Advantage Accountancy

The Albanese Government has announced a series of initiatives aimed at empowering small businesses to strengthen their cyber security resilience. The 2023-2030 Australian Cyber Security Strategy will introduce targeted support for small and medium businesses, acknowledging their vulnerability to cyber incidents. Recognising that cyber attacks can inflict serious financial and reputational damage, the government is … Read more

We spend decades watching our super balances grow but for those thinking about retirement in the next few years, it can be confusing to work out how best to use your super. Here are some of the considerations for the popular options. Easing into retirement You can keep working and receive regular payments from your … Read more

There are many advantages to running a small business. You have the flexibility and independence to make your own decisions, you can turn your vision into a reality and then reap the rewards. However, there are financial risks and it can be difficult to make a profit, particularly when times are tough and there is … Read more

Australia’s economy stubbornly defied predictions during 2023, dashing any hopes that we might begin to return to some kind of normal. Some had expected an end to the Reserve Bank’s continued cash rate rises during the year. Instead, inflation has been a stubborn foe and we saw five rate rises, adding another 1.25%. But there … Read more

Good business records include all the information you need to: know if your business is profitable calculate how much cash you need to pay your bills on time meet your tax reporting and other compliance obligations. Accurate and complete records will also help you if the Australian Tax Office (ATO) ever ask you about the … Read more

Here are some quick ways to reduce your living costs. Having a money plan helps you stay on top of your spending and bills. There’s also free support and services to go to if you’re feeling overwhelmed. If you’re in crisis and struggling to pay for essentials, there are services to help you with food, … Read more

What is fringe benefits tax? Fringe benefits tax (FBT) is a tax paid by employers on certain benefits provided to their employees, or to their employees’ family or other associates. FBT is separate to income tax. It’s calculated on the taxable value of the fringe benefit. As an employer, you must self-assess your FBT liability … Read more

Bucketing is a smart way to manage your money without complicated budgets or spreadsheets. The idea is to set up multiple bank accounts called ‘buckets’ and use each one for a specific purpose, like bills, savings or entertainment. Once your buckets are set up, it’s easier to see and control how you spend and save … Read more

If you’ve received a government support grant or payment recently to help your business recover from COVID-19 or a natural disaster, it’s important to check if you need to include the payment in your assessable income. Grants are generally treated as assessable income, and you may be able to claim deductions if you use these payments to: … Read more

Look for a good currency exchange rate and check the fees when sending money overseas. A small difference can mean more money gets to your family or friend. Types of overseas money transfers Money transfer company A money transfer company is usually the cheapest way to get money to someone overseas. The company can either … Read more

A smooth and reliable level of working capital is essential to the success of any business and with the current economic challenges it’s becoming harder for businesses to maintain this. Recently released data from accounting platform Xero shows one-third of Australian small business owners are unable to pay themselves due to cash flow challenges and … Read more

Have a savings goal and budget It’s much easier to be a good saver if you have a goal in mind. It might be a holiday, a house deposit, or just a rainy day fund. To work out the amount you’ll need, be realistic about what you can afford to save each week, fortnight or … Read more