Accounting & Business Insights Archives - Page 10 of 11 - Gartly Advisory Pty Ltd

Practical accounting, tax and business advisory insights for Melbourne, Sydney and Gold Coast owners – SMSF, BAS, compliance and growth strategies.

Capital Gains Valuation – often done retrospectively.
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Capital Gains Valuation – often done retrospectively.

Accounting & Business Insights, Capital Gains Tax (CGT), Estate Planning, Taxation & Tax Advice

Capital Gains Valuation – often done retrospectively.

By Geoff Gartly|2025-07-10T16:33:02+10:0012/07/2023|Categories: Accounting & Business Insights, Capital Gains Tax (CGT), Estate Planning, Taxation & Tax Advice|Tags: cgt, CGT discount, valuation|

When do you need a Capital Gains Valuation? There are several reasons why you would obtain a valuation, such as: We suggest that when 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. Getting a backdated valuation! Your capital gains report is often referred to as a backdated property valuation or a capital gains valuation.Whereas a property valuation will outline the property's market value at a specific time by a certified valuer. This report will help you work [...] READ MORE

Recording obsolete stock in your accounting system
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Recording obsolete stock in your accounting system

Accounting & Business Insights, Business Growth & Scaling

Recording obsolete stock in your accounting system

By Geoff Gartly|2025-11-12T16:05:21+11:0003/07/2023|Categories: Accounting & Business Insights, Business Growth & Scaling|Tags: cashflow, sales tools, small business, trading stcok|

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 as screws , widgets and small items. A practical approach - obsolete items. Here's a general guide on how to approach this process: Identify the stock items: Review your inventory records to identify any obsolete trading stock that needs to be written off. Look for items that are damaged, expired, obsolete, or otherwise unsellable. When doing a [...] READ MORE

2024 small business planning
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2024 small business planning

Accounting & Business Insights, Growth Tools for Small Business

2024 small business planning

By Geoff Gartly|2023-07-03T08:13:40+10:0003/07/2023|Categories: Accounting & Business Insights, Growth Tools for Small Business|

Planning ahead for your 2024 small business journey is an important step toward success. “Your pathway review – never lost but on a journey – Geoff Gartly your small business Exit Navigator This week you should do yourself a favour and plan and review. Take a minute to look at: Revisiting your short-term and long-term goals for your business. Financial management: Non-negotiable - Review your financial statements, budget, and cash flow Market analysis: Stay updated on industry trends, customer preferences, and emerging technologies. Continuously assess your business processes to identify areas for improvement. Streamline workflows, and invest in technology solutions. [...] READ MORE

Are you inadvertently sabotaging your small business?
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Are you inadvertently sabotaging your small business?

Accounting & Business Insights, Business Growth & Scaling

Are you inadvertently sabotaging your small business?

By Geoff Gartly|2023-06-19T15:49:23+10:0019/06/2023|Categories: Accounting & Business Insights, Business Growth & Scaling|Tags: exit, 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, a business can look amazing. Sillly things people do can turn a business into a disaster. So are you quietly sabotaging your business? The other day I visited a modern-looking café. At the cafe the staff allocated me a table. However they failed to clean it resulting in us having to move the dirty dishes of ourselves. [...] READ MORE

Gst at property settlement is a cashflow trap for those mum and dad developers.
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Gst at property settlement is a cashflow trap for those mum and dad developers.

Accounting & Business Insights, Taxation & Tax Advice

Gst at property settlement is a cashflow trap for those mum and dad developers.

