navigating tax planning season

Navigating Tax Season: Tax Planning Strategies

As the inevitable tax season approaches, individuals and businesses alike find themselves facing the annual task of filing their taxes. While this process may seem daunting, strategic tax planning can alleviate much of the stress and potentially lead to significant savings. Whether you’re a salaried employee, a small business owner, or a freelancer, understanding and … Continued

is your business disaster proof

IS YOUR BUSINESS DISASTER PROOF?

A definite uptick in wild weather has not been just an inconvenience for people trying to get about their daily lives but at the other end of the spectrum, wild weather can have devastating impacts on small business if they are underprepared. Floods, cyclones and fires have the power to destroy communities and small businesses, … Continued

nine experts to have on your property investment team

Nine experts to have on your property investment team

Building a successful property investment portfolio requires careful planning and expertise. While property investing in Australia is popular, it’s not without its challenges. To navigate the complexities and maximise your returns, assembling a knowledgeable team is crucial. Here are the key experts you should include. 1. Accountant and/or Financial Adviser: These professionals help you manage … Continued

cash vs borrowing

CASH VERSUS BORROWING

The old saying of ‘Cash is King’ is true, you always want to ensure you have enough of it (and you need quite a bit when starting a new business). It’s one of the critical decisions entrepreneurs face – whether to use available cash reserves or resort to borrowing. Both options have their advantages and … Continued

sensible investing

Unlocking the benefits of sensible investing

It’s not about making money, it’s about making money work for you. Investing can be the first important step to achieving your best possible financial future. It can mean additional income and opportunities to grow wealth. If you’ve come into extra funds or have been fortunate to receive an inheritance, there is desire to spend a … Continued

navigating christmas & business

NAVIGATING GIFT GIVING AND CELEBRATIONS IN BUSINESS

The holiday season is a time for joy, celebration, and giving, and many companies express their gratitude to employees through festive parties and thoughtful gifts. However, amidst the festive cheer, it’s crucial for businesses to be aware of the tax implications associated with these gestures. Understanding the tax rules can help businesses spread the holiday … Continued

agent nomniation ato

NEW AGENT NOMINATION PROCESS FOR ATO

If you are running a business and employ an accountant to handle your finances then the ATO has created a new requirement that will keep your private information, private. The new method will help to ensure that only your authorized tax agent, BAS agent or payroll service provide can access your accounts. And with cyber … Continued

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SMALL BUSINESS ENERGY INCENTIVE

SMALL BUSINESS ENERGY INCENTIVE If you want to become more energy conscious within your business operations the good news is that now you can get a bonus tax deduction from doing so. The Australian Government announced it will provide businesses that have an annual turnover of less than $50 million with an additional 20% deduction … Continued

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Contractor vs Employee

Are you choosing the right one for your business? If your business is expanding and you’re about to take on either workers or staff, its important to understand the difference between hiring an employee or a contractor. Most businesses aren’t aware that there are distinctions between these two classifications and failing to adhere to specific … Continued

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Changes to superannuation tax breaks for 2023

You have probably heard the recent Labour announcement earlier this week of significant changes to super that may impact you. On 28th February 2023, the government announced that from 1st July 2025 a 30% concessional tax rate will be applied to future earnings for superannuation balances above $3 million. As of yet, this cap has … Continued

Two female small business owners

The benefits of a Pay As You Go withholding variation.

Choosing to use a Pay As You Go (PAYG) withholding variation could allow a property investor to routinely increase their cash flow by changing the amount of tax withheld by their employer. Here, BMT Tax Depreciation outlines how a PAYG withholding variation works, the benefits and how claiming depreciation can further improve cash flow.    What … Continued

budget 2022-23

2022-23 Federal Budget Review

Following is a recap of the announcements delivered by Treasurer, Josh Frydenberg, in the 2022-23 Federal Budget on Tuesday 29 March 2022. Updates include personal tax changes, changes affecting business taxpayers, and changes to superannuation. 1. Personal tax changes 1.1 Increase to low and middle income tax offset (‘LMITO’) The Government has announced a once-off $420 ‘cost … Continued

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Cash Flow Forecasting: Why It’s Important During a Pandemic

During the ongoing COVID-19 pandemic, many industries are seeing income either disappear completely or drop to dangerous levels. To be able to navigate the future path of your cashflow, it’s vital you map out your financial position over the coming months so that you can take the appropriate action to safeguard your cash position. Forecasting … Continued

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7 Steps to Managing Your Cash Flow

Cash flow management can be an ongoing and difficult process to manage. If you’ve arrived at the end of the year feeling defeated because you’ve seen large profits throughout the year, but you have barely any cash in hand, cash flow is likely to blame. Here are our top 7 tips to help you manage … Continued

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Two Key Reasons Your Business Needs a Budget

For many, the word ‘budget’ is about as appealing as the word ‘diet’. It seems to imply what you will go without, rather than what you will achieve. To a successful business owner, however, the word ‘budget’ has a very different meaning. A budget is more like a roadmap that clearly outlines where you intend to take … Continued

Greater Protection & Financial Support for Commercial Tenants & Landlords

Rent is one of the largest fixed costs for many small businesses and with current lockdown restrictions cash flow may have ceased or significantly reduced. Fortunately, the NSW Government has announced greater protection and financial support for commercial tenants and landlords impacted by COVID-19. The NSW Government will re-introduce the National Cabinet’s Mandatory Code of … Continued

Major Support for NSW Small Businesses

The NSW Government today announced a major new grants package and changes to the Dine & Discover program to help tens of thousands of small businesses and people across NSW impacted by the current COVID-19 restrictions. The package includes grants of between $5,000 and $10,000 for small businesses, payroll tax deferrals for all employers, an … Continued

2021 federal budget review

The 2021-22 Federal Budget: Highlights and Key Measures

Our expert analysis and review of the latest Federal Budget. If you missed our recent Federal Budget 2021-22 Review Webinar, please click here to access it. We recently teamed up with Clarity Wealth to discuss the key measures recently announced in the 2021-22 Federal Budget. In this article, we will cover off on the following … Continued