Business and Tax Experts

When you're looking to expand and grow your business, you'll almost certainly need extra finance to achieve this. But what’s the best funding route for your company?

Should you opt for equity or debt when it comes to sourcing this additional investment and capital? And what are the pros and cons of these two options?

Holiday breaks are a time to re-charge for the year ahead. However, for business owners, this time can be stressful without careful cash-flow planning. Have you got the strategies in place to ensure you are in the best financial position this year?

Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. It’s sometimes called an Income statement and its main purpose is to list income and expenditure.

Are you confident in understanding the financial snapshot of your balance sheet? Would you like to know more about the relationship between assets and liabilities to assist business decisions?

Reducing the average time-frame on payments, for your business will help with your overall business health. Start with a straight forward system, clear credit terms and good communication with customers. 

Supercharge your business with some simple tips. Eliminate distractions & bad customers, get a plan, use tech, deploy marketing and asking for referrals are just a few ideas.

Are you feeling like a slave to your business? GetInTouch - we can help you regain control of your business using the three tools every business must have: A Business Plan, an Annual Forecast and Accountability. It’s best practice in business.

Business data is only powerful with context, it needs to be accurate and organised and you need to be clear on the necessities vs the niceties.

Want to achieve the best results from your earnings as a director and shareholder? Come and talk to us. We’ll review your tax situation to ensure you’re getting the maximum value from your earnings. 

What’s the difference between cash and accrual accounting? Cash accounting is all about money in and out. Accrual accounting is all about invoices issued and bills received.

Are you withholding tax from workers and reporting to the ATO correctly? New rules mean that if you don’t comply with PAYGW reporting requirements, you may lose your tax deduction.

It can be a big decision to commit to having a new member on the team but the right person will help drive your business forward or give you more time in your day. We can help you identify the costs when you are ready to expand.

Is your small business registered for GST? You might not be entirely confident of your projected earnings, so it’s fine to hold off until you’re sure you’ll hit the threshold. But remember to monitor your profit closely so that you don’t pay extra.

Working for yourself or running your own business? Set up a robust system for expenses and tax obligations so that you can focus on getting things done. 

The difference between cash basis and accrual basis accounting comes down to timing. When do you record revenue or expenses? 

Running a business from home? Make sure you understand what you might be able to claim, and how to keep accurate records so that you’re sorted at tax time. 

If you operate a cleaning or courier business, you need to submit a taxable payments annual report for the first time this year. The first report is due August 28th. 

There is a lot to deal with at the end of the financial year, and while your tax return may not be due for some months yet, it is good business to get your 2019 records in order before you get stuck into the next tax year!

Not sure what an accountant can do for your business? Well, the right accountant will do a lot more than just help with your tax returns! Your accountant should be a trusted business advisor, helping you lead with more confidence.

The end of the payroll year will be here sooner than you think! We can help make the process easier by reviewing and validating your payroll figures prior to issuing payment summaries by July 14.

Single Touch Payroll (STP) is a new system of reporting wages, tax and superannuation information to the ATO.

Bank reconciliation keeps your bookkeeping accurate and can help lower your tax, alert you to fraud, and allow you to track costs. 

Xero will soon start making two-step authentication (2SA) compulsory for all business clients, just as it has for accountants. There is now an opt-in period which has begun for subscribers and Payroll administrators and will be mandatory by September 11. By the end of this year, every user with access to Xero in Australia will be required to take up 2SA.

Gold Group Consulting are pleased to (belatedly) welcome Tayla Thorsborne.

Key Tax Tips for Accommodation Sharing - with the Commonwealth Games fast approaching we thought it would be a good time to discuss the tax implications of renting out your property.

SINGLE TOUCH PAYROLL REPORTING

The A.T.O’S introduction of the Single Touch Payroll Reporting (STPR) is set to streamline the way employers report some tax and superannuation information to the A.T.O.

From 1.7.2018, Australians aged 65 years or over will be able to contribute the proceeds of a house sale (up to $300,000 for an individual, or $600,000 for a couple).

Ordinarily, vendors (sellers) pay GST on the value of the taxable supplies that they make. Vendors will sell goods or services for a price that includes a GST component. When it comes time to lodge their BAS, the vendor will then pay that GST component to the ATO. There may be a three or four months delay between a vendor receiving a purchase price (including the GST component), and having to pay the GST to the ATO.

In recent times, the ATO and the government have become increasingly concerned that some property developers collect the GST on a sale, but ultimately do not pay GST. The ATO have also publicly acknowledged that their enforcement and detection methods are not effective.

Ten Tips for all Directors on how to minimise your risk of being personally liable for company debts The ATO have ever increasing powers and right now the they are increasing its use of Director Penalty Notices (DPNs) for unpaid PAYG tax and superannuation debts. The ATO have adopted this strategy since the new laws were passed in July 2012. It is predicted by Irish Bentley Lawyers that DPNs will become one of the ATO’s main collection tools. Directors of companies with arrears need to take prompt action to avoid or mitigate personal liability.

What is Modern Estate Planning

Looking to buy a new car - how to beat the car dealers price this EOFY

On Tuesday 9th May, the Federal Government handed down its Budget for the 2017-18 financial year.

5 Things to consider before a sea or tree change

The Australian Taxation Office have recently released the 2014/15 individual tax return statistics and it makes for some interesting reading.

We all remember the recent story about how much the head of Australia Post was being paid. Well did you know that in Sweden you can request a copy of anyone else’s tax return and find out how much they earn.

Need help with your short term cashflow or simply looking to maximise your credit card reward points.

Gold Group Consulting are pleased to welcome Chase Perkins to the team. Chase is a TSS graduate, and is currently studying a Bachelor of Commerce ...

After 30 years of service with Gold Group Consulting, 28 of which were as a partner, Rob Fearnley has decided to retire. During this time Rob has been involved...

Gold Group Consulting are pleased to welcome Tegan Scott to the team. Tegan has worked in public practice for the past 8 -9 years. She holds a Bachelor of ...

We are pleased to welcome Roy Chak to Gold Group Consulting. Roy has a Bachelor of Commerce with a major in Accounting and is currently undertaking...

Did you know that during 1 July 2014 to 30 June 2015, the ATO reported that 3,179,845 people received a low income superannuation contribution totalling...

We are very pleased to welcome Mark Gardner to Gold Group Consulting. Mark has recently graduated from Griffith University with a Bachelor in Commerce...

We are very pleased to welcome Chelsea Bechaz to Gold Group Consulting. Chelsea has joined our team of lovely receptionists, who go above and beyond...

We are very pleased to welcome Michael Courtin to Gold Group Consulting. Michael is a Chartered Accountant and has completed a Bachelor of Commerce...

It is with great sadness that we announce the recent passing of our practice's founding partner Eric Lee. Eric started the practice in Southport back in 1969.

We are very pleased to welcome Laura Baker to Gold Group Consulting. Laura is currently undertaking a Bachelor of Commerce with a double Major in Financial Planning & Accounting...

From the 9th February Xero is changing the way that users are notified of updates and new features. They are adding a drop down panel that will display notification cards.

There is a general perception that accountants and accounting is boring – maybe that's true. But occasionally something comes along that gets us genuinely excited.

We are very excited about our new website. It contains many new features. We will also be able to provide a seamless client file transfer interface.