Clean Books and Borrowing
28 Apr

You will see advertising to business that says you can get a business loan without financial documentation. These "low doc" or "no doc" loans may use recent bank statements and other easily available information to quickly process the application. But getting a loan with full financials (including financials for the current year) is generally better than a low doc loan because it often offers lower interest rates , higher borrowing capacity and better loan terms. While low doc loans provide speed and flexibility for business they are considered higher risk by lenders reflected in higher fees and borrowing capacity. Read More…

Getting ready before Tax Time
25 Apr

If your books are reconciled and clean then your tax accountant can review them BEFORE 30 June and then tailor a response to give you the best tax outcome. By May, a business will have a fair idea what their profit or loss will look like by 30 June. There are quite a few tax strategies your tax accountant can advise on with some of them requiring action before 30 June. For example any additional Superannuation that is paid needs to be received by the Superannuation fund before 30 June. If we can help get your financials in order to give your Tax Accountant greater clarity then contact us. Read More…

Countdown to Payday Super
25 Apr

Up until now Superannuation for employees  for most small business could be paid quarterly. The new law introducing Payday Super comes into effect on 1 July 2026. It means Superannuation needs to be paid when payroll is processed. So for a small business with a weekly pay this means 52 payments of Superannuation compared to just four quarterly payments This may create Cashflow Challenges and processes will need to be amended to ensure that the payment is processed easily. If the payment does not go through in time there may be penalties. For a simple overview here is an ATO video link https://tv.ato.gov.au/media/c-bd9wqof/bi9or7or3x5bw8 Read More…