How to set a tradie charge out rate
How do I calculate and set my tradie charge out rate? Your charge out rate can influence if you make a profit or a loss in your trade business. There are traps to be aware of when setting your rate. Be careful [...] READ MORE
July 2024 Newsletter
Our July edition features pieces on: Division 293 tax – will you be caught? The fine line between property development and “merely realising an asset” The CGT main residence exemption concessions are very useful The secret life of TFNs Can I add [...] READ MORE
Business social media platforms
Which Social Media Platforms Should Your Business Use? You need to get your business noticed on social media platforms. With more than half the world on social media, no business can ignore the importance of being online. Social media strengthens your connection to your target [...] READ MORE
Rapid business growth
The Pains of Rapid Business Growth Here is a problem most business owners would love to have! Imagine facing the prospect of your business growing too quickly, making you almost unable to keep up with the pressure of customer demand. Perhaps you have [...] READ MORE
Turn Your Small Business Goals & Dreams into Achievements!
To make small business Goals, Write them down and make them happen. Are you a small business owner with big aspirations? I am, too, but when I set my business goals, they were so secret that I couldn’t remember them. Sharing your goals [...] READ MORE
May 2024 Tax planning Newsletter
Click here to download our Tax Planning Newsletter We hope this edition provides you with valuable insights and practical advice for tax saving strategies as the 2024 financial year comes to a close. Contact us on 03 9597 9966 if you have any [...] READ MORE
2024 tax planning questions frequently asked
Questions 2024 tax planning from our clients Here are some of the hot 2024 tax planning questions we have received this year about tax and 2024 tax planning. Please let us know if we can help you in any way. What are the [...] READ MORE
Proactive tax planning Accountant help
Working with a proactive tax planning accountant can deliver great tax-saving results. Small business tax planning is crucial for managing your finances effectively. You should implement smart tax strategies. That's why our clients like working with a proactive tax planning accountant. We can [...] READ MORE
Do I need an SMSF Trustee succession plan?
Creating a robust SMSF trustee succession plan is critical for Self-Managed Super Funds (SMSFs) managed by aging trustees. An effective succession plan ensures the smooth transition of control and management of the SMSF when the original trustees are no longer able or willing [...] READ MORE
How To Maximize Your Profit for Your Business
To maximize your profit is not that hard. It would be best if you focused on a few changes in your business. Running a business allows your creativity to thrive. You are in charge and can make decisions that push you out of [...] READ MORE
Super Contribution Caps 2024-2025
The government has just announced that from 1 July 2024 the standard concessional contribution cap will increase from $27,500 to $30,000 The non-concessional contribution cap which we calculate as four times the standard concessional contribution cap will also increase from $110,000 to $120,000. [...] READ MORE
Divorce and your Business
Navigating the Challenges and Moving Forward Divorce and your business. It can be a difficult and emotionally challenging process, and when a small business is involved, it adds another layer of complexity. A failed marriage may not directly cause a business to fail; [...] READ MORE
Why Managing Your Profit Margin is Crucial for Business Success
Profit Margin vs Markup can be calculated and result in different outcomes Profit margin and markup are separate accounting terms that use the same inputs and analyze the same transaction yet show different information. Both profit margin and markup use Revenue and costs as part of their [...] READ MORE
SMSF for Property development ventures and your SMSF
SMSF for Property development undertaken by an SMSF can be undertaken. We however strongly recommend seeking advice.ATO has issued a warning about relates to the use of SMSFs to invest in property development in a manner that inflates the profits earned by the [...] READ MORE
Selling my commercial business property!
How do I sell my commercial business property? When selling your business, your business operations and HQ are an essential and strategic part of your business. Most businesses operate from a premise of some sort, so when it comes to exit planning, your [...] READ MORE
Where is your Christmas spirit ChatGPT ?
Without a doubt, I would consider that Santa is one of the hardest-working people this time of the year. As an accountant, this time of the year we deal with the ATO and clients, but Santa has to deal with so much more. [...] READ MORE
Cashflow planning for small business during the holiday season
The holiday season brings joy and celebration, but for small businesses, it can also bring challenges when it comes to cashflow planning Cashflow, the lifeblood of any business. Cashflow is even more crucial during this period. Small businesses are starting to experience delayed [...] READ MORE
December 2023 – Client Newsletter
Click here to download our December Newsletter Superannuation remains a cornerstone of financial planning for most Australians. In this issue, we provide you with a practical to-do list to make sure that your super is working optimally for you. This to-do list includes [...] READ MORE
Are you being forced out of your business by an aggressive business partner?
Are you feeling trapped and forced out of your business by an aggressive business partner making your life hell?This situation can be incredibly stressful, leaving you powerless and questioning your dreams, motivation and aspirations. But fear not because help is here.Let’s explore the [...] READ MORE
Understanding Superannuation Death Benefits
Superannuation Death benefits are an estate planning matter that is a crucial aspect of financial planning.It is essential to consider what happens to superannuation upon death.Understanding the intricate system of superannuation death benefits is essential for effective financial planning and ensuring that your [...] READ MORE
Customer Retention Engagement Strategies
???? Customer Retention Engagement Strategies . Lets explore Unlocking the Secret to Keeping Your Customers Engaged in a competitive market ???????? Small businesses are facing unprecedented challenges in today's competitive market. With rising interest rates and soaring fuel costs, it's more important than [...] READ MORE
November 2023 – Client Newsletter
In the November edition of the Client Newsletter we delve into the intricacies of nominating a superannuation beneficiary, examining the various types of nominations and the legal requirements they must meet. Additionally, we tackle the complexity of tax residency in Australia. As the [...] READ MORE
Startup mindset shifts for small business!
5 Startup Mindset Shifts You Must Make as you launch your New Business.Starting out. Grab that winning mindset from day one to conquer challenges and thrive in the competitive business world. Starting a new business is an exhilarating experience requiring a unique mindset. [...] READ MORE
Can I Live in SMSF Residential Property upon Retirement?
Can you live in SMSF residential property held by your Fund?" No not directly, but follow the rules at retirement, and it may be possible. As you retire, retirement planning opens up opportunities for living and the next stage for your SMSF, your [...] READ MORE
October 2023 – Client Newsletter
Our Client Newsletter this month includes articles about: Property development – recent Federal Court decision Small Business skills and training boost CGT Small Business concession Post-tax personal Super contributions - benefits Click here to download our October Newsletter Contact us on 03 9597 [...] READ MORE
Passion and Grow profits
How to Build a Business You Love, A Business With Purpose: 7 Steps To Help You Find Your Passion And Grow Profits Creating a business you love is not something that can be done overnight. It requires a lot of introspection, creativity and [...] READ MORE
SMSF property rules
Self-Managed Super Funds (SMSFs) allow individuals to take control of their retirement savings and invest in assets they have confidence will be right for their retirement strategy. Property investment is a popular choice for many SMSF trustees. However, it's crucial to understand the [...] READ MORE
September 2023 – Client Newsletter
Our September Newsletter has some interesting reading, find out about: Trademarks and intellectual propertyCan I claim my caravan for business?SMSFs being targeted by schemesCGT discount – what is it?Self Education deductions Click here to download our September Newsletter Contact us on 03 9597 [...] READ MORE
How to detect about your cheating in business by your business partner
Cheating in business happens more than we like to realise.Trust in business is the foundation upon which successful partnerships are built. Without trust, a business partnership is like a house of cards that is vulnerable to collapse at any moment. As a business [...] READ MORE
August 2023 – Client Newsletter
Enjoy the read! This month our newsletter contains tax issues such as: Tax debt & why do I have one?Gifting to employees – is this FBT?R&D – the basicsSuper withdrawals – what are my options?Should I have a Family Trust? Click here to [...] READ MORE
Dumb ways to get a tax audit !
A tax audit is often a result of business owners not doing something that's the norm. Doing dumb things that alert the ATO that some things are not quite right. It is becoming imperative that you prepare your GST records appropriately to avoid [...] READ MORE
Our Guide to Managing a Deceased persons Tax Return
Lodging a final Deceased persons Tax Return is one of the important things to do when managing someone's final affairs. Dealing with the loss of a loved one is a deeply emotional and challenging time. Beyond grief and sorrow, there are often a [...] READ MORE
July 2023 – Client Newsletter
As we start the New Financial Year, this month our newsletter contains topics including: Small Business Lodgement AmnestyIs it time to restructure my Business?SGC increase to 11% for Employers to payWork-related car expenses updated Click here to download our July Newsletter
Capital Gains Valuation – often done retrospectively.
When do you need a Capital Gains Valuation. Selling your home or acquired property through inheritance, demolishing a home or rental for property development gst matters, you may need to obtain a retrospective valuation capital gains property report. The capital gains report may [...] READ MORE
Recording obsolete stock in your accounting system
Identifying and recording obsolete trading stock write-offs for a small business involves several steps. Its that time of year, when you should undertake you annual stock take. We suggest to be practical in your approach. Use scales and estimates for small items such [...] READ MORE
Are you inadvertently sabotaging your small business?
Sabotaging your business can happen in several ways. It's a silent killer of businesses for growth and success. It's like wood termites that infiltrates behind the framework of your home as a result when finally uncovered it results disastrously. Where on the surface, [...] READ MORE
Gst at property settlement is a cashflow trap for those mum and dad developers.
GST at property settlement is a tax that needs to be deducted at settlement. It continues to catch out Mum and Dad developers walking the cashflow-type rope. Many are not aware that they will only have effectively 90% of the sale at settlement [...] READ MORE
June 2023 – Client Newsletter
As we end this Financial Year, this month our newsletter contains topics including: Tax Planning strategies at year end for Small BusinessSMSF Client WebinarWork related deductionsRental property deductionsSeniors Health CardHobbies and taxMaximising cashflow Click here to download Newsletter
SMSF 2023 Client Webinar
Regulatory Changes: The Australian government frequently reviews and updates regulations related to SMSFs. SMSF trustees must stay informed about changes to compliance requirements, reporting obligations, investment restrictions, or contribution caps. What we will cover• New Labour Government – whats changing after the May [...] READ MORE
Budget Edition Newsletter – May 2023
Enjoy our Federal Budget summary Newsletter which includes: Superannuation is to be paid with wages - starting from 2026Instant asset write-off, down to $20kGDP adjustment factorSuperfund non-arms length expenditure review new rulesATO compliance program – more strength to collect taxes and keep you on [...] READ MORE
May 2023 – Gartly Newsletter
Enjoy the read! This month our newsletter contains tax issues such as: Temporary Full Expensing ceases in JulyFederal Budget - what to expectLatest developments in Trust distributionSMSF changes from July 2023Which option to finance my new car? Click here to download Newsletter
Estate Planning and SMSF : Leveraging the Power of SMSF
Estate planning and SMSF can play a large role when it comes to Estate planning, which is an often-overlooked aspect of financial planning when executing your Will, superannuation, and wishes. Estate planning determines how your assets will be distributed once you pass away. [...] READ MORE
How can I make my small business successful?
How can I make my small business successful is something all business owners strive to do. The road to success is not always smooth, and there are obstacles to overcome. However, with the right strategies and mindset, you can achieve your goals and [...] READ MORE
April 2023 – Gartly Newsletter
Welcome to our April 2023 Newsletter. Our newsletter this month contains tax issues such as : Clarity on Trust Distributionsthe new rules on $3m Super balancesElectric cars exempt from FBTHow to Spot a Crypto ScamGST Audits and How to avoid themHow to find [...] READ MORE
Should I Pay a Dividend from my company or Keep the Profits in My Company?
Dividend vs keeping the profits in retained earnings Should I pay a dividend from my company? When it comes to running a successful business, one of the most important decisions you'll have to make is what to do with your profits. Should [...] READ MORE
A Simple Business plan that works
Unveiling the Power of a simple Business Plan for small business is Your Blueprint to Success A Simple business plan for small business helps you dream big! Are you an entrepreneur or business owner aiming to achieve success in your ventures? Do you [...] READ MORE
Renovating and flipping your home for profit . The potential Tax Implications
Renovating and flipping your home can be an exciting and rewarding experience as a homeowner. However, before you embark on a renovation project to sell your home for profit, it's essential to understand the tax implications involved. After watching TV shows like the [...] READ MORE
Is an SMSF setup right for you?
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 [...] READ MORE
Cost reduction and Maximizing Profit in Your Business
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 [...] READ MORE
5 Steps to Make Your Business Sale Ready and Increase Its Value
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 [...] READ MORE
Sales tools for small business
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? [...] READ MORE
Should I be running my business as a partnership
Running my business as a Partnership or as a sole trader you need to tread carefully.These simple entities are popular, as they are easy to set up. They are also simple to manage and have fewer complications than that of a company or [...] READ MORE
SMSF and commercial property
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 [...] READ MORE
Negotiating an ATO Payment Plan
Defaulting on ATO payment plans If you have an ATO debt you can’t pay upfront, you can arrange an ATO payment plan. This is an agreement between you and the ATO where you agree to pay off your tax debt over time in [...] READ MORE
Reminder: new .au domain names – have you got yours register your business now!
.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 [...] READ MORE
Small business specialist advice pathways grants to help you build your business!
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 [...] READ MORE
Downsizer contribution eligibility to be lowered to age 55
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 [...] READ MORE
What to do when a loved one dies?
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 [...] READ MORE
Small business cashflow
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 [...] READ MORE
Am I a share trader for tax purposes?
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 [...] READ MORE
Local manufacturing
Local manufacturing businesses based in the South East area in Melbourne such as Moorabbin and areas such as Currum Downes and Seaford can take advantage of bringing forward tax incentives to help their manufacturing business. Helping local manufacturing businesses Gartly Advisory are Melbourne [...] READ MORE
Builders and developers face uncertain times
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 [...] READ MORE
When is a home exempt from CGT
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 [...] READ MORE
Acting as an SMSF Trustee and incapacity!
SMSF Trustee role needs to be considered in your Estate planning Your role as an SMSF Trustee and incapacity are crucial to consider in running an SMSF. Have you thought about what happens when something goes wrong, and you run an SMSF? Control [...] READ MORE
Weekly Newsletter April 7th
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 [...] READ MORE
Customer Discounting for a trade business leads to profit leaks
Discounting leads to disaster for small business trade who discount to get work
Weekly Newsletter March 31st
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 [...] READ MORE
Estate planning and documenting your future.
Estate planning for the living! Many of us go through life not thinking about the end. Many often think do I need a will? Many don’t bother! We start life naked with nothing and we end up leaving an imprint on this earth [...] READ MORE
Initial repair for my rental property- can i claim it?
An Initial repair occurs when you acquire a new rental property with existing known repairs. The old house might need fixing before it can be rented. Initial repairs may include such things as plumbing, painting, new carpet or appliance repairs, to name a [...] READ MORE
Weekly newsletter
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 [...] READ MORE
Car logbook and my car expenses deduction
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 [...] READ MORE
Claiming occupancy expenses if your home business and cgt.
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 [...] READ MORE
What helps increase your motel occupancy rate and keeps your customers coming back to your accommodation business?
Motel Occupancy rates are a good indication of the profitability of your accommodation business. What brings back your customers? Why do some accommodation providers have high occupancy rates and some don't? In the seventies, it was “free colour tv ” now it is [...] READ MORE
Understanding job profit on my last job?
Making job profit on every job is important to make a profit and cover your business overheads and administration. In the world of Building and Construction, there are many types of tradespersons who operate small businesses in Australia. Some people are great trades [...] READ MORE
Rental expenses claim. Keeping the ATO happy
Are you claiming rental expenses that might relate to the private use of your rental property? The ATO has indicated that they intend to review taxpayers who have rental properties. Who’s on the title is important! When declaring the property. The ATO will [...] READ MORE
Can my Company pay a Franked Dividend?
Franked Dividends are recognising tax paid by the Company and transferring the tax as a credit when the Company pays Profit to shareholders. Running your own Company will mean that as a shareholder you will want to access these profits. This is done [...] READ MORE
New business startup what to do!
Starting out in a new business and being your small business startup journey I remember many years ago how exciting it was to begin the small business journey. It has been a journey twenty years later that's is full of ups and downs, [...] READ MORE
Gifting assets to a family trust
Gifting Assets to your Family Trust or transferring property to a trust protects your investments and assets by placing them in a Trust Environment! Let's explore why you would transfer a property into a Trust or just give money to your Trust! There [...] READ MORE
What happens to my business when I die?
When I die what happens to my business and my affairs? Will my business continue or just stop? If you were running as a sole trader and you die, in most cases, your legal personal representative will step in . It is their [...] READ MORE
Brighton Accountants
Brighton (3186) accountants are here to help based in Ormond! Gartly Advisory are Accountants based in Ormond, Melbourne. While we are not based in Brighton 3186, many of our clients are! Accountants that help Brighton Small business You need a professional Chartered Accountants group [...] READ MORE
A smart Cashflow Strategy will generate better business profits!
For many businesses, cash flow is an issue that holds the business back. But, unfortunately, there never seems like there is never enough cash when you need it. With Christmas around the corner, it’s time to plan. Naturally, a business owner will not [...] READ MORE
Why success will outdo failure every time
Are you taking a giant step to make a difference or falling into a black hole? The fear of failure has killed more dreams than all other fears combined. The fear of failure is insidious because it's mainly in your imagination. It can [...] READ MORE
Do you need a Proactive Small Business Accountant based in Melbourne?
When you need a Small business accountant who can provide you with advice that you can act on, talk to Gartly advisory Small Business Accountants Gartly Advisory is a passionate small business accountant. We help the businesses that grow and provide you with [...] READ MORE
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Geoff and the whole team at Gartly’s stand out as a reliable and dedicated accounting firm for small businesses. With their expertise, personalised approach, reliability, and commitment to client satisfaction, Gartly Advisory is a trusted partner. Their exceptional service make them a top choice for small business accounting needs.
