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Where is your Christmas spirit ChatGPT ?

By |2024-02-12T16:47:48+11:0015/12/2023|Categories: Blog|

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. From employing elves to dealing with pesky kids not getting their presents, replying to letters and then spending half the night on Christmas Eve delivering presents. So even if you don’t celebrate or are a non-believer, you must agree that the Jolly Man does a good job. To verify how much of a great job he does [...] READ MORE

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Cashflow planning for small business during the holiday season

By |2024-02-12T16:50:35+11:0010/12/2023|Categories: Blog, Business growth|Tags: , |

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 payments, reduced sales, and increased expenses due to safety measures and additional costs associated with remote work or implementing safety protocols. The holiday season brings slow down and couple with higher interest rates the economy is changingTo address these challenges, small business owners must adopt proactive cash flow management strategies. Between now and the 15th of January [...] READ MORE

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December 2023 – Client Newsletter

By |2023-12-07T16:30:11+11:0007/12/2023|Categories: Blog|Tags: , , , , , , , |

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 consolidating your super, reviewing your investment strategy, checking your beneficiary nominations and insurance within your superannuation. Undertaking these tasks can significantly impact your long-term financial health and security and will be crucial for ensuring your retirement savings are working effectively for you.Tax challenges can arise in unexpected ways, such as dealing with lost or destroyed records. We provide guidance on how to navigate [...] READ MORE

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Are you being forced out of your business by an aggressive business partner?

By |2024-02-12T16:57:29+11:0022/11/2023|Categories: Blog, Dispute management, Exit Planning|

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 common signs and tactics that aggressive business partners use to push their partners out and strategies to regain control and protect your interests.Being forced out of your business is a nightmare and unacceptable. The good thing is you don't have to face it alone. The first step is to recognise that your partner is becoming aggressive and [...] READ MORE

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Customer Retention Engagement Strategies

By |2024-02-19T13:06:35+11:0010/11/2023|Categories: Blog, Business growth|Tags: , |

???? 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 ever to focus on customer retention strategies that will keep your business thriving. With another interest rate just hitting small businesses we need to start to put strategies in place as we progress into 2024. Ideas to start customer engagement ???? But how do you keep your customers engaged in times of uncertainty and into 2024? Let's [...] READ MORE

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November 2023 – Client Newsletter

By |2023-11-03T14:25:03+11:0003/11/2023|Categories: Blog|Tags: , , , , , , , , , , , , , , , |

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 recent AAT case reveals, citizenship is not the sole determining factor; other elements, including double tax agreements, are pivotal to consider. This edition also introduces you to the prospective Energy Incentive, offering a bonus tax deduction aimed at enhancing energy efficiency within your business. Qualifying as an interdependent or financial dependant is another topic we explore, shedding [...] READ MORE

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Startup mindset shifts for small business!

By |2023-10-27T08:40:29+11:0027/10/2023|Categories: Blog, Business growth, News for you|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: Blog|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: Blog, Services accounting for small business, Taxation|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: Blog|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: Blog|

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: Blog|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: Blog, Dispute management, Services accounting for small business|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: Blog|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: Blog, Taxation|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: Blog|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: Blog, CGT, Estate Planning, Taxation|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: Blog, Business growth|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: Blog, Growth tools|

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: Blog, Business growth|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: Blog, Taxation|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: Blog|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: Blog|

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: Blog|

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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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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© Gartly Advisory Chartered Accountants 2024 
|  Privacy Policy & Website terms and conditions
| Complaints Policy |  Financial Services Guide

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