Freshwater Taxation | Finance

Freshwater Taxation

Phone: +61 1800 675 471

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23.01.2022 We're so thrilled to receive this lovely 5 star review from incredibly talented dessert chef and 2020 winner of Masterchef Australia, @emelia_jackson . With so many exciting things happening in her business, Emelia decided that this year was the perfect time to engage our services and sign up for our all inclusive tax and bookkeeping virtual CFO service. We're so glad that she did! Emelia caters to events all over Melbourne, including: birthday cakes, wedding cakes, c...hristening and baptism cakes, bomboniere and more. She loves nothing more than turning her clients dessert dreams into reality! Emelia also sells a range of delicious treats and even teaches hands-on cake classes which are not currently running due to COVID. For further info, check out her website here: https://www.emeliajackson.com __________________ #emeliajackson #MasterChefAU #yum #cake #dessertchef #happyclient #taxdonedifferently #melbourne #sydney #onlineaccountant #friendlyaccountants #lmbdw #lmbdwsydney #lmbdwmelbourne #lmbdwbrisbane #lmbdwperth #mumswithhustle #northernbeachesmums #northernbeacheslocal #freshwatertax #cakemaker #smallbizau #smallbusinesssupport #virtualCFO #sydneybookkeeper #melbournebookkeeper #sydneyaccountant #melbourneaccountant #mumswithhustlebizclub #love See more

21.01.2022 I love this quote. Time is the truly one of the most precious things we have. Absolutely nothing in the world can replace it. Choose to use it wisely doing what you love and with people you love. Don't waste it on worries or regrets. Life is an adventure and every experience is a lesson.... The gift of time is a reminder to count our blessings every single day. It's so important to continually assess both the people and activities that we pour our time into. If you are currently working long hours: Do you love what you do? Is this what you see yourself doing in 5 years time? If not - now is the time to set the plan in place to ensure that you create the life you want for yourself. Is there an end goal to all this hard work? Are you spending so much time working that you are missing out on spending time with the ones you love? Remove toxic people: Stop giving your time to those who don't share your values. When you recognise someone who doesn’t have principles, shows nasty behaviour, and has multiple personalities step away! Always surround yourself with motivated people who want the best for you. Nothing brings more more satisfaction than having a meaningful career and being surrounded by friends and family who love, respect and want nothing but the best for you. ______________________ #happysaturday #saturdayinspo #freshwatertaxation #love #spendtimewisely #timeisprecious #lookforwardsnotbackwards #sydneynorthernbeaches #northernbeacheslocal #northernbeachesliving #freshwaterbeachsydney #northernbeachesmums #australiansmallbusiness #dowhatyoulove #smallbusinessowner #smallbizau #lmbdw #lmbdwsydney #mumswithhustle #businesschicks #onlinebusiness #australianaccountant #sydneyaccountant #choosewisely #onlinebusiness #enjoylife #happiness #northernbeachestradies #belrose #freshwatertax See more

20.01.2022 Nobody understands the value of time management more than parents juggling little ones and running a business from home! (Especially this year). This is the main reason that I love Xero. When it is used to it's full advantage, it really does save a heap of time. Here are a few of my tips for efficiently keeping perfect books...... Update your books EVERYDAY. If you skip a day, make it up as quickly as possible. The temptation to rush and therefore make errors + lose consistency creeps in more and more with every day that you avoid your coding. Create Bank Rules as you go for every new transaction. Unless you know that you won't incur an expense twice, you should have a bank rule in place. I find that having a second web browser window open helps me to create bank rules quickly. Ideally you shouldn't be spending more than a few minutes each day coding your books. If you use a receipt capturing software such as HubDoc or ReceiptBank, ensure that you push your invoices through to Xero BEFORE you do your coding each day. This way you can be sure that invoices are correctly linked with transactions and nothing is missed. Be thorough. Create contact cards for every transaction. Enter descriptions (even if your transactions are personal in nature). Doing this means that when you run reports and drill into accounts you can clearly and quickly see the what, why and who of each transaction. After you code, check that your bank balance showing in Xero matches the balance for that day in your bank account. Remember that Xero is often a day behind - so be sure to factor this in when you are lining up your figures. If the balance is out, click on the 3 small dots on the top right of the bank account on your dashboard and then on "reconciliation report." This report is your key to understanding Xero is showing a balance different to your bank account. If you hate bookkeeping and aren't interested in learning- STOP and outsource! It's more affordable than you think to allow our team of highly experienced professionals to handle your bookkeeping, tax and business affairs for a fixed monthly fee (never locked in). See more