By Geoff Gartly|2023-06-12T18:39:09+10:0012/06/2023|Categories: Accounting & Business Insights, Taxation & Tax Advice|Tags: cashflow, gst, property settlement|

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 to play with. This can cause pain as interest rates bite and property prices decline in some areas. Since July 2018, you may need to pay GST at settlement if you are selling or buying new residential premises or potential residential land. How GST is paid for certain property transactions affects purchasers, suppliers, and their financiers. For [...] READ MORE

June 2023 – Client Newsletter
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June 2023 – Client Newsletter

Accounting & Business Insights

June 2023 – Client Newsletter

By Vicki Gartly|2023-06-08T18:02:48+10:0008/06/2023|Categories: Accounting & Business Insights|Tags: •, Hobbies and tax, Maximising cashflow, Rental property deductions, Seniors Health Card, SMSF Client Webinar, Tax Planning strategies, Work related deductions|

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

By Geoff Gartly|2024-02-19T15:09:53+11:0011/05/2023|Categories: Accounting & Business Insights|

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 2023 Budget • Investment Strategy Compliance: SMSFs must have an investment strategy that aligns with the retirement goals and risk profile of the fund's members • Limited Recourse Borrowing Arrangements (LRBAs): LRBAs allow SMSFs to borrow funds to invest in property or other assets. However, there are specific rules and restrictions around LRBAs, and trustees must ensure [...] READ MORE

Budget Edition Newsletter – May 2023
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Budget Edition Newsletter – May 2023

Accounting & Business Insights

Budget Edition Newsletter – May 2023

By Vicki Gartly|2023-05-11T15:49:50+10:0011/05/2023|Categories: Accounting & Business Insights|

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 your toesSome free tickets for non-lodgers of returns in getting their taxes up to date with some penalties waivedNew taxes with large superannuation balances Take a look at our Newsletter here Reach out to us if you need clarification on any budget matters.

May 2023 – Gartly Newsletter
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May 2023 – Gartly Newsletter

Accounting & Business Insights

May 2023 – Gartly Newsletter

By Vicki Gartly|2023-05-04T09:07:03+10:0003/05/2023|Categories: Accounting & Business Insights|

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

By Geoff Gartly|2024-02-19T15:17:18+11:0029/04/2023|Categories: Accounting & Business Insights, Estate Planning|Tags: SMSF trustee, superannuation|

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. However, estate planning can be complicated and overwhelming, which is why Self-Managed Super Funds (SMSFs) have become popular. SMSFs are a powerful tool for estate planning and managing your retirement savings.Whether you're new to estate planning or simply looking for a more efficient way to manage your assets, leveraging the power of SMSF can help you achieve [...] READ MORE

What a buyer looks for when buying a small business
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What a buyer looks for when buying a small business

Accounting & Business Insights, Exit plan

What a buyer looks for when buying a small business

By Geoff Gartly|2023-04-10T01:26:21+10:0010/04/2023|Categories: Accounting & Business Insights, Exit plan|Tags: sale of my business, small business|

When buying a small business, a buyer typically looks for several key factors to ensure the purchase is a good investment. Here are ten things that a buyer might look for in the decision process: Financial performance: The buyer will want to see the business's financial statements to get an idea of its profitability. A smart buyer will analyze the Balance Sheet for cash flow. They may also want to see the tax returns for the past few years. Talk to us at Gartly Advisory! Growth potential: A buyer will be interested in the business's growth potential. They will want [...] READ MORE

How can I make my small business successfull?
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How can I make my small business successfull?

Accounting & Business Insights, Business Growth & Scaling

How can I make my small business successfull?

By Geoff Gartly|2024-09-23T22:00:07+10:0008/04/2023|Categories: Accounting & Business Insights, Business Growth & Scaling|Tags: cashflow, small business|

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 thrive in today's competitive marketplace. In this article, we'll explore some key tips and tactics that can help you take your small business to the next level. From defining your niche and target audience to creating a strong brand and building a solid online presence, we'll cover everything you need to know to make your small business [...] READ MORE

How long should I be staying around after selling my business
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How long should I be staying around after selling my business

Accounting & Business Insights, Exit plan

How long should I be staying around after selling my business

By Geoff Gartly|2023-04-06T21:49:51+10:0006/04/2023|Categories: Accounting & Business Insights, Exit plan|Tags: exit the business, selling, walk away|

