Xperion Accountants

Treasurer Jim Chalmers has handed down the government's third budget, with a $300 power bill boon for every Australian household, but the purse strings kept tight on other measures. There's pressure to provide cost of living relief on the one hand and pressure not to further fuel inflation on the other. Have a look at this cheat sheet of what's new in this year's budget — and what's in it for you. #budget #tax #accountants https://ow.ly/5hPP50RFr6r

Don’t miss your tax obligations due date! Whether you need help with your taxation and accounting, bookkeeping, SMSF Administration, or if you’d like to know if you can save more on tax, don’t hesitate to reach out to accountant@xperion.com.au or call 07 3160 7386. #accountants #business #smallbusiness #tax #advisory #brisbanebusiness #sydneybusiness #melbournebusiness #duedates #superannuation #bookkeeping

Are you ready to pay off your HECS debt? The indexation uplift for the whole year happens on the balance you hold at 1st June. HECS instalments deducted from your wages do not reduce your balance until your tax return is lodged. If this is the last year you will be paying HECS it is worth paying it down before the 1st June and replenishing your savings when all your employer deductions are refunded when you lodge your tax return. #tax #hecs #accountants

Happy Nurses Day to all the compassionate and dedicated nurses around the world! 🩺💙 Today, we celebrate your tireless efforts, unwavering commitment, and selfless care. Thank you for being the heroes on the frontlines, making a difference in the lives of countless individuals. Your kindness and expertise shine brightly, and we are forever grateful for your invaluable contributions. Tag a nurse and show your appreciation! #NursesDay #NurseAppreciation #HealthcareHeroes #accountants #business #tax #brisbane

Happy Mother's Day to all the incredible moms out there! Your love, strength, and sacrifice are truly inspiring. Today, we celebrate you and everything you do. Thank you, Mom! 💕 #MothersDay #MomLove #accountants #business #tax #brisbane

Business Update – 08 May 2024 Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. 💡New report reveals concerning reality about superannuation accounts Two-thirds of Australians don’t feel that their superannuation is in a good position for their age, new research has revealed. Data from the Australian Retirement Trust (ART) found that only 37 per cent of Australians know how to manage their super investment options, despite the same amount planning to retire in the next 20 years. 💡Dire interest rate prediction as households suffer squeeze Just over a week before the Reserve Bank meets for its next interest rates decision, one economist has predicted further increases are in store. Judo Bank chief economic adviser Warren Hogan said he predicted the strengthening economy would trigger more rises, in what would be a devastating blow to mortgage holders around the country. 💡The government wants to change how HECS debts are indexed. So what’s the new rate? Over the weekend, the federal government announced it wanted to make big changes to how HECS debts are indexed. HECS — the Higher Education Contribution Scheme — is the most common form of university student loan in Australia, so these changes could affect millions of people. Here’s a quick breakdown of what this announcement could mean for your HECS debt. 💡Mid-market businesses remain optimistic, but cost of living impacts growth The majority of Australia’s mid-market businesses are still feeling cautiously optimistic, the annual KPMG Enterprise pre-Budget survey finds. But nearly a quarter say business growth is being significantly impacted by the cost of living, while cost and margin pressures are the top concern of mid-market business leaders. 💡‘Rise’ in unemployment expected as Australia’s economy slows S&P Global Ratings’ Anthony Walker says as the economy slows, there will be a “rise” in unemployment. 💡Small businesses at growing risk of collapse as big businesses become more financially secure Australians are being told to brace for a tidal wave of businesses going bust, and the job losses that may come with that, with a leading credit agency reporting a 20 per cent surge in small firms at risk of not paying their bills. 💡Where rents are rising the fastest in Australia Australia’s growing cohort of renters are being pushed further to the fringes of capital cities as rents hit a record high. The median rent in Australia is now $627 a week, according to property data provider CoreLogic. https://ow.ly/Pxl850Rz8el #business #rent #investment #accountants #smallbusiness

Don’t miss your tax obligations due date! Whether you need help with your taxation and accounting, bookkeeping, SMSF Administration, or if you’d like to know if you can save more on tax, don’t hesitate to reach out to accountant@xperion.com.au or call 07 3160 7386. #accountants #business #smallbusiness #tax #advisory #brisbanebusiness #sydneybusiness #melbournebusiness #duedates #superannuation #bookkeeping

SMSF Setup considerations – cost and time Setting up an SMSF can be complicated. Not getting it right can materially affect your financial situation and retirement plans. The first question you need to be sure about is whether an SMSF is the right fit. Seeking specialised financial advice can help you determine this answer. Some considerations include: Costs and time SMSFs incur a wide range of costs in establishment and the day to day running of the fund. Ensure you are across the estimated establishment, accounting and audit costs that will be incurred by your SMSF. Speak with your advisers so you are across all other incidental costs, which unlike large super funds generally occur with fixed rates rather than as a proportion of your balance. SMSFs also require dedicated attention from trustees which will take time out of your daily life to manage. Understanding from the outset your legislated responsibilities and obligations before establishing an SMSF is important. https://ow.ly/cvUM50Qor9k The rules can be complex so don’t hesitate to reach out to see how we can help you with your SMSF setup and administration at 07 3160 7386 or email accountant@xperion.com.au. #tax #superannuation #smsf #accountants #investments #retirement

Navigating cash flow challenges In the world of small businesses, positive cash flow is king. It’s the driving force that keeps your business engine running smoothly, covering all your liabilities. But what happens when outflow exceeds inflow? Cash flow problems ensue, threatening the survival and growth of your business. These cash flow problems can originate from a variety of sources including macroeconomic issues like recessions, natural disasters, and wars, as well as microeconomic issues like business decisions and performance. However, with careful planning and smart accounting practices, you can cushion or even avoid these financial blows. Let’s delve into some common cash flow issues and explore how you can manage them effectively. Problem: Lack of cash reserves If your business faces a drop in revenue, having enough cash reserves to cover up to six months of expenses can be a lifeline. Solution: Project your cash flow by estimating your sales, determining payment timelines, and estimating all expenses. Your accountant can help you create cash flow projections in your accounting software, so you know where you stand financially. Problem: Expensive borrowing High-interest credit cards and business loans can eat into your business’s revenue significantly. Solution: Consider supplier financing or refinancing loans to secure lower payments. Term loans with competitive rates can also help improve cash flow. Problem: Decreasing sales or profit margins Offering too many discounts or pricing your products and services too low can result in low profit margins. Solution: Create a short-term business survival plan and adjust your pricing strategy accordingly. https://ow.ly/asBt50RoHOK #cashflow #business #accountants

Prepare for upcoming lodgments of SMSF annual returns SMSFs need to appoint an auditor no later than 45 days before they lodge their SMSF annual return (‘SAR’). In preparation for lodgment of the SAR, SMSF trustees also need to: -complete a market valuation of all the SMSF’s assets; -prepare the SMSF’s financial statements; and -provide signed copies of documents to their auditor, so the auditor can determine the SMSF’s financial position and its compliance with superannuation laws. If an SMSF’s SAR is more than two week’s overdue, and the SMSF trustee has not contacted the ATO, the ATO will change the status of the SMSF on Super Fund Lookup to ‘Regulation details removed’, and this status will remain until any overdue lodgments are brought up to date. #tax #accountants #superannuation #smsf https://ow.ly/WjaY50Ra4j8