20.01.2022 Fantastic news!

18.01.2022 Superannuation... We all know what it is and why it’s important. If you‘re employed, it’s paid on your behalf by your employer (currently at the rate of 9.5% of your gross wage). ... If you’re self employed it’s up to you to pay your own super. If you’re a sole trader, a partner in a partnership, a beneficiary of a trust or even a company director (NOT paying yourself a wage); then technically there’s no legal requirement to pay yourself super. Sure, avoiding super means that you have more cash in your hand now. HOWEVER, even if you’re a fantastic saver, you’ll generally end up better off by investing into your super fund. Why? Because superannuation is a long term investment which means you can take a higher risk portfolio with a higher return on investment than a standard savings account which is low risk with a lower return. As a new business owner (often fresh from being employed) it is common to find yourself with more cash than you’re used to. Don’t be fooled! A big part of this cash surplus is related to the fact that you may well not be required to pay super. Sure, this might not be an issue now but eventually I guarantee it will be! Australian statistics suggest that by the age of 44 as a male you should have an average of $99K in super and $62k as a female. If your super balance falls short of these figures (or even if it doesn’t), it’s SUPER () important to stay on top of your superannuation savings. Introducing Gig super...(link below) A unique Australian superannuation fund that works specifically for the self employed and proves that setting money aside for your superannuation really is easier than you'd think. Not only will these guys help you to determine a 9.5% weekly saving, but they will enable you to sign up by contributing as little as $10 per week into your superannuation. This might not sound like a lot but I guarantee - it adds up over time! So, if you're self employed and not currently setting funds aside towards your superannuation, check these guys out - you won't regret it! https://www.gigsuper.com.au/how-it-works - #superannuation #australiansuper #saveforretirement #planahead #supersavings #gigsuper #smallbiztips #smallbiztipsguidance #solopreneur #solopreneurlife #partnership #trust #australiansmallbusiness #smallbizau #smallbizaustralia #plan #australiantaxtips #freshwaterbeachsydney #manlybeachaustralia #belrose #northernbeacheslocal #northernbeachesliving #sydneynorthernbeaches #lmbdw #lmbdwsydney #mumswithhustle #northernbeachesmums #lmbdwmelbourne #lmbdwbrisbane #lmbdwperth #businesschicks #super #freshwatertax

17.01.2022 Over the years that I've been working with new small business owners, I've noticed that the vast majority have one thing in common: a tendency to get bogged down in the demands of everyday life, losing perspective of the bigger picture. Suddenly, these motivated people are finding themselves juggling many (often new) things at once - finances, planning, marketing, accounting, contractors / staff, family, friends - the list goes on.... Before I had my girls I could very easily spend 12 hours straight sitting in front of my computer focussed on building my small business. I've always been a workaholic and I'm very grateful that I have a strong drive to create something great and make a difference. It's an incredible gift to have an ongoing project that tears you out of bed early each morning and has you buzzing with new ideas on a daily basis. Having said this, it is just so important that we strive to achieve balance in our lives on a daily basis. After all, what is success when we lose our health, our inner connection, and our relationships with others? Furthermore, when we spend more time with ourselves and our families, we are able to have better mental clarity, more abundant creativity, and the improved ability for sound business decisions. So, if you are a small business owner guilty of working long hours at the expense of other important things in your life, I strongly encourage you clear some time in your schedule to think about your priorities and how you spend your day. There is absolutely no reason that you can't make all of your business dreams come true whilst enjoying life, family, friends, health ( and sanity ). Work smarter not harder! ______________________ #love #worksmarternotharder #worksmart #lovewhatyoudo #balance #everythinginbalance #onlineaccountant #freshwatertax #sydney #sydneynorthernbeaches #lmbdw #lmbdwsydney #lmbdwmelbourne #lmbdwbrisbane #smallbizau #businessowner #smallbiz #smallbiztips #solopreneur #businesschicks #mumswithhustle #northernbeachesmums #sydneynorthernbeaches #freshwaterbeach See more

