VBA Accountancy in Maroochydore, Queensland | Tax preparation service

VBA Accountancy

Locality: Maroochydore, Queensland

Phone: +61 7 5479 5499

Address: 1st Floor Plaza Business Centre, Corner Millwell Road & Evans Street 4558 Maroochydore, QLD, Australia

Website: https://www.vbatax.com

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• Tax preparation service
• Accountant

25.01.2022 In recent days, we've seen a significant announcement regarding the JobKeeper program. The program will continue as is until 27 September 2020; then payments will be reduced, with different amounts for "full time" and "part time" workers. In this scenario, a "full time" worker is someone who works more than 20 hours a week, whilst a "part time" worker, workers less than 20 hours per week.... Importantly, not all employers will be eligible for the payments post-September, as they will be required to prove actual GST turnover fell significantly in the June & September quarters, along with the December period for the payments from January 2021. To make a plan for your business regarding these changes, get in touch with the VBA team ASAP.

25.01.2022 If your business makes payments to contractors or subcontractors you may need to lodge a Taxable payments annual report (TPAR) by 28 August each year. Even if it's only PART of your business, you'll need to understand your obligations if you engage contractors or subcontractors in the industries identified in the image below. TPAR's are due on 28 August 2020. Let us know if you need help in preparing this report ASAP.

25.01.2022 Have you taken steps to improve the invoicing terms for your business? Our blog explains your options so you can implement the most effective terms for your business and your clients. https://ecs.page.link/Mx3xz

25.01.2022 If you're thinking about starting a new business for the new year, there are often expenses that aren't considered, or are underestimated by inexperienced business owners. Here are our top 5: Software Subscriptions What software do you need to operate your business and accept payments from your customers and clients? What about the software needed for your book-keeping and tax requirements?... Equipment Maintenance No one wants to think of this, especially during the start-up phase, but equipment must be maintained to remain in business. Make sure to budget for regular equipment maintenance even in the early phases. Shrinkage This can include damages, expired goods, markdowns or theft. Good workplace practices can minimise shrinkage through regular stock rotations, safe work practices and security cameras. Payment Delays What will happen if your clients cannot make payments on time? Has this been factored into your expenses for the year? Your Time You have probably started your business to give yourself the time and freedom you did not have working for somebody else. But if you are not careful, it can become quite easy to lose sight of how valuable your time is. Work out how much your time is worth BEFORE you start trading and then pay yourself accordingly.

24.01.2022 You've almost certainly heard the saying "cash is king", but have you ever stopped to understand why it's so popular? Whilst navigating business throughout a pandemic, access to 'cash' and positive cash flow, means less reliance on external funding and can give the flexibility to make choices you may not have planned only a few months ago. If you do not have adequate cash flow then you may not have the funds to support your business’ growth or carry it through a downturn, whi...ch, in turn, will affect your profits. As many businesses transition out of JobKeeper payment eligibility, understanding the cash position of the business will be critical. If you need help understanding what the cash flow impacts will be on your business in the coming months, talk to our team about how we can help.

23.01.2022 We don't know that our clients have specifically referred to us as superheroes, but we're definitely here to help!

22.01.2022 When it comes to claiming expenses for your business this tax time, there are a few golden rules to remember: 1. The expense does need to be for running your business, NOT personal expenses. 2. If the expense is used partially for personal use, you can only claim the portion used for business. 3. You MUST document how you calculated the business portion.... Business structures, industries and PAYG requirements can all impact the appropriate deductions for your business. To get it right, we recommend getting professional advice from your accountant each and every tax time.

21.01.2022 Do you really understand the difference between cash flow and profit, and how it impacts your business decisions? Read the details on our latest blog: https://ecs.page.link/9ra6P

21.01.2022 We love being a Sunshine Coast business (and with beaches like these, who wouldn't?!) We choose to work with individual income earners and small to medium sized business owners in our local community. We understand, you need to know where you are financially and you need to be financially in control. For business owners, you need accurate and timely tax and accounting services and the support of qualified and experienced professionals who can explain your financial position a...nd make it meaningful. You need to trust your financial reporting to plan and make confident business decisions. For individuals, it’s all about fast and accurate tax return lodgement, receiving your refund quickly and only ever paying as much tax as is legally required. Need a new accountant? Give us a call to discuss your accounting needs.

