If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
In recent months, we’ve seen the ATO ramp up its efforts to chase outstanding tax debts, with a significant increase in the issuance of Director Penalty Notices (DPNs), particularly to companies with larger debts ($75K and above).
A Director Penalty Notice (DPNs) is an ATO notice that makes company directors personally responsible for unpaid taxes like PAYG, super, or GST if their company doesn’t pay.
The recent surge includes DPNs related to tax debts that accumulated over time, particularly from the COVID-19 lockdown periods when enforcement was reduced.
If your business has overdue tax debts, it is crucial to have a clear plan to manage the debt by paying it or entering into a payment plan.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
Businesses engage contractors for specialised skills or to streamline costs. But keep in mind, that superannuation isn’t always off the table.
You generally don’t pay super for independent contractors. But, if the contract is wholly or principally for their labour, you might be liable. This applies even if they have an ABN, regardless of their earnings amount.
So, a seemingly genuine “contractor” might be classified as an “employee” under the Super Guarantee Act.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
A recent study published in Harvard Business Review suggests that genetics may play a significant role in sales performance. Researchers from MIT Sloan found that top salespeople often possess “adaptive learning” skills, enabling them to quickly process information, adapt to changing customer needs, and identify selling opportunities in real-time.
It is easy to train people by repetition and sheer volume on memorising scripts and the use of simple yet effective language to convert leads into sales. However, “adaptive learning” is difficult and may be impossible to train.
So next time you are hiring for a position that requires an element of selling, consider adding assessments that measure candidates’ “adaptive learning” capabilities. This could include role-playing scenarios, problem-solving tasks, or even simple questions that test their ability to think on their feet.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
Newer properties often offer higher tax deductions from depreciation compared to older ones. However, even if your rental property is older, it’s still worth consulting a quantity surveyor specialist like BMT to assess its potential.
Additionally, if you’ve recently completed major renovations on your rental property, a depreciation schedule can be particularly valuable.
The fee payable to a licenced quantity surveyor specialist for preparing the tax depreciation is tax deductible too.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
The idea of locking in a mortgage rate for two decades or more might seem like a pipe dream for Australian homeowners. Australian banks currently offer a maximum of 10-year fixed mortgage, however, other developed countries like the U.S. or France currently offer 25 or even 30-year fixed mortgage rates.
During a recent House of Representatives hearing, the CEO of National Australia Bank (NAB), Andrew Irvine, provided evidence on the popularity of variable-rate mortgages with offset accounts. While these accounts offer flexibility and potential savings, Labor MP Tania Lawrence argued that their popularity is partly due to the limited availability of other loan options, such as longer-term fixed rates.
The question of whether Australia will ever see 20+ year fixed mortgages remains unanswered. While there is a growing demand for such products, challenges such as interest rate risk and regulatory hurdles continue to hinder their widespread adoption.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
Growing a business requires a holistic approach. Similar to a bike, a business has many parts that to work well together to keep moving pedaling forward. Neglecting an area or two might cause instability or slow down your growth.
The Balanced Business Wheel™ developed by Nick & Judi Hudges, give us a great insight into the key areas you can focus on so you can have a resilient and successful business.
The eight essential areas you should be focusing on are:
Your team needs to feel connected to your purpose and core values. Try involving them in an exercise to help define or redefine them. This ownership will increase engagement and ensure your values truly reflect your company culture.
Consider asking your team to share specific examples of how they’ve embodied these values in their work.For example, you could ask them to share stories of a time when they “dreamed big” and what does that mean to them, or how they’ve demonstrated “authenticity” in their interactions with clients and team members.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
A strong purpose and core values are essential for any business. Our recent team retreat led us to refine our purpose to “To have the most impact in the lives of families we work with.”
We also added “Be Authentic” to our core values of Dream Big, Make an Impact, and Remember Your Roots.
A clear purpose unites your team, attracts clients, and guides decision-making. Core values shape your company culture and ensure everyone is aligned. By defining your purpose and values, you’re setting a powerful direction for your business.
Your team needs to feel connected to your purpose and core values. Try involving them in an exercise to help define or redefine them. This ownership will increase engagement and ensure your values truly reflect your company culture.
Consider asking your team to share specific examples of how they’ve embodied these values in their work.For example, you could ask them to share stories of a time when they “dreamed big” and what does that mean to them, or how they’ve demonstrated “authenticity” in their interactions with clients and team members.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
The tax rate cuts for the 2025 financial year will mean an increase in net payments to your employees. Last financial year, you would have withheld more tax compared to 2025FY to be remitted to the ATO when your BAS is due.
So, please ensure you have enough funds to pay employees’ net wages when processing your pay runs.
If you have set up recurring payments with your bank, ensure you update the recurring payments to reflect the new changes.
And last but not least, from 1 July 2024, the super guarantee has increased from 11% to 11.5%.
Your accounting software used for payroll should factor in tax and super changes. However, you will need to update your budget and cash flow to ensure you have enough funds at the right time to meet payroll obligations.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
While the 2024 financial year has come to a close, it’s time to get your books ready for your accountant to prepare financials and tax returns.
If you have a bookkeeper, they will hopefully assist in finalising your payroll and getting a work pack ready for your accountant to start preparing your financials and tax returns.
The more organised you are, the faster your accountant will be able to finalise preparing your financial statements and returns.
For family groups that lodged their 2023FY late, you will need to get started early since you will not be eligible for an extension, and your 2024FY returns will be due for lodgement by 31 October 2024.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
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