14.01.2022 A massive thankyou to our lovely long standing clients @wanderluststorytellers for your 5 star review! We appreciate it so much. Wanderlust Storytellers are an Australian family of travel bloggers who share breathtaking photos and stories of their travels on their website and instagram page. In June 2015, this inspirational family made the decision to create a life around their passion for travel, and as you will see by their photos and stories, they certainly have don...e just that! Due to COVID19, their most recent trip was of course within Australia, to stunning Hayman Island where they were lucky enough to take a scenic flight over the barrier reef. For handy tips on travelling with kids, holiday planning advice, and for inspiration for your next Aussie holiday; head over to their blog or check out their website! (Link in our bio). __________________________________________ #wanderluststorytellers #localtravel #supportsmallbusiness #smallbizau #australiansmallbusiness #sydney #australia #melbourne #brisbane #lmbdw #mumswithhustle #enjoy #enjoylife #lmbdwsydney #lmbdwbrisbane #onlineaccountants #australianaccountant #planahead #localtraveltips #freshwaterbeachsydney #northernbeacheslocal #northernbeachesliving #sydneynorthernbeaches #passion #love #travelbloggers #manlybeachsydney #belrose #freshwatertaxation See more

11.01.2022 URGENT Reminders!! Don't Forget to... Pay September 2020 Quarter Superannuation. ... (Payment must be received into the fund by October 28 in order to avoid a potential super guarantee charge). Lodge your September 2020 BAS as quickly as possible if you think you might be eligible for JobKeeper 2.0. Confirm your eligibility for JobKeeper 2.0 with the ATO (if required). This must be done by no later than October 31st. Email our team to request that we add you to our tax agent listing prior to 31 October, 2020 if you did not have a tax agent lodge your return last year and you'd like our assistance with your 2020 tax return. (Provided that we add you to our listing before the end of this month, you'll automatically be granted a tax return due date extension). Should you require assistance with any of the above, don't hesitate to get in touch with our team or send us a DM. _______________________________ #ato #taxreminders #superannuation #BAS #businessactivitystatement #JobKeeper #planahead #todolist #beorganised #freshwatertax #onlineaccountant #solopreneur #smallbiztips #smallbizau #australiansmallbusiness #onlinebusiness #lmbdw #lmbdwsydney #lmbdwmelbourne #lmbdwbrisbane #mumswithhustle #northernbeachesmums #sydney #northernbeacheslocal #northernbeachesliving #northernbeachestradies #xeroau #femmepreneur #businesschicks #freshwatertaxation See more

