Your Essential End of Financial Year Checklist for Australian Business Owners
As the financial year draws to a close, it’s time to gear up for a successful transition into the new year. To help you navigate the complexities of the End of Financial Year (EOFY), we’ve compiled a comprehensive checklist of tasks to ensure your business remains compliant and financially optimised. From tax obligations to strategic planning, this checklist will set you on the path to financial success. Let’s dive in! Review Financial Records: – Gather all financial records, including bank statements, invoices, and receipts. – Ensure accuracy and completeness of your financial transactions. Reconcile Accounts – Conduct a thorough reconciliation …
A Beginner’s Guide to Hiring Skilled Migrants
If you’re having trouble finding local candidates to fill a job vacancy, you can consider hiring skilled migrants. However, the process can be a bit complicated compared to other hiring methods. This easy-to-understand guide will walk you through the basics of sponsoring skilled migrants in Australia, including who can apply, costs involved, what you need to do, and your responsibilities as an employer. Who Can Apply to Be a Sponsor If your business is legally established and operating, you can apply to become a sponsor. The most common type of sponsorship is called Standard Business Sponsorship. It means you can …
🌊 Save Big with a $750 Subsidy for WaterFix Plumbing Services! 🌊
Great news! Until June 30, 2023, you have the opportunity to receive a generous subsidy of up to $750 to cover the cost of essential WaterFix plumbing services. Say goodbye to costly water bills and hello to incredible savings! Let’s dive into the details. 💰 What’s Covered by the Subsidy? 💰 The $750 subsidy is designed to provide significant savings for your WaterFix plumbing needs. It covers not only the standard call-out fee and water-efficiency assessment fee, which amount to $110, but also repairs and replacements that will result in long-term water savings. You can make the most of the …
📢 Important Tax Update: Lodge Your 2022 Tax Returns to maintain your Child Care Subsidy and Family Tax Benefit 📢
Attention all recipients of Child Care subsidy and Family Tax Benefit payments! We have crucial information to share that will help you maintain your entitlements. Please take a moment to read and ensure you stay on top of your tax obligations. ⏳ Lodge Your 2021-2022 Tax Returns by June 30, 2023 ⏳ To safeguard your ongoing entitlements, it is essential to lodge your 2021-2022 Individual tax Returns by June 30, 2023. Failing to meet this deadline may result in the loss of benefits, potential debt accumulation, or missed additional payments. We strongly advise you to prioritise this task to protect …
📢 ATO Lodgment Penalty Amnesty Program: Get Your Small Business Up-to-Date! 📅
We have some fantastic news for small businesses! As part of the 2023-24 Budget, the government has introduced a Lodgment Penalty Amnesty Program. This program aims to encourage small businesses to re-engage with the tax system and fulfill their obligations. What is the Lodgment Penalty Amnesty Program? The Lodgment Penalty Amnesty Program is a special initiative designed to provide relief to small businesses who have fallen behind in lodging their tax obligations, including income tax and business activity statements. It offers a limited-time opportunity to catch up on overdue lodgments without incurring severe penalties. Who is eligible for the Lodgment …
Optimising Financial Strategies and Funding Opportunities: How Journey2 Can Help You
As an accounting firm dedicated to helping businesses thrive, we understand that planning your finances and securing funding are crucial aspects of achieving your goals. Whether you’re a startup looking to grow or an established business seeking to optimise your financial strategies, our team of experienced accountants is here to provide expert guidance. Below, we will outline how our services can assist you in navigating the intricacies of financial planning and tapping into funding opportunities. Comprehensive Financial Analysis Our first step is to conduct a comprehensive financial analysis of your business. We meticulously review your financial statements, cash flow patterns, …
Secure Your Financial Future: Trust Formation and Administration Services
At Journey2 Business & Personal Wealth, we understand the importance of safeguarding your financial future and preserving your hard-earned assets. That’s why we are proud to offer comprehensive trust formation and administration services that provide peace of mind and efficient wealth management. Below is how our expert team of accountants can assist you in navigating the complex world of trusts, ensuring your assets are protected and your financial goals are achieved. Trust Formation Tailored to Your Needs Our experienced accountants specialise in trust formation, taking the time to understand your unique circumstances and objectives. We guide you through the process, …
2023 Working From Home Tax Deductions
The ATO has released a draft tax guidance (PCG 2022/D4) for claiming tax deductions for working from home. You need to be aware of these changes so that you can keep the appropriate records to maximum your tax claims in your 2023 Tax Return. WHAT ARE THE KEY CHANGES? From 1 July 2022, the ATO has explained that taxpayers who are working from home can claim deductions based on their actual expenses, or they can potentially adopt a revised fixed rate method which uses a rate of 67 cents per hour. To use the revised fixed rate method, you must meet the following …
2023 Budget
The 2023 Australian Budget has been released, outlining the government’s plans for the country’s economic future. This year’s budget promises investments in infrastructure, healthcare, education, job creation, climate change and support for disadvantaged communities. However, there will likely be winners and losers, and debates about the effectiveness and fairness of the policies proposed. We’ll explore the key highlights of the budget. SME’s SMALL BUSINESS ENERGY INCENTIVE An incentive program called the Small Business Energy Incentive will be launched to aid small and medium-sized businesses in improving their energy efficiency and transitioning to electric assets. The goal is to assist …
What is the best business structure for my company????
Choosing the right business structure is crucial for any new or existing company. The structure you choose can impact your business’s growth, liability, and tax obligations. As an accountant, I often get asked the question, “What is the best business structure for my company?” The answer, of course, depends on several factors, including the size of the business, the number of owners, the type of business activities, and the potential for liability. Here are the four main business structures in Australia and their advantages and disadvantages: 1. Sole trader: A sole trader is an individual who operates a business on …