maximise your tax refund… 1. ORGANISE your paperwork Every apprentice – no matter your industry or trade – can get one step ahead in the run-up to tax time by having a system. Disorganised paperwork will cost you money if your accountant or bookkeeper ends…
They say that knowledge is power and at this time of year, the knowledge you need most as a business owner concerns your tax position. If you want to significantly improve the tax outcomes for your business for the current financial year, I recommend tax planning.
As a business owner, your focus is likely to be on the operations of your business and its future growth. But what about your future?
Are you aware that there are strategies that legally minimise tax liabilities and in doing so allow you to keep more of your hard-earned revenue?
The Christmas and New Year break is just around the corner. And with the festive season, many employers and businesses will be rewarding staff and clients with a Christmas Party or Gift.
At Victor Bimrose Accountancy Pty Ltd we specialise in strategic tax advice, offering tax and financial reporting for individual income earners, family businesses, tradies and construction companies. To talk about how we can help you, please get in touch today. At VBA we specialise in strategic tax advice, offering tax and financial reporting for individual income earners, family businesses, tradies and construction companies.
This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.
