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

October 2024 Newsletter

By |2026-09-28T10:58:25+10:0017/12/2024|Categories: Accounting & Business Insights, small business, SMSF (Self-Managed Super Fund), Taxation & Tax Advice, Trade & Construction|

Our October Newsletter features pieces on:   Making contributions later in life What is the right business structure? Selling a property with mixed rental and residential use Comparing SMSFs with other super funds The dangers of failing to declare income or lodge returns   Our Newsletter can be found here: GARTLY-October-2024   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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September 2024 Newsletter

By |2026-09-28T10:58:33+10:0017/12/2024|Categories: Accounting & Business Insights, small business, SMSF (Self-Managed Super Fund), Taxation & Tax Advice, Trade & Construction|

Our September Newsletter features pieces on:   Who is a spouse under the tax laws, and why does it matter? Riding the market waves Take care if you sell your home after leaving Australia Separation and divorce: CGT consequences…and relief Setting up an SMSF: Who can join the fund? “Debt recycling”…flavour of the month   Please read our Newsletter here: GARTLY-September-2024   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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August 2024 Newsletter

By |2026-09-28T10:58:39+10:0017/12/2024|Categories: Accounting & Business Insights, small business, Taxation & Tax Advice, Trade & Construction|

This month features pieces on:   The importance of “tax residency” Changes to preservation age CGT and foreign residents: complex rules apply! Selling a small business operated through a company – sell the shares or sell the assets? Spouse contributions splitting Breaking up (by text) is hard to do Small business energy incentive   Our Newsletter can be found here:  GARTLY-August-2024     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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Investing in Cryptocurrency by my SMSF

By |2024-12-07T12:35:51+11:0007/12/2024|Categories: Accounting & Business Insights, Estate Planning, SMSF (Self-Managed Super Fund)|Tags: , , , , |

Investing in Cryptocurrency by my SMSF is becoming an attractive option for many. With the growing interest in cryptocurrency as an asset class, many SMSF (Self-Managed Superannuation Fund) trustees are exploring the potential of digital currencies like Bitcoin and Ethereum to diversify their portfolios. While Crypto can be an exciting investment, managing it within an SMSF has unique challenges and compliance requirements. Cryptocurrency investments in an SMSF environment raise issues such as trust deed considerations, compliance, storage methods like cold wallets, and how to sell crypto assets effectively. Whether you're just starting or looking to refine your approach, these insights [...] READ MORE

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Can I run my business as a partnership

By |2025-09-30T19:25:03+10:0018/11/2024|Categories: Accounting & Business Insights, Taxation & Tax Advice|Tags: , , |

Running a business as a Partnership or as a sole trader, you need to tread carefully. These simple entities are popular, as they are easy to set up. They are also simple to manage and have fewer complications than a company or a family trust, making reporting easy to prepare. However, partnerships are most suited to businesses operated by family members, individuals or those working on a small scale. Partners in crime - mates don't always make good business partners It's worth noting that a partnership can be formed between individuals, trusts, or companies. A sole trader is just you. [...] READ MORE

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How to Enhance your business Value before Selling: The Ultimate Checklist

By |2024-10-30T21:17:44+11:0030/10/2024|Categories: Accounting & Business Insights, Business Growth & Scaling, Exit Planning|

Business owners who enhance your business value before selling put themself in the optimised position for success . But they also face their most significant financial decisions of their business career before going to market for sale. we know that a well-prepared business can sell for 3-5 times more value than one rushed to market. A complete selling checklist helps owners maximise their business value and attract qualified buyers. The more time you spend enhancing your business value the better result you will get. Business owners can learn valuable steps to boost their business value before selling or putting their [...] READ MORE

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Trust vs Company

By |2025-08-24T16:39:09+10:0010/10/2024|Categories: Accounting & Business Insights, small business, Small Business Accounting Services, Taxation & Tax Advice|Tags: , , , |

A Trust vs Company is a decision many business startups need to consider when determining their trading vehicle. Choosing the right business structure is crucial to impacting your business operations, taxation, liability, and future growth. Family Trusts and Companies (typically Proprietary Limited or Pty Ltd companies) are two popular structures. We stress that Family Trusts are for family affairs, but suitable for non-family ownership where two non-related partners enter into a business. Trust vs Company: Each entity type has advantages and considerations, and don't be surprised if the best structure is one of each. Here's a comprehensive overview to help [...] READ MORE

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Early access to smsf superannuation when facing business stress

By |2024-09-25T13:00:43+10:0024/09/2024|Categories: Accounting & Business Insights, Exit Planning, Small Business Accounting Services, SMSF (Self-Managed Super Fund)|Tags: , |

It might be tempting as a business owner to take early access to smsf and superannuation.  As the economy gets tough for many small business owners, keeping the doors open can feel like a tightrope between survival and financial disaster. With this in mind business owners who also run their own SMSF are faced with these pressures, and it's tempting to access these funds. This may lead some to consider early access to smsf superannuation using the benefits of their Self-Managed Super Funds (SMSF) to keep their small business going.However, before considering this, you must grasp the serious legal and [...] READ MORE

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How to set a tradie charge out rate

By |2024-10-05T14:14:02+10:0008/09/2024|Categories: Accounting & Business Insights, Small Business Accounting Services, Trade & Construction|Tags: , |

How do I calculate and set my tradie charge out rate? Your charge out rate can influence if you make a profit or a loss in your trade business. There are traps to be aware of when setting your rate. Be careful not to underprice, but do not overprice unless your strategy is high-end! It's hard to get the balance right. Reviewing your charge out regularly is also important to maintain profitability. Here a couple of industry charge out fallacies Charge out rates are all the customer worries about when engaging with your services I should set the same [...] READ MORE

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Negotiating an ATO Payment Plan

By |2025-09-17T16:51:15+10:0014/08/2024|Categories: Accounting & Business Insights, Taxation & Tax Advice|

ATO Payment plan for tax debt and Defaulting on tax payment plans If you have an ATO debt you can’t pay upfront, you can arrange an ATO payment plan for tax debt. This is an agreement between you and the ATO where you agree to pay off your tax debt over time in instalments. In return, the ATO agrees not to use its debt collection powers against you. Obtaining an ATO payment plan for tax debt payment arrangement with the ATO is one thing. However, you need to keep the tax plan for tax debt payment arrangement on track [...] READ MORE

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Elevate Your Caravan Park Business with our Caravan Park Accounting Services

By |2024-07-03T18:06:44+10:0003/07/2024|Categories: Accounting & Business Insights, Caravan Park & Motel Accounting Services, Caravan Park Exit Planning|Tags: , |

Caravan Park Accountants that understand small business and the caravan industry! Attention caravan park owners in Australia! Are you ready to take your business to the next level? Our team of expert accountants, specifically trained to cater to the unique needs of caravan park owners, is here to help you achieve unparalleled success. Comprehensive Financial Services Tailored to Your Needs Taxation and Profit Analysis: Unlock the potential of your caravan park with detailed profit analysis and expert taxation advice. We’ll help you identify growth opportunities and implement strategies to boost your bottom line. Future Planning and Exit Strategies:  Plan your [...] READ MORE

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July 2024 Newsletter

By |2026-09-28T10:58:59+10:0001/07/2024|Categories: Accounting & Business Insights|Tags: , , , , , , , , , |

Our July edition features pieces on:   Division 293 tax – will you be caught? The fine line between property development and “merely realising an asset” The CGT main residence exemption concessions are very useful The secret life of TFNs Can I add to my super pension? VIEW 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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Business social media platforms

By |2024-09-23T18:59:32+10:0013/06/2024|Categories: Accounting & Business Insights, Business Growth & Scaling, News & Updates|Tags: |

Which Social Media Platforms Should Your Business Use? As part of your growth and marketing strategy, you need to get your business noticed on business social media platforms. With more than half the world on social media, no business can ignore the importance of being online. Social media strengthens your connection to your target audience, builds a better brand reputation, and opens the door for new sales. Of course, it’s worth noting that there are a lot of social media platforms out there – and not all of them will be relevant to your company. Being successful with social media marketing [...] READ MORE

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Rapid business growth

By |2024-09-23T18:32:20+10:0021/05/2024|Categories: Accounting & Business Insights, Business Growth & Scaling|

The Pains of Rapid Business Growth Here is a problem most business owners would love to have! Imagine facing the prospect of your business growing too quickly, making you almost unable to keep up with the pressure of customer demand. Perhaps you have envisioned expanding to another location. You may also consider expanding interstate, increasing staff, or moving into a larger premises or factory. Is this a good situation to have or not? Good growth vs. Bad Growth needs to be identified and managed. Many small business owners fail to realise that rapid business growth can result in specific [...] READ MORE

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Turn Your Small Business Goals & Dreams into Achievements!

By |2024-09-23T19:01:17+10:0017/05/2024|Categories: Accounting & Business Insights, Business Growth & Scaling|Tags: |

To make small business Goals, Write them down and make them happen. Are you a small business owner with big aspirations? I am, too, but when I set my business goals, they were so secret that I couldn’t remember them. Sharing your goals can only happen if they go from head to paper. It’s time to step beyond daydreaming and take decisive action. By writing down your goals and committing to a clear plan, you’re not just setting a course for your business but taking control of its destiny. This act of empowerment can transform your business from surviving to [...] READ MORE

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May 2024 Tax planning Newsletter

By |2026-09-28T10:59:07+10:0006/05/2024|Categories: Accounting & Business Insights|Tags: , , , , , , , , , , |

Click here to download our Tax Planning Newsletter We hope this edition provides you with valuable insights and practical advice for tax saving strategies as the 2024 financial year comes to a close. 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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2024 tax planning questions frequently asked

By |2024-05-01T10:53:42+10:0001/05/2024|Categories: Accounting & Business Insights, News & Updates, Small Business Accounting Services, SMSF (Self-Managed Super Fund), Taxation & Tax Advice|

Questions 2024 tax planning from our clients Here are some of the hot 2024 tax planning questions we have received this year about tax and 2024 tax planning. Please let us know if we can help you in any way. What are the changes in Australian tax rates for the year 2024? In 2024, the Australian Government will implement legislated tax cuts to ease the cost of living for taxpayers. Starting from July 1, 2024, these cuts will lower the 19% tax rate to 16% and the 32.5% tax rate to 30%, affecting all 13.6 million Australian taxpayers. What are [...] READ MORE

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Proactive tax planning Accountant help

By |2024-04-07T12:10:31+10:0007/04/2024|Categories: Accounting & Business Insights, Business Growth & Scaling, Small Business Accounting Services, Taxation & Tax Advice|Tags: , , |

Working with a proactive tax planning accountant can deliver great tax-saving results. Small business tax planning is crucial for managing your finances effectively. You should implement smart tax strategies. That's why our clients like working with a proactive tax planning accountant. We can help you to maximise your savings, reduce tax liability, and improve your financial position. Proactively planning your taxes will help you legally minimise the tax you owe and optimise your financial resources.Effective tax planning helps you manage cash flow more efficiently. By understanding your tax obligations in advance, you can plan for upcoming expenses and ensure sufficient [...] READ MORE

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Estate planning and documenting your future.

By |2025-09-23T19:55:22+10:0031/03/2024|Categories: Accounting & Business Insights, Estate Planning|Tags: , , , , , |

Estate planning for the living! What is Estate planning? Many of us go through life not thinking about the end. Many often think "Do I need a will"? Many don’t bother! We start life naked with nothing and we end up leaving an imprint on this earth that others must follow. Telling others how you want what you have accumulated in life is important to support your loved ones. Wills establish wishes after death and are essential for estate planning The chances are that you may have wishes about who gets the large loot of assets and possessions. These assets you [...] READ MORE

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Initial repair ATO for my rental property?

By |2026-09-28T15:26:04+10:0025/03/2024|Categories: Accounting & Business Insights, Taxation & Tax Advice|Tags: , , |

Initial repairs, ATO, and what's allowed are often asked when you acquire a new rental property with existing known repairs. The old house might need fixing before it can be rented. Initial repairs may include tasks such as plumbing, painting, new carpet installation, or appliance repairs, to name a few. Initial repairs are those made to a property: Before it is first rented out, or To remedy defects or damage that existed when the property was acquired (even if repairs are carried out later). Why Are They Not Deductible? 1Capital vs Revenue Expenditure The Australian Taxation Office (ATO) classifies initial [...] READ MORE

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Do I need an SMSF Trustee succession plan?

By |2024-03-17T22:00:53+11:0017/03/2024|Categories: Accounting & Business Insights, Estate Planning, SMSF (Self-Managed Super Fund)|Tags: , , |

Creating a robust SMSF trustee succession plan is critical for Self-Managed Super Funds (SMSFs) managed by aging trustees. An effective succession plan ensures the smooth transition of control and management of the SMSF when the original trustees are no longer able or willing to manage the fund due to age, health, or other reasons. A trustee succession plan must encompass preparation, clear communication, and legal compliance. Understanding SMSF Trustee Succession SMSF trustee succession plan involves preparing for the future management of the SMSF, ensuring it continues to operate effectively and complies with Superannuation Industry (Supervision) Act 1993 (SIS Act) requirements. [...] READ MORE

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Super Contribution Caps 2024-25

By |2024-09-23T19:20:52+10:0023/02/2024|Categories: Accounting & Business Insights, SMSF (Self-Managed Super Fund)|Tags: , |

Good news for the Super contribution caps 2024-25 have been released. The government has announced that from 1 July 2024, the standard  superannuation concessional contribution cap will increase from $27,500 to $30,000 Concessional superannuation contributions are any contributions paid into your superannuation that receive a concessional (or lower) tax rate. These contributions are contributed from earnings that have not yet been taxed. Concessional contributions are sometimes referred to as before-tax contributions. Of course, in some circumstances, you may be able to contribute more in that year than the cap. Use the carry-forward rule if your super balance is less than [...] READ MORE

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Divorce and your Business

By |2024-02-23T14:45:08+11:0022/02/2024|Categories: Accounting & Business Insights, Business & Family Dispute Management, Estate Planning|Tags: , , |

Navigating the Challenges and Moving Forward Divorce and your business. It can be a difficult and emotionally challenging process, and when a small business is involved, it adds another layer of complexity. A failed marriage may not directly cause a business to fail; it can significantly impact the business. Let's explore where husband and wife work daily together in the business and where the wheels fall of the marriage. The intersection of personal and professional lives can create unique challenges for couples who decide to end their marriage while still running a business together. According to the website Marriage.com, it [...] READ MORE

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Why Managing Your Profit Margin is Crucial for Business Success

By |2024-02-21T11:59:23+11:0021/02/2024|Categories: Accounting & Business Insights, Business Growth & Scaling|Tags: , |

Profit Margin vs Markup can be calculated and result in different outcomes  Profit margin and markup are separate accounting terms that use the same inputs and analyze the same transaction yet show different information.  Both profit margin and markup use Revenue and costs as part of their calculations. The main difference between the two is that a profit margin refers to sales minus the fee of goods sold, while markup is the amount by which the cost of good increases to get to the final selling price. Profit Margin needs to be healthy Understanding these two terms can help ensure that price setting is [...] READ MORE

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SMSF for Property development ventures and your SMSF

By |2025-09-23T20:06:41+10:0030/01/2024|Categories: Accounting & Business Insights, Estate Planning, SMSF (Self-Managed Super Fund)|Tags: , |

An SMSF can undertake property development. We, however, strongly recommend seeking advice from an SMSF accountant Melbourne. The ATO has issued a warning about the use of SMSFs to invest in property development in a manner that inflates the profits earned by the SMSFs when compared to the capital the SMSF commits to the venture. Can my SMSF invest in a property development? An SMSF can, as part of its investment strategy, invest in property ventures. This is provided the investments are entered into on a genuine arm’s-length basis. As trustees, you should document your strategy, including a risk analysis [...] READ MORE

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