21.01.2022 JobKeeper - What to do by 27 September 2020 - https://mailchi.mp/420d9b58cb90/newsletter-9376856

21.01.2022 Last week it was announced that Australia was officially in recession, as a result of two negative growth quarters in a row. The June quarter dropped by 7% according to the ABS, which is significant as the largest drop in GDP since records began (although significantly less than the initial 10-20% predicted earlier in the year). What does this mean for businesses?... Reportedly, business confidence is back up to 80% of its fall and many people outside of Victoria have now been able to return to work, although unemployment numbers are still high. The GDP figures will continue to be challenged throughout the Victorian pandemic crisis, whilst long term financial outlooks are uncertain, dependant on the possibility of future COVID-19 outbreaks. Business owners can expect that there may be tighter conditions on lending, given the uncertainty in the market, along with potentially slower demand for products or services. In saying that, some businesses will certainly survive and even thrive in an economic recession. You may find accounts receivable are paid slower, as other businesses watch their cash flow and risk. Talk to your accountant about managing your business through a tumultuous time such as this, to take advantage of their broad business expertise and fresh perspective.

21.01.2022 If you engage contractors in the following industries: - building & construction - cleaning - courier or road freight - information technology (IT)... - security, investigation or surveillance - government entities your Taxable Payments Annual Report (TPAR) is due TODAY! Completing a TPAR doesn't need to be complex. If you've put good record-keeping procedures in place, the TPAR can be lodged directly to the ATO via most online accounting systems in just a few simple clicks. As businesses have 'pivoted' during this pandemic, we're seeing businesses fall into these categories where they haven't in the past, so take a second to check if any of your contractors fall into these categories.

20.01.2022 Managing late payments can be incredibly stressful even at the best of times. Ensuring you have practical processes in place to identify late payments before they become EXTREMELY late is critical to the ongoing success of your accounts receivable results. Ignoring the problem and hoping it resolves itself is also unlikely to get you positive results in the long term.... It can help to talk to an expert about the tips and systems we use to improve payment results and in turn, improve your cash flow. Talk to our team about how to set these systems up in your business.

19.01.2022 MERRY CHRISTMAS!!!

18.01.2022 Whether you're concerned about cash flow or trying to figure out how to leverage the next round of JobKeeper, we're here to help: This MyBusiness article suggests cash flow is the current challenge in Australian businesses: https://ecs.page.link/bJWwc

17.01.2022 If your business engages apprentices, you may be entitled to a subsidy of 50% of their wages (up to $7000 per quarter) with this program now extended to March 2021. This significant subsidy is intended to help employers continue to provide work to their apprentices through the difficult trading scenarios of a pandemic. To date, over $500 million has been paid out to eligible employers, with the subsidy not paid to those already claiming the JobKeeper subsidy.... From 1 July, medium-sized businesses (that employ up to 199 people) will also be eligible for any apprentices or trainees engaged as of 1 July 2020. We recommend talking to your accountant and training service provider about accessing this subsidy for your apprentices ASAP.

17.01.2022 This Christmas, we again supported the Sunshine Coast Daily's "Adopt A Family" appeal. This particular appeal is now closed, but it's not too late for you or your business to support others in need this festive season. How are you giving back this year?

16.01.2022 Happy #entrepreneursday!

15.01.2022 JobKeeper - What to do by 30 August 2020 - https://mailchi.mp/9b1cf47b7823/newsletter-9351512

15.01.2022 JobKeeper 2.0 - What to do by 22 November 2020 - https://mailchi.mp/603c319991fd/newsletter-9431420

14.01.2022 Updates to JobKeeper have now passed Parliament, extending the program until 28 March 2021. There are some changes coming with JobKeeper 2.0, including amounts paid to employees, and employer eligibility. Employers will need to show that they have met the required reduction in actual turnover in order to be eligible for JobKeeper 2.0 from 28 September 2020.... Employers who don't qualify for the second round of the package (but did access the original JobKeeper payments) will still be able to access the award flexibility terms, so long as they hold a certificate from their accountant, proving a 10% decline in turnover each quarter. Small businesses (with fewer than 15 employees) can self-certify. It's best to get specific advice from your accountant about whether JobKeeper 2.0 will available for your employees.

