Ashwood Accounting | Business consultant

Ashwood Accounting

Phone: +61 404 975 641

Add/Update information

Reviews

Tags

• Businesses
• Local service
• Business service
• Tax preparation service
• Accountant
• Business consultant

25.01.2022 Considering a Holiday? Claiming work-related Travel: This can equate to a significant tax deduction for employees and business owners alike. However, before you plan a holiday away to go sipping on pina colada’s and attending the occasional business conference there are some things you need to know. You will need to apportion any of your work-related travel that is private in nature. For example, if you were to travel interstate to attend a conference for 1 day and enjoy some... leisure time for the remaining 3 days then you could only claim a percentage of all your travel costs (like flights, car hire, accommodation and meals) that relate to the work-related portion as a tax deduction and not the entire travel costs. If you receive a travel allowance from an employer, there are some exemptions in terms of having to substantiate your expenses which you’ll also need to consider carefully to see how they apply to you. However, for other employees and business owners, you should keep a travel diary and all receipts, to keep a clear record of your work-related travel. There are also some specific considerations for Fly in Fly Out (FIFO) employees which they will need to clarify with their accountant before claiming. (Please note that this advice is general in nature and you should discuss your own personal circumstances with myself or your accountant before relying on any of the information presented above). See more

24.01.2022 Almost election time...god help us! Check out my recent blog for some food for thought. The housing debate: Is it time to say goodbye to negative gearing? http://ashwoodaccounting.com.au/the-housing-debate-is-it-t/

23.01.2022 What a fantastic night! Really enjoyed being apart of it celebrating woman in business and the contributions they make to our regional communities. Professor Gillian Triggs was incredibly inspiring and I feel really privileged to have heard her insight into the challenges that many woman in Australia are facing.

20.01.2022 Tradie Alert! Lodgement Reminder: Do you operate a business in the Building and Construction, Cleaning or Courier Industry? Tomorrow is the last day to lodge your Taxable Payment Annual Report (TPAR), which summarises any payments made to contractors for the 2019 financial year. Even if you did not pay any contractors and operated a business in these industries you are still required to lodge a nil report to avoid any late lodgement fees or penalties. ‘Mixed businesses’ may ...also need to lodge. For more information on your potential TPAR obligations visit the ATO website. Also, if you are paying contractors and you operate in this industry, or other industries, it is crucial that you ensure you are compliant. The ATO has been very vigilant in ensuring that contractors are genuinely contractors and not employees or ‘deemed to be’ employees. Getting this wrong can cost businesses thousands in unpaid superannuation and PAYG withholding tax as well as fines and penalties. Therefore it’s something your accountant should be discussing with you and you should be keeping abreast of. It’s not enough to simply check that your contractor has an ABN and has provided you invoices, there is a lot more to consider. Don’t hesitate to call Ashwood Accounting for a complimentary initial appointment. See more

18.01.2022 Smart Saver Saturday! To help celebrate Mothers Day tomorrow...here's a few fun things that all you working mums may be able to claim as a tax deduction this year that you may not have known about. Because less tax = more money in the bank = more family holiday time...well that's my theory! Make-up: You may be able to claim a portion of your make-up expense if it contains spf sun protection and you are required to work outdoors or travel alot for work. Sunglasses: Same applie...s with sunglasses ladies! Spend up to $300 and get to claim upfront as a tax deduction for the work-related portion. In general sun exposure must be for regular or lengthy periods of time. Shoes: Most of you will already know this but you may be able to claim your shoes if they are protective in nature: eg: nurses wearing non slip shoes, cleaners, kitchen staff etc. Handbags: For those who didn't see my recent post re this, check it out! You may be able to claim your handbag if it's used for work-related purposes, like to carry ipads, files, diaries etc. Happy Mothers Day from Ashwood Accounting! :) (Please note that this advice is general in nature and I suggest you discuss your own personal circumstances with your accountant or myself before relying on it).

17.01.2022 Smart Saver Saturday! Tired of keeping all your fuel and other receipts to claim motor vehicle and other expenses at year end? Often these receipts fade, especially for those tradies that tend to leave them in their truck! To make life easier and to ensure you are claiming all your receipts and keeping a record of them all to remain compliant check out some of the online receipt apps that are available like Receipt Bank Scanner. You simply take a photo of your receipt and it’s saved. Most of these apps can also be integrated with most accounting software too for bookkeeping as a big bonus. Great for all receipts, not just fuel and other car expenses. And you may even like to use it for non-business expenses too- like when you want to return those shoes but can’t find the receipt!

14.01.2022 What an amazing couple of days at the CPA Public Practice conference in Lorne! Fantastic to see the CPA Australia CEO attend and some fantastic presenters. So many changes underway in the tax world, but by far the most memorable presenter was Michael Crossland.... a truely inspirational story for everyone if you get a chance do yourself a favour and look him up!

