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
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
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
As we usher in a new year, business owners find themselves at a crucial juncture to evaluate their financial habits and make strategic shifts to ensure sustained success. Old habits are hard to break and unlearning certain methods or processes can be difficult. You may have gotten used to doing things a certain way, had … Continued
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
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
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
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
Businesses and accounting firms are celebrating the end of one financial year and the beginning of a new one. A new start also brings about some changes which will affect homeowners, renters, electricity price hikes, aged care reform and more. Family Payments Parental Leave Pay and Dad and Partner Pay have combined into one payment … Continued
Last week we hosted a workshop, From Direction to Decision, that assisted business owners to really work on the goals that specifically matter to their business. Too often, small business owners become entrenched in the running of the every day and when it’s time to make those important decisions that influence the future of their … Continued
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
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
New South Wales (NSW) has been inundated with torrential rain leading to flash flooding across the state. The NSW Government recently announced the provision of financial support to businesses and individuals impacted by the floods in NSW from February 2022. If you or your business is affected by the current NSW floods, the following financial … Continued
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
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
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
As anticipated the Government has delivered a budget with measures aimed at reviving the economy and creating jobs. In a budget that is encouraging spending on many levels, there are loads of tax-related measures for business, as well as several positives for individuals. We wanted to give you a summary of all the measures that … Continued
Are you aware of the adjustments to JobKeeper and how they affect you? As many of you are aware, the Government recently announced that JobKeeper payments will be extended until 28 March 2021, with payments being made over two separate extension periods. The extension periods are: Extension period 1, which covers the seven new JobKeeper … Continued
As anticipated, the Government has announced an extension to its two major stimulus programs; JobKeeper and JobSeeker, to ensure support is provided after 30 September when the programs were originally due to expire. The current extensions to the programs are as follows: JobKeeper Extension: JobKeeper has now been extended till 28 March 2021 – with … Continued
Are you one of more than 800,000 Australians who have opted to defer repaying your home loan due to the COVID-19 pandemic? The deadline to resume mortgage payments is fast approaching. Your lender may have contacted you to ask if you are able to recommence paying your loan at the end of the six-month deferral … Continued
It has been a tough year for most small business owners with many of you forced to shut doors due to COVID-19. As restrictions ease and we adjust to current conditions, you may be wondering what trade looks like for your business on the other side of this calamity? Under the new Small Business Recovery … Continued
Are you aware of the new Government JobKeeper Payments and how they affect you and your business, or you as an employee? What is the JobKeeper Payment? Businesses impacted by COVID-19 may be eligible to access a subsidy to assist with paying employees. The Government will provide a fortnightly payment of $1,500 per eligible employee, … Continued
The Government has announced a second round of stimulus that is significantly larger than what was proposed two weeks ago, to assist businesses through the economic shocks of COVID-19. The measures currently in place are as follows: Boosting Cash Flow for Employers This stimulus measure has been enhanced with eligible businesses now able to receive … Continued
The following article highlights the current legislation surrounding workplace entitlements and obligations during the COVID-19 coronavirus outbreak. At the present time there is no additional legal policies or regulations regarding COVID-19, so guidance is taken from existing legislation. Workplace health and safety laws Employers can direct employees to stay away from their usual workplace under … Continued