11.01.2022 Do your days creep away from you? Do you ever think what the heck have I done all day? Do you often feel yourself drifting from one problem to the next with very little time left to focus on your own priorities? If the answer to any of these questions is yes- use the following tips to prioritise and create a plan to keep your day (and life) from running away from you...... Map out each day in advance. Prioritise and ensure that you pencil in your non negotiable activities first. I like to plan my weeks in advance every Sunday morning by mapping out colour coded blocks of time (work / friends / family / exercise ) using google calendar. I then review my plan for the next day just before I switch off my computer the night before. Set yourself reminders as quickly as possible. If I suddenly remember something that I need to get to, i immediately jump into my email and send myself a quick reminder using an amazing service called "FollowUpThen.com." (Yes, I've mentioned this service a few times now and I no doubt will again - but I can't sing it's praises highly enough!). In a nut shell, I send an email to this service specifying a point in time in the future at which I would like a reminder to be emailed to me. This means that my inbox is not full of clutter and reminders that inevitably get overlooked. Plot out quick and easy tasks for low energy times of day and vice versa. Switch off notifications. Facebook / Instagram / Twitter / Email - ALL of it!!! Anything you don't need to be notified of - check later! Social media is specifically designed to distract us- which is does very well. Be warned - when you switch notifications off you'll receive constant suggestions to switch them back on again. Flick your active status on facebook messenger off while you're at it! This way no one can see that you are online and tempt you into a chat when you really shouldn't spare the time. Maintain balance. Ensure that you schedule time for you every day no matter what. Always ensure that you dedicate adequate time each day to your physical and mental health. ____________________ #savetime #planahead #simpletips #getorganised #freshwatertax #australianaccountants #sydneyaccountant #melbourneaccountant #brisbaneaccountants #perthaccountants #lmbdw #lmbdwsydney #lmbdwbrisbane #lmbdwmelbourne #mumswithhustlebizclub #northernbeachesmums #sydneynorthernbeaches #freshwaterbeachsydney #sydney #freshwatertaxation #planningtipsandtricks See more

09.01.2022 Feeling a little stressed that you haven't sorted your tax return yet? Your most recent tax return is generally not due until May 15 of the following financial year (if you use a tax agent). Important Note...... You MUST be on a tax agent list by no later than OCTOBER 31st to access this extended tax return due date. You are on our tax agent list if: We prepared your income tax return last year. We are currently working on your income tax return. You have provided us with your full name, DOB and TFN in order for us to add you to our listing prior to 31 October, 2020. If none of the above apply to you and you'd like us to assist with your income tax return, simply shoot as an email or DM listing the above information and we will immediately add you to our tax agent list. Above all - there's no need to panic! Myself and my amazing team are here to help YOU. We love all things tax and accounting and we love nothing more than to show you just how easy keeping on top of your tax affairs really can be. So, if you haven't yet sorted your income tax return: be sure to get in touch with us before the Halloween DEADline... ( accountant humour ). PS - To send your tax return request through to our team (which automatically adds you to our tax agent listing, simply visit the below link). https://freshwatertaxation.com.au/personal-tax-returns/ ___________________________ #taxreturndeadline #taxtips #taxtime2020 #taxagent #ato #accountanthumor #onlineaccountant #australianaccountant #sydney #halloween #taxreturn #personaltaxreturn #freshwatertaxation #lmbdwsydney #lmbdwmelbourne #lmbdwbrisbane #lmbdwperth #australiansmallbusiness #smallbizau #freshwaterbeachsydney #northernbeachesmums #northernbeacheslocal #northernbecahesliving #sydneynorthernbeaches #solopreneur #smallbusinessowner #femmepreneur #businesschicks #bossbabe #freshwatertax

09.01.2022 Happy Melbourne Cup Day! Things to do in November 2020 // DM us your race tips! ... Have a champers and watch the cup. Lodge your JobKeeper 2.0 monthly dec by the 14th. Get your finances sorted before the silly season. We have a fantastic cash flow forecast template you can download for free via the resources page of our website. If you use a tax agent to assist with your quarterly BAS, remember to ensure that this is lodged and paid by no later than the 25th. If you pay superannuation monthly, ensure that it reaches the fund by no later than the 28th (factoring in transfer time). Review your business plan ready for the new year. What do you want to achieve? How you want to achieve it? Look at the big picture and work backwards. Where do you see your business in 3 years time? What steps will you put in place now to take you there? (Free business plan guides and templates available via the resources page of our website). Should you need assistance with any of the above (besides the race tips), don't hesitate to get in touch- we'd love to help. Our team are working limited hours today due to Melbourne Cup celebrations however we'll respond to any urgent queries ASAP. Have a great day- back a winner!! _______________________________ #melbournecup2020 #virtualmelbournecup #freshwatertax #backawinner #novembertips #planahead #businessplan #businessplantemplate #smallbizau #australiansmallbusiness #lovewhatyoudo #jobkeeper2.0 #monthlybusinessdeclaration #cheers #solopreneur #australiancompany #businessactivitystatement #cashflowforecast #lmbdwsydney #lmbwmelbourne #lmbdwbrisbane #mumswithhustle #northernbeachesmums #nothernbecheslocal #northernbeachesliving #sydney #onlineaccountant #sydneybookkeeper #xeroau #freshwatertaxation See more