13.01.2022 The JobKeeper Allowance: Up to $1,500 per fortnight for eligible businesses and employees. The Federal Government’s ‘JobKeeper Allowance’ announced yesterday aims to assist businesses who are struggling to keep paying their employees during this time. The government has stated it will provide a wage subsidy to eligible employers of up to $1,500 per fortnight for six months for all eligible employees. Payments will be paid to and managed by employers and the government outline...d it’s intention to utilise current systems available to them like the Single Touch Payroll system to administer payments. According to the government announcement yesterday employers with an annual turnover of less than $1 billion that have experienced a 30% fall in their revenue since 1 March will be eligible. This covers sole-traders, partnerships, trusts, companies and the self-employed. Full-timers, part-timers and casuals will all be eligible, provided that they have held their jobs for one year prior to 1 March 2020. The government has also outlined their intention to back-date the payment to capture anyone who has been stood down by their employers due to the Coronavirus. This may be complicated for those employers that have already stood down employees and paid out their entitlements and are then reemploying them. Currently, the government appears to be placing the onus on the employer and employee to resolve these complexities. A person cannot receive both the JobSeeker and the JobKeeper Allowance. Payments will not start being made until early May but will be backdated to 30th March. This is clearly an incentive for businesses to keep on their employees where they can in these difficult times. This announcement will require a legislative amendment so I look forward to providing a more in depth summary then. Please be advised that the advice presented above is general in nature only and it is recommended that you seek your own advice specific to your own circumstances before relying on it.

09.01.2022 Don’t miss out on what you’re entitled to. Get the financial support you need during this time.

09.01.2022 The government has just announced an additional $130 billion in funding for businesses and their employees. Eligible businesses will receive a fortnightly wage subsidy of up to $1500 per fortnight for eligible employees for the next six months. I’ll have a full update available tomorrow but this will certainly help many businesses during this difficult time.

08.01.2022 Has your business been financially affected by the recent bushfires? The recent bushfires in East Gippsland and indeed across the country have certainly impacted many businesses. Turnover may be down and cashflow strained for many now and in the coming months. So what is available to help you and your business through this time? The Government announced a number of measures to help support small businesses in bushfire affected areas on the 20th January. This includes Bairnsda...Continue reading

07.01.2022 Financial Support for Businesses affected by the Coronavirus: What am I eligible for? I’ve had a number of clients recently contacting me somewhat confused about the government financial support available to assist businesses and individuals during this difficult time. Below is a summary of one of the measures the government has implemented to support businesses. I have summarised the other measures on my website under my recent News post. Alternatively, visit the Business Vi...ctoria website for a more detailed explanation of what is on offer. Boosting Cashflow for Employers: The government will cover PAYG withholding tax your business pays employees over the next 6 months up to a $100,000 cap. The minimum in total payments eligible businesses will receive is $20,000, irrespective of the PAYG withholding they pay. To be eligible businesses must have been a ‘small or medium business entity’ , or a charity or not for profit of equivalent size, for the most recent income year for which they have received an assessment of tax, or the Commissioner must be satisfied that there is a reasonable possibility that they were a ‘small or medium business entity’ (in the absence of a previously lodged and assessed tax return). The payments will only be available to active eligible employers established prior to 12 March 2020. At this stage, there is no separate approved form that you will need to fill out to apply for this, rather it will be dealt with when you lodge your March BAS and your subsequent June and September BAS’s. It is important for businesses to know this is not a cash payment that will hit your bank now, but rather a credit by the ATO that will only be refunded directly to you if this places all accounts you hold with the ATO into a refund position. This means that if you have other debts owing to the ATO at the time of lodging your BAS (including any GST), then the credit will first be applied to these obligations and if anything is left it will be refunded directly to you within 14 days. Please note that this advice is general in nature only and I advise you contact your accountant or trusted advisor for more comprehensive advice specific to your circumstance before relying on it. Or contact Ashwood Accounting today to arrange a complimentary initial appointment.

04.01.2022 New financial year: Time for a clean start! What should you be considering to make this year a stress-free year for your business and ensure it has the best chance of success? We're a month in to the new financial year and now is a great time for business owners to take control of their financial affairs for the year ahead. What should you be considering to make this year a stress-free year for your business and ensure it has the best chance of success? Bookkeeping: Are yo...u keeping up to date with this? If not, maybe it's time to employ a bookkeeper (if you can) or at least consider a more efficient or cost-effective software provider better suited to your needs. There's plenty of options available so speak to your accountant about the one that is best for you. Cashflow: This is so important for businesses in all industries and can be a make or break for business success. Do you have a plan to manage your Trade Debtors? What are your terms? Who follows up outstanding Debtors and when? Are you making the best use of your supplier terms? If you've struggled with cashflow over the last twelve months, maybe it's time to review this. Compliance: Are you on top of your taxation, superannuation and other employee obligations? It might be time to get a plan in place to manage your tax affairs smoothly in 2020. From lodging BAS's on time, to paying employees superannuation and keeping abreast of any changes in Fairwork Awards you may be governed by, compliance is an integral part of your business operations. Startegic Planning: Have you got a business plan in place? What is your short-term plan for 2020? Now may be the best time to sit down and work out some clear business goals for the year ahead and beyond. There are some fantastic templates available to assist you with this and having your accountant guide you through this process can greatly assist. So what does the 2020 year look like for your business? See more