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Succession planning for small businesses
It takes guts to start a business. It also takes a strategic mindset to succeed. Business owners are no strangers to weighing risk and navigating uncertainty, but the recent economic climate has dialled everything up. Many business owners face the uncomfortable...
Measuring the health of your business with ratio measures
When you’re running a business, it’s easy to get caught up in the day-to-day activity and lose sight of the big picture. Taking stock of the health of your business is important. Knowing where you are allows for more effective planning, early warning about any issues,...
Increased amendment period for small and medium businesses
Treasury has provided draft legislation on a May 2023 Federal Budget measure to extend your businesses 2-year amendment period to 4 years for income tax returns. Small and medium business entities You are a small or medium business entity for an income year if you:...
The ATO’s top tips for running a small business.
Australia’s small businesses are the power behind our economy. Small businesses (employing less than 20 people) added nearly $590 billion of value in 2022, making up around a third of all Australian gross domestic product (GDP) for the period. But keeping on top of...
The value of cashflow forecasting for your business
Projecting your cashflow pipeline forwards is vital. To be able to navigate the future path of your cashflow, you need to start forecasting – so you can map out your financial position over the coming months and can take the appropriate action to safeguard your cash...
Your upcoming tax calendar for September and October 2024
The new financial year is already in full swing, meaning most of you are still finalising your general ledger accounts in order to get the necessary information to us to prepare your final 2024 accounts and tax returns. Others have already got us your information and...
Following up on invoice payment in a down economy
It can feel challenging to chase up payment of invoices when the economy has been down, but it is important to keep cash flowing into your business so you can cover expenses and meet your obligations to others. As with all dealings in more difficult times, some...
Getting your small business tax in order
With the 2023/24 financial year now wound up, it’s time to think about submitting your tax return and making sure you have the cash reserves put aside to pay the company’s tax bill. This short guide to getting your small business tax in order gives you the lowdown on...
How to use forecasts and scenario-planning
For centuries, accounting was all about reviewing historic information – but that only told you about the past, not what was going to happen in the future. If you’re only looking back at past periods and historic numbers, this limits the insights you can achieve for...
Tax and compliance changes in effect from 1 July 2024
We provide you a summary of all the enacted legislation that comes into effect from 1 July 2024, these changes vary to apply to individuals, businesses, welfare recipients among others. Stage 3 tax cuts After being enacted with amendments by the Labor government, the...
Useful Resources
Featured Blogs: Abc’s of Bookkeeping
In today’s digital times, you’re probably used to having unrivalled access to your financial numbers, key performance indicators (KPIs) and cashflow metrics. Without good bookkeeping, the speed and quality of your reporting can quickly fall down.
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