After easing off on its debt collection activities during the height of the COVID-19 pandemic, the Australian Taxation Office (ATO) is now ramping up debt collection, actively pursuing the recovery of billions of dollars in outstanding tax liabilities. As a key part of the recovery program, the ATO has been writing to individuals and businesses […]
READ MOREWhat is a Div 7A Loan?
If you have a division 7A (Div 7A) loan, you may be wondering, how it arose, what this means, and what your obligations are. This article will explain Div 7A in clear terms and outlines what you need to know to remain compliant. What is Div 7A? Division 7A is an anti-avoidance rule designed to […]
READ MORETemporary immediate full expensing of assets
Temporary immediate full expensing of assets means businesses can immediately deduct the purchase cost of eligible new and second-hand* assets. Is your business eligible to immediately deduct assets? Businesses that are eligible need to have an aggregated turnover of less than $5 billion. For businesses with an aggregated turnover of less than $50 million, temporary […]
READ MORECost of Goods Sold (COGS) or Cost of Sales – for your industry
Understanding the Significance of Cost of Sales or Cost of Goods Sold (COGS). Cost of Sales (also referred to as Cost of Goods Sold [COGS]) is a very important financial performance metric, as it tracks your ability to manufacture/deliver goods and services at a reasonable cost. It represents the direct costs related to the manufacturing […]
READ MOREWorking from home? 3 Practical tips for business owners
With COVID-19 impacting businesses across all industries, it may be time to consider if your team can work from home? If this is an option for you, it is essential that you implement procedures and policies that keep your team accountable to ensure continuity of your business Does your team have everything they need to […]
READ MOREQLD Business Boost Grant
Great news! The Queensland government has announced another grant available for Queensland businesses. The Business Boost grants program provides support to businesses to advance improvements in their efficiency and productivity. Your business may be eligible to receive a grant payment of up to $15,000 (excluding GST) to your proposed project. This support includes funded activities in 3 project areas: Future planning Specialised and automated software […]
READ MORETom’s top 3 productivity tips
A quick google of ‘productivity’ will lead you to an overwhelming avalanche of tips, tricks, hacks, and methods. But what really works? What methods are tried and tested? What could you implement to improve your day to create some more time? In celebration of World Productivity Day recently (20 June) we spoke to Walsh Accountants’ […]
READ MOREQBCC – Calculate your Net Tangible Assets before 30 June
If you are required to report to the QBCC, we encourage you to calculate your net tangible assets (NTA) before 30 June. Your NTA will determine your maximum revenue for the forthcoming year – ensure your NTA is adequate so you can trade at full capacity for the 2021-22 financial year. The minimum current ratio for […]
READ MOREBudget 2021-22: The Balancing Act Budget
The Federal Treasurer, Mr Josh Frydenberg, handed down the 2021–22 Federal Budget on 11 May 2021. This was possibly the most anticipated budget in history as the government outlines its plans for economic recovery post-COVID. THE BIG NUMBER: Good news is Australia has experienced a stronger than expected economic recovery from the COVID-19 recession. This […]
READ MORETax planning strategies
Tax Planning is the epitome of creative accounting. It gives your Accountant the chance to look at your financial position and take advantage of numerous strategies and initiatives available to you to minimise the amount of tax you have to pay. 2021 is a particularly exciting year because there are multiple federal government budget announcements […]
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