Budgeting for Success: The Importance of Good Financial Management
In today’s fast-paced business environment, whether you’re a small business owner or managing a large corporation, the ability to effectively manage your finances is crucial for long-term success. One of the cornerstones of good financial management is budgeting. At its core, budgeting is about planning ahead, controlling costs, and ensuring that your financial resources are […]
5 Common Accounting Mistakes (And How to Avoid Them)
As a business owner, managing your finances effectively is crucial for the success and growth of your company. However, even the most diligent entrepreneurs can fall victim to common accounting mistakes that can result in financial strain, compliance issues, or missed opportunities for growth. As an accounting firm dedicated to supporting Australian businesses, we’ve identified […]
10 Questions to Check the Health of Your Business
As an entrepreneur or business owner, assessing the health of your business is crucial for long-term success. Regularly reviewing the state of your operations helps you identify potential issues before they become major problems. Here are 10 essential questions to ask yourself to get an accurate picture of your business’s financial health. 1. Are My […]
How to Avoid ASIC Late Payment Penalties – Prepay Your ASIC Fees 10 Years in Advance
As a business owner or director in Australia, ensuring your company remains compliant with Australian Securities and Investments Commission (ASIC) regulations is crucial. One common pitfall that many businesses face is missing the deadline for paying annual ASIC fees, which can result in hefty late payment penalties. However, there is a simple strategy that can […]
Dealing with Uncertainty – Tips for Business Owners
In today’s dynamic business landscape, uncertainty is an inevitable part of the journey for many business owners. Whether it’s fluctuating markets, regulatory changes, economic shifts, or global events, the ability to adapt to and manage uncertainty is crucial for sustaining growth and maintaining business stability. As accountants, we understand the importance of strategic planning during […]
Should Your Small Business Adopt AI Tools?
In today’s fast-paced digital world, small businesses are increasingly turning to Artificial Intelligence (AI) to gain a competitive edge. As technology evolves, adopting AI tools can streamline operations, enhance decision-making, and improve customer satisfaction. But is it the right move for your small business? Let’s explore why embracing AI could be a game-changer and how […]
What’s changing from 1 July 2022
This new financial year, the ATO is rolling out updates to superannuation and trust distributions. Here are the key changes that will commence on 1 July 2022: Increase of the Superannuation Guarantee to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by […]
Federal Budget 2022-23
The federal budget was handed down last night and with a federal election expected in May, this is a conservative budget that focuses on improving the skills shortage in Australia. We have summarised below the key announcements from last night’s budget for you. Small businesses Small businesses with a turnover less than $50million will receive […]
New Compulsory Director ID Requirements
Director identification number A new government regime came into effect on 1 November 2021 which will require directors of companies to register for a director identification number (director ID). What is a Director ID? A director ID is a unique a 15-digit identifier you will keep forever. It will help to prevent the use of […]
New employees from 1 November 2021
From 1 November 2021, where no choice is made of a superannuation fund by a new employee, the employer can no longer use their default employer super fund. Instead, there is a requirement that the employer must use the employee’s ‘stapled super fund’. A ‘stapled super fund’ is an existing super account of an employee […]