Success is one of the hardest things to recognise. Not because success is rarely achieved, but because it is so often unclearly
defined. Intentionally setting the time to do an objective year-end annual review is one easy way to increase your chances of
recognising success in this year and to set yourself up for success in the coming year.
Annual reviews are a powerful business tool. They provide insight into the past year through analysing metrics and other data.
While the financial review is a valuable tool on its own, business owners have an advantage they should utilise when they conduct their annual reviews. Involving a strategic business accountant can provide additional insights into the past year and help shape goals and metrics for the new year.
Five areas most visited in financial reviews are:
Business owners know what they want from their business, but sometimes they forget to define what that is. An annual financial review with
your accountant is a great chance to have a fresh set of eyes looking at the books and asking questions. Use those questions to define your
next year and enjoy feeling more successful as a result.
Discover 9 essential financial planning tips to help new and expecting parents manage the costs of parenthood with confidence and ease.
Cash flow is the lifeblood of any business and when payments are delayed, it creates an immediate strain.
Small business loans are often misunderstood. These misconceptions can prevent owners from taking advantage of valuable opportunities to grow their businesses.
Australia's CBD retail markets are showing signs of recovery post-pandemic with luxury brands leading the charge.
There are still excellent opportunities for commercial investors in retail and industrial sectors thanks to the current property cycle.
The Australian business landscape is expanding, signalling a potentially strong future for commercial property markets.
The global economy is being shaped by conflicting triggers. These include productivity-boosting technology innovations, geopolitical tensions and the strident efforts of central banks to bring inflation under control. We examine the economic outlook and discuss the implications for your retirement savings.
In this episode of The Accountant That Builds, host Shannon Smit discusses the massive wealth transfer expected from Baby Boomers to the next generation, estimated at $84 trillion. Shannon highlights the opportunities and challenges of this transfer, focusing on estate planning, tax liabilities
Over the coming years, we’re about to witness the largest wealth transfer in history as Baby Boomers pass their hard-earned fortunes to younger generations. With an estimated $84 trillion set to be transferred, mostly from savings, investments, and real estate, this shift holds both incredible opportunities and significant challenges for families.
The Taxable Payments Annual Report (TPAR) is a mandatory report for Australian businesses in certain industries to disclose contractor payments to the ATO by August 28 each year, ensuring accurate tax reporting.
Changes to aged care fees are coming, and they will impact both home care and residential care. After a long wait and lots of speculation, the government has released details of the proposed changes.
Our aged-care financial advice case studies showcase real scenarios where our clients saved thousands by leveraging strategies regarding the family home, negotiating RADs and optimising care facility choices.
WEBINAR 11 SEPT // 12PM
In the third session, we'll delve into superannuation guarantee changes, including proposed changes to payday superannuation, new rates and
bases, and the impact on SG liability. Gain insights into employer deductions, termination of employment considerations and more.
WEBINAR 4 SEPT // 12PM
Master allowances and reimbursements, understand their PAYG and super guarantee implications, and learn to navigate travel vs.
living-away-from-home allowances. Gain insights into FBT considerations, new ATO record-keeping requirements, and effective salary packaging
arrangements.
Understanding the factors that influence your interest rate can help you secure a better deal.
Starting July 1st, 2024, non-profit organisations (NFPs) in Australia with an ABN, but not recognised as charitable, must annually submit a NFP self-review return to the ATO to confirm their tax exemption status. This process involves three main sections:
The choice between a motorbike loan and a personal loan depends on your financial situation, credit profile and preferences.
When applying for a mortgage, lenders scrutinise your financial habits to assess your creditworthiness.
WEBINAR 28 AUG// 12PM
Explore the crucial differences between employees and contractors. We'll discuss when genuine contractors are considered employees for PAYG
withholding and SG, key factors determining employment or contract arrangements, and new guidance from the ATO.
As a landlord, there are several things to consider when deciding to sell a property with a current lease this Spring.
With Spring selling season just around the corner, it can be a great time for buyers to find an investment property.
The number of Australian suburbs with an average house price of $1 million or more is expected to increase significantly in the coming year.
Asset finance is a powerful tool that allows manufacturing businesses to acquire essential equipment and technology without large upfront costs.
Debtor finance offers a great way for businesses to better manage their cash flow.
The rapid growth in online retail sales during the pandemic has plateaued, potentially affecting demand for industrial property.
Property prices in Brisbane could see a boom of over 50% in the lead-up to the 2032 Olympics.
Systemisation is more than just a buzzword—it's a game-changer for businesses aiming to achieve sustainable growth. In our recent podcast episode, I had the chance to explore this topic with Dave Jenyns, the visionary founder of SYSTEMology and SYSTEMhub.
Systemisation is the backbone of a successful business. It is the process of creating repeatable and efficient workflows that streamline operations, reduce stress, and foster growth. This blog explores why businesses should embrace systemisation, how they can implement it, and what types of businesses stand to benefit the most.
Explore how adopting an AI-first approach can transform businesses! David Jenyns from Systemology chats with Shannon Smit who shares how AI and robotic process automation (RPA) have revolutionised the operations at Smart Business Solutions.
Investment in Australia's commercial property market surged in the second quarter of 2024, with foreign investors leading the charge in major office acquisitions.
Join us for a comprehensive 4-part webinar series designed for small business owners seeking growth and better financial management.
Presented by Shannon Smit from Smart Business Solutions, each session will delve into critical aspects of compliance review framework for
workers and employers, providing practical insights and strategies to help you navigate complex financial landscapes and make informed
decisions.
Rapid population growth, high construction costs, and significant interest rate cuts forecasts will provide a strong tailwind to the sector.
Retirement can feel like a shockwave, particularly if life’s circumstances or a redundancy means that you don’t get to choose the timing.
Understanding and effectively managing excise tax is crucial for the success of distilleries and craft alcohol producers in Australia. With proper planning and strategic execution, businesses can thrive in this heavily regulated yet dynamic market.
As countries around the world isolate from globalisation, we’re seeing an increasingly fragmented global economy.
With inflation coming off the boil, there was optimism that borrowing costs have peaked and could be lowered later this year. In turn, this could be beneficial for corporate earnings.
Building on the findings from Xero Small Business Insights (XSBI) report, Small business productivity: Trends, implications and strategies, this special report presents industry and regional labour productivity data for small businesses.
Property prices continue to go from strength to strength with new data showing values are once again reaching record highs.
Inflation in Australia is still elevated at 3.6 per cent, managing on a single income is tougher than ever.
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it.
Cost of living pressures is seeing an increasing number of Australians headed for an easier life in regional suburbs.
In this podcast, we talk with Mick Simmons, founder of Mental Health Safety Net, a grass-roots organisation that provides suicide awareness training to workplaces and schools. Trigger Warning: This episode has content related to suicide and mental health issues.
Equipment loans are an important financial tool that allows businesses to acquire the necessary machinery and tools without straining their cash flow.
It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return.
Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year.
As tensions between Australia’s largest companies, their customers, and the federal government flare, companies such as Woolworths, AMP, and Qantas are placing a higher priority on measuring their community reputation.
Australia has become an expensive place to live, so it’s not surprising that the lure to retire at an idyllic, low-cost, offshore location is getting a lot of attention. We discuss the pros and cons.
Will 2024-25 be another year of volatility or a return to stability?
The traditional office is getting a shake-up as landlords are being forced to adapt to new working environments.
Investors continue to seek out caravan parks, after a resurgence in the sector during the lockdown years.
We are thrilled to announce that Daniel McCulloch has been promoted to Partner at Smart Business Solutions Group. His promotion to Partner is a testament to his hard work, dedication, and the high level of service he consistently delivers.
Australia has become an expensive place to live, so it’s not surprising that the lure to retire at an idyllic, low-cost, offshore location is getting a lot of attention. We discuss the pros and cons.
Winter deals can help you find a caravan within your price range without compromising on quality.
The End of Financial Year (EOFY) can be a great time if you’re in the market for a new car.
As the EOFY approaches, property investors need to be proactive to ensure they are in the best position to negotiate tax time.
The industrial sector is currently experiencing limited supply and high demand as the population grows.
Using various forms of finance is a viable strategy to ensure you start the new financial year with strong cash flow.
It’s time to take control of your time. It’s time to stop being ‘busy’ and start being ‘productive’. It’s time to learn how to invest your time to create your best life. Kate Christie has taught time to thousands of professionals and business owners around the world – exactly how to find hours of extra time and then design their best lives. What would 30 extra hours a month mean to you?
We are thrilled to announce that SMART Business Solutions Group has been awarded the prestigious Multiservice Firm of the Year at the 2024 Australian Accounting Awards! This recognition is a testament to our commitment to excellence, innovation, and the comprehensive range of services we provide to our valued clients.
In today’s fast-paced world, productivity has become a paramount concern for professionals and business owners alike. We constantly strive to optimise our workflows, eliminate inefficiencies, and maximise the value we derive from every minute of our day. One of the key steps in achieving this is recognising the habits and tasks that drain our productivity and replacing them with more effective strategies.
Heather Gallagher has spearheaded transformative initiatives in the mortgage broker space through her role as Head of Training and Education at outsource Financial. She has been instrumental in empowering brokers and administrative staff through tailored mentoring programs and weekly learning sessions.
One of the main considerations when applying for a car loan as a casual worker is your income.
Property prices could be about to climb higher with new analysis predicting the major capital cities will see significant growth in the next three years.
Property prices have hit yet another record, with capital city house prices rising by 1 percent.
Accommodation payments (called Refundable Accommodation Deposits – RADs for short) are one of the most misunderstood areas of residential
aged care. Many people don’t realise that a RAD is not “lost” money but is refundable when you leave care or pass away.
Creating equity isn’t always about spending time in the market. You can also manufacture equity if you buy well and implement some proven strategies.
This year’s Federal Budget focussed on the rising costs of living and how to help Australians manage. Before the Budget there was speculation that we would see changes for aged care funding and fees, but what made it into the Budget?
RADs, DAPs, MPIRs, MTAs and ACATs !! These are just a few of the acronyms you will face when navigating aged care decisions. It might even feel like you’ve landed in a foreign country where you don’t understand the language or the rules.
Explore the world of self-managed superannuation funds (SMSFs) with expert Shannon Smit as she shares insights on wealth-building, retirement planning, and investment strategies using super as a vehicle.
Your credit score is a track record of how you manage debts.
Before getting into the specifics of property division, it's important to understand the concept of legal ownership.
Close The Dream Gap. Starting at age 5, many girls begin to develop limiting self-beliefs. They stop believing their gender can do or be anything. This is the Dream Gap.
Asset leasing provides businesses with several advantages, an attractive option for acquiring essential equipment and machinery.
New warehouses on the back of rising interest rates, new construction is expected to rebound as tenant pre-commitments firm up and demand rises.
Despite electric vehicles growing in popularity there is still a need for traditional service stations, according to an expert.
It’s important to initiate transparent communication with tenants well in advance of listing the property for sale.
Budget 2024-25 is a pre-election budget for the people with everyone getting a little something to ease cost of living pressures. For business, there is the extension of the $20k instant asset write-off again.
Secured business loans play an important role in supporting small business owners.
Secured business loans play an important role in supporting small business owners.
Join Shannon Smit as she interviews Sharyn McClafferty, CEO of Slipstream Group, in a podcast episode discussing leadership, team growth, and the value of continuous learning and development for business success.
With rising interest rates hurting sentiment across the commercial property sector, 2024 is now shaping up to be “better than expected.
