In a significant development, the Australian Taxation Office (ATO) announced on 28 November 2023 that it is pausing its debt awareness campaign. This decision comes in response to community feedback and raises several important points for Australian taxpayers.

Calculating your business rates made easy! 💰 Here’s a quick guide to help you determine your hourly rate.

As your Treasury partner, we are always “on-about” business owners wearing 10 hats and constantly being under pressure to focus on their highest business priorities one at a time.

In this article, we will explain what the Small Business Energy Incentive is and how it works.

In this article, we’ll discuss fringe benefits tax time and a few common scenarios that small business owners may face when it comes to FBT.

Under the Worker’s Compensation and Injury Management Act 1981, A workers compensation policy must be in place for anyone employed in your business who is defined as a worker (see link).

My daughter calls me and says “Find me a business Dad,  I am sick of working 9-5  for…..”

Attaining your optimal team in today’s labour market is the most critical investment you can make with dividends to come for the next 5 years.

With the hike in inflation and interest rates, Australians are certainly feeling the pinch whether it be for their investments or day to day cost of living. 

If your business undertakes eligible Research and Development activities in Australia, you may be eligible for a refundable tax offset from the ATO.

If you are a director of an Australian company, it is mandatory that you obtain a director identification number (Director ID) before the relevant deadline.

You can simply photograph your receipts and submit them into your accounting software. Then, bin the receipt. – It’s paperless document management.

You have heard them all before but now is the time to act.

Currently, the Australian Taxation Office is owed a record $55 billion in unpaid taxes, mostly by small business owners, with the rest being owed by private and wealthy groups and individuals.

Being a new asset and intangible, the taxation of gains made on cryptocurrency’s have tested traditional taxation theory.

Josh Frydenberg delivered the Budget for 2022-23. With it came some announcements.

There are significant income tax rate changes for the coming year (2021) aim to support businesses through these tough times. The major changes as follows provide significant planning opportunities for Perth Businesses:

Fringe Benefits Tax (FBT) is often called the “forgotten” tax. Many benefits provided by employers to their employees are overlooked, and the ATO doesn’t like being forgotten about when this occurs.

Mal Thomas from Perth Party Hire video testimonial for Connolly & Associates, Chartered Accountants.

The Australian Banking Association and the Big Four Banks have announced that interest and principal repayments on both Small Business loans and Home Loans can be deferred for up to 6 Months.There are a lot of questions being asked on exactly how this will work, and what is the best course of action.

Are you concerned the coronavirus may affect your business? Well, Scott Morrison has unveiled his $23 billion stimulus package which will be released over this and next financial year, with a focus on keeping Australians employed and businesses open.

It’s critical to note Superannuation paid on time is a deductible business expense whereas Super paid late is not deductible. (BUT it is still a cost)…

With the rollout of Simplified Touch Payroll process being adopted by most businesses from this year onward, the end of year payroll process is certainly a whole lot more faster and efficient than ever before.

The business plan diagnostic is an easy-to-use tool designed to assess how well developed your business plan is to help you succeed in your new business.

Cutting costs can be a quick and easy way to improve the profitability of your business. Introducing cost-control measures can bring immediate savings and ensure you remain profitable in the long term.

Most business owners immediately think of the bank or loans when they’re short of money. But there are many more resources you can tap before you ask for that expensive overdraft or for an overdraft extension.

If you’re buying or selling a small business, it’s critical to know what the business is worth. The challenge is that what you think a business is worth, and what the person on the other side of the fence thinks it is worth, are usually two different figures.

Before you start a business and perhaps leave a job, try working out if the venture will be worth the risk.

Like beauty, value is in the eye of the beholder. Your business is worth what the highest bidder thinks it is worth – unless you can convince them otherwise. Consider what most buyers will be looking for.

Many people underestimate start-up costs and start their business on the back foot financially. This can mean a long crawl up to your breakeven point and into profitability.

At some point in its lifetime, every small business suffers from cash flow problems. The trick is to think ahead and figure out when these problems are going to arise so you don’t have to unexpectedly postpone a purchase or hurriedly seek out additional finance.

A number of service providers simply pitch their price somewhere near the middle of the prevailing market rate. But it makes sense to calculate your overhead costs and hourly rate to work out what price you should charge to ensure the income from your business meets your expectations.

There are a number of ways to arrive at the price to charge customers. Regardless of which method you use for pricing your product, you’ll need to know what it costs to supply your product to be sure you’re able to operate at a profit.

If you’re looking impartially and unemotionally at the options ahead when starting your own business, you have to admit simply buying one already in operation is incredibly appealing.

It can be easy for your heart to rule your head when you find a business you want to buy. However, if you don’t do thorough research before signing on the dotted line, you may regret it.

So you have a great business idea and are convinced you can make it work, but you don’t have much capital to get your business off the ground. Juggling existing financial commitments such as a mortgage or bank loans could put a squeeze on your business plans.

Your first priority when you launch your business is to gain some traction in the market as quickly as possible.

Use the cash flow forecast template to compile a document that you can continue to use to measure your business’s health and progress.

Use the Trading, profit and loss forecast template to compile a document that you can continue to use to measure your business’s health and progress.

Use the Service pricing calculator to calculate materials, overheads and labor to work out the price you should charge for your services.

Use the Product pricing calculator to work out materials, overheads and labor to work out the price you should charge for your products.

Use the Profits increase calculator to work out monthly business overheads

Use the Fixed cost summary calculator to work out monthly business overheads

If you have a business which charges for labour, use the Labour charge out rate calculator to work out how much you should be charging.

A well-thought-out business plan is essential for every business, from a large-scale exporter to a mobile coffee van.

Build a cost reduction Action Plan to take a comprehensive looks at your business’s costs and the actions you can take to reduce them.

Setting prices can be tricky for even the most seasoned business owners – after all, the prices you charge for your products or service have a dramatic effect on sales, customer perception, and profits.

This ‘Action Plan’ shows you how to develop a plan to increase the value of your business before you put it on the market so you can maximise the return on your investment.

So you have a great business idea and are convinced you can make it work, but you don’t have much capital to get your business off the ground.

If cash is the lifeblood of a business, the cash flow forecast is like a heart rate monitor.

We have an internal Financial Controller who does a fabulous job of monthly reporting and accounting. Tony and the team then take care of the high level mandatory requirements.

Use the Break even calculator to work it out for your business.

A profit improvement plan segments key influences on your profits into smaller, more manageable areas in which you can make small, incremental improvements that add up to deliver a big result.