I’m sure you’ve heard about the need to work ‘on’ your business as well as working ‘in’ your business. But have you ever stopped to think what exactly you should be doing? First some practical distinctions to compare working ‘on’ and working ‘in’. Working ‘On’ Your Business (Essentially Planning) Working ‘In’ Your Business (Essentially Doing […]
03
Jul
Jul
For centuries, accounting was all about reviewing historic information – but that only told you about the past, not what was going to happen in the future. If you’re only looking back at past periods and historic numbers, this limits the insights you can achieve for your business. With a backward-looking ideology, it becomes difficult […]
01
Jul
Jul
The new financial year is a new beginning. As a business owner this a great time for you to reflect on where you are at and think about your business goals for the financial year ahead. Setting goals is an essential part of personal and professional growth. These could be lofty goals, or even setting […]
18
Jun
Jun
Important legislative and regulatory updates are set to impact Australian businesses from 1 July 2025. These changes include superannuation, minimum wage, registration fees and deductions. Here’s a detailed overview to help you prepare: National Minimum Wage Increase From 1 July 2025, the National Minimum Wage will increase by 3.5%. New hourly rate: $24.95 Weekly rate: […]
23
May
May
As a pre-election promise, the ALP announced the extension of the $20,000 instant asset write-off for small businesses by 12 months, this proposed measure may come into effect in their next term. This measure will allow small businesses that choose to deduct depreciating assets under the simplified depreciation rules (Subdiv 328-D of ITAA 1997) to […]
21
May
May
The Australian Taxation Office (ATO) has issued new guidelines to help you in making a claim for running expenses using the fixed cost method, while working from home from 1 July 2024. Under this guidance, the ATO will allow you to make a claim of 70 cents per hour for time spent working from home. […]
19
May
May
Back in 2023, the Australian Government announced that from 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages. ‘Payday super’ will move payment of super from the quarterly cycle that businesses are used to, and switch it to a process where employees’ super […]
16
May
May
As the end of the financial year approaches, taking proactive steps in your tax planning is essential to optimise your position and potentially minimise your tax liabilities. Here are some key strategies for small businesses to consider as we head towards 30 June: Income Management: Consider Deferring Invoicing: Where legally possible and subject to the […]
15
May
May
Queensland’s pharmacy landscape is undergoing a significant shift with Pharmacy Business Ownership Act 2024 passed by Parliament, superseding the 2001 legislation. This new Act aims to modernise and clarify the rules surrounding pharmacy ownership, introducing key changes that are expected to come into effect around 1 July this year. Notably, the Act restricts ownership to […]
26
Mar
Mar
The Treasurer, Jim Chalmers, delivered the Federal Budget 2025 on Tuesday 25 March. With a general election scheduled for 2025, this Budget was an important one, setting out the Albanese Labor Government’s financial plans for the future path of Australia. We’ve summarised the key points that may have an impact for you and your business. […]