Selling my business and how long I should be staying around after selling my business is a subjective decision. Many owners think that the exit of their business to a new owner will be simple. A business sale is not that simple. The seller often doesn't consider the implications of staying after they sell their business. How long and why will depend on your stay with what the new owner sees as perceived value. Some small business owners have the perception that, like selling a house, they will hand over the keys; in return, they will get a bag of [...] READ MORE

April 2023 – Gartly Newsletter

By Vicki Gartly|2023-04-06T11:42:53+10:0006/04/2023|Categories: Accounting & Business Insights|Tags: $3m super balance, gst audit|

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 lost Super Press here to access our latest newsletter

A Simple Business plan that works
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A Simple Business plan that works

Accounting & Business Insights, Business Growth & Scaling

A Simple Business plan that works

By Geoff Gartly|2023-04-08T11:22:59+10:0025/03/2023|Categories: Accounting & Business Insights, Business Growth & Scaling|Tags: business plan, cashflow, small business|

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 find yourself constantly facing setbacks and challenges that just make it a little harder hinder your growth? The solution is in the power of a well-crafted simple business plan that kicks goals. A small business action plan is a blueprint that outlines your goals, strategies, and tactics to achieve success. It is your roadmap to success and [...] READ MORE

Renovating and flipping your home for profit . The potential Tax Implications

By Geoff Gartly|2024-02-19T15:25:13+11:0011/03/2023|Categories: Accounting & Business Insights|Tags: cgt, renovation|

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 Block, are you inspired to become a property flipper?In this article, I will explore the basics of renovating and flipping your home, the ATO tax implications, and offer tips to help you maximize your profit while avoiding common mistakes. The Basics: What is Renovation and Flipping your home? Renovation is improving or updating your home, either for [...] READ MORE

Is an SMSF setup right for you?
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Is an SMSF setup right for you?

Accounting & Business Insights, SMSF (Self-Managed Super Fund)

Is an SMSF setup right for you?

By Geoff Gartly|2024-02-19T15:54:04+11:0021/02/2023|Categories: Accounting & Business Insights, SMSF (Self-Managed Super Fund)|Tags: cashflow, invest, retirement, SMSF trustee|

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

Your exit planning journey
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Your exit planning journey

Accounting & Business Insights, Exit plan

Your exit planning journey

By Geoff Gartly|2025-12-29T00:06:24+11:0020/02/2023|Categories: Accounting & Business Insights, Exit plan|Tags: exit, owner, small business|

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

Cost reduction and Maximizing Profit in Your Business

By Geoff Gartly|2024-02-19T15:39:40+11:0008/02/2023|Categories: Accounting & Business Insights, Business Growth & Scaling|Tags: cashflow, small 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 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

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

By Geoff Gartly|2024-02-19T15:43:22+11:0001/02/2023|Categories: Accounting & Business Insights, Small Business Accounting Services|Tags: business sales, sale of business|

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

Sales tools for small business
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Sales tools for small business

Accounting & Business Insights, Business Growth & Scaling

Sales tools for small business

By Geoff Gartly|2024-02-19T15:48:16+11:0003/12/2022|Categories: Accounting & Business Insights, Business Growth & Scaling|Tags: sales tools, 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? 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

SMSF and commercial property

By Geoff Gartly|2024-02-19T15:58:23+11:0002/10/2022|Categories: Accounting & Business Insights, Estate Planning, SMSF (Self-Managed Super Fund)|

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

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

By Geoff Gartly|2024-02-19T16:06:21+11:0006/09/2022|Categories: Accounting & Business Insights|

.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

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

Accounting & Business Insights, Business Growth & Scaling

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

By Geoff Gartly|2024-02-19T16:16:00+11:0031/08/2022|Categories: Accounting & Business Insights, Business Growth & Scaling|

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

What to do when a loved one dies?

By Geoff Gartly|2024-02-19T16:34:39+11:0001/08/2022|Categories: Accounting & Business Insights|

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