Accounting for Psychologists August Newsletter
Olympics, Tax Preparation and keeping your personal and business expenses seperate Read More…
The end of another financial year is fast approaching and as your accountant, we believe part of our client brief is to help you minimise your tax liability within the framework of the Australian taxation system.
The purpose of this newsletter is to highlight some end of year tax planning opportunities but you need to act quickly and we encourage you to schedule a meeting as soon as possible to assess your options and the steps you need to take well before the 30th June, 2019.
Please note, this is a pre-Federal Election Guide and things may change after May 18, 2019.
You can download the full copy of the tax planning guide HERE
To assist you we have put together a list of strategies to consider and note:
The following list of tax planning opportunities is certainly not exhaustive and depending on your circumstances (including your turnover and whether you are on a cash or accruals method of accounting), terms and conditions may apply to some of these tactics. If you would like to discuss your tax planning options we urge you to contact us today and most importantly, don't leave it until the last minute as some of these strategies require some time to implement.
To minimise your tax liability there are several general strategies to consider before
the end of the 2018/19 financial year including delaying income and bringing forward losses.
Read More...
Other things that need to be addressed before the end of the financial year including motor vehicle log book, superannuation rates and
other issues for small business owners.
Read More...
In addition to the tax planning opportunities, there are a number of reporting requirements regarding stock valuation options, writing off
bad debts, etc. for businesses to consider.
Read More...
Before making any superannuation
contributions please discuss this with our office. There are strict eligibility requirements. Most importantly, regardless of the type of
contribution being made, transfers and deposits must clear before June 30.
Read More...
Details of what's required to obtain the immediate write off for individual small business assets valued lower than $30,000.
Read More...
Disclaimer: This newsletter contains general information only. No responsibility can be accepted for errors, omissions or possible misleading statements. No responsibility can be accepted for any action taken as a result of any information contained in these articles. It is not designed to be a substitute for professional advice and does not take into account your personal circumstances.
See below other recent articles:-
Accounting for Psychologists August Newsletter
Olympics, Tax Preparation and keeping your personal and business expenses seperate Read More…
How to do a USA business setup from Australia with Sheridans
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Is an ESS your best business move with Sheridans
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Accounting for Psychologists Newsletter #18
This month I’m focusing on productivity and efficiency with goals, goal setting and the importance of processes. Read More…
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Accounting for Psychologists Newsletter #17
After talking to lots of psychologists about personal finance, I’ve found that Wills and Estate Planning are almost always put into the “too hard” basket. It’s not an easy subject to think about, but it’s something that can really make a difference for you and your family – your parents, siblings, partner, children and pets - if things were to go awry. Read More…
Accounting for Psychologists Newsletter #16
This month’s newsletter continues on with the theme of Spring cleaning. Last month it was personal finance, this time it’s Spring
cleaning your business finances.
I’ll also give an outline of the Small Business Skills and Training Boost which , for those of you with employees, can give
you additional tax deductions on staff training.
Read More…
Setting business benchmarks with Sheridans
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Accounting for Psychologists Newsletter #15
This month we are covering Small Business Technology Investment Boost and Spring Cleaning your personal finances Read More…
Accounting for Psychologists Newsletter #14
A big thank you to everyone and i reminder not to panic about your tax returns Read More…
Accounting for Psychologists Newsletter #13
Happy New Year! This issue we cover employing a staff member and a couple helpful hints to help with the rising cost of living Read More…
Accounting for Psychologists Newsletter #12
Deductions, Deductions, Deductions Read More…
Accounting for Psychologists Newletter #11
This month the newsletter will cover:
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Tax and electric vehicles for Australian businesses in 2023
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Protecting your company from business email compromise (BEC) in 2023
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Fare better in uncertain conditions with smart tax optimisation with Sheridans
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Accounting for Psychologists Newsletter #10
Travel expenses and Proud Dad Moment!!!!! Read More…
Accounting for Psychologists Newsletter #9
This month is all about working from home. Read More…
Accounting for Psychologist Newsletter #8
This month we cover uniform deductions and ideas of how to save up for something major if you are a working couple. Read More…
Accounting for Psychologists Newletter #7
This month we cover everything you need to know about claiming deductions for your motor vehicle. Read More…
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Accounting For Psychologists Newsletter #6
This month covers:
1. Claiming deductions related to attending a seminar, conference or training course
2. Year end reflection
3. End of year sales and tax deductions
Read More…
Accounting For Psychologists Newsletter #5
This month we cover:
1. Self Education tax deductions