14.01.2022 JobKeeper - What to do by 19 July 2020 - https://mailchi.mp/a3a726b04380/newsletter-9335228

13.01.2022 If your small business energy bills are getting out of control, you might benefit from contacting the Business Energy Advice Program, where you can access a free business energy advice consultation. Check out the details here: https://ecs.page.link/Qisy3

12.01.2022 Has your business had a tax loss this year? A tax loss can occur when the total deductions your business is eligible to claim, (excluding gifts and donations), are greater than the total income for the financial year. If a business tax loss does occur, it can be possible to:... - offset the loss in the same income year against other assessable income, or - carry forward the loss to claim as a business deduction in a future financial year. It's a good idea to speak with your accountant about how to manage any potential tax losses in your business.

11.01.2022 There is a 4-year time limit to revising or amending a BAS, which is referred to as the 'period of review'. When it comes to 'fixing' information on your BAS, it's important to understand if you are fixing a mistake (i.e. a clerical or classification error) or making an adjustment (i.e. a sale has been cancelled because goods have been returned). Generally speaking, with a mistake, you can either update on your upcoming BAS, or make a revision on the original BAS.... A revised BAS can be completed online on or paper form. Adjustments normally occur in the upcoming BAS declaration. It's best to speak to your accountant or BAS agent if you think you may need to amend or revise your BAS. Our team are here to help where you need.

11.01.2022 We cannot stress this enough...PLEASE set up a separate bank account for your business income and expenses, to avoid mixing your business and personal banking! Check out our other business banking tips here: https://ecs.page.link/7iCVm

10.01.2022 If your Queensland-based business has been impacted by COVID-19, you can apply to defer your payroll tax obligations for the remainder of 2020. Once approved, you will still have to report your wages each month, but you won't be required to pay until 14 January 2021. If your business is enrolled for payroll tax, it's a good idea to speak with your accountant about the potential cash flow benefits.

10.01.2022 Will you require a 'decline in turnover certificate' to access temporary Fair Work Act provisions once the initial round of JobKeeper payments ceases? Get the details on this latest paperwork requirement here: https://ecs.page.link/SxVrh

10.01.2022 Do you know the true cost of your employees? There are seven simple (but important) things to remember about your payroll obligations. Read more: https://ecs.page.link/nHwM2

09.01.2022 A business without goals is likely to float along without ever realising its full potential. Clear goals, in contrast, can help your business succeed by providing focus and motivation for you and your team. With goals in place, you are more likely to successfully provide for your retirement and maximise the value of the business for an eventual sale.... Setting goals isn’t as hard as it may sound and right now is the best time to start. Your goals may include targets for sales profitability number of clients number of employees moving to cloud accounting changing business location buying or renting the premises and so on. Before you decide on your goals, you need to know the areas of the business that you want to improve. There are tools to help you with this, such as a SWOT analysis to identify business strengths, weaknesses, opportunities and threats or comparing your business with others that are similar to give you valuable benchmarking information. It’s important to review your goals regularly, you’ll forget about if it’s kept out of sight in a bottom drawer. Then you can monitor the success of your strategies; make adjustments if there have been significant changes in the business environment; and take up the opportunities that present themselves.

09.01.2022 Merry Christmas to you all! It's certainly been a challenging year, but we're hoping you get to enjoy today with family and friends.

08.01.2022 We're expecting to see ongoing ATO inquiries into JobKeeper payments, so it pays to keep your records in good order! Get the details here: https://ecs.page.link/ifMDH

08.01.2022 Starting a business is an exciting (sometimes stressful) time. To avoid it becoming more stressful than it needs to be, we've compiled a useful resource of all the little things you need to consider before the doors open. https://ecs.page.link/LYyiZ

08.01.2022 If you've received a government grant or payment, you may need to include it in your upcoming tax return. For example: - JobKeeper payments, fuel tax credits or product stewardship for oil benefit - wine equalisation tax producer rebate ... - grants, such as an amount you receive under the Australian Apprenticeships Incentives Program - subsidies for carrying on a business can be considered taxable income. The Cash Flow Boost does not need to have tax paid on it. As always, it's important to get specific advice from your accountant or BAS agent to ensure your taxable income is calculated correctly for your own circumstances.

