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

Startup mindset shifts for small business!

By |2023-10-27T08:40:29+11:0027/10/2023|Categories: Accounting & Business Insights, Business Growth & Scaling, News & Updates|Tags: |

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. Business owners are like modern-day supermen/women, equipped with the determination and courage to face any challenge head-on. The excitement of embarking on a new small business venture is unparalleled, as the possibilities are endless, and the potential for success is immense. Get the right startup mindset from day one! With the right startup mindset, you as a [...] READ MORE

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Can I Live in SMSF Residential Property upon Retirement?

By |2023-11-20T16:46:31+11:0008/10/2023|Categories: Accounting & Business Insights|Tags: , |

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 lifestyle and your needs. An SMSF is established for the sole purpose of meeting your retirement objectives. And this is the overal objective of holding any assets in the Fund! Retirement planning involves planning and managing your assets into the senior years of your life. Opportunities arise as clients look at the strategies such as the downsized [...] READ MORE

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October 2023 – Client Newsletter

By |2023-10-06T12:35:55+11:0006/10/2023|Categories: Accounting & Business Insights, Small Business Accounting Services, Taxation & Tax Advice|Tags: , , , , , |

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 9966 if you have any questions relating to matters raised in any of our Client Newsletters.

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Passion and increase business profit

By |2024-09-27T15:42:47+10:0027/09/2023|Categories: Accounting & Business Insights|Tags: , , |

Increase your business profits by building a Business You Love, and a Business With Purpose: 7 Steps To Help You Find Your Passion and Increase Business Profits Creating a business you love is not something that can be done overnight. It requires a lot of introspection, creativity and planning. You can do many small things to ensure your business has a purpose and aligns with your values. The key lies in breaking the cycle of doing things just for the sake of it. Instead, create an atmosphere where you’re building a business for its pure joy. The rewards will follow [...] READ MORE

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SMSF property rules

By |2023-09-17T15:40:08+10:0017/09/2023|Categories: Accounting & Business Insights|

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 rules and regulations surrounding this investment strategy. Understanding the rules Let’s explore the golden SMSF property rules of holding property by your SMSF! The Importance of your role as a Trustee of your SMSF Before delving into the specifics of property investment, it's essential to emphasise the importance of responsible SMSF management. As an SMSF trustee of [...] READ MORE

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September 2023 – Client Newsletter

By |2023-09-08T10:12:14+10:0008/09/2023|Categories: Accounting & Business Insights|Tags: , , , , , , , , , |

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 9966 if you have any questions relating to matters raised in any of our Client Newsletters.

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How to detect about your cheating in business by your business partner

By |2024-02-19T13:43:37+11:0027/08/2023|Categories: Accounting & Business Insights, Business & Family Dispute Management, Small Business Accounting Services|Tags: |

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 owner, it is crucial to understand the significance of trust. Cheating in business has detrimental consequences when your business partner isn’t on doing the right thing!In business, we see Trust in business as believing that your partner will act in your best interest with integrity and honesty. It means relying on their actions and knowing that they [...] READ MORE

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August 2023 – Client Newsletter

By |2023-08-07T10:34:46+10:0007/08/2023|Categories: Accounting & Business Insights|Tags: , , , , , , , |

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 download our August Newsletter Contact us on 03 9597 9966 if you have any questions relating to matters raised in any of our Client Newsletters.

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Dumb ways to get a tax audit !

By |2024-02-19T13:52:37+11:0017/07/2023|Categories: Accounting & Business Insights, Taxation & Tax Advice|Tags: , , , |

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 unnecessary scrutiny by the Taxation Office which may lead to a tax audit for your Bas. These include:  Failure to allow for car expenses for vehicles that are used partly for business purposes.  Claiming all the GST paid on the following expenses: (similar to last year )o car operating expenses, a log book must be [...] READ MORE

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July 2023 – Client Newsletter

By |2023-07-13T10:42:18+10:0013/07/2023|Categories: Accounting & Business Insights|Tags: , , , , |

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

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Capital Gains Valuation – often done retrospectively.

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

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

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Recording obsolete stock in your accounting system

By |2025-11-12T16:05:21+11:0003/07/2023|Categories: Accounting & Business Insights, Business Growth & Scaling|Tags: , , , |

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

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2024 small business planning

By |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

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Are you inadvertently sabotaging your small business?

By |2023-06-19T15:49:23+10:0019/06/2023|Categories: Accounting & Business Insights, Business Growth & Scaling|Tags: , |

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

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

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

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

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June 2023 – Client Newsletter

By |2023-06-08T18:02:48+10:0008/06/2023|Categories: Accounting & Business Insights|Tags: , , , , , , , |

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

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SMSF 2023 Client Webinar

By |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

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Budget Edition Newsletter  – May 2023

By |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.

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May 2023 – Gartly Newsletter

By |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

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Estate Planning and SMSF : Leveraging the Power of SMSF

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

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

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What a buyer looks for when buying a small business

By |2023-04-10T01:26:21+10:0010/04/2023|Categories: Accounting & Business Insights, Exit plan|Tags: , |

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

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How can I make my small business successfull?

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

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

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How long should I be staying around after selling my business

By |2023-04-06T21:49:51+10:0006/04/2023|Categories: Accounting & Business Insights, Exit plan|Tags: , , |

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

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A Simple Business plan that works

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

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

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Victoria Australia 3204
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