2. Keeping you receipts and the ATO app
Read More…
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Accounting For Psychologists Newsletter #4
The never enjoyable but always important: estate planning. Read More…
Accounting For Psychologists Newsletter #3
This month covers the crucial topics of insurance or delegation. Read More…
Accounting For Psychologists Newsletter #2
This month we cover 3 main topics:
1. Revisting your mortgage as the Reserve Bank continues to raise interest rates
2. GST for Psychologists
3. Practice Management Arrangements
Read More…
Accounting For Psychologist Newsletter #1
Welcome to our new monthly newsletter. This month we will introduce you to the team and cover some important upcoming dates. Read More…
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Why a proactive accountant might save your business
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Employer deductions with a work from anywhere workforce
Managing a remote workforce in 2022? Get your employer deductions right to avoid paying more than you need to or unwanted attention from the ATO. Read More…
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Working from home? What you can and can’t claim
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With the upheaval experienced to all aspects of our lives due to the Covid pandemic, it is not surprising many people are questioning their career choices and considering major changes. As a result, we are expecting to see a surge in business start-ups in 2022. New business owners often focus on the product or service offering, financial aspects or other mechanics of start-up whilst neglecting their marketing plan, instead of making it a priority… Read More…
The Key Ingredients for Business Success (Part 3)
In part one and two of this series of articles we identified the fact that there is no secret formula or magic potion that guarantees financial success in business, however, there are some key ingredients that successful businesses have in common. In part three we look at the importance of building a great team, having a lead generation website (including video content) and building a customer database... Read More…
Merry Christmas from Sheridans...
Wishing all our clients and their families the very best for the Festive Season and a safe & happy 2022. Please note our offices will be
closed from 11am Thursday 23rd December whilst we undergo renovations, limited staff will be available from Monday 10th January 2022 until
we fully re-open on Monday 24th January 2022.
In the meantime, and in case you missed it, check out our latest Business Accelerator Magazine, full of articles and news about growing and
nurturing your business. This edition includes our second article in a series on What are the Key Ingredients for a Successful Business? As
well as articles on the ATOs new Stapled Super Fund rules, an examination of why start-ups fail and info on the rules around the newly
introduced Company Director ID Number…
Read More…
ATO’s New Stapled Super Fund Rules – What Do Employers Need to Do?
Superannuation stapling came into effect from 1 November 2021 for new employees and employers will need to ensure their onboarding process complies with the ATO’s new ‘super stapling’ requirements... Read More…
The Key Ingredients for Business Success (Part 2)
Most people for one reason or another contemplate starting their own business. While there’s no magic potion or secret formula that guarantees business success, highly successful businesses have some common characteristics that we will explore across a series of articles. In this instalment, we look at the importance of marketing and systemisation... Read More…
Government Locks in Director ID Deadline
Are you a Company Director? The new Director ID regime is now law and existing company directors have until 30 November 2022 to apply but new directors appointed as of 1st Nov 2021 have just 28 days from appointment to apply and directors appointed 5th April 2022 onwards must apply prior to appointment... Read More…
The COVID-19 pandemic has impacted the way we live, work and play. While the pandemic has posed a threat to lives and livelihoods,
there’s clear evidence that people have struggled to balance the hybrid work model particularly when combined with home schooling
duties. After 18 months of uncertainty people are doing a lot of soul-searching and a chunk of the population are re-evaluating various
parts of their lives including their employment and some are considering self-employment. In this article we examine the perils and
pitfalls of going out on your own, and importantly, how to avoid them...
Read More…
Preparing to Sell Your Business
It's an emotional moment when you finally make the decision that it's time to sell your business. All those long hours, customer dramas and financial risks will loom large in your mind, but the buyer isn't interested in how much work you've put into your 'baby', they want to see financial proof that the asking price is justified.... Read More…
In Case You Missed Our September 2021 Business Accelerator Magazine…
Don’t miss our latest edition of the quarterly Business Accelerator Magazine, full of articles and news about growing and nurturing your business. This edition includes the first part in our series on The Key Ingredients of Business Success as well as looking at whether COVID-19 Grants are taxable and the ATO’s data-matching programme targeting lifestyle assets… Read More…
The Key Ingredients for Business Success (Part 1)
Most people at some stage of their lives, for one reason or another, contemplate starting their own business. While there’s no magic potion or secret formula that guarantees business success, highly successful businesses have some common characteristics that we will explore across a series of articles... Read More…
ATO’s Data-Matching Programme Continues to Focus on Lifestyle Asset Purchases
The Tax Office has now extended its lifestyle assets data-matching program for the 2020/21 financial year through to 2022/23 and expect to identify around 300,000 individuals each year… Read More…
Are COVID-19 Grants & Subsidies Taxable?
