Blog
The end of financial year has come and gone!
With the start of a new year, it’s time to take stock of your Business.
This is your opportunity to plan and prepare for a fantastic year ahead.
Take the time to review, refresh, and re-set your goals! And take the steps to shape your new financial year so you can look forward to celebrating future accomplishments and successes.
Let’s get started, READ ON,
7 Strategies to help you plan for a great year!
- Start by reviewing your finances. Importantly look at how much income was received and where it went. Major spends, costs for subscriptions, fees and similar charges. It’s knowing the ‘ins and outs’ of your Business activities.
- Organise your Records. Adopt sound Accounting practices and keep accurate records of all transactions for reporting purposes, audit and tax obligations. This process is essential to provide real-time of how your Business is performing and demonstrate your financial position.
- Cash-flow forecast. Every ‘successful’, profitable Business needs to keep its cash-flow healthy and flowing. The key is to closely monitor performance along with forecasting, projections and actuals. This process allows you to plan for possible shortfalls.
- Time-Saving methods. Time poor is the challenge for most Business owners but there are some small steps that can help you free up your time. Setting deadlines, realistic times for important tasks, prioritizing, and delegating when you can are some strategies. Also examine your practices around handling mail and emails so you are not multiple responding.
- Technology is your new best friend. Seek ‘tech’ expert help if needed to explore if and what systems or processes can help you better manage and grow your Business. For example, HR software and automated or improved equipment can provide time and cost savings.
- Review goals and raise spirits by celebrating your own and team's achievements for the past year. Plan ahead, revisit and reset goals to set the scene and expectations with team for the coming year. Get buy-in, by bringing the group together with Workshop Planning activities.
- Engage an Accountant. Take the worry out of managing the numbers and books and tax matters. Speak with Blackburn Accounting about your Business needs, we are your family Business specialists, offering a range of services which include Family Business management, Cashflow management and Business development. We can help you plan for a Happy New Financial Year!
No matter what your Industry or Enterprise, big, small or in-between, every Business needs a sound accounting system in place. Think of this as the cornerstone and foundation of your Business, with proven practices to manage everyday activities, protect your interests, and meet reporting and accountability requirements.
But not everyone is a builder or an accountant with the necessary tools at the ready!
Who to turn to!
Blackburn Accounting is equipped with skills and experience to deliver a range of services to provide the answers you need to run a successful business that’s running at peak performance.
Call us if you want to:
- Increase Business efficiency
- Stay in compliance with tax laws
- Boost your revenue and profits
- Have personalised service
And if numbers, books and paperwork are not your ‘thing’ or you are simply too time-poor to manage ‘bookkeeping’ responsibilities it’s time to call, not the ‘ghost busters’ but the team at Blackburn Accounting. Calling a professional makes good business sense!
We know that know matter what the state of the economy, inflation, stagnation or boom, running a Business presents its own challenges.
If you are a Business owner you will relate to the bottom-line, cashflow ebbs and tides and supply disruption and demand issues. Not to forget meeting your customer's needs, wants, and expectations. Sound familiar! I'm sure you can identify with most of these.
Let us help you by taking care of the paperwork!
Supporting your Business in accounting matters is what the Blackburn team does best.
Blackburn Accounting is your Family Business Specialists, we cultivate and develop your greatness.
We offer a broad range of services which include;
- Family Business Management
- Cashflow Management
- Business Development.
Be prepared!
- If you are a not-for-profit Organisation, be prepared for new reporting requirements to maintain your tax-exempt status.
The ATO has announced this change, which is expected to affect a range of Organisations, from small sporting clubs to major sporting groups, cultural, educational and community and health providers.
- From July 1, not-for-profits claiming exempt status will need to fill out an online questionnaire on the tax office website. The questions are based on the rules for each of the eight categories of exemption.
Need help with understanding these requirements! Contact Blackburn Accounting, we can help you navigate the changes.
The following tips will help guide you when preparing this year's tax return, whether you or a Professional are lodging it.
- Get it Right the first time
- Support deductions with evidence
- Know what is ‘claimable’
1.Getting it ‘right’ the first time saves both you and the ATO time and effort. Make sure your end of year Income Statement is complete with all relevant facts. Don’t guess vital information and avoid submitting incorrect or misleading data. Mistakes can cause delays in processing, there is potential for penalties and can slow down receiving a refund if due.
2.Support your deductions with evidence. If you are claiming any expenses, such as ‘remote’ or working from home costs be prepared to provide proof, (receipts/ documents) to support eligibility. All deductions require evidence to back a claim.
3.Know what is claimable. Know what you are entitled to claim! For example, work-related education and training and donations to charitable organisations. Also, subscriptions, union and membership fees if they are work related. But remember if your company pays for them, you are not entitled to claim the cost.
Call on an expert to help you get the most out of your hard work and tax dollar!
Contact Blackburn Accounting, we tick all the boxes when it comes to tax matters.
We will work closely with you to help avoid any mistakes, to stay in compliance with tax laws and make sure you claim all the deductions you are entitled to. Don't delay, contact us now to make your appointment.
What is the ATO looking at in 2024!
The Australian Taxation Office (ATO) has announced it will be taking a close look at three common errors being made by taxpayers:
- Incorrectly claiming work-related expenses
- Inflating claims for rental properties
- Failing to include all income when lodging.
According to the ATO assistant Commissioner ‘the ATO is focused on supporting taxpayers to get their lodgement right the first time’. The above areas are where mistakes are most likely to occur, genuine errors but also sometimes deliberate. Taxpayers are being encouraged to get it right the first time.
- Work-related expenses
Last year, the ATO revised the fixed rate method of calculating a working-from-home deduction to broaden what is included, increase the rate, and adjust the records taxpayers need to keep.These changes are now in full effect this financial year, meaning you must have comprehensive records to substantiate your claims as you would for any other deduction. Important care needs to be taken as other home-related deductions such as internet expenses cannot be claimed if you choose to use the working-from-home deduction option.