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About Geoff Gartly

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So far Geoff Gartly has created 185 blog entries.

Is an SMSF setup right for you?

By |2024-02-19T15:54:04+11:0021/02/2023|Categories: Blog, SMSF|Tags: , , , |

Deciding to implement an SMSF setup is something that needs a plan if undertaken.We are observing that our clients are taking the opportunity to review their Superannuation and retirement goals, The markets are changing, and people are beginning to plan for their retirement strategy. We are receiving several questions from clients asking whether, given the current market fluctuations of their investment in the superannuation, it is a great time to take charge of your own Superannuation. Some are evaluating if it is a great time to take control by setting up a new Self-Managed Superfund, commonly known as an SMSF. [...] READ MORE

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Your exit planning journey

By |2025-12-29T00:06:24+11:0020/02/2023|Categories: Blog, Exit plan|Tags: , , |

Exit Planning Starts Today: A Practical Guide for Small Business Owners Are you thinking about the future of your small business and wondering how to begin your exit planning journey? You’re not alone. Many small business owners delay exit planning because they’re unsure where to start or assume it’s something to deal with later. However, with the right guidance from an experienced exit planning and succession advisor accountant, you can create a clear plan that protects your legacy, maximises value, and ensures a smooth transition. A well-structured exit plan doesn’t just prepare you for selling or transitioning your business — [...] READ MORE

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Cost reduction and Maximizing Profit in Your Business

By |2024-02-19T15:39:40+11:0008/02/2023|Categories: Blog, Business growth|Tags: , |

Cost reduction by reducing expenses means great profits, right or wrong? What is Cost Reduction & Why Is It Important for Business Owners? Cost reduction is one of the most important aspects of running a successful business. It can help businesses save money and increase their profits. But doing it correctly will achieve great results for your bottom line. Expenses slashed for the sake of it may be detrimental. As a business owner, you need to be aware of different cost reduction strategies and how they can help you achieve your goals. By understanding the basics of cost reduction, you [...] READ MORE

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5 Steps to Make Your Business Sale Ready and Increase Its Value

By |2024-02-19T15:43:22+11:0001/02/2023|Categories: Blog, Services accounting for small business|Tags: , |

Is your business sale ready for that next opportunity? Selling a business is a complex process, but it doesn't have to be overwhelming. With the right strategies and preparation, you can maximize the value of your business and make it sale ready. Selling a small business can be a daunting task, but with the right exit plan and growth strategies, you can make sure that you get the best deal possible. Retirement may seem like a distant goal, but with careful planning and the right resources, it can become a reality. Let's explore how to get your small business sale [...] READ MORE

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Sales tools for small business

By |2024-02-19T15:48:16+11:0003/12/2022|Categories: Blog, Business growth|Tags: , |

Effective Sales Tools for the small business smart checklistDo you use tools that help grow sales in your business? Sales are the lifeblood of any business. Yet how many of us have had training in closing a sales deal as small business owner? With a new year about to start, it’s time to review your sales process and help your business grow. Set a budget that you and the team can aim for in 2023 Working with your customer The art of selling is to focus on the prosperity and happiness of your customers! “Don’t bother telling the world you [...] READ MORE

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SMSF and commercial property

By |2024-02-19T15:58:23+11:0002/10/2022|Categories: Blog, Estate Planning, SMSF|

SMSF and commercial property is an investment often held by an SMSF and is a good strategy. Is holding your business premises, Factory or shop in an SMSF a good strategy? Allowing your SMSF to hold your business real property is a fantastic opportunity for the small business owner to isolate its business asset from the main trading company. It also means you can become a long-term tenant of your SMSF. There are some distinct advantages for both estate planning and long-term protection strategies of your asset in an SMSF. Any property strategy it must be done properly and there [...] READ MORE

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Reminder: new .au domain names – have you got yours register your business now!

By |2024-02-19T16:06:21+11:0006/09/2022|Categories: Blog|

.Au domain names are here. On 24 March 2022, anyone with a local connection to Australia (including businesses, associations, and individuals) has been able to register a new category of domain name known as au These shorter, more straightforward domain names end in .au  NOT, com.au and effectively create 2 domain names These will than .com.au, .net.au, .org.au, .gov.au or .edu.au. Do you have a “.com.au” domain name? Existing domain name.com.au license holders have been provided priority to register the .au direct equivalent of their domain name until 20 September 2022, After this date, any domain names that have not [...] READ MORE

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Small business specialist advice pathways grants to help you build your business!

