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
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
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: Begin by reviewing your inventory records and identifying any old trading stock that needs to be written off. Look for items that are damaged, expired, obsolete, or unsellable due to [...] READ MORE
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 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
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
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
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.
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 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
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
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
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 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
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
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
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
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 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
.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
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
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
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 on top of the list. Small businesses have been plagued by closures and staff absenteeism due to Covid. This can account for why some businesses' cash flow is facing an uphill battle in recovery. But there is also a fundament lack of planning by some small businesses. Not knowing where you going is like a hose [...] READ MORE
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 a systematic approach. Tax law regards Share trading is assessed as income on a Revenue Account, and no Capital Gains Discount can be claimed. Share traders and tax However good news for share traders is, share losses are allowed as a tax deduction un S8-1 of the ITA997. A share trader can recognize unrealized losses and gains [...] READ MORE
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 Accountants based in Ormond. We love servicing manufacturing businesses. Our advice to the manufacturing businesses is that we help is to take advantage of these incentives. Modernise your systems and save tax! Manufacturing, like every business experiences growth and also tough times. We have seen that those businesses that chose to invest in new equipment and technology [...] READ MORE
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.
563 North Road, Ormond Victoria Australia 3204
(03) 9597 9966
admin@gartlyadvisory.com.au
Monday – Friday
9am – 5pm
© Gartly Advisory Chartered Accountants 2024 | Privacy Policy & Website terms and conditions | Complaints Policy | Financial Services Guide
© Gartly Advisory Chartered Accountants 2024 | Privacy Policy & Website terms and conditions | Complaints Policy | Financial Services Guide
© Gartly Advisory Chartered Accountants 2024
| Privacy Policy & Website terms and conditions
| Complaints Policy | Financial Services Guide
