One of the more confusing elements of our tax system is the PAYG instalment system. In this blog we set out to answer our most commonly asked questions in relation to the system.

In Part 1 we looked at the scary, but meaningless, statistics around cashflow and business failure and answered the question how much cash is enough cash. In Part 2 we are going to take a more detailed look at the specific actions that result in cashflow shortfalls with businesses and what actions you can take to avoid becoming part of this atrocious statistic.

Over the years I have been asked to talk or write about cashflow. I have found it incredibly hard to do so and do my best to avoid it. Until recently I found the concept of cashflow rather abstract (a bit of a worry seeing as I'm an accountant). It sounds simple enough. Money in versus money out, but what does that really mean?

The most common question accountants get asked is “what can I claim as a tax deduction?” and one of the most common things people ask us to do is to “just claim the standard deduction.” In this blog post we are going to take a deep dive into when you can claim for travel expenses and how to make sure you are making a valid claim.

The most common question accountants get asked is “what can I claim as a tax deduction?” and one of the most common things people ask us to do is to “just claim the standard deduction.” The good news is that motor vehicles are one of the most commonly claimed larger value items, and the bad news is that there is no such thing as a standard deduction. In this blog post we are going to take a deep dive into when you can claim for car expenses and how to make sure you are making a valid claim.

It has been a common practice of business owners, operating through companies, to transfer surplus cash into personal mortgage offset accounts. Then at the end of a financial year transferring the cash back into the business to avoid the consequences of Division 7A (i.e. the funds being treated as an unfranked dividend in the hands of the recipient), before transferring it all back to the offset account in July.

The number one tax strategy to minimise tax, whether you are an individual or business is by making super contributions by 30 June. However, it is easy to miss out on a tax deduction if you don’t know the rules. Here is what you need to know to make sure you don’t miss out:

Coming into the end of a financial year is always a reminder to take a look at what is recent and needs consideration for the current year and what is on the horizon for the next year. Here is a snapshot of what’s new in 2022 and what’s coming for 2023 for individuals, companies, superannuation and trusts:

I was recently asked to speak at a mortgage brokers conference about the top 5 trends that accountants are seeing in the property market.

Financial literacy should be taught as part of growing up, as much as learning to drive a car is. It’s the knowledge that ensures a family is thriving within its financial means, or that keeps an individual financially savvy and secure. When it comes to managing a business, especially a micro-business, financial literacy is as essential as the product/service knowledge within your area of expertise.

This book has been on my reading list for some time and, while it isn’t a business book, there are certainly some great lessons that translate well for the business world. It’s rather timely that I finished it at the beginning of the Sydney lockdown. I think we could all do with a bit of resilience right now.

It's Sunday afternoon when I write this and the guidelines have just been released for the Covid-19 Business Grant, for which applications open tomorrow. I am feeling like next week is going to be a big week. To help as many businesses as possible, as quick as possible and as cost effectively as possible I have put together this guide for you to gain an understanding.

As we approach 2.5 weeks into lockdown the NSW and Commonwealth governments have recently made a joint announcement on business support packages. Here is a summary of what’s on offer, when and how to access.

There’s that old saying that no one likes to hear: Money won’t solve a money problem. We don’t like to hear it because it means we have to be accountable for the reasons there’s a shortage. Is it an inability to manage money? Is it an inability to earn enough? Understanding how to budget and manage your living expenses is an essential skill. WIthout this knowledge, a university degree or a great job will still not sustain your children as adults.

With the Commonwealth government announcing changes to their support payments to individuals, we thought it would be a good idea to give an update on what’s on offer, eligibility and how to access it. The extended lockdown in NSW has resulted in a rethinking of the eligibility and amounts for the Covid-19 Disaster Payment, while the Pandemic Leave Disaster Payment remains unchanged. Here’s a summary of the key points for both types of payments.

With a few minor exceptions, budget 2021/2022 was pretty much a matter of extending programs that were already in place to stimulate the economy in the wake of the Covid-19 pandemic. At the time of writing this the legislation enacting the budget proposals had not been passed by Parliament. Most of what was announced is not set to start until 1 July 2022. We will provide further updates and reminders once the legislation has been passed.

Starting a new financial year often signifies the start of new things. This year is no different with a number of things set to change in the tax landscape from 1 July. Here is a summary of what you need to know coming into the new financial year:

Starting a business? Many people slip from being employed into being an independent contractor, keeping it unofficial until the concept gains traction and there’s scope for a legitimate business to take shape. At this point, you can start looking at the direction you’d like to take. Would you like to see your one-man band become a team of capable professionals? Are you keen to share the risks and responsibilities with another trusted ally? Or do you want to be an independent professional? Here is a summary of the common business structures and how they can work for your business goals.

30 May 2021 marks Accounting Heart’s fifth birthday Woo hoo! Have we achieved everything we wanted to achieve? No. Have we achieved things that we never thought were possible? Yes! Are we proud of what we have achieved? ABSOLUTELY.

"I love paying tax" said no one, EVER! With the end of the 2021 financial year less than two months away, here are nine things every business owner needs to look at before the new year begins: