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Car logbook and my car expenses deduction

By Geoff Gartly|2024-02-20T16:55:22+11:0022/03/2022|Categories: Accounting & Business Insights, Taxation & Tax Advice|

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

Claiming occupancy expenses if your home business and cgt.
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Claiming occupancy expenses if your home business and cgt.

Accounting & Business Insights, Taxation & Tax Advice

Claiming occupancy expenses if your home business and cgt.

By Geoff Gartly|2022-02-21T21:03:18+11:0021/02/2022|Categories: Accounting & Business Insights, Taxation & Tax Advice|

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

What helps increase your motel occupancy rate and keeps your customers coming back to your accommodation business?

By Geoff Gartly|2024-02-20T16:51:20+11:0015/02/2022|Categories: Accounting & Business Insights, Business Growth & Scaling|Tags: motel|

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 “free wifi” to add that little extra to attract the customer. All small businesses need a point of difference to attract customers and retain their competitive edge. With the advent of online reviews and social media, it's important to keep your accommodation business inviting at all times. A bad review impacts your online chances of securing a [...] READ MORE

Understanding job profit on my last job?
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Understanding job profit on my last job?

Accounting & Business Insights, Business Growth & Scaling

Understanding job profit on my last job?

By Geoff Gartly|2022-02-09T00:07:16+11:0009/02/2022|Categories: Accounting & Business Insights, Business Growth & Scaling|

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 person but not always running a business. Amongst the construction industry, there are those who can run a successful business, those that can make a living but not much else and those that lose money and should not be self-employed! Making a profit is an art and takes some understanding of your trade, what the market will [...] READ MORE

Rental expenses claim. Keeping the ATO happy

By Geoff Gartly|2024-02-27T15:37:58+11:0004/02/2022|Categories: Accounting & Business Insights, Business & Accounting Insights, Taxation & Tax Advice|Tags: negative gearing, private use, rental expenses, tax deduction|

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 be looking for the persons whose name is on the title to declare the net rental income or loss. This also goes for the eventual gain when sold. Many think that if they share in the loan liability that this is sufficient. The truth is it is entirely based on ownership and title details. Beware of the [...] READ MORE

Can my Company pay a Franked Dividend?

By Geoff Gartly|2025-08-25T21:31:29+10:0001/02/2022|Categories: Accounting & Business Insights, Business Growth & Scaling, Taxation & Tax Advice|Tags: Franked Dividends, Profits, shareholder, tax|

Franked Dividends pay the shareholder a dividend and credit some of the tax paid by the Company. This is called franking and is transferring the tax as a credit when the Company pays Profit to shareholders and ensures that the tax paid is passed onto the shareholders. Running your own Company will mean that, as a shareholder, you will want to access these profits. This is done as a Dividend. A dividend can only be paid to Shareholders when the company has retained earnings and is solvent. Meaning that the company can pay its debts at the time of paying [...] READ MORE

New business startup what to do!

By Geoff Gartly|2024-02-27T15:32:09+11:0030/01/2022|Categories: Accounting & Business Insights, Business Growth & Scaling|Tags: small business, starting out, startup|

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, fun and pain and plenty of laughs. Twenty years in and I have no regrets. In fact, anyone that can do it, should. Yes like all of us I have made some dumb decisions but I don't have any regrets? No way, in fact, I have also made some good decisions too. There have been a lot [...] READ MORE

What happens to my business when I die?
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What happens to my business when I die?

Accounting & Business Insights, Estate Planning

What happens to my business when I die?

By Geoff Gartly|2024-02-27T15:44:12+11:0029/01/2022|Categories: Accounting & Business Insights, Estate Planning|Tags: die, small business, sole trader|

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 role to manage your business. They can assess if the business needs to be wound up, sold or transferred to a beneficiary. Your business asset forms part of the assets of the estate. Therefore legally executed will , can help give certainty to your wishes. Many clients are unsure of the process of what happens once they [...] READ MORE

A smart Cashflow Strategy will generate better business profits!
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A smart Cashflow Strategy will generate better business profits!

Accounting & Business Insights, Business Growth & Scaling

A smart Cashflow Strategy will generate better business profits!

By Geoff Gartly|2022-05-07T04:21:37+10:0027/01/2022|Categories: Accounting & Business Insights, Business Growth & Scaling|Tags: bank fees, cashflow, profit, small business|

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 want to reduce their cash balance unnecessarily at this time. But, on the other hand, an increase in cash into the business can make life easier and lower the cost of financing. Moreover, squiring the money now can pay dividends in the post-festive month of January. How to reduce cashflow leaks To help you preserve or increase [...] READ MORE

Why success will outdo failure every time
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Why success will outdo failure every time

Accounting & Business Insights, Business Growth & Scaling

Why success will outdo failure every time

By Geoff Gartly|2022-01-18T01:39:27+11:0017/01/2022|Categories: Accounting & Business Insights, Business Growth & Scaling|Tags: business owner, Business success, success|

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 also prevent you from trying new ideas, growing and trying something new. Fear guarantees failure. Interestingly, young children have no concept of failure. They couldn't care less if they failed to do something. They just try again. There are no negative thoughts or emotions involved. They just keep on going. Having hesitations is essential, which leads to [...] READ MORE

Car logbook and my car expenses deduction

Claiming occupancy expenses if your home business and cgt.

Claiming occupancy expenses if your home business and cgt.

What helps increase your motel occupancy rate and keeps your customers coming back to your accommodation business?

Understanding job profit on my last job?

Understanding job profit on my last job?

Rental expenses claim. Keeping the ATO happy

Can my Company pay a Franked Dividend?

New business startup what to do!

What happens to my business when I die?

What happens to my business when I die?

A smart Cashflow Strategy will generate better business profits!

A smart Cashflow Strategy will generate better business profits!

Why success will outdo failure every time

Why success will outdo failure every time

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