While you might think all government support paid as grants and subsidies during the Covid-19 pandemic will be tax free, think again... Read More…
Rent Relief for Victorian and NSW Commercial Tenants
The Victorian Government has announced the reintroduction of the Commercial Tenancy Relief Scheme. Businesses with an annual turnover of less than $50 million and who have experienced a decline in turnover of 30% or more due to the pandemic will be eligible as well as most ACNC registered charities that have experienced a decline in turnover of 15% or more… Read More…
COVID-19 Government Support for Victorian Small Businesses
For small business owners, access to government support is a critical lifeline and there have been a lot of changes in the last month. So for our Victorian clients we summarise them in this article ... Read More…
Support Packages for Victorian and NSW Businesses
Australian businesses are again feeling the pinch financially as the second year of the COVID-19 pandemic continues to unfold. Businesses along the east coast particularly are in a state of uncertainty - going in and out of lockdown like a swinging door. As a result, the Federal Government has expanded the range of financial support available... Read More…
New Company Director Identification Number
Attention all Company Directors - The Government has introduced a Director Identification Number (DIN) to provide greater transparency around the background of company directors and combat illegal phoenixing leaving creditors unable to recover debts... Read More…
2021 Tax Return – Home Expense Claims
The Australian Tax Office has indicated that several types of costs associated with working-from-home will not be eligible as a tax deduction… Read More…
Victorian Small Business Snap Lockdown Grants
For our Victorian Clients we would like to highlight:- Victorian Business Costs Assistance Program (Round Two) - with the snap lockdown commencing Thursday 27th May the Victorian State Government has announced Round Two of the Business Costs Assistance program which opened for applications today (Friday 4th June) and the Commonwealth Government has announced a Temporary COVID Disaster Payment for employees... Read More…
Tax Planning Strategies 2020/21 Year End
As we approach the end of the 2021 financial year, tax planning has never been more important and as accountants, we believe our client brief includes helping you minimise your tax liability within the framework of the Australian taxation system. Business planning is always challenging but planning with a pandemic in the background is incredibly difficult given the uncertainty, so for many businesses, the number one priority right now is cash flow... Read More…
2021-22 Federal Budget Summary
The Treasurer Josh Frydenberg released the Federal Budget on Tuesday May 11 and the focus is on recovery and investment to support job creation to drive economic growth. In this article we examine the main changes proposed around personal and business taxation as well as superannuation… Read More…
Recession Buster Newsletter #4
In this fourth edition of our Recession Buster Newsletter we continue to examine the 4 Ways to Grow Your Business, specifically the 4th way – Improving Your System & Processes. In other articles we explore the importance of having a website. Other articles include the 3rd part of Ways to Turn Your Website into a Lead Generation Machine - this particular article looking at the importance of a good headline, Live Chat function, Social Proof (Testimonials) & Social Media Links - and finally we look at mining your customer database for gold... Read More…
It’s Time to Work ON the Business, not just IN the Business
The challenge for every business owner is to create a business that works independent of them. As an entrepreneur you need to be flexible and multi-task but working ON the business can have a profound impact on your growth and profitability... Read More…
There is an old saying, ‘The most fertile source of insight is hindsight’. That being the case, what can business owners learn from the COVID-19 pandemic? Read More…
In Case You Missed Our Latest Quarterly Business Accelerator Magazine
Don’t miss our latest edition of the quarterly Business Accelerator Magazine, full of articles and news about growing and nurturing your business... Read More…
What Drives Your Business Growth and Profits?
