Blog

Have you maximised your concessional super contributions for 2019? Act now to take advantage of the new rules allowing you to make a top-up payment. Get in touch today before your super fund contribution deadline for 2020.

How long do your customers take to pay you? Understanding the average number of days it takes to get paid is vital business information for cashflow planning, especially in tough times.

Are you making the most of your allowable tax deductions? Individuals can claim for general work-related expenses as well as occupation-specific expenses and working from home. Book a time now - we’ll help maximise your return.

This year more than ever it’s important to get your records and tax return correct because of the unusual business circumstances and JobKeeper. Talk to us - we can help make tax time easy.

Xero have launched new features to track work-related expenses. Employees can submit expenses paid with company money and use the new integrated map to calculate mileage.

Fringe Benefits Tax Returns are not always straightforward! Get your information ready now for lodgement and talk to us. We can assist with your FBT calculations and lodgement, to make sure you are receiving eligible concessions and exemptions.

It’s not easy to request payment right now but it is important to keep cash flowing into your business. As with all business dealings right now, a little empathy and a lot of open communication can go a long way.

The ATO is announcing a special arrangement for people working from home, to claim running expenses without the need to calculate specific running expenses. 

The JobKeeper payment is for businesses significantly impacted by the Coronavirus pandemic, and the measures in place to restrict it. The treasurer has now released rules governing the scheme. Get in touch with us about your business.

'Business continuity’ is the process of planning out how your company can continue trading – when disaster hits. In essence, it’s your Plan B for how to set up a means of trading, when you don’t have access to your usual offices, workspaces or equipment. Right now businesses are having to put ‘Plan B’ into action.

Do you have unpaid super owing to employees? Act now to take advantage of the super amnesty to avoid further penalties. Contact us to calculate and report your unpaid super during the amnesty.

There are a wide range of support measures being implemented by both Federal and State Governments as well as financial institutions. Below is a list of the available assistance that has been announced as of the 2nd April 2020.

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The JobKeeper Payment aims to support businesses to maintain their income and their connection with employees. The payment will be $1,500 per fortnight per employee for up to 6 months. Talk to us about your business.

The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees.

The Federal Government have today announced an economic response to the Corona Virus. 

We have attached a summary of these measures for your information. 

If you have any questions in relation to this please contact us.

Small businesses are particularly vulnerable in tough economic times.

When sales are slow, there are still overheads and salaries that need to be sorted. Pre-planning and being proactive can help you weather tighter economic periods and allow you to continue to thrive.

Make sure you have a clear picture of your payroll, and any other planned expenses that will need to be accounted for.

If there’s even a possibility that there could be a shortfall, it’s essential to meet this head-on. Whether this means talking to your supplier or creditors to figure out an arrangement, or compromising on other business outgoings, you must make a plan to ensure that the business, or your staff, won’t suffer.

Unsure if you have the working capital needed to grow your business? We’ll help boost your cashflow and financial position – and can advise on additional finance and funding.

Employers will voluntarily be able to report deductions related to child support from employee salary or wages through Single Touch Payroll if new draft legislation is passed.

Do your employees sacrifice salary to super? New rules apply from 1 January 2020 that may affect how much super you need to pay for employees. 

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 ...