08.01.2022 Newsletter - July 2020 - https://mailchi.mp/b769880d63af/newsletter-9339472

08.01.2022 The JobMaker Hiring Credit has now passed parliament. This employment incentive includes: - A payment of $200 per week for eligible employees aged 16 - 29 - A payment of $100 per week for eligible employees aged 30 - 35.... There are restrictions on eligibility, however, it's hoped this incentive will help get more younger people back in the workforce, after being more significantly impacted by COVID-19 restrictions than other demographics. The JobMaker credit is applicable for eligible employees engaged from 7 October 2020, however, as the subsidy is paid quarterly via the ATO, the subsidy won't be able to be claimed until February 2021. If you've got questions about accessing this incentive, talk to your accountant ASAP.

07.01.2022 Give Your New Business the Best Chance of Success - 5 Important Steps (From an Accountant’s Perspective) Read about our take on setting up a new business in our latest blog: https://ecs.page.link/ADXV1

07.01.2022 JobKeeper Payment Changes - https://mailchi.mp/e2e3d962314e/newsletter-9356112

07.01.2022 If your business has suffered a financial loss this past financial year (many have), did you know you may be able to claim a tax deduction for it? A recent Business Australia poll has suggested around 60% of businesses with less than 200 employees have experienced a drop in revenue since the pandemic started. You'll need to speak to your accountant about how to best manage this possible deduction appropriately for your business.... If your business continues to make a loss, you may also benefit from inviting your accountant to help you take an objective look at your expenses and cash flow management, to eventually improve your financial position.

06.01.2022 Now that most businesses are utilising Single Touch Payroll, you no longer need to give your employees payment summaries or lodge a payment summary annual report with the ATO. It's important to remind your employees that they should not expect a payment summary like in previous years. They can now find the information they need through myGov ATO online services or by contacting their tax agent if they have one.... After the last pays are completed for the financial year, you are required to make a finalisation declaration. The due dates are: - 14 July 2020 if you have 20 or more employees - 31 July 2020 if you have 19 or fewer employees. If for some reason you can't make a finalisation declaration by the required date, it is possible to request a deferral. If you've got questions about these processes in your business, give us a call.

06.01.2022 Would you like to see tax cuts brought forward? There are also hints that the JobKeeper program could continue past the current September expiry as well! Get the latest through AccountantsDaily: https://ecs.page.link/cj3Ld

04.01.2022 Have you seen evidence of the retail industry experiencing a small recovery? Get the info from MyBusiness here: https://ecs.page.link/gfa7q

04.01.2022 The ATO has issued a "high alert" notice over myGov and ATO themed text messages and emails. The messages and emails are highly-sophisticated and request that users click on a link to verify their information. In all circumstances, the ATO and myGov will never request that user click on a link in order to verify information.... If you do receive a scam message or email, be sure to report it to Scamwatch; which is run by the Australian Competition and Consumer Commission (ACCC).

03.01.2022 Have you heard the news about the new JobTrainer program? It includes an additional $1.5 billion the apprentice and trainee wage subsidy. There will also be access to training as either a short course or full qualification, to upskill and retrain Australian workforces. What would incentivise you to retain staff or hire new employees this year?... Get all the details here: https://ecs.page.link/usmzY

03.01.2022 Our step by step guide to business resolutions is here to help you start the new year with a bang! Add it to your reading list for the Christmas holidays. Check out the blog here: https://ecs.page.link/6JQ5p

02.01.2022 Your payment terms influence how quickly you do (or do not) get paid. Having the right payment terms established for your small business is vital to your business success. But what are the most common invoicing terms and what impact do these have on your cash flow? Let’s look at the most common ones with some simple examples:... Get the info on our latest blog: https://ecs.page.link/Mx3xz

01.01.2022 It's time to introduce some of our team. Monique has worked with the VBA Accounting team for over 12 years!! As a Senior Accountant, she is particularly interested in KPI work for our clients and we know our clients find her insights and support hugely valuable.... If you haven't had a chance to connect with Monique recently, make sure you say 'hi' next time you're in the office.