3 Consequences of Avoiding Your Bookkeeping

If you ask 100 business owners what they like least about running a business, chances are good that bookkeeping will rank high on the list. It’s an annoying and frustrating chore that takes up a lot of time and is easy to put off until tomorrow. Avoiding your bookkeeping is dangerous, however. Not knowing your company’s financial situation can result in a series of missteps that could ultimately cost you…  Read more

4 Money Saving Tips for Business Owners

Running a successful business requires you to make smart decisions about everything from who you hire to how you spend your money. There are many legitimate expenses to cover, but it’s easy to overspend in areas that aren’t helping you or your business. Spending wisely is key to owning a sustainable business. Here are four practical money saving tips for business owners. 1. Have a list of all your subscriptions,…  Read more

Why Smart Business Owners Never Stop Marketing

One classic mistake business owners make when money gets tight is to stop marketing or cut their marketing budget. At first glance, it seems logical to cut down your expenses during tough economic conditions. However, in reality, it’s the opposite of what you should do. When your business is struggling, cutting your marketing budget will further hurt your business. It is during this time that you should go the extra…  Read more

Tax Implications of Cryptocurrency (AU)

With cryptocurrencies gaining notoriety, many people are unclear on how or when they can be taxed. Despite widespread belief to the contrary, you can be taxed on gains made as a result of obtaining or using cryptocurrency. If you’ve made a profit from trading cryptocurrency, for example, you need to declare it at tax time. Here is some important information on cryptocurrencies and their implications for your taxes. How cryptocurrency…  Read more

Your tax deduction Checklist

Here are some things to know about your income, deductions and home office expenses to help you make the most of your tax deductions. 1. Your income Generally speaking, your income is money you earn from your employer in salary or wages, or the income you earn as a self-employed person from your business. However, there are other items included in income that people often forget. When you file your…  Read more

Tax Season Tips for Small Business Owners

Preparing for tax season is really a year-round endeavour. Tip number one for SMB owners is to update financials on a monthly basis, using a streamlined software or cloud-based system. This way, come tax time, everything you need is all in one place. And well organized SMBs are better positioned to minimize their tax bill while avoiding penalties associated with missing or inaccurate information. Here are four more ways to…  Read more

Federal Budget 2021: What it means for you

Treasurer Josh Frydenberg has released the 2021 Federal Budget and confirmed Australia’s economy is performing more strongly than was expected six months ago. This article has a summary of the “Winners and Losers” of the Budget and we’ve compiled a recap of the key points below. Get in touch with us if you have any questions. A Quick Overview This budget assumes our international borders won’t reopen until mid-2022. $1.9…  Read more

COVID-19 Business Update – 28 April 2021

Here are some updates and some ideas to help us all move forward. Flights Between NZ and Western Australia Resumes New Zealand has reopened quarantine-free travel with Western Australia from midday Wednesday. This comes after it was revealed a traveller from Perth was able to enter New Zealand despite the Australian city being locked down. Travelers who have been identified as contacts to cases across the Tasman will have to…  Read more

COVID-19 Business Update – 14 April 2021

Australia Drops COVID-19 Vaccine Target Prime Minister Scott Morrison said he won’t set a new target date for Australians to get vaccinated, as concerns about the AstraZeneca vaccine and European export restrictions delay the rollout of the programme. Despite this, Australia is still ahead of some nations including Canada, France, and Japan in terms of vaccinations. About 1.2 million people out of 25.8 million have already received a first dose.…  Read more

Good Records Save Small Businesses

According to the Australian Taxation Office (ATO) many small businesses fail due to poor record-keeping. Aside from the legal reasons, there are many financial reasons for making sure your books are in order. Every small business owner knows that record-keeping can be one of the most time-consuming jobs; usually it’s the first task put aside during busy times which often results in difficulties catching up with the bookwork later. The…  Read more

Five Ways to Bring in More Cash for Your Business

Now is the perfect time to evaluate your financial position and come up with innovative ways to add revenue streams and generate cash. Here are five ways you might consider to improve your cash inflow: 1. Evaluate your current company assets. Take a look at your assets, both fixed and human. Could you make slight pivots to create a new form of income? For instance, if you run a coffee…  Read more

GST Misunderstandings

Australian businesses with an annual turnover of more than $75,000 must be registered for GST. Charging an extra 10 per cent on top of services sounds simple, yet a number of traps routinely catch small business owners. Businesses falling beneath the $75,000 threshold are not required to register for GST. Those businesses that choose not to register cannot: state “Tax Invoice” on invoices; they must only use the word “Invoice”,…  Read more

The impact of tax deductions on investment property

Property is a popular investment asset that contains a number of significant advantages including income generation, capital growth, resistance to major market downturns and substantial tax deductions. Although tax deductions and offsets shouldn’t be the key reason to invest in property, if you have purchased a property make sure that you use every concession available to you. Deductible expenses There are three categories of rental property expenses: Expenses to be…  Read more

Benefits of using technology

These days, you can use technology to take care of almost any issue facing your business. If you have a task you don’t like to do, there’s an app or software program to take care of it for you. It might take a few moments of your time to learn and understand how the software or app works, but doing so will save you valuable time and precious energy. It…  Read more

Why hiring a bookkeeper is a great investment

As a small business owner, you’re likely concerned about every penny you spend. That’s a good thing, because you need to keep track of your income and expenses. It also means, however, that you might be less likely to hire people who can help your business. People like bookkeepers, who are great investments for any small business. So what does a bookkeeper do? Bookkeepers take care of the daily financial…  Read more

Super Guarantee Amnesty: Time is Running Out

On 6 March 2020 the government introduced a superannuation guarantee (SG) amnesty which allows employers to disclose and pay previously unpaid super guarantee charges (SGC), including nominal interest, that they owe their employees, for quarter(s) starting from 1 July 1992 to 31 March 2018, without incurring the administration component ($20 per employee per quarter) or Part 7 (double SGC) penalty. In addition, payments of SGC made to the ATO after…  Read more

Our Convenient Tax Pack Service

Do your tax from the safety and comfort of your own home   Tax filing season is in full swing, and in the wake of the COVID-19 pandemic, getting your tax done correctly and on time, while still getting the best possible refund, is more challenging than ever before. Gladstone Accounting and Taxation has been providing our clients with a handy Tax Pack Service for years. Our tax packs are…  Read more

Lodging Your Return after COVID-19: Wait for the end of July

This year, with JobKeeper payments in play , the ATO is urging taxpayers to hold off from lodging their returns until their employers have finalised their income statements as tax-ready. If you lodge before your income statement is tax-ready, your employer might make changes, and you may need to lodge an amendment. In some cases, additional tax and interest may be payable, and it is therefore recommended to wait for…  Read more

Tax time 2020: ATO flags work-related hotspots

The ATO is bracing for a substantially different tax time this year, due to flow-on effects from COVID-19 restrictions on work-related expenses claims, and has announced a number of hotspots that it will pay close attention to this year. They expect a reduction in claims for work-related expenses, and an increase in working from home claims for the last quarter. Specifically, they have flagged: Laundry expenses – not wearing a…  Read more

Claiming Deductions 2020 – Quick Guide

Basic rules for claiming: you must have incurred the expense in 2019–20. you must have spent the money yourself and were not reimbursed the expense must be directly related to earning your income you must have a record to prove the expense. you received a bill or invoice for an expense that you were liable for (even if you paid it after 30 June 2020) you did not receive a bill…  Read more

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