A Self-Managed Super Fund (SMSF) is a type of superannuation fund that gives members greater control over their retirement savings.
LIVE EVENT
3rd May 2024
Welcome to Mornington Peninsula's original pop-up pre-loved market with a difference. Fashion For A Cause is a not-for-profit
fundraiser event. Grab a fashion bargain or unique piece, wine with friends, bid on silent auction items, all to raise funds for Clothes
4U.Inc. All proceeds from the event including stall sales, ticket sales and clothing purchases on the night will be
double-dollar-matched and donated to Clothes 4U Inc.
The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of SMSFs.
It’s important that generational succession is managed as closely and diligently.
The great wealth transfer from the baby boomer generation has begun and home ownership is the catalyst.
The ATO is cracking down on business owners who take money or use company resources for themselves.
Going through a divorce or separation is undoubtedly challenging, but it's essential to take control of your financial future. By understanding the impact of separation on your assets, seeking professional advice, and creating a solid financial plan, you can navigate this difficult time with confidence.
Technology has transformed the way businesses operate, allowing them to reach new customers, expand into new markets, and improve operational efficiency.
Scaling up a business is not just about increasing revenue or expanding into new markets; it's about creating a solid foundation for sustainable growth.
Every business, regardless of its size or industry, shares a common goal: to grow and thrive in a competitive market.
A new issues paper from Treasury’s Competition Review questions whether non-competes and other restraints are limiting job opportunities and movement.
For many small business owners, their business is their largest asset and for many, one that is expected to help fund their retirement.
The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax.
The 2024-25 Federal Budget is the third for the Albanese Government and consistent with previous years, the primary themes are expected to be the cost of living and the economic shift to net zero.
The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.
The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.
In this episode we explore the key areas in your business that you can influence to promote growth, adapt the seven ways to grow for your unique business, and understand how these strategies impact your profit and cash flow.
Equipment finance means there is a viable solution for businesses grappling with cash flow management amid equipment upgrades.
The build-to-rent sector (BTR) is set to outperform traditional buy-and-hold commercial investments.
A Shareholders Agreement is a legally binding contract negotiated by the shareholders of a company, designed to govern their relationship, business arrangements, rights, responsibilities, obligations, and liabilities. It supplements the company's constitution by addressing matters not covered therein, thus offering more comprehensive protection and clarity.
Tourism assets are seeing demand return as a host of high-profile artists and entertainers make their way back to Australia.
For the first time in nearly two decades, retail assets have seen the largest portion of all commercial transactions.
Things to consider before investing in multigenerational living. What do rising geopolitical tensions mean for investment markets? This and more in Issue 16 of SMART Life.
As conflicts between nations flare into open armed warfare and elections around the world become more contentious, there’s plenty to spike investor concern. We look at how wars and political tensions influence investment markets over the long term and examine the im- plications for your retirement savings.
As cost-of-living pressures bite and family members look for ways to support each other, multi-generational living is being discussed as a solution. Pointing out the potential, property researcher CoreLogic identified more than 655,000 residential properties as being suitable for a granny flat in Australia’s three biggest cities.
In this episode of The Accountant That Builds, Shannon's expert advice will help you make informed financial decisions and stay connected to your goals, ensuring a financial future you are committed to work towards.
Low-interest rate loans used by dealerships are a good way to get buyers in the door – but if you’re not careful, you may end up overpaying in the long term.
Car loans can feature either fixed or variable interest rates, each with its own set of advantages and disadvantages.
With the surge in property prices, the barrier to entry has never been higher. However, there are many different ways to get into the market.
The difference between the price of units and houses continues to grow, with homes now costing $300,000 more.
The national median house price officially reached $1,005,242 marking the highest price on record.
Vendors are looking to capitalise on rising prices with a surge in new listings hitting the market across Sydney and Melbourne.
Running a business is not just about crunching numbers and meeting targets; it's also about fostering a strong team dynamic and creating a shared vision. That's why I recently organized a 2-day corporate retreat for the entire SMART team at Phillip Island, and it turned out to be an unforgettable experience.
A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications.
The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.
From 1 July 2024, the amount you can contribute to super will increase.
Thousands of taxpayers and their agents were advised by the Australian Taxation Office that they had an outstanding historical tax debt.
The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention.
In Australia, testamentary trusts have become useful for more people than ever before. They're not just for the wealthy anymore.
In this podcast episode of The Accountant That Builds we're starting off with a deep dive into the world of superannuation, helping you understand how to make the most of your retirement savings.
There are effective ways to fit out your practice for maximum efficiency and success.
Construction cost increases have reaccelerated, but the good news is they are now returning to their normal trend.
Jackie Prossor shares her story on growth and evolving as a professional and a business owner, with the help of Shannon and the SMART Business Solutions team.
Commercial transactions could start to rebound in 2025, with lower prices.
A rally in the second half of the month helped global share markets generate solid gains in January, extending the rally from November and December.
Simone was burdened with excessive debt. They have a large house with a large mortgage. Not only did this mean that her and her family were going backwards financially, she was stressed and this was affecting her ability to concentrate for long hours.
Investing in property can be a lucrative venture, especially for small business owners looking to diversify their portfolio or secure a stable source of income.
As a small business owner or employee on wages, planning for your future includes managing your superannuation effectively.
Before committing to any car loan, it’s vital that you examine the fine print. Ensure you understand every aspect of the loan and ask questions.
A stable employment history is important when it comes to assessing your borrowing power.
In the ever-evolving landscape of small business ownership, it is imperative to remain vigilant and proactive, especially when it comes to financial management. We delve into key strategies and insights to help small business owners navigate financial challenges effectively.
In this episode of The Accountant That Builds, Shannon Smit talks about business structure and setting yourself up with the right foundations to ensure a stable ground to encourage business growth, hiring, expansion and compliance.
Australia’s surging population growth is likely to drive increased demand for both rental properties and student accommodation.
When interest rates are changing, borrowers need to be proactive in how they manage their mortgage.
The smaller capital cities of Perth and Brisbane are expected to be the top performers over the next 12 months.
An SMSF can invest in property development if trustees ensure the investment complies with the rules.
An SMSF can invest in property development if trustees ensure the investment complies with the rules.
Consolidating various debts into your home loan can be a strategic financial move that reduces your interest and allows you to pay the debt down faster.
The problem when the evidence doesn’t match what the taxpayer tells the ATO.
An SMSF can invest in property development if trustees ensure the investment complies with the rules.
An agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes.
One of the best parts of the summer holidays is packing up the car and heading off on a family holiday. Many Australians are staying at caravan parks in iconic locations
The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government.
Home is the biggest expense and the sooner you can pay down the debt, the better off you’re going to be financially.
With affordability challenges in major cities, buyers may explore "bridesmaid suburbs" – second-choice areas that offer more reasonable property prices.
Buying a property, whether as an investment or residence, is never a straightforward process. Take time to research properties, and then make a competitive offer to get the deal done.
Without the need for upfront payments, asset finance can play an important role in improving a business's cash flow management.
The report found that student accommodation is also likely to see steady rental growth in 2024.
After a tough year for commercial property investors, the outlook will be better in 2024, according to an expert.
Australian property prices have officially recovered from the declines of last year, home prices have risen by 8.1%, taking values to a new record high at the end of November.
A decision by the Administrative Appeals Tribunal has the tax world in a flurry after found taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction.
Legislation enabling an extra 15% tax on earnings on super balances above $3m is before Parliament.
Commercial investors continue to seek out alternative assets even as higher interest rates see demand for the sector slow down.
We are thrilled to share that Shannon Smit, our Founding Director and CEO, has been appointed to the ATO's Small Business Stewardship Group for 2024/25.
Uncertainty has reigned over the last few years, but can we expect more consistency as we head into 2024.
Queensland first-home buyers have another reason to celebrate this Christmas with the state government recently doubling the first home owner grant to $30,000.
2023 has been a tricky year for commercial property investors. However, the tourism and industrial sectors have continued to be the strongest performers.
If your work Christmas party is out of the office, keep the cost of your celebrations below $300 per person if you want to avoid paying FBT.
Sellers who list their properties during the holiday season are typically motivated for a quick sale.
As the calendar approaches the year's end, car manufacturers are keen to make space for the latest models set to hit the market in the new year.
Cash flow issues can be particularly challenging during the holiday period, so business owners need to be on guard and plan ahead.
While giving gifts and spending time with family is important, if you’re looking to buy a home, it’s important that you keep your finances on track.
Recent research shows why giving to others can provide us with a mental boost. We feel happier when we have a choice in how and who we give, and when we see the results of our generosity.
Spending big over Christmas can risk undoing good budget habits. Thinking differently opens up lots of opportunities to spend less while still experiencing the joys of the season.
Rising interest rates hit smaller companies. Now it looks like the rate rise cycle could be coming to an end.
We step through recent research that shows why giving to others can provide us with a mental boost.
As the holiday season approaches, it's crucial to consider how your spending habits may influence especially when it comes to utilising easy credit options.
A budgeting app is an app designed to help you optimise the spending and savings choices you make each month.
We'll dive into some of the everyday mistakes and tricky grouping issues that small businesses often encounter when dealing with payroll tax.
Maintaining control over cash flow is undeniably a complex balancing act. It's a challenge that lacks a quick and universal solution.
This article aims to shed light on red-flag indicators that may suggest it's time to consider changing accountants, providing insights into the reasons behind such a decision.
Prepare Your Business for a Successful New Year - Challenging conditions, unpredictable supply chains, and increasing inflation highlight the importance of expert financial support.
A dedicated construction and trade accountant possesses an in-depth understanding of the sector's unique requirements and intricacies.
The journey often begins with businesses adopting simple ownership structures, yet as they progress and expand, intricate challenges emerge.
While any accountant can handle trade-related finances, opting for a specialist in the trades industry offers unique advantages.
Regularly monitoring your income and expenses is crucial. These practices will help keep your financial standing robust.
Several options when it comes to acquiring earthmoving equipment. One of the most common choices is to own the equipment outright.
According to the Australian Institute of Family Studies, more than half of Australian mothers expect their children to graduate from university.
Despite an increase in the region’s office vacancy rate the Gold Coast office market is facing a shortage of office space within the next three years.
Education is the gateway to unlocking opportunities and creating a brighter future. While various methods to establish an education fund, Investment Bonds are frequently contemplated.
Industrial assets are expected to retain their position as a favoured option among the commercial property market due to their strong relative returns.
A proficient financial adviser collaborates with you to understand your goals and overall desired financial and lifestyle outcomes
New legislation before Parliament, if enacted, will make zero or low emission vehicles FBT-free. We explore who can access the concession and how.
Despite the 13 interest rate increases in 19 months, your mortgage interest rate could and should still start with a ‘5’.
If you have an investment property loan and redraw on the loan for a different purpose the loan account becomes a mixed purpose account.
A recent case before the AAT demonstrates how fine the dividing line is between GST-free and taxable foods.
When it comes to financing your new car it’s possible to use either a low-doc car loan or a full-doc car loan.
A well-thought-out plan is the first step toward executing a cost-effective renovation.
Treasury has released draft legislation for consultation to enact the Government’s plan to increase tax rate superannuation balances above $3m from 15% to 30% from 1 July 2025.
Australian properties from overseas property seekers have risen 11.5 percent in the past three months. Meanwhile, rent searches are up 7.8 percent from the same demographic.
“Wage-theft” is illegal in Queensland, South Australia and Victoria under State laws.
The statistics on employer superannuation guarantee (SG) compliance look pretty good with over $71 billion, collected without intervention from the regulators in 2020-21.
