Category: Business Finances
- Understanding Your Numbers to Improve Your ResultsUnderstanding your financial reports—knowing your numbers—is critical to business success. It empowers you to make better business decisions, measure their impact, take corrective actions where necessary, and ultimately achieve better results. By gaining insights into your financial reports, you can: Monitor Business Growth Determine if your business is growing or shrinking. Regular monitoring allows you…
- Six Powerful Reasons to Monitor Your Financial ReportsRegularly reviewing your financial reports is crucial for any business owner aiming for growth and success. If you’re not doing this—whether due to a busy schedule or because the reports seem confusing—it’s time to start. Here are six compelling reasons you should monitor your financials reports regularly. Which Financial Reports Should You Review? Before diving…
- Key Ways to Access Business FundingStarting a new business or expanding an existing one often requires substantial funding. Securing the right finance at each stage of your business journey is crucial for success. But where can you find the necessary funds? Five Ways to Access the Right Funding Here are five key funding options to consider: 1: Bank Loans and…
- Sharpen Your Numbers- FAQ: When is the right time to establish a self-managed super fund (SMSF)?Wondering when to establish a self-managed super fund (SMSF)? The answer varies based on your financial strategy and goals. Generally, financial planners suggest having $200k-$250k in combined super for cost benefits. However, it ultimately depends on your plans for those funds. Watch Glenn’s latest video to learn more about the right time for an SMSF…
- Beware of Fake Invoice Scams Targeting BusinessesIn this short video, Ewen shares how many business owners receive fraudulent emails with invoices from familiar suppliers they don’t actually use. These scams often come from well-known names like Australia Post or utility companies, but they include red flags such as overdue invoices, urgent payment demands, and threats of legal action. If you receive…
- Quarterly Super Payment DeadlinesQuarter Period Payment Due 1 1 July – 30 September 28 October 2 1 October – 31 December 28 January 3 1 January – 31 March 28 April 4 1 April – 30 June 28 July Key Points Clearing Houses Missed Payments Additional Compliance Given the ATO’s increased audit activity, timely compliance is more critical…
- Protect Your Finances: Avoid Banking ScamsIn this short video, Glenn reminds you to protect yourself from phishing scams targeting your banking details. Scammers are sending fraudulent emails with links to “reset passwords” or “update details,” aiming to steal your identity or access your bank account. Remember, legitimate banks never ask for sensitive information via email links. To stay safe, never…
- Sharpen Your Numbers – FAQ: How do I maximise unused superannuation concessional contributions from 2018?In this video, Glenn shares how you can maximise unused concessional superannuation contributions from the past five years, provided your super balance is under $500,000. Watch to understand the strategy and steps to optimise your contributions efficiently.
- Important Tax Tips for Primary Producers Post Instant Asset Write-OffAttention primary producers! With the instant asset write-off now finished, managing your equipment trades and avoiding unexpected tax bills is crucial. As livestock prices fluctuate and climatic conditions impact your farm, here are some tips to minimise your tax: Water Conveyancing/Conservation:Expenses for pumps, piping, and irrigation are fully deductible. Fencing:Internal and external fencing qualifies for…
- New Property Tax Changes for Commercial and Industrial Properties in VictoriaStarting 1st July 2024, the Victorian government has introduced a new 1% property tax on land value. This change impacts how stamp duty applies to these properties. Existing owners are exempt until the property sells, triggering a 10-year countdown for the new tax. In this short video, Ewen shares some of the changes and how…
- Sharpen Your Numbers – FAQ: What is the Instant Asset Write-off for the 2024 year?In this video, Ewen confirms the instant asset write-off has reverted to $1,000 per asset. However, there’s draft legislation in progress to raise this to $20,000, with recent proposals suggesting an increase to $30,000. Stay tuned for updates, and we’ll keep you informed as things develop. If you have any questions for Glenn or Ewen…
- Payroll Tax Changes for Victorian BusinessesIn this short video, Ewen shares what you need to know about the 2024-2025 Victoria state budget, including the significant payroll tax changes starting 1 July 2024. The payroll tax threshold will rise from $700,000 to $900,000, potentially exempting many businesses. By 1 July 2025, this threshold will further increase to $1 million. However, businesses…