By |2024-02-19T16:16:00+11:0031/08/2022|Categories: Blog, Business growth|

If you are a business in Victoria, you may be eligible for the newly opened Small Business Specialist Advice Pathways Program. This grants $2,000 to "employing small businesses to access professional advice and services to help them make informed business decisions and plan for the future." Eligible projects include: a) Advice and analysis regarding the management of cash flow, preparation of cash flow budgets and projections, b) Profitability analysis and formulation of financial management and/or operational business strategies, c) Strategic analysis to revise business planning and/or governance arrangements, d) Advice regarding the management of debts and liabilities, or e) Advice [...] READ MORE

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Downsizer contribution eligibility to be lowered to age 55

By |2024-02-19T16:28:18+11:0008/08/2022|Categories: Estate Planning, News for you, SMSF|Tags: , , |

The downsizer contribution is an after-tax contribution. Therefore when it hits your SMSF or super fund, no tax is payable on the way in. It also means upon retirement, and it can be paid as a benefit. A benefit that is returned tax-free when you withdraw the funds from your SMSF Legislation passed Last week parliament passed legislation, resulting in the downsizer contribution to allow house owners over the age of 55 to access this strategy. The lowering to age 55 is expected date for the enactment would be later this year (2022) Downsizer contributions help you to increase your [...] READ MORE

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What to do when a loved one dies?

By |2024-02-19T16:34:39+11:0001/08/2022|Categories: Blog|

Join Geoff as he explains in simple terms what to do to finalise the taxation affairs of a loved one after they have died. Our youtube video outlines some of the steps that you as the executor may need to undertake. We welcome you to contact us further on 95979966 if we can assist you. https://youtu.be/Ike688p601A

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Small business cashflow

By |2025-10-02T17:17:06+10:0026/07/2022|Categories: Blog, Business growth, Services accounting for small business|Tags: , |

Small business cashflow is so important. This is highlighted in this week's Accoutantsdaily article about cash flow. What's highlighted is an enormous gap for many small businesses. The last 2 years have highlighted major issues for small businesses and cash flow is one on top of the list. Small businesses have been plagued by closures and staff absenteeism due to Covid. This can account for why some businesses' cash flow is facing an uphill battle in recovery. But there is also a fundament lack of planning by some small businesses. Not knowing where you going is like a hose [...] READ MORE

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Am I a share trader for tax purposes?

By |2022-06-10T06:54:15+10:0010/06/2022|Categories: Blog, Taxation|

A Share trader is regarded by the ATO as conducting a share trading business when it comes to reporting your tax, based on factors around how you and how often you invest. An investor is looking long term and will not frequently undertake a systematic approach. Tax law regards Share trading is assessed as income on a Revenue Account, and no Capital Gains Discount can be claimed. Share traders and tax However good news for share traders is, share losses are allowed as a tax deduction un S8-1 of the ITA997. A share trader can recognize unrealized losses and gains [...] READ MORE

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Local manufacturing in Moorabbin and Dandenong South

By |2025-12-12T16:16:19+11:0003/06/2022|Categories: Blog, Business growth|Tags: , |

Local Manufacturing Tax help for Melbourne’s South East Local manufacturing businesses based in Melbourne’s South East, particularly Moorabbin, Dandenong South, Carrum Downs and Seaford, can take advantage of valuable tax incentives to boost productivity and modernise their operations. Bringing forward tax incentives is one of the most effective ways for manufacturers in Moorabbin and Dandenong South to upgrade equipment, improve efficiency and support long-term growth. Helping Local Manufacturing Businesses Thrive Gartly Advisory, Melbourne accountants based in Ormond, specialise in supporting local manufacturing businesses in the South East suburbs. We love working with manufacturers, and our advice is simple: use the [...] READ MORE

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Builders and developers face uncertain times

By |2022-05-27T02:06:20+10:0027/05/2022|Categories: Blog|

Tread carefully in the coming months when planning your property development or if you are a supplier in the building construction industry Property development is rewarding except in times of uncertainty. Unfortunately, we are now facing one of those uncertain times. The last two years of working through Covid and lockdowns are impacting the construction industry. We are now seeing significant building players over the last few months into liquidation or closing. This indicates that it is the start of what may well be a tough few years ahead. Many of our clients are commenting on what they feel is [...] READ MORE

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Business Ratios for a healthy small business

By |2022-04-22T03:05:12+10:0022/04/2022|Categories: Growth tools|Tags: , , |

Business ratios that measure your small business Six Power Ratios to Start Tracking Now in your small business These six power ratios are designed to measure the heart of your small businessDoctors monitor the health of humans, why not measure and plot the health of your business. These powerful ratios help you track how healthy and well your business is going.Better than the blunt measuring stick of an aggregate number, a ratio expresses the relationship between two numbers, which gives them their power.If you’re planning to sell your company one day, here’s a list of six ratios to start tracking in your [...] READ MORE

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When is a home exempt from CGT

By |2024-02-20T16:12:36+11:0020/04/2022|Categories: Blog, Taxation|Tags: , , |

Your home can be exempt from CGT providing it is your castle. You need to do a few things to make sure it meets the ATO The ATO considers several factors when determining if a dwelling is considered a client’s main residence. Various tests in relation to different factors to determine to see if you meet this test as your home. This may vary depending on the circumstances and it may be several factors. What makes a home regarded as your home and makes your home exempt from CGT? The main residence test for a dwelling is based on facts [...] READ MORE

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Acting as an SMSF Trustee and incapacity!