03.01.2022 We all have those overwhelming days when our emails pile up, our to-do list appears endless and interruption after interruption mean that we fall well behind on our daily work and life schedules. Time management// Crucial in all areas of life and something that many of us small business owners quickly realise we must become absolute masters of! ... Here are some of my top tips for saving time and getting the most of your working day... Create a time audit. Set a time limit to each task. Plan ahead. Schedule your biggest / most challenging tasks first. Maintain a "to-do" list & break each task into sub-tasks. Eliminate distractions. Automate. Outsource. Use an online calendar. Accept that in some cases you just can't do everything! Leave a margin for error. Never over-promise / burn yourself out trying to deliver. Batch similar tasks together. ________________________________ #timesavers #savetime #freshwatertaxation #onlineaccountants #taxmadeeasy #taxdonedifferently #sydneyaccountant #melbourneaccountant #brisbaneaccountant #perthaccountant #australia #freshwaterbeachsydney #belrose #northernbeacheslocal #northernbeachesliving #australiansmallbusiness #smallbusinesstips #smallbizau #solopreneur #lmbdw #lmbdwsydney #onlinebusiness #australianbookkeeper #timemanagement #mumswithhustle #mumswithhustlebizclub #love #stayontop #businesschicks #freshwatertax See more

03.01.2022 What is JobMaker?! Am I eligible? // ... The JobMaker Hiring Scheme was recently announced by the federal government as part of a wider plan to rebuild our devastated economy. The scheme will provide incentives to employ younger, unemployed job seekers and it is expected to support around 450,000 jobs. Key Points: Targets the creation of NEW jobs (as opposed to JobKeeper which is focussed around keeping existing jobs alive). Eligible employers will be able to claim $200 a week for each additional eligible employee they hire who is aged 16 to 29 years old (to a maximum credit of $10,400), and $100 a week for each additional eligible employee who is aged 30 to 35 years old (to a maximum credit of $5,200). Is to be claimed quarterly in arrears from the Australian Taxation Office (ATO) by an employer, commencing from 1 February 2021. Employers will need to report to the ATO quarterly that they continue to meet the eligibility criteria. The JobMaker scheme commenced on 7 October 2020 and is available to employers for each NEW job they create over the next 12 months for which they hire an eligible young person, aged 16 to 35 years old. Eligible employers will be able to receive JobMaker payments for up to 12 months for each new role created and for which they hire an eligible employee. The scheme itself will close to new participants on 7 October 2021. (Therefore an employee hired on 6 October 2021 could receive the payment until 6 October 2022). Employers currently participating in JobKeeper 2.0 will NOT be able to receive JobMaker payments. Only once an employer has ceased to receive JobKeeper payments for any of their employees, will they then become eligible to participate in the JobMaker scheme from the next reporting period. For more detailed information including eligibility criteria, check out our most recent blog post here: https://freshwatertaxation.com.au/jobmaker-explained/ _______________________ #jobmaker #ato #jobmakerhiringcredit #taxtips #australianaccountant #sydneyaccountant #smallbizau #lmbdw #sydney #australiansmallbusiness #smallbusinesssupport #northernbeachesmums #northernbeacheslocal #freshwatertax #freshwatertaxation