Every business owner wants to grow their business and their profits. While there’s no secret formula or recipe, the fact is, business growth and improved profitability are outcomes achieved as a result of processes including marketing, your expertise, customer service and your team’s performance. Read More…
Here’s What Business Owners Need to Know About Australia’s Rollout of the Coronavirus Vaccine
With the rollout of Australia’s coronavirus vaccine scheduled to commence in March there are some key things that every small business owner needs to know. Read More…
Victoria’s Circuit Breaker Action Business Support Package
With the recent circuit breaker lockdown further impacting our Victorian business clients, we wish to draw your attention to the Victorian State Government’s recent announcement of a further $143 million package to support those impacted by the recent snap lockdown... Read More…
Recession Buster Newsletter #3
In this third edition of our Recession Buster Newsletter we continue to examine the 4 Ways to Grow Your Business, specifically the 3rd way - Increasing the Average Sale Value. In other articles we explore the importance of measuring, monitoring & testing your business, Other articles include the 2nd part of ways to turn your website into a lead generation machine - this particular article looking at the importance of Lead Magnets & Calls to Action - and finally we examine the importance of goal setting and future planning... Read More…
The JobMaker Hiring Credit system announced in the 2020-21 Federal Budget has now passed into law and if your business is eligible and you hired additional younger employees from 7th October onwards, you can now claim the credit (quarterly in arrears) from the ATO from 1 February 2021… Read More…
Is it the Right Time to Start a Business?
With the media flooding us with COVID-19 information and governments around the world using vocabulary that is normally reserved for war time we know we are living in unprecedented times. Historically, business start-ups tend to surge when there are high levels of unemployment and middle management lose their jobs. Amongst all the uncertainty, is it the right time to start a business? Read More…
Recession Buster Newsletter #2
As businesses reopen, we are being confronted with a new ‘normal’. More people are now working from home and increasingly, staff and customer meetings are being conducted online rather than face to face. In the second edition we explore the 4 Ways to Grow a Business with a focus on the second way - How to Get Your Customers to Buy More Often. In other articles we look at how to turn your ‘electronic brochure’ style website into a lead generation machine and how to convert those leads into sales. Finally, we look at the importance of giving your customers a guarantee... Read More…
ATO Warns Business Owners About New JobKeeper Scam
The Australian Taxation Office (ATO) is warning business owners about the latest JobKeeper email scam to do the rounds, reminding SMEs to be wary of requests for their personal information... Read More…
Recession Buster Newsletter Edition #1
The COVID-19 pandemic not only triggered a global health crisis, it also plunged Australia into recession for the first time in three decades. As such, a lot of business owners are in unfamiliar territory and we are here to help you navigate your way through this extraordinary and challenging period... Read More…
2020-21 Federal Budget Summary
Treasurer Josh Frydenberg presented his second budget on October 6 in what was described as the, "most important budget since World War II". As expected, there is massive expenditure to reboot and stimulate the economy after the economic devastation brought on by the coronavirus pandemic... Read More…
Business Lessons From a Pandemic
As business owners, we need to learn from experience because history has a habit of repeating itself. Going forward we need to have a contingency plan in the event there is another virus outbreak or some other catastrophe … Read More…
When It’s the End of the Business Road
The Government’s Stimulus Packages have given thousands of businesses a lifeline during the Coronavirus crisis. Unfortunately, with many businesses still in lockdown in Melbourne, the fallout will be felt all over the country and some businesses just won’t survive. As accountants, our mission is to ensure your business survival, but if all avenues have been exhausted, and it’s the end of the road, there are a number of things that need to happen to wind a business up… Read More…
September Business Accelerator Magazine Now Available
Don’t miss our September edition of the Business Accelerator Magazine full of articles and news about growing and nurturing your business & strategies for the current crisis... Read More…
Car Expense & Home Office Claims
The ATO has announced a rise in the cents per kilometre deduction rate for motor vehicle expenses for the 2020/21 financial year. Effective from July 1, 2020 it will be 72 cents per kilometre. The tax office is expecting to see a drop in work-related car expenses claims due to the COVID-19 travel restrictions in the last quarter of the 2019/20 financial year ... Read More…
JobKeeper Payment Scheme - Extension and Changes
The Government's JobKeeper Payment Scheme has been extended and the eligibility criteria has also changed. The purpose of this article is to help you make a quick assessment of your eligibility. Read More…
Marketing in Preparation for a Post-Pandemic World
Whilst some businesses around the country are starting to emerge from lockdown, others (such as metropolitan Melbourne - stage 4) may be closed under even tougher restrictions. One thing has become clear, it’s no longer ‘business as usual’ and things can change very quickly. The world as we know it has changed and we have been forced to rethink our daily routines, spending habits, exercise regimes and social interactions. Many businesses may well be in dire circumstances, but is this the time to be trimming your marketing, or just the opposite? Read More…
Post Pandemic – Survival Then Revival
The coronavirus has been labelled the biggest global crisis for three generations. The economy came down 50 floors in the ‘elevator’ and it will be much slower and harder going back up via the staircase. To help your business survive and prepare for the period of regrowth we have put together this list of items to consider Read More…