Finalising Single Touch Payroll

With the introduction of Single Touch Payroll (STP), this end of financial year (EOFY) will look a little different. STP has streamlined the payroll process meaning EOFY should also be a more simple task. Where you would previously be sending payroll information to the Australian Taxation Office (ATO) once a year, that is now being done automatically after every pay run (assuming you have adopted STP). As a result any…  Read more

COVID-19 Business Update – 2 July 2020

Welcome back to our Weekly Digest. Read on for this week’s update. State grants and support programs Each state and territory has announced various grants and assistance packages which you may be eligible for. You can find a roundup of these grants on the Government’s Business website. Alternatively, you can also contact us so we can discuss which options are most suitable for your business based on your eligibility and…  Read more

Preparing for end of financial year – what you need to know

As we approach the end of the financial year, there are a number of smart strategies you could consider to help you streamline your finances and legitimately reduce your tax liability. Our team has prepared a detailed guide to assist you in ensuring you can tick off all the strategies relevant to you. You will find information for: Individuals insurance premiums work-related expenses – new shortcut method introduced this year…  Read more

Instant Asset Write-Off Extended

Good news! This week the government announced that the Instant Asset Write-off has been extended for six months, taking the initiative to 31 December 2020. Australian businesses with less than $500 million annual turnover will be able to take advantage of the write-off and invest in assets to support their business. This government initiative is designed to help the economy reopen and boost economic growth. The instant asset write-off applies…  Read more

Battling Through COVID-19: Finance Tips for Business Survival

We’ve heard this before: the COVID-19 pandemic is an unprecedented global health and financial crisis that has caught many off guard. While the threats to human life are very real, the damage to the health of businesses is really just starting to show. The seriousness of the disease and the lack of a vaccine (at the time of writing this) have prompted governments around the world to impose strict measures…  Read more

10 quick growth tips for small business owners

Help grow your business through collaboration, expansion, improved marketing and some of the following quick tips. 1. Improve your customer service Businesses with good customer service retain consumers and attract new business through word-of-mouth. Even if you think you’re already providing good service, make it a priority to provide refresher training to frontline staff at least once a year. Alternatively, hold regular meetings to discuss any issues as they arise.…  Read more

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