A bridging loan allows you to acquire your next property before selling your current one, streamlining the transition between homes.
With inflation remaining high, interest rates are likely to stay at elevated levels for some time.
A crucial lesson for all budding startups is that maintaining a healthy cash flow is a pivotal factor in ensuring the long-term survival of your business.
Accountants play a crucial role in providing expertise and guidance to businesses during their startup and initial growth stages.
Aged care financial advice involves addressing a range of complex and unique issues that necessitate careful consideration.
Your credit score is an important factor that all lenders use to decide if they are prepared to lend to you.
As your business grows and evolves, your financial needs change too. Here are five signs that it might be time to consider upgrading to a larger, more specialised accounting firm.
Paying off your home loan reduces your mortgage debt and increases the equity you have in your property.
The Reserve Bank of Australia (RBA) may be nearing the end of its interest rate hiking cycle, but the Australian economy is already feeling the effects.
The recent rate hikes by the Reserve Bank of Australia (RBA) have understandably put borrowers under pressure.
Property investors that choose to utilise their property for short-term stays (or leave it vacant) are firmly in the sights of the regulators.
According to CoreLogic, the jump in prices marks the eighth consecutive month of growth which has also seen values increase 2.2% over the quarter.
Treasury has released draft legislation to enact the Government’s plan to increase the tax rate on superannuation balances above $3m.
Before investing in a new truck or equipment, make sure you understand the fleet requirements of your major clients and any potential future partners.
As your business expands, the need for a specialised and strategic business accountant who can provide ongoing advice and guidance becomes increasingly evident.
The Australian Taxation Office have released a new draft ruling on self-education expenses.
With both domestic and international travel showing improvements, investment levels in hotel assets across the country has increased.
Electricity is the new black. Gas and other fossil fuels are out. A new, limited incentive nudges business towards energy efficiency.
In the wake of COVID-19, Australian offices have undergone a significant shift – and things aren’t likely to change anytime soon.
Managing your personal expenses in the face of the rising cost of living. We run through a live demo of our detailed 12-month personal budget worksheet so you know how you can effectively use this tool yourself.
New listings have risen by 13.2% through the winter season, driven by a 17.9% rise across the capital cities.
ONLINE WEBINAR
28 September 2023 // 12:30 - 1:30p.m.
In today's ever-changing economic landscape, facing redundancy can be daunting, impacting both your financial and emotional well-being. This
webinar is tailored to address these concerns, offering practical insights and strategies to navigate the complexities of redundancy and
secure your financial future.
Spending more money doesn’t necessarily mean you’ll get a better outcome. In many instances, focusing on the basics can make a big impact and make your home more appealing.
Buyers need to realise that sales agents are there working for the vendor. It’s important that new buyers know how to effectively negotiate with real estate agents.
When purchasing a new car, you’re going to be faced with various financing options for buying the vehicle.
Investment markets have shown a lot of enthusiasm for AI and Chat GPT technology. AI productivity gains could boost economic growth and
share market performance across the world.
A global agreement on halting and reversing biodiversity loss could benefit investors as well as the planet. Here’s what a heightened focus on bio- diversity could mean for your investment portfolio.
1.3 million home loans are expected to move from low fixed rates to high variable rates in 2023 and 2024, with the peak to hit in the second half of this year.
An increasing number of older Australians are starting their own businesses – using their consider- able expertise to create value for their customers and the economy.
The release of resilient economic data and sticky inflation readings indicated that official interest rates might need to be raised further in key regions, or at least remain high for longer than was previously anticipated.
The launch of ChatGPT late last year was greeted with a frenzy of enthusiasm as investors eyed the potential for productivity gains and innovation. We look beneath the hype and consider the implications for your investment portfolio.
Unlike traditional loans, invoice financing offers another way. Borrowing against your invoices means that you can gain access to the money you are owed immediately.
The commercial property market in regional Queensland is experiencing a surge of interest from Melbourne investors, as the state's booming population continues to grow.
What will the Australian community look like in 40 years? We look at the key takeaways from the Intergenerational Report.
As businesses continue trying to woo workers back to the office, demand for high-quality office space continues rising.
A recent case before the Administrative Appeals Tribunal (AAT) is a reminder about the tax impact of the timing of employment income.
The proposed objective of superannuation released in recently released draft legislation is: ‘to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.’
The TikTok tax fraud is extensive and has several layers of impact across the 56,000 taxpayers caught up in it.
Succession is not just a topic for a TV series or billionaire families, it’s about successfully transitioning your business and maximising its capital value.
New guidance from the Australian Taxation Office (ATO) walks through the tax impact of small-scale subdivision projects.
The tax refund many Australians expect has dramatically reduced.
With workers headed back into the office, demand for sublease space is rising – especially in the smaller capital cities.
For motorbike enthusiasts who always want the latest models, leasing is an attractive option. Leases allow you to regularly upgrade with the latest features.
One of the biggest advantages for sellers in winter is the lower supply of properties on the market. Sellers have the opportunity to attract a more focused and captive audience of buyers.
ONLINE WEBINAR
9 August 2023 // 4:00 - 5:00p.m.
We invite you join this very special webinar with Jody Fitzgerald, Head of Institutional Portfolio Management at Morningstar, one of the
most well-known and respected investment professionals in Australia, to gain insights into the modern investing landscape.
Business loans are one method you can use to purchase a business or fund the ongoing operations of your current business. The first step is to clearly define the purpose of the loan.
Self-storage units have long been a popular option for investors with demand from the private sector remaining high.
During COVID, listings were tight and demand remained strong. As interest rates started to climb, some of the demand started falling away, however, listings didn’t rise.
With higher interest rates many buyers are looking at creative ways to boost their rental income. One popular strategy is building an extra dwelling – like a granny flat
Despite interest rates rising at a record pace, the number of mortgage holders in arrears remains around the long-term average of 1%.
The move toward mortgage brokers and away from direct lenders by borrowers is continuing to increase.
For most people, a car loan is often the second largest household expense and it’s one that can cost a lot more these days with the high price of new cars.
ONLINE WEBINAR
27 July 2023 // 12:30-1:30pm
(ESG) considerations have become increasingly important for investors as they look to make investment decisions that align with their values
and have a positive impact on the world.
One solution used by many businesses is to lease the equipment. By choosing to lease, businesses can spread out the cost of the equipment over several years through manageable monthly payments
Off-market normally just means that the property is sold without it ever being listed. This can be with the help of an agent, or privately.
When it comes to negotiating, there are some things you can do to make the process more transparent and easier. For the most part, it comes down to being prepared.
On 1 July 2023, award rates of pay and the National Minimum Wage increased by 5.75%.
With inflation still remaining high and continuing to increase the official cash rate, borrowers should consider returning to fixed rate loan products.
Industrial property market has seen the vacancy rate hit another new record low despite projections of a surge in supply.
The digital games and interactive entertainment sector is the largest creative sector in the world and one of the fastest growing industries worldwide.
Office assets were considered a premium commercial investment choice, with high demand from offshore buyers.
The 120% skills and training, and technology costs deduction for small and medium business have passed Parliament.
Investors remained focused on the release of inflation data and how ongoing pricing pressures might affect monetary policy settings in key regions.
Bianca Carroll's dedication and commitment to excellence have culminated in her being recognized as the Emerging Adviser of the Year, a remarkable accomplishment that is a testament to her perseverance.
ONLINE WEBINAR
21 June 2023 // 12:30-1:30pm
Many people believe that if they have a valid Will they also have
an estate plan, but this is not so. While a Will outlines where the deceased individual's assets will be distributed, it does not
include various other documents and directives that are available.
In a recent Harvard Study on the key ingredients to happiness, while extreme wealth won’t buy you happiness, having financial security can help you avoid stress and solve problems faster.
Compounding is an extremely effective investing tool, says Morningstar Investment Management’s Head of Institutional Portfolio Management and Solutions, Jody Fitzgerald, but it’s important to be aware of its inverse power on the downside.
With a few weeks left until the end of the financial year, it's time to optimize our SMSF or other super funds and maximize available strategies.
Young investors in their 20s and 30s possess a valuable asset for investing.
Over the past few years, service stations have been a favoured investment option.
Industrial property is putting upward pressure on rents, according to a new report from Savills
As EOFY approaches, it's important that Australian businesses prepare for their tax responsibilities and reassess their financial strategies.
One of the most common mistakes when refinancing a car loan is to ignore your credit score.
A pre-approval is simply a lender indicating they’d be willing to loan a certain amount to a potential buyer. However, it's important to remember that a pre-approval is not a guaranteed loan.
With the cost of living surging, many Australians likely wish their mortgage was already paid off.
Upside Realty found a significant increase in open home attendance across Victoria, New South Wales and Queensland.
The end of the financial year is always a busy time for property investors, however, with the right preparation you can make the most of your available deductions.
SMEs face new challenges and opportunities with the ESG trend. This article offers a balanced breakdown of ESG, its varying perspectives, implications for SMEs, and the pros and cons.
Recently, Fair Work legislation has been amended in a number of areas and if you’re a business owner with employees, you should be across these.
When considering a mortgage, it's advisable to research different lenders and their product offerings to determine if they provide offset accounts as an option.
Several costs come with refinancing a home loan, although some of these costs are added to your new mortgage. You can get a rough estimate of the cost to refinance your mortgage by using a refinance calculator, or engaging a mortgage broker.
On settlement day, it's important to consider tasks such as reviewing the final settlement statement, ensuring funds are available for the down payment and closing costs, and conducting a final inspection of the property before completing the purchase.
A reverse mortgage is a type of loan that allows homeowners who are typically 62 years or older to convert a portion of their home equity into cash.
Mortgage refinancing is the process of replacing an existing mortgage with a new loan, typically to secure better terms, lower interest rates, or access equity in the property.
Lenders Mortgage Insurance (LMI) is a form of insurance that protects the lender in case a borrower defaults on their home loan, typically required when the borrower's deposit is less than 20% of the property's value.
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Construction loans are a type of financing specifically designed to fund the construction or renovation of a property, providing borrowers with the necessary funds in stages as the construction progresses.
When preparing to buy a property, it's important to assess your financial readiness, research the real estate market, determine your needs and preferences, and secure financing options.
Family guarantee
When buying a first home, it's crucial to consider factors such as budget, location, property condition, future needs, and financing options.
When buying a house at auction, one should consider factors such as conducting thorough research on the property's condition, setting a budget limit, assessing potential renovation costs, and understanding the terms
Mortgage stress occurs when a household struggles with financial obligations and meeting their mortgage repayments.
The Government has announced that it will enshrine a right to superannuation payments in the National Employment Standards (NES).
Reduce interest on the non-deductible debt by using company cash to offset their personal mortgage, then transferring the cashback by 30 June.
The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses.
From 1 July 2023, access to the Government’s Home Guarantee Scheme will be expanded to joint applications from friends, siblings, and other family members.
In a pre-Budget announcement, the Government has committed to a Small Business Energy Incentive Scheme that offers a bonus tax deduction of up to $20,000.
The 2023-24 Federal Budget offers a $4.2bn surplus; the first in 15 years. The surplus was driven by a surge in the corporate and individual tax take.
Effective at 30th of June 2023, our sample PCG 2021/4 report uses Dr. Nicole Smart as our example.
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5 May @ 7 - 10pm
This exclusive and intimate fundraiser event is an opportunity to meet the makers behind Crittenden Wines, enjoy fine wine tasting,
delicious food, great company and bid on silent auction items, all to raise funds for Mental Health Safety Net.
When looking to purchase a new car, there are many different ways to use finance to help you secure your vehicle.
With the ups and downs of the property market, investors and homebuyers often wonder when the right time to buy really is.
Despite international travel starting to pick up again, demand for caravans is still high.
New research has found that it has been the smaller cities of Hobart, Adelaide and Canberra that have been the strongest-performing property markets over the past two decades.
Buy now, pay later services that allow consumers to make purchases and have grown in popularity. However, for homebuyers, there might be risks that they are not aware of.
Rising interest rates and the surging cost of living are putting more Australians under mortgage stress, according to a new report.
Regional areas and high-end Sydney suburbs dominate the list of suburbs bouncing back the fastest, according to CoreLogic.
Establishing a medical or dental practice is a big undertaking. The most effective ways to purchase medical equipment is with the help of asset finance.
Demand for office space is slowly starting to recover, with a new report showing Sydney, Brisbane, Adelaide and Perth rents are moving higher.
Over the past 12 months, the value of residential approvals has declined 3.15% while the value of non-residential developments continues to grow, up 3.61%.
ONLINE WEBINAR
27 April 2023 // 12:30pm
Let's face it, insurance is not the most exciting topic. In
this webinar we'll offer guidance on how to compare different insurance policies, assess your risk, read beyond the marketing and how
to get the most value for your money.
For the contribution to be counted towards the employee’s 2023 contribution cap, it must be received by the fund by 30 June 2024.
Now's the time to review what strategies you can use to minimise your tax before 30 June 2024.
After higher interest rates weighed on values during the second half of 2022, prices have now rebounded 0.43% since the start of the year.
A recent survey found that 75 percent of borrowers could find themselves unable to refinance because of life decisions that they were preparing to make.
Refinancing your motorcycle loan is not always something people think about. But there are several advantages that borrowers can capitalise on.
Lenders typically require a significant amount of documentation and proof of income for self-employed borrowers, and their lack of a steady income can make it difficult.
Buying properties off-the-plan has become a popular way for home buyers and investors to purchase property.
There is currently a significant shortage of quality life science facilities in Australia and only a small number of investors are seeking exposure in this emerging asset class.
According to CBRE, Australian hotel sales reached $2.14 billion in 2022, the second-highest transaction volume on record.
Renewing your invoice finance contract is an important decision that can significantly impact your business's cash flow.
The ATO guidance (PCG 2021/4) totally changes the way that professional firm profits can be allocated (or split) among a family group from 1 July 2022 onwards.
In the lead-up to 30 June 2023, we want you to be aware of opportunities to save tax with super contributions.
In the lead up to 30 June 2023, we want you to know why using a bucket company can be a great strategy for saving tax on trust profits distributed.
In the lead-up to 30 June 2023, you can avoid paying an extra tax of up to 47% of Trust profits by completing your Trust Distribution Resolutions before 30 June.
When an accountant talks about Tax Planning what do they actually mean? As part of our tax advisory service we always offer strategic tax advisory, but it's important to note there are a lot of things that accountants cannot implement after June 30.
To maximise your deductions and ensure that your tax return is complete, please review the following items and advise your Accountant if any apply to you.
Understand what expenses you can claim as a property investor.
Everyone wants to pay less tax, right? To do that you need to know what you can claim… and what you can’t.
Why should you lodge an FBT return where no FBT is payable? Well, for the simple reason that it turns on a three-year deadline for the ATO to commence audit activities. This is a NEW ATO rule as a result of massive deficits due to COVID. The ATO need to gain more funds somehow...FBT liability is one of the methods.
ONLINE WEBINAR
30 March 2023 // 12:30pm
Gen Z, it’s time to level up your financial literacy. This is the stuff that you didn’t learn in school. Get ready to learn the ins and outs
of budgeting, saving, and investing in a way that’s relevant to where you’re at right now.
The Government has announced that the concessional tax rate on earnings from superannuation will increase from 15% to 30% for those with total super balances (TSB) of $3m or more from 1 July 2025.
The ATO is more than a little concerned that people with holiday homes are claiming more deductions than they should.
The amount of money that can potentially hold in a tax-free retirement account, will increase by $200,000 on 1 July 2023.
A consultation paper released by Treasury has sparked a national debate about the role, purpose and access to superannuation.
The Government has announced that from 2025‑26, the 15% concessional tax rate applied to future earnings for superannuation.
The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home.
A chattel mortgage is a popular way for businesses to purchase large assets such as machinery and vehicles.
A new report by CBRE has found that incredibly tight vacancy rates across the residential and industrial property markets are likely to lead to a “rent-a-demic” in 2023.
The number of new development projects aimed at investors is slowing down, which could lead to more rental market pressures according to new research.
One of the biggest expenses people face outside of their mortgage is the cost of buying and owning a car.
It’s important to approach property investing with a strategic mindset to help you avoid some of the common pitfalls.
Conveyancing involves the legal transfer of ownership of a property from one person to another.
With rapidly rising interest rates and the escalating cost of living, borrowers are once again looking at a loan deferral as a way to get back on track.
Experts generally recommend checking the health of your home loan each year to make sure it remains the right fit.
With over $13 BILLION dollars in unclaimed super across Australia, it’s evident that many are not even really sure on how super works. Our expert financial advisors want to give you back control over your money.
Accountants have emerged from the pandemic into a blizzard of changes and keeping clients up to date risks a backlash over tighter compliance rules and increased fees.
ONLINE WEBINAR
23 February 2023 // 12:30pm
In our upcoming webinar we'll be diving into some common exit
strategies for successful succession planning, the pros and cons, and what you need to consider before making a decision.
Property depreciation is a tax deduction that investors can take advantage of to save money on their tax bills over a long period of time.
When determining whether you should pay all cash or look to finance the car is always going to be based on your personal situation.
The process begins when the sale contract is signed and officially concludes on settlement day.
Rising interest rates and sky-high property prices have made homeownership tougher for first time buyers.
With strong capital growth and tight vacancy rates driving up rents, more and more investors have been looking to regional areas.
With home prices rising substantially over the past decade, homeowners are often sitting on a large amount of equity that they could use for other things.
If you’re looking to purchase business equipment, vehicles or just looking to better manage your short-term cash requirements, asset finance can be a big advantage.
Service stations were some of the strongest performing assets, with transactions up 50 per cent during 2022.
The record run of industrial rent growth is finally showing its first signs of easing after posting a 23 per cent rise in 2022.
The latest innovation to take the world by storm is ChatGPT, and its ability to work with the Australian tax system.
The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions.
From 1 January 2023, those 55 and over can make a ‘downsizer’ contribution to superannuation.
The downside of not taking time out for your strategy is that there is a tendency to keep a short-term. Sometimes in the process, this short-term focus undermines longer term value and returns.
SMSF loan is the possibility of getting a better interest rate to save more money. You could save thousands more if you refinance to a lower rate SMSF loan.
Buying your first home can be exciting and overwhelming at the same time. We have provided this guide to assist you in preparing for the home buying journey and we will be here with you, every step of the way.
Our Borrowers Guide to Construction Loan has been designed to assist you gain a better understanding of how the lending process works
for building and construction.
The amount you can borrow will depend on several factors and is another reason why it is important to engage your Mortgage Broker in the
process before you are wanting to buy land or build.
Our Borrowers Guide to Lending has been designed to assist you gain a better understanding of how the lending process works.
The mortgage process can be overwhelming and confusing at times, but when you understand the basic process, you will be much more prepared.
Rebalancing is a clever way to keep your superannuation fund investments in order.
The good news is that you may be able to use some of your home equity to boost your super and help fund your life in retirement.
Falling property prices and rent hikes mean the average income earned from residential property has risen.
ONLINE Webinar
19 January 2023 @ 12:30 - 1:30pm
Phase 2 STP will be the compulsory way to process Xero payroll as of March 2023.
Increasing gross rental yields. Falling property prices combined with rent hikes means the average income earned from residential property, as a percentage of property values, has risen.
Smart Business Solutions chief executive Shannon Smit, winner of SMSF Adviser of the Year award, talks about the evolution of her business and shares her insights on complex SMSF planning issues.
This video offers a Xero how-to on the latest details of the compulsory STP (Single Touch Payroll) Phase 2 rollout including Pay Item Transition.
This video offers a Xero how-to on the latest details of the compulsory STP (Single Touch Payroll) Phase 2 rollout including Leave Transitions.
Changes are coming about how you manage Xero payroll with Single Touch Payroll (STP) Phase 2. This video explains how to manage Employee Transition in STP Phase 2.
Summer is a great time to list and a sell a home as buyers have been thinking about property over the summer.
When new couples start living together one of the first things they need to consider is how they will manage their finances.
A great way to deal with the post-Christmas financial hangover is to look at different ways to consolidate your debts.
Giving peace of mind and a sense of direction and calm is one of the greatest gifts that we feel privileged to offer our clients.
Getting a good grasp of your business’s cash flow situation will help put you in a strong financial position.
Commercial office assets represented 34.2 percent of all commercial property sales during 2022, up from 27.2 percent last year.
The commercial property sector continues to grow. 2023 is shaping up well with a range of opportunities for investors.
You will be amazed in this race against time to reach the finish line. Welcome to The Amazing Race memoir - Smart Business Solutions 2022 End of Year Team Building and Christmas party.
The Government’s ‘Secure Jobs, Better Pay’ legislation passed Parliament on 2 December 2022.
If you are required to but have not yet applied for your ID, you should seek an extension immediately.
The most effective way of sharing Christmas joy with customers is not necessarily the most tax effective.
In many instances, businesses might need to wait 60 days or more to get paid, which can put a strain on the business's cashflows.
While conditions for retail tenants have been tough during lockdowns, the luxury end of the market and certain sectors continue to perform strongly.
After a record-setting few years, industrial property has continued to perform strongly throughout 2022.
A car loan is a great way to purchase a vehicle when you don’t have all the money to pay for the car upfront.
Getting your finances organised well in advance is one of the most important stages of the auction procesS.
Many lenders will offer competitive interest rates to new customers as well as other incentives that could save you money.
Purchasing a property is a big decision and it’s important to determine the best location to buy that will give you the best return over time.
When the time comes to sell, if you’ve got the budget to style your property, you might find that it can really help entice buyers.
If your goal is to buy a property in the new year, then it’s important to not let a Christmas splurge get in the way of your real estate dreams.
While we all love giving presents, if you’re looking at potentially applying for a home loan in the new year, it’s important that you don’t do any damage to your chances of getting finance by overspending
Here are the 5 signs you personally should look out for when deciding whether or not you should hire a professional bookkeeper.
Demand for second-hand vehicles and equipment has reached record levels, as supply chain problems have made new products difficult to obtain.
Record low vacancy rates have seen industrial rents jump 30 percent across Sydney and more than 20 percent in Melbourne.
The surge in commercial lending is the largest annual growth since 2009.
17 NOV 2022 @ 3:30-5:00pm
Come and warm our newly extended and renovated office space at Smart Business Solutions in Mornington alongside Bruce Billson, Small
Business and Family Enterprise Ombudsman.
Many are looking at ways to get their repayments down. The best thing to do is speak to a finance broker who can compare your options and find a loan product.
If you’ve owned a home for a number of years, you might be able to access some of the equity to use as a deposit for another home.
With the RBA’s ongoing cash rate hikes, mortgage rates are also continuing to climb.
With Spring selling season in full flight, thousands of homeowners across Australia are looking at how they can make their homes more appealing to buyers.
While many people are excited about the idea of buying their first home, it can also be overwhelming knowing that you have to eventually pay off a large mortgage.
Legislation before Parliament will lift penalties for serious or repeated privacy breaches, and provide new powers to the Australian Information Commissioner.
The increase in interest rates is starting to take effect helping to restore price stability. However, in its statement, the RBA said that it will be a challenge to return inflation to 2-3%
If you’re famous and make an income from your fame and image, the way the ATO believes you should be taxed on the income you make may change.
In July, the Australian Taxation Office (ATO) reported a new wave of ‘Tax refund SMSF scams’.
Consumer price inflation rose by 1.8% in the June quarter, and by 6.1% on a rolling 12-month view. Whilst high, these measures were below consensus expectations. In turn, this prompted hopes that local interest rates might not need to increase as much as previously feared.
With seven months before the 2023-24 Budget released in May 2023, this Budget is a shuffling of the deck not a new set of cards.
The traditional diversification strategies of super funds are failing, and a worsening inflation.
The Optus data breach is top of mind for a lot of Australians, particularly those who have had their data breached.
The Queensland Government has backed away from an amendment that would have seen the land tax rate for investment property in Queensland.
The value of cryptocurrency assets inside Australian self managed superannuation funds (SMSFs) increased by 589.9%.
UK Chancellor Kwasi Kwarteng announced a series of tax cuts, including the reduction of the top personal income tax rate.
New guidelines for professional services firms - lawyers, architects, medical practitioners etc., came into effect on 1 July 2022.
National Cabinet agreed to end the mandatory isolation requirements for COVID-19 effective from 14 October 2022. Each state and territory has, or will, implement the end of the isolation rules.
Come and see what happens when the precision of accounting and foresight of financial planning collide.
Your partners in wealth accumulation, protection and management for today and beyond.
A secured loan is a form of finance backed by collateral. For most businesses, the collateral takes the form of real estate, either commercial or residential.
Interest rates are rising as the Reserve Bank of Australia (RBA) looks to aggressively hike the official cash rate to help slow growing inflation.
Property has a long-term track record of capital growth, which is why it is a favourite asset class for hundreds of thousands of Australians.
If you’re in the market to buy a property, or looking at refinancing your current home loan, one of the most important things to consider is trying to obtain a pre-approval from a lender.
Rabobank’s Australian Agricultural Price Outlook shows that agricultural land prices across Australia rose by 27% in 2021.
With the now abolished land tax in Queensland it is interesting to note that it was never going to have the same impact on commercial property compared to residential.
For the sixth consecutive month, the Reserve Bank of Australia (RBA) has made the decision to increase the nation’s official cash rate, which now sits at 2.60%.
Supply chain pressures and inflation have dominated conversations about investment markets for much of the past year. Reporting season gives Australians a comprehensive look at how these forces are affecting businesses – and what they mean for investors.
For Shannon Smit and the team at Smart Private Wealth, providing a service centred around client education is one of their most important objectives. It is viewed as their defining point of difference.
The Australian government has reinvigorated the 120% skills training and technology costs deduction for small and medium business.
Clients with self managed superannuation funds (SMSF) often ask what assets the SMSF can acquire.
There are two key components at play in the sale of a business: structuring the transaction; and positioning the business to the market.
The tax system currently allows Australia to tax payments made by an Australian customer in relation to technical services provided by an Indian firm.
23:59 UTC on 20 September 2022 is the cut-off to register for your .au direct domain.
You’ve worked hard for what you have – it’s time to protect it for the next generation.
If you’re running a small business and need funds to either run the day-to-day operations of the business or to expand, there are a few different options for funding.
If you’re a manufacturer, then you’re likely often faced with the prospect of needing to upgrade your equipment and working out the best way to pay for it.
Most car buyers will normally think about the type of car they want to buy and then wait until they have done a test drive.
Tenants are slowly returning to CBD offices around the country as businesses get back on track.
Industrial property could be an effective way to hedge against Australia’s highest rate of inflation in decades, according to an expert.
Property prices across Australia have risen sharply over the past 20 years and the rapid increase has made it a lot harder to get into the property.
Buying your first home can be a daunting experience. It will likely take a number of months to get your financials in order and navigate the property search.
As the value of homes has steadily increased over the years, more borrowers have turned to Lender's Mortgage Insurance (LMI).
With the cost of living going up by the day, managing your money can be tricky in the current environment.
The $2,000 Small Business Specialist Advice Pathways Program Grants are for small business to employing small businesses to access financial and legal advice and services to inform current and future business decisions.
Annual reviews are a powerful business tool. They provide insight into the past year through analysing metrics and other data.
Climate change featured heavily during the election and now the Albanese Government is putting into place some of the promises it made. We look at the current state of play and the likely impact.
The RBA lifted the cash rate to 1.85% in early August 2022. With interest rates rising, what can we expect?
The ATO has released updated information on claiming cryptocurrency losses and gains in your tax return.
ONLINE Webinar: Insurance Stripped Bare - What you really need to protect your assets
Consumer price inflation rose by 1.8% in the June quarter, and by 6.1% on a rolling 12-month view. Whilst high, these measures were below consensus expectations. In turn, this prompted hopes that local interest rates might not need to increase as much as previously feared.
For the majority of small to medium sized business owners, the value of your business is your biggest asset, and very likely, your retirement fund.
If you perform some of your work from your home office, you may be able to claim a deduction for the costs you incur in running your home office, even if the room is not set aside solely for work-related purposes.
If you’ve owned your home for a decent period of time, or you’re ahead on your mortgage repayments, then you can potentially use some of the
equity to purchase assets such as a car.
With the spring selling season just around the corner, now is the perfect time to start preparing your home should you want to sell. There’s no doubt if you’re trying to market your property, it’s vital that you are able to make it as appealing to as many people as possible.
The number of cranes in operation across Australia continues to rise, with a steady increase across the commercial sector.
The Property Council of Australia's latest Office Occupancy survey found that Perth’s office occupancy rate continued to improve between May and June (63 to 65 per cent), and Melbourne’s lifted slightly (48 to 49 per cent), while occupancy levels in the ACT declined (60 to 53 per cent).
Debt levels have been steadily rising over the past few decades, but it’s important to understand that not all debt is bad. If you’re finding yourself getting into too much debt through the use of credit cards, there are a few steps you can do to get out of it.
With upward pressure on prices across many sectors of the economy, being able to effectively manage your cash flow is more important than ever. One way businesses can help their cash flow is to finance their heavy or costly equipment.
Renovating a home is a great way to increase both its value and your rental yield, if you’re an investor.
Rentvesting involves renting where you want to live and investing in a property elsewhere so you can get your foot on the property ladder.
For the majority of small to medium sized business owners, the value of your business is your biggest asset, and very likely, your retirement fund.
It doesn’t matter how much you have. It’s what you do with it that counts.
Everyone knows you don't pay tax on the sale of your family home, right..? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption.
Whether you need to finalise Single Touch Payroll data or produce payment summaries, this checklist will help you navigate the end of year payroll process from start to finish.
There has been some confusion on what the minimum wage increase and superannuation increase means to small business employers.
Many investors become concerned when volatility occurs in global financial markets – particularly about the impact on their superannuation and other investments. In times like these, it is important to understand the causes of market movements and how to minimise your risk.
A testamentary trust is commonly used by estate planning lawyers to protect the assets and inheritance of the testator’s benefciaries from creditors, family law actions and providing flexibility in relation to the distribution of the estate.
There are limits on how much you can pay into your super fund each financial year without having to pay extra tax. These limits are called ‘contribution caps’.
Building Family Wealth takes time. But how easily can it be torn down in expensive litigation, legal challenges and regulatory and economic threat?
Prices on everyday essentials like food, petrol and medicine have increased significantly, impacting us all. Managing these price hikes is even more difficult when you’re living on a fixed income. We unpack how we got here and set out some things you can do to increase your buying power.
Industrial property has been one of the best performers over the past two years and its record run should continue, according to a leading expert.
On the back of a strong Australian economy and solid property market, office investment is set to surge according to new analysis from Knight Frank.
When people buy a car these days, many will use some form of finance. While using finance to purchase a car can help you get the vehicle you want now, it’s important to make sure you’re properly comparing loan options and not just taking what a dealership has to offer.
With interest rates tipped to rise as the RBA begins to return the cash rate to a more normal level, homeowners are wondering what the best way to handle this new environment might be.
As we head towards June 30, it's important to know what last minute tax deductions and changes are imminent. Bianca gives us a concise 5 minute summary on the new superannuation rules effective from 1 July 2022.
Your superannuation is often an under-utilised vehicle to the retirement and lifestyle that you have envisioned.
Not just for young entrepreneurs, this webinar is designed for anyone who is within their first 2 years of a new business to ensure you've got the most important operational, legal and financial structures in place.
In the 2019–20 Budget, the government announced that Single Touch Payroll (STP) would be expanded to include additional information.
Inflationary forces continued to intensify in key regions, which suggested inter- est rates could be raised more quickly and more aggressively than previously anticipated. The likelihood of rising borrowing costs also appeared to spook equity markets, which performed poorly over the month.
Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations.
It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction. Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving marketing emails encouraging us to spend now to access the deduction.
A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up:
The Government temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel and all other petroleum-based products (except aviation fuels) for 6 months from 30 March 2022 until 28 September 2022.
The ATO have issued a press release indicating their current approach on debt collection. They want taxpayers to engage with them, ie respond to calls, set up a payment plan or expect firm action.
Separating from your partner can be difficult and it can also be hard on your finances. Your post-divorce financial situation may
force changes regarding your total wealth and total liquidity.
As we approach the end of the financial year, there are a number of smart strategies you could consider to help streamline your finances and legitimately reduce your tax liability.
It can be lonely at the top of the food-chain when you're running your own business. As the owner manager, the buck stops with you and that can result in pressures from all aspects of the business.
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alliance with Count Charitable Foundation.
Taking time to ask yourself the big questions can be daunting and empowering at the same time. Understanding and prioritising your goals and needs is a valuable step.
The war in Ukraine overshadowed financial markets throughout the month, but hopes of a breakthrough in peace talks lifted sentiment towards risk assets. Solid gains among US-listed stocks helped the MSCI World Index rise more than 3%.
ATO getting about as serious as they can get with their non-public debt recovery measures.
Our new system enables us to download all ATO mail on behalf of our clients and distribute it in the most efficient manner possible.
On 31 March, the Fringe Benefits Tax (FBT) year ends. With the ever increasing budget deficits, the ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount. Who needs to lodge a FBT return? Find out here.
This is a safe, ballot box friendly Budget as expected with a focus on jobs, cost of living, home ownership, and health.
I was looking for a business advisor to help me better understand my business and the story that the numbers are telling me. I thought
I knew my business and its strengths and weaknesses. Having the skilled team at SMART involved in my business and working
on regular financial reporting has helped me see a clearer picture of how my business is doing.
We were looking for a new accountant that would act more like partners in the business. We wanted a team that would guide us towards growth. We interviewed three different firms and were absolutely blown away by the team at SMART and what they could do for us. Five years on and we continue to be blown away.
A new report reveals rezoning the Mornington Peninsula as regional would not only unlock more funding but would fix social and economic inequalities.
10 March 2022 @ Mercetta, Mornington
Join our International Women's Day 2022 Fundraising Event. Enjoy a local wine and deliciously generous finger food, place your bids on the
silent auction packages including vouchers and products from some of Mornington Peninsula’s most coveted.
Two landmark cases before the High Court highlight the problem of identifying whether a worker is an independent contractor or employee for tax and superannuation purposes.
The ATO released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes as a result.
Recently we’ve seen some wild volatility in share markets across the world due to the pandemic and military conflict. We examine what’s going on, the drivers be- hind the price swings and how long they could last. Importantly, we consider what volatility could mean for your retirement savings.
With many of our business community made up of building companies, building suppliers and trades people, this is an issue bigger than ProBuild itself. The ripple effect of the demise of such a building giant will leave many of us asking the question ‘how secure is my business and my livelihood?’
ONLINE Webinar Session
3 March // 7:30pm
Unlike other purchases, it’s not possible to return a car if you get home and decide you don’t like it.
With interest rates at record low levels, many homeowners are considering the possibility of fixing their interest rate on the home loan.
Lenders Mortgage Insurance can be a great tool to help homebuyers get into a property that they otherwise might not be able to afford. However, it comes with a cost.
When buying a home, to live in or as an investment, most people will have the goal of eventually paying it off.
After a strong 12 months, industrial property is set to see further upside according to a leading valuer.
If you’re setting the goal of purchasing a home in the coming year, it might be time to start getting your financials in order ahead of time.
December saw an uptick in Covid infections worldwide. Daily case numbers in the US topped one million for the first time, underlining the ongoing challenge of the pandemic.
In this issue we discuss the changes in superannuation effective 2022, how to improve your longevity, and changes to the RBA that may affect your mortgage.
Up against over 600 nominations and 254 certified finalists, Shannon Smit, Founding Director and Financial Adviser at Mornington firm, SMART Financial Planning, won the coveted Financial Adviser of the Year Award as one of only 23 individual award winners.
In this webinar we will go through tax effective strategies that can achieve a net-benefit to your employees without costing you more.
Whilst retention payments are very common in the building and construction industry we continually see them being incorrectly accounted for, or not accounted for, and therefore often overlooked, resulting in advance payment of taxes and/or lost income.
We are heading into a period of opening up the economy after COVID, with the need to repair the budget, an election looming by May 2022, the threat of inflation and a withdrawal of central bank stimulus.
There was increasing discussion about the possibility of interest rate increases in key regions, to counteract gathering inflationary
pressures. This saw bond yields rise, and adversely affected the performance of fixed income markets.
The Victorian Government’s Business Costs Assistance Program Round Four - Construction provides one-off payments to eligible employing and non-employing businesses in the construction sector that operate in the specific local government areas.
In spite of the generally positive mood investors remained concerned by the ongoing spread of the Delta variant of Covid-19, and whether it could derail the recovery in major economies.
How safe is your superannuation? Can a super fund go bankrupt? Is my superannuation Government guaranteed?
The impact of Covid-19 and the associated lockdown has made it more important than ever to ensure, where possible, that you’re still getting paid.
While commercial property is a little more difficult to understand than residential, it offers several significant advantages for investors.
By using a guarantor to get a home loan, you can potentially put down a lower deposit. However, it doesn’t necessarily mean you will be able to borrow more money.
Even if you can’t quite afford your dream home right now, there are still other options to get onto the property ladder a lot sooner than most people think.
With the trade industry currently thriving off the boom in the housing market, tradies find themselves busier than ever. The $1200 Small Business Digital Adaptation Program can help you work out ways to make admin life easier.
If you're looking into investing into property, regardless if it's residential or commercial, there's plenty to weigh up.
Is a financial services compensation payment to your superannuation fund considered as a contribution?
New legislation will help prevent superannuation assets from being hidden during divorce proceedings. From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court.
Australia’s two largest states and the ACT are in lockdown as the Delta strain of COVID-19 takes its toll while others are standing firm on a policy of eradication. The result is a country at a policy impasse and divided by border restrictions.
In this issue we cover Australia's aging populations and what that means for your retirement planning
ONLINE Webinar Session
7 September // 1:00PM
While the suburb and area are important factors in property selection, many investors fail to identify some of the red flags that might weigh on a property’s potential for growth.
Australian shares started the FY22 year with solid gains. Bond yields fell sharply, resulting in favourable returns from fixed income markets too.
On 24 August 2021 the Commercial Tenancy Relief Scheme Regulations 2021 were updated offering a wider eligibility catchment.
In simple terms, if you have been previously ineligible for rent relief, you may now be in a position to receive financial reprieve.
To have the retirement of your dreams, you must plan ahead. The bonus is, the sooner you start thinking about your retirement life, the better opportunity you have of making those dreams a reality.
If you can’t work because you or someone in your household is impacted by COVID-19, support is available. There are three types of payments accessible to individuals who have lost work because of the pandemic.
UPDATED 6 Sept 2021: The Small Business COVID-19 Hardship Fund program offers grants of $20,000 to eligible small and medium businesses, including employing and non-employing businesses. This program will allow more businesses who have previously not received support, to receive financial relief now.
Helping you lead & manage your business better. A webinar in collaboration with Mornington Peninsula Shire Council as part of their Small Business Workshops.
Set your kids up for financial success by teaching them about money and taking care of your own financial wellbeing.
Your tax refund can seem like winning the lottery. But it's not - it is your own hard-earned cash. So how can you make it work as hard for you as you did earning it?
"I'm totally covered.......through my super fund." If this is you, you might want to think again.
While everyone loves talking about property in Australia, the reality is that few people are experts. Here are some of the most common property investment myths plus some good ideas to consider.
Taking care of your mental health during lockdown periods becomes really essential. Shared by Simon Fraser University Health & Counselling Services: 25 tips to help you and your loved ones navigate this time.
Now that the new financial year is here, it’s time to start looking at all the ways you can make the most of your investment property. If you want to claim your expenses on your rental property, it’s vital that you have good records.
When property markets are hot, vendors often choose to go to auction to try and attract the very best price they can. However, many vendors are open to accepting an offer prior to the start of the auction itself.
Economic indicators have been generally positive recently, although the implementation of various lockdown restrictions nationwide are clouding the outlook.
The Victorian Government has announced new cash grants for businesses impacted by the lockdown declared on 15 July 2021. (Updated 6 Sept)
Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income assessed for tax purposes - but this is not always the case.
If you worked from home during lockdown and spent money on work related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed.
If you can’t work because you or someone in your household is impacted by COVID-19, support is available.
If your business has been adversely impacted by the recent lockdown in NSW, support is coming.
With the spring selling season just around the corner and property markets looking very strong, many potential sellers are looking at ways to spruce up their homes.
Overall news flow remained supportive of risk assets including equities and credit and enabled most major share markets to make positive progress.
If your current lender is not prepared to give you a better deal then it might be well worth taking the time to speak with a mortgage broker to find a lender that will. Here’s how to refinance your current home loan.
In the past 12 months we have seen record numbers taking out fixed-rate home loans. Particularly during COVID-19 times, it's worth considering what might happen with interest rates in the future and whether that means you too should think about a fixed-rate home loan.
The RBA has made it known that interest rates are likely to stay low for a while yet; however, there is increasing evidence to suggest that they will need to rise sooner rather than later.
There are a few changes earmarked for superannuation commencing 1 July 2021. These changes will impact both employers and employees. Read the details here to know what's expected.
Whether you’re a first-time home buyer looking to find your feet or a refinancer looking for certainty, there are clearly several factors to consider when shopping for a home loan.
Buying a residential property versus purchasing an investment property involves entirely different considerations. Here are the vital criteria to be on look-out for when selecting the right home loan for your investment property purchase.
A mortgage offset account is among the top home loan features available. And using one correctly can significantly impact your monthly repayments and how much you end up paying for your loan.
If you have a home loan, there are many reasons you may consider refinancing. That could include wanting to borrow more, access different home loan features or simply to get a better interest rate. We explore the more common reasons for refinancing, including a few you may not have thought of.
There are several reasons motivating homeowners to refinance. It could be to achieve a lower interest rate or move from a fixed rate to a variable rate loan or vice-versa. If you’re thinking about switching loans, you need to consider the costs of any penalties – if relevant – versus any savings you stand to make.
Borrowing capacity is the amount of money a lender or mortgage broker is willing to extend to you to purchase a property. It is also a measure of your ability to make ongoing loan repayments.
It would seem SMSF loans have become an increasingly popular way to access the capital required to get a foothold on the property ladder.
Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers.
How a trust distribution resolution is worded directly impacts the tax liability. It is important not because it determines what is taxable but because it is the basis for determining where the tax liability falls.
We often get questions from clients about what they can and cannot do in their SMSF. Often the questions relate to related party transactions – that is, interactions between the SMSF, its assets, and its members (or relatives of members). We’ve set out some of the common questions and answers.
The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term.
When an accountant talks about Tax Planning what do they actually mean? As part of our tax advisory service we always offer strategic tax advisory, but it's important to note there are a lot of things that accountants cannot implement after June 30.
Small brewers and distillers will benefit from $255 million in tax relief to support more jobs and investment as part of the 2021-22 Budget.
The rollout of Covid vaccines remained the key focus worldwide. More than 30% of adults in the US have now received at least one jab, for example, and new infections are down by around 80% since the peak in January.
Here’s a guide to the strategies you can use to minimise your business tax.
Now's the time to review what strategies you can use to minimise your tax before 30 June 2022.
Changes from 1 July 2021 will impact on how much money you can contribute to superannuation and how much you can have in your retirement phase superannuation account.
Builders, electricians, plumbers, architects, real estate agents, security guards and other workers who hold an occupational licence in their home state or territory will soon be automatically deemed to have the necessary licence in other states.
What’s the magic amount you need in your super account to retire comfortably?
Rhino 4x4 directors had been previously working with another accountant using MYOB, but they just didn’t have the commercial knowledge that they needed nor the visibility into the numbers. Enter Shannon Smit and the team from Smart Business Solutions to take Rhino 4x4 to the next level.
A car fringe benefit commonly arises when an employer makes a car they own or lease available for the private use of an employee.
An everyday occurrence across the business landscape in Australia is the practice of taking both existing and potential clients out for a meal to cement the business relationship, with the cost of this meal often covered by one party.
The ATO has signalled that there will be an increased focus on FBT this year. Given the ever-improving tools at the ATO’s disposal, in conjunction with the government’s need to raise additional revenues, it is important that employers ensure they remain compliant with their FBT requirements.
Granting employees’ access to company cars is treated by the ATO as a ‘non-cash benefit’, more commonly referred to as a fringe benefit.
Having an Estate Briefing Paper prepared by strategic tax advisors means that we can guide the structure of your Estate Plan to ensure your assets will be managed and transferred to your beneficiaries in the most financially efficient and tax effective way.
Australian inflation recorded at 0.9% in the 2020 calendar year, nearly double what the Reserve Bank of Australia forecasted in November’s Statement on Monetary Policy.
The tax impacts you need to know with divorce and relationship breakdowns including some of the areas that may impact you and where you may need assistance for your SMSF, Trusts and Estate Planning.
In the 2020-21 Federal Budget, the Government announced the introduction of a new JobMaker Hiring Credit to stimulate job
creation. This webinar helps you understand your eligibility for JobMaker credits so you can take appropriate steps to avoid missing
out on payments from the ATO.
With the borders between the State and Territories all but open and 2021 in sight, there is a hunger for a return to normal. With Australia's desire to ‘get on with things,' sentiment reached its highest level since November 2013 and Christmas spending is expected to be consistent with previous years.
As the holiday season winds up, it’s easy to be distracted from your financial goals. But this is actually the perfect time to put a few simple plans in place for a positive start to the new year.
The US election had earlier dominated attention. Donald Trump’s reluctance to concede diverted attention from possible policy changes under
the new Biden administration, but this will likely become an increasing focus for investors in the months ahead.
Stimulating investment is high on the Government’s agenda. To encourage spending, the 2021-22 Budget introduced a measure that allows businesses to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use.
We’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. The legislation enabling the JobMaker scheme has not passed Parliament as yet and until this occurs, the JobMaker rules are not certain and may change.
You've got a big block with big plans to subdivide in order to make big bucks. But do you know the ins-and-outs of property development from a TAX perspective? Before you jump in and commit to anything, it is important to understand the tax liabilities that might arise from your projects that will affect your overall profitability.
The idea of insuring against loss of income is one that has clear value. The idea of insuring against loss of income is one that has clear value. Yet many neglect to insure their most valuable asset. Income protection could be the answer – so how does it work?
Prossor Town Planning is dedicated to help people obtain planning permits across industrial, commercial residential and green wedge developments. Jackie Prossor tells us why engaging Shannon Smit as her business accountant, in addition to being her financial planner and business coach, makes perfect sense.
Director and owner Jon Robbins first engaged SMART Business Solutions as their accountant in 2014. Jon was looking for a proactive accountant and business advisor who would listen to him, take the time to understand his business, and work together collaboratively.
Tammy Aitken is half of the husband and wife duo behind Feature Pools, a boutique concrete pool designer and builder in Melbourne, Victoria. Tammy talks about her experience with SMART Business Solutions - Business Coaching, and how it has shaped their business.
The 2020-21 Federal Budget is a road to recovery paved with cash. Some of the measures are aimed at addressing the harsh lessons COVID-19
has taught us and seek to centralise production back in Australia to ensure our industries can be self-reliant.
Reflecting on the past 6 months, particularly since the effect of Coronavirus on financial markets, I am concerned that many investors do not have a clear and tailored investment strategy. My observations are that investors seem to be failing to understand one basic investment principle; 'The higher the return the higher the risk’.
The updated alternative tests released by the Commissioner of Taxation are broadly similar to the alternative tests that were released in connection with the original decline in turnover test. However, there are some key differences.
In this pragmatic webinar we help you identify arrangements at risk of triggering significant superannuation guarantee liabilities and explore the steps to minimise that risk. This is an issue that is not going away any time soon.
The release of Australian-listed company earnings gave local investors something other than virus-related news to focus on. Earnings rose ~15% in the June quarter compared to the first three months of the year. This was ahead of consensus expectations, but overall the results were underwhelming as anticipated.
To access JobKeeper payments from 28 September 2020, there are three questions that need to be assessed:
Is my business eligible? Am I and/or my employees eligible? and What JobKeeper rate applies?
We’ve summarised the key details in this update.
In this practical webinar we help you identify arrangements at risk of triggering significant superannuation guarantee liabilities and explore the steps to minimise that risk. This is an issue that is not going away any time soon.
Over 2 days, the Victorian Government has announced two new support packages delivering over $3 billion in “cash grants, tax relief and cashflow support.
If you are selling your business, merging, acquiring, or inviting in new investors, you need to understand the value of your business. But, to what degree does the pandemic impact on value?
When it comes to choosing whether to hold personal insurance inside or outside superannuation, both options have pros and cons. Which one is right for you?
Some people enjoy retirement more than for others – and one of the secrets to success is to start planning well in advance. We spoke with a 67-year-old who has begun his (semi) retirement with style, for his real-life tips on how to make your retirement dreams happen.
Covid-19 developments continued to dominate attention. There were spikes in the number of new infections in both Australia and overseas, suggesting an economic recovery may be delayed.
This webinar looks at the common issues that arise in connection with lease arrangements and the special rules that are aimed directly at tenants and landlords. We also look at specific issues that arise when lease arrangements are adjusted in response to the impact of COVID-19.
COVID-19 has had an impact on many SMSFs. We look at the key issues.
When deciding which investments are right for you, it is important to understand the trade-off between risk and return and how to manage investment risk.
It’s a good idea to regularly revisit your personal insurance to make sure it’s giving you the level and type of cover you need at your specific stage of life.
By setting goals, planning ahead and being smart with your savings and debt strategies – you can actively grow your wealth even from a
modest start.
Many investors become concerned when volatility occurs in global financial markets – particularly about the impact on their superannuation and other investments.
If you’re just starting out as an investor, there’s a lot of information to absorb. This fact file defines and explores the pros and cons of each asset class.
Interest rates are the cost of money when borrowed or loaned, and are used to control inflation and economic growth. But why do interest rates rise and fall, and how can they affect you?
Some retirees who need aged care may prefer to stay at home. Whilst others may need or prefer the assistance that a residential aged care facility can provide. .
Gearing can be an effective and tax-efficient way of building your investments over the long-term. While it can increase your investment returns, you need to be aware of the risks involved.
One of the most effective ways to provide some or all of your required level of income in retirement may be via a regular retirement income stream such as an account-based pension or an annuity.
If you have been made redundant, it is important to understand the financial issues involved, your entitlements, and how to make the most of your redundancy payment with the help of your adviser.
Superannuation can be one of the most tax effective ways to build your retirement nest egg. There are a range of strategies you can consider to boost your super savings.
A transition to retirement strategy may give you more flexibility and allow you to take advantage of tax concessions to help you achieve the lifestyle and super balance you want.
If your business currently receives JobKeeper, your arrangements will generally remain unchanged until 27 September 2020. From 28 September 2020, employers seeking to claim JobKeeper payments will need to reassess their eligibility and prove an actual decline in turnover.
Earlier optimism on the virus front started to fade, as a gradual easing of restrictions saw a spike in the number of new cases. This saw new constraints imposed in some areas and prompted the World Health Organisation to suggest the worst of the pandemic may be ahead.
Retirement is a period of life that most of us look forward to. But it can also be a challenging lifestyle adjustment, particularly if you’re someone who’s used to keeping busy.
The Government has announced the $2.5bn JobTrainer package to retrain, upskill and open new job opportunities.
The Mornington Peninsula has no active coronavirus cases and some residents live more than 100km from Melbourne. So why is the region going back into lockdown?
As a business owner, there’s one key thing you need to totally focus on now – keeping your business alive during these difficult times. It’s vital that you build a cash 'war chest' which will allow you keep trading through the coming difficult months. Also, we want to help you to protect the health of your employees and customers / clients.
A financial plan is a powerful thing, but it’s most effective when it’s supported by a solid insurance strategy.
Minimum wage increases by 1.75% plus changes to Paid Parental Leave for the self employed.
Will the Prime Minister’s targeted $250 million package of funding to support cultural and creative projects and initiatives save the industry?
Two major Australian Taxation Office (ATO) initiatives are searching out fraud and schemes designed to take advantage of the Government’s Coronavirus Economic Response Package.
Up against over 580 nominations and 275 certified finalists, Brandon Tilley, accountant at Mornington accounting and business advisory firm, SMART Business Solutions, won the coveted Rising Star Of The Year Award as one of only 35 award winners.
So, you’re one year out from retirement - congratulations! Here are five steps you can take now to ensure you’re ready.
As goals-based advisers, we start off with helping you articulate what’s important to you to develop smart financial strategies to make it all possible.
A Business Recovery Planning session requires you to reconsider all aspects of your business to ensure its best chance of recovery. We'll work with you to develop a concise Business Recovery Plan and clarify the future direction of your business.
News headlines recently stated that casual workers have won the right to paid leave following a decision in the Federal Court. As usual, the devil is in the detail.
Important need-to-know changes for Australian business owners as at 1st July 2020.
The ATO is looking carefully at businesses that appear to have made adjustments to their circumstances to meet the JobKeeper eligibility requirements where, if those adjustments had not been made, the entity would have been ineligible or had lower JobKeeper payments.
This has probably been the most difficult year ever for business owners due to the impact of COVID-19. As a business owner, there are many obligations that you need to consider and action just before and after 30 June.
Success in generating long-term wealth has a lot to do with awareness of the tricks money can play on your mind. How many of these do you recognise?
For many people, super is one of the best ways to grow your wealth, as it provides significant tax concessions to help you save for retirement.
If you’re looking to grow and protect your retirement wealth, there are some important lessons you can learn from the investment strategy rules of super funds.
There are many types of investment vehicles to choose from, with managed funds one of the most popular choices in Australia. Here we help you work out which combination is right for you.
Insuring your car, home or other possessions makes sense. So why do so few of us insure ourselves? If illness or injury stopped you from working for an extended period, could you keep paying your bills?
Whenever there is a change to your financial situation, a review of your financial plan is necessary – even more so when a complicated matter like splitting superannuation is involved.
As COVID-19 struck, Australian businesses had to rapidly evolve and implement new ways of working with very little warning or preparation. Whilst many companies have successfully adjusted to their 'new normal', it's also time to consider what the future holds for employers.
Our payroll refresher webinar will cover an overview of Xero’s payroll function. We’ll touch on new features, tips and tricks, auto superannuation, and finish with a demonstration of finalising and submitting Single Touch Payroll (STP) reporting at year-end.
April was an interesting month for financial markets. Coronavirus-related restrictions remained in place globally and the economic growth outlook remained dire.
An effective business planning process gets to the heart and soul of your business.
This session will require you to take time out from day to day activities in the business to focus on the business. Together we’ll review
your past performance and clarify your future direction.
Moratorium on evictions and rent relief
Estate planning involves much more than having an up-to-date Will. It is important to ensure that your assets are distributed in the most effective manner and without adverse tax consequences for your beneficiaries.
Self-managed superannuation funds (SMSFs) are a popular option for investors seeking greater control over their retirement savings.
Brandon has recorded a video on how to process JobKeeper in Xero. Just minutes after he finished, Xero updated further to include a basic last month turnover calculator too!
Core Values are the essence of a company’s identity; they support the vision and shape the culture of an organisation. Core Values cannot be plagiarised and made to fit an organisation. They need to be developed from within to be authentic to your company and your team.
The JobKeeper subsidy represents the largest single stimulus initiative ever offered to Australian business. A payment of $1,500 per fortnight for each eligible employee for a period of up to 6 months is a massive underwrite of the Australian economy and already hundreds of thousands of businesses have registered their interest to participate in the scheme. Under this scheme many businesses will be receiving tens or hundreds of thousands of dollars over the six-month period. You cannot afford to get this wrong.
UPDATED 13th April - Businesses significantly impacted by the coronavirus outbreak will be able to access a subsidy from the Government to continue paying their employees. THIS INCLUDES SELF-EMPLOYED!!
BAS time seems to come around quicker and quicker! Here are some tips to try and make it a little easier! We have also included a summary of common errors we see, take a look to ensure you don’t do these.
How do you manage cashflow during the best of times? What about during the worst of times?
With the economy tipping GFC point due to the coronavirus outbreak, the harsh impact is felt directly by small business. So how do you ride
the waves during economic changes?
It is essential that every business has a plan for dealing with the fallout from this pandemic.
A plan will give you peace of mind and clarity for decision-making for the future of your business, and ensure you access Government support
entitlements and maximise opportunities to preserve your cashflow and profitability.
Funding of $10,000 per business is available and will be allocated through a grant process.
Does your business rent a commercial property from your SMSF? You can now give your business reduced rent because of COVID-19 to ease the
pressure on your business.
The Federal Government has secured passage of the $189bn economic stimulus package proposed to support businesses and keep Australians in
jobs, but how does that apply to you?
