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Common Accounting Mistakes to Avoid in Small Businesses

Yishu Sharma

Small businesses are the backbone of the economy, but they often face unique challenges, especially when it comes to financial management. Accurate accounting is crucial for their success, yet many small business owners inadvertently make common accounting mistakes that can have significant consequences. In this blog post, we’ll explore some of these pitfalls and provide […] Read More

Why Tax Planning Matters

Ryan Schirmer

Unfortunately, tax is a part of life, but by doing some forward tax planning can help you reduce you tax expenses and make informed financial decisions. Everyone can benefit from tax planning from the biggest of business to an individual. Here’s why tax planning is so important: Maximize Your Deductions: You may be missing out […] Read More

Stage 3 Tax Cuts

Matt Richardson

How does this affect you? From 1 July 2024, the Stage 3 tax cuts will come into force for all Australian individual taxpayers. This will result in savings for all taxpayers with incomes above $18,200. What are the changes? The annual savings will be $1,679 for a taxable income of $80,000, $2,679 for a taxable […] Read More

Have you heard of VPTAS?

Georgia Muegel

No, it’s not some new fancy accounting acronym.. it is a scheme offered by the Victorian Government to assist with travel costs associated with rural Victorians accessing specialist medical treatment. Let’s take a look at what it is. The VPTAS process in a nutshell is:– to be eligible you need to be a Victorian resident […] Read More

July 2024 Superannuation Changes

Matt Richardson

There are a number of changes happening on 1 July 2024 to various superannuation thresholds.  Some of the important changes include the following: 1.Standard Concessional Contribution Cap – $30,000 (increase from $27,500). 2. Standard Non-Concessional Contribution (NCC) Cap – $120,000 (increase from $110,000). 3. Non-Concessional Bring Forward Caps – refer to table below: Total Super […] Read More

Land Tax

Kathryn Hamilton

What is land tax? Land tax is an annual tax based on the total taxable value of all the land you own in Victoria, excluding exempt land such as your home (principal place of residence). Land tax is calculated using the site values (determined by the Valuer-General Victoria) of all taxable land you owned as […] Read More

The Rule of Three

David Hadley

Looking back through blogs I have written in the past and recently being reminded of the rule of three I thought it appropriate to revisit this view. I recall reading two articles in relation to how to perform better in business. Both these articles listed 7 techniques/attitudes each to assist you in performing better in […] Read More

Understanding Non-Commercial Losses

Jessie Lakin

What are non-commercial losses? A non-commercial business loss is a loss you incur, either as a sole trader or in partnership, from a business activity that isn’t related to your primary source of income. Think hobbies, side businesses, or personal ventures. In Australia, the ATO has specific rules and criteria to determine if an activity qualifies […] Read More

What is a Self-Managed Superannuation Fund?

Kayla Hawker

A self-managed super fund (SMSF) is a superannuation fund that you manage yourself. SMSFs are different to industry and retail super funds. When you manage your own super, you put the money you would normally put in a retail or industry super fund into your own SMSF. You make the investment decisions for the fund, and […] Read More

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