By |2024-09-28T14:42:04+10:0015/04/2022|Categories: Estate Planning, SMSF|Tags: , , |

SMSF Trustee role needs to be considered in your Estate planning Acting as a SMSF Trustee and incapacity are crucial issues to consider in running an SMSF. Have you considered what happens when something goes wrong, and you  in a position to run your SMSF? Control is one of the main reasons many establish an SMSF. As an SMSF Trustee, you can control your own SMSF. You as the SMSF Trustee and member can control how the Funds' investments and the strategy on how and where. What happens if you can't do it anymore? What happens if things go [...] READ MORE

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Your’e Net Promotor Score

By |2022-04-14T22:45:10+10:0014/04/2022|Categories: Blog|Tags: |

Measuring the love in your business - youre Net Promotor Score What is your net promoter score, and why is it essential in building value to your business?Your  Net Promoter Score, NPS affectionately referred to, is one of the most effective ways to uncover how satisfied and loyal customers are to your brand, product, or service. It's a great start towards adding creditability towards a future business sale and the love for your businessA good net promotor score is derived from detractors vs promotors.Promotors are those customers who "love "you, and Detractors are those who are just friends or not in love [...] READ MORE

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Business exit planning for couples

By |2022-04-14T22:37:54+10:0014/04/2022|Categories: Blog, Exit plan|Tags: , |

Business Exit planning for couples is an exciting opportunity but it needs to get it right. Working as a romantic couple brings pleasure, frustration, and opportunity rolled up into one package. When a romantic couple that can work together in a business bet it right their business booms. It ll comes together it's a special relationship that can build a business Planning the exit from your business as a couple is essential to get it right. Both partners are on a journey on their own life paths. Working together often can mean spending 24/ seven together. That's a big ask [...] READ MORE

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Weekly Newsletter April 7th

By |2022-04-13T03:37:59+10:0007/04/2022|Categories: News for you|Tags: , |

Super Guarantee Charge reminder. This is just a reminder that employers must meet their SGC obligations by the due date for the last quarter, which is  Thursday 28th April 2022. The date super has been paid is when the payment hits the employee's super account, not the date that an employer pays the super to the clearing account. In some circumstances, It can take several days for the employer's super contributions to clear through a super clearinghouse. Then it will be processed and recorded against the employee's account. We, therefore, recommend paying the employee super guarantee at least 5 working [...] READ MORE

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Weekly Newsletter March 31st

By |2022-03-31T07:16:00+11:0031/03/2022|Categories: Blog, News for you|Tags: , , |

The Federal Budget 2022 Here is our quick summary of the Federal Budget handed down on Tuesday. The Budget focused on keeping business and the economy going during uncertain times. It would be also be drafted with a focus on the following Federal Elellection due soon. Media reports indicate that if there is a change of Government, the ALP will publish a newly revised budget in July or August this year, which may not result in all initiatives etc., being fulfilled or modified. Here are the critical points that we believe will impact our clients:• 120 % tax deductions for [...] READ MORE

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Weekly newsletter

By |2022-03-24T23:29:02+11:0024/03/2022|Categories: Blog, News for you|

Insolvency – Worrells Liquidation observations Despite the last 2 years being a rocky road for small businesses in Australia, liquidations and actions by the ATO have been very low. Yesterday I attended the Worrells Solvency seminar on the current state of play. Here is a quick summary: The ATO has been quiet over the last 2 years about debt recovery, but soon the sleeping giant will awake!Jobkeeper forced many taxpayers  to get their lodgments up to date, so the ATO is aware of who owes what,ATO debt is sitting at $61 billion outstanding. That’s a lot to collect expected that [...] READ MORE

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Car logbook and my car expenses deduction

By |2024-02-20T16:55:22+11:0022/03/2022|Categories: Blog, Taxation|

You must only claim motor vehicle expenses relating to work travel and we recommend a logbook will substantiate your claim. To substantiate car expenses the ATO requires that you keep a car logbook or use the 20% statutory method. The car logbook is used to justify your motor vehicle claim. Types of expenses Common types of motor vehicle expenses you can claim include: fuel repairs and servicing interest on HP, lease payments, insurances or  VIC roads registration and depreciation of your vehicle Per ATO here is what you must do for the operating or logbook method Logbook method You can [...] READ MORE

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Claiming occupancy expenses if your home business and cgt.

By |2022-02-21T21:03:18+11:0021/02/2022|Categories: Blog, Taxation|

The implications of your home business and cgt needs to be considered if your home is regarded as a place of business. Typically many small businesses operate their business out of the home. Especially since the onset of covid. Occupancy expenses you can claim In this case, then you are entitled to claim home occupancy expenses if you are running a business. If you use some or all of your business from your home, you may be able to claim tax deductions for home-based business expenses in the following categories: occupancy expenses (such as mortgage interest or rent, council rates, [...] READ MORE

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Geoff Gartly, Chartered Accountant, SMSF specialist, Business Exit Planner and Certified Business Valuebuilder Advisor, has over 35 Years of experience working with large and small businesses in accounting.

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