In the past week or so, we’ve seen share markets fall on the back of growing concerns about the spread of the coronavirus. At times of heightened market volatility, it’s easy to fear how your superannuation and other investments might be affected, but it’s important to understand the nature of market movements before making any sudden decisions.
We know that even the smallest changes can have a big impact on your finances.
With the impact on businesses due natural disasters such as COVID-19 and the Australian bushfires, we see the knock-on effect on sales,
market presence, and businesses unsure on where they should be spending their limited resources.
It's a good time to share some industry knowledge about what marketing you should consider investing in when times are tough.
As part of a $1.7 billion economic survival package, the Victorian Government has announced $500 million to establish a Business Support Fund to assist small to medium businesses most impacted by the COVID-19 outbreak.
The Victorian Government has announced a range of tax measures to support businesses through Victoria's State of Emergency as part of a
broader economic survival package to support business and jobs in response to COVID-19.
We will regularly update this page with new questions and answers, so check back to stay up to date.
Not sure what support your bank is offering in the chaos? Check out this summary of the majors and their current plans.
The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted
changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate
insolvency laws.
The stimulus measures are not yet legislated. Parliament will reconvene on Monday 23 March 2020.
A series of high-profile examples of businesses underpaying their employees has brought the need to get payroll right into sharp focus.
Complex award and enterprise agreements can complicate payroll obligations, in terms of both regular salary and wages and the ongoing need
to pay employee superannuation. On top of that, from 1 March 2020, changes commence for annualised wage arrangements that will increase the
compliance burden on some businesses.
Let’s make it happen. We have tips, tools and solutions to support you.
We’ll build a solid understanding of your goals. Then we’ll help you reach them.
In the past week or so, we’ve seen share markets fall on the back of growing concerns about the spread of the coronavirus. At times of heightened market volatility, it’s easy to fear how your superannuation and other investments might be affected, but it’s important to understand the nature of market movements before making any sudden decisions.
Cashflow is the pain point for many small businesses. It can single-handedly make or break your business even if you’re generally running a
profitable business.
Learn the need-to-knows to improve your cashflow.
With the start of the Fringe Benefits Tax year looming on 1 April, businesses are being urged to review their Fringe Benefits Tax (FBT) position.
Many newlyweds start married life struggling from heavy debts from their big day. But with a proper financial plan, a walk down the aisle can also be a stroll in the park.
In an increasingly digital world, the value of money can be a difficult concept for children to grasp. Here are some tips for helping your kids and grandkids become wealthy and wise.
IT ALL ADDS UP – That's what the theme was for Xero Roadshow 2020. Hayley Brass was the Xero’s acting MC for today’s Xero Roadshow at Narre Warren. Hayley started the morning by remembering all the small businesses that were affected by the tragic bush fires and floods in early January. This was a great choice to star the morning.
If someone were to ask you what your business is worth, would you be able to reply with a realistic figure? Surprisingly, you wouldn’t be alone if you didn’t know the answer to this very important question.
Join Shannon and the SMART Team at the first 90 minute Lunch & Learn Workshop for 2020!
It doesn't matter if you're a retailer, tradie, health practitioner or one of a thousand other businesses. The tools remain the same. We're
all about getting you on track to help you understand your business, make realistic goals and to be better positioned to reach your business
goals.
Treat finding an accountant like speed dating. Life is busy, you need your accounts looked after and you don’t have time to wade through all the possible suitors.
There is plenty of advice out there about why you should save for your future, but little that explains exactly how
Most businesses are based, either consciously or subconsciously, on the Greek philosopher Plato’s statement indicating that necessity is the mother of invention. You identify a need and then invent a product or process to fill that need.
Your child’s education is an important investment in their future. But getting it right takes careful planning, which means you need a true understanding of the costs involved.
Automate processes to save time
Look at current processes you could change to save you time or money. One way could be changing from manual systems to automatic ones to
free up time for more important tasks.
Conduct customer research to identify new ideas
Ask your customers about what new products or services they would like to see added to your range. Brainstorm ideas with your staff, along
with which new markets to target. This article has some advice on how you can unlock innovative ideas.
Create a video channel to increase your profile
If you want to get your goods or services out there in front of a worldwide audience, think about creating a YouTube channel for your
business. This is a great way to demonstrate products or share tips with your customers. For example, if you have a background in carpentry
and a small business that makes wooden furniture, display some of your products on YouTube to gain a following.
Growing your business means more cash for you now plus a higher sale price in the future when you decide to eventually sell your business.
Over the coming months, we plan to send out to you 4 articles full of ideas to help you grow your business.
New Year’s Eve is famous for the New Year’s Resolutions people make to better themselves in the coming year. The most common New
Year’s Resolution is eat healthy and exercise regularly .
But what about your business and your personal finances? Why not start off 2020 with a very achievable and measurable resolution that
will greatly impact not just yourself, but your family’s long-term security.
Session # 11 - 3 Essential Tools for Business Success
By attending this event you’ll learn the three most powerful tools for business success and how to use them, including:
Our final Lunch and Learn for 2019, this session puts the wheels in motion to ensure your 2020 is spent being results focussed, productive and more aligned with your business goals than ever before.
Ask experts what they rate as one of the top qualities of a successful small business, and they’ll no doubt answer agility. So, here are some top tips to help you remain agile, especially during growth periods.
With Christmas just around the corner, here are 5 tips to help plan ahead and avoid a financial hangover on New Year's Day.
From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer.
The festive season is fast approaching and with it comes the temptation to eat, drink, and make merry, hopefully on the company’s dime. After all, you’ve worked hard and put in long hours to achieve your goals. It’s only right that you get to reward your clients as well as your staff and their families, maybe even yourself.
Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only retrospective but go beyond purely vacant land.
Do you understand what it takes to keep your online customers coming back for more? Whatever your answer, the following five strategies are designed to ensure you deliver a brand experience that surpasses your customers’ expectations and guarantees their loyalty.
Session # 10 - Organisational Review - How many hats are you wearing in your business and what can you do about it?
Most small business owners understand only too well that there are always too many things that need to be done yesterday. Being
under-resourced, both from a time and a staffing perspective, is a continual challenge.
Setting a clear organisational structure ensures that everyone understands their responsibilities to the business. It also helps you
identify where you may need to outsource to ensure the cogs keep moving.
Becoming a parent brings a world of joy into your life, but it can also put a strain on your household finances. So if you’re planning to take time off work to look after your little one, make sure you’re financially prepared.
Do you know how much your business is worth? Whether you’re thinking of selling or just plain curious, it’s interesting to note that owners are prone to overestimating the market value of their business.
Retiring earlier and living longer: why every woman needs the right financial strategy to make sure their savings will last their distance
Women in Australia can look forward to long and healthy lives, with the average female life expectancy now higher than 84. What’s more, women tend to leave the workforce earlier than men, at an average age of 52 which means many women end up spending more than 30 years in retirement.
Ease the financial impact and be ready for your new situation
Going through a separation or divorce raises a lot of questions
One of these relates to money. Given you’re likely to have many other issues to consider, it’s important to focus on finances as early as possible. The sooner you sort out your financial situation, the easier it will be to adjust to your new circumstances.
At SMART Business Solutions our people are our business so holding onto our employees for the long term is critical to the success of our business. Recruiting and onboarding new employees is a costly and time-consuming process for any business which is why you ideally want to hold onto great staff when you find them.
Session # 9 - Xero Update - Get all the latest news, tips and traps to get the most out of Xero
You already know how fantastic Xero is for streamlining your accounting and bookkeeping. But did you know that there are a stack of new
features that have only very recently been released that will make your software work even harder for you? Like Xero's investment in
artificial intelligence, fixed price tasks, workflow assistance and more.
Being your own boss can be rewarding, but it’s also incredibly challenging. That’s why it’s important to future-proof your hard work by taking steps today that will prepare your business for tomorrow
Being your own boss can be rewarding, but it’s also incredibly challenging. That’s why it’s important to future-proof your hard work by taking steps today that will prepare your business for tomorrow.
These are the 10 hats – aka departments – in EVERY business. These are as follows along with a brief description of the accompanying role:
It’s impossible to know what’s on the horizon, but with the right personal insurance, at least you can be financially prepared against life’s curve balls. So how do you know which types of cover are right for you? Here are some personal insurance basics to get you started on the road to financial protection.
This article follows on from last week’s blog which dealt with Key Performance Indicators – why they are vital and how to implement them, to in a sense, take the pulse of your organisation and so determine where adjustments must be made, and wins leveraged to ensure lasting results.
What gets measured gets managed. What does this quote mean to you? Have you ever worked tirelessly on a campaign without realising the desired result? And when it’s over, you’re still unsure regarding its impact on your profit margin? Or whether it was it worth your investment in terms of the time-frustration-stress input?
Session # 8- How to build a marketing plan that can be regularly implemented
Our Lunch Learn Program combines two of life's essentials; food and knowledge. And what better way to combine the two than with a 2 course
catered lunch alongside like-minded business owners who are keen to learn & network. A more casual alternative to formal training and
seminars, the best lunch and learns become an integral part of company culture - and a tasty perk that everyone looks forward to.
In the face of increasing competition, it can be tempting to think that the only way to maintain your organisation’s market share and win new customers is by lowering your prices. However, such a strategy is rarely effective in the long-term. Instead, it can end up undermining your business, so it’s wise to use it cautiously.
Contributing shares to your SMSF
What you need to know
Many investors have a personal share portfolio. When it
comes to your SMSF, did you know that you can contribute more than simply cash?
You are also able to contribute listed shares.
ONLINE WEBINAR
23 February 2023 // 12:30pm
In our upcoming webinar we'll be diving into some common exit
strategies for successful succession planning, the pros and cons, and what you need to consider before making a decision.
You’ve worked hard for what you have – it’s time to protect it for the next generation.
ONLINE Webinar: Insurance Stripped Bare - What you really need to protect your assets
It doesn’t matter how much you have. It’s what you do with it that counts.
Not just for young entrepreneurs, this webinar is designed for anyone who is within their first 2 years of a new business to ensure you've got the most important operational, legal and financial structures in place.
Taking time to ask yourself the big questions can be daunting and empowering at the same time. Understanding and prioritising your goals and needs is a valuable step.
With many of our business community made up of building companies, building suppliers and trades people, this is an issue bigger than ProBuild itself. The ripple effect of the demise of such a building giant will leave many of us asking the question ‘how secure is my business and my livelihood?’
In this webinar we will go through tax effective strategies that can achieve a net-benefit to your employees without costing you more.
The impact of Covid-19 and the associated lockdown has made it more important than ever to ensure, where possible, that you’re still getting paid.
If you're looking into investing into property, regardless if it's residential or commercial, there's plenty to weigh up.
To have the retirement of your dreams, you must plan ahead. The bonus is, the sooner you start thinking about your retirement life, the better opportunity you have of making those dreams a reality.
You've got a big block with big plans to subdivide in order to make big bucks. But do you know the ins-and-outs of property development from a TAX perspective? Before you jump in and commit to anything, it is important to understand the tax liabilities that might arise from your projects that will affect your overall profitability.
Discover 9 essential financial planning tips to help new and expecting parents manage the costs of parenthood with confidence and ease.
The Taxable Payments Annual Report (TPAR) is a mandatory report for Australian businesses in certain industries to disclose contractor payments to the ATO by August 28 each year, ensuring accurate tax reporting.
Starting July 1st, 2024, non-profit organisations (NFPs) in Australia with an ABN, but not recognised as charitable, must annually submit a NFP self-review return to the ATO to confirm their tax exemption status. This process involves three main sections: