Generated by All in One SEO v5.0.1.1, this is an llms.txt file, used by LLMs to index the site. # Australian Accounting & Business Consultancy Firm | Ballarat Accountants & Gisborne Accountants Sky Accountants Ballarat & Gisborne ## Sitemaps - [XML Sitemap](https://skyaccountants.com.au/sitemap.xml): Contains all public & indexable URLs for this website. ## Posts - [SKY UPDATE | FEDERAL BUDGET 26-27](https://skyaccountants.com.au/sky-update-federal-budget-26-27/) - 15 May 2026 The 2026–27 Federal Budget has been delivered amid a challenging macroeconomic environment, characterised by persistent inflation, elevated interest rates and ongoing cost-of-living pressures. The Budget includes several significant initiatives, including a plan to save $37.8 billion from the NDIS and measures aimed at strengthening Australia’s energy and fuel security, an issue brought - [SKY UPDATE | LOST & UNCLAIMED SUPER](https://skyaccountants.com.au/sky-update-lost-unclaimed-super/) - 3 December 2025 The ATO has released its latest data on lost and unclaimed superannuation. According to this data, lost and unclaimed super was over $18.9 billion for approximately 7.3 million accounts at 30 June 2025. With superannuation the cornerstone of retirement savings for most Australians, this data is deeply concerning. How does super become - [SKY UPDATE | FRINGE BENEFITS TAX & YEAR-END ENTERTAINMENT](https://skyaccountants.com.au/sky-update-fringe-benefits-tax-year-end-entertainment/) - 3 December 2025 Many businesses provide Christmas functions, team events and staff gifts at this time of year. Whilst these are customary activities, they do give rise to Fringe Benefits Tax (FBT) considerations. FBT generally arises when employers provide non-salary benefits to employees or their associates, and entertainment is a common form of fringe benefit. - [SKY UPDATE | MANAGING END-OF-YEAR SHUTDOWNS](https://skyaccountants.com.au/sky-update-managing-end-of-year-shutdowns/) - 3 December 2025 As we head into December, many businesses will be planning an annual closure over the Christmas/New Year period. For many, it’s a practical time to take a well-earned break and reset for the year ahead. However, a shutdown is not simply a matter of choosing dates and notifying staff. There are specific - [SKY UPDATE | PAYDAY SUPER LEGISLATION PASSED](https://skyaccountants.com.au/sky-update-payday-super-legislation-passed/) - 3 December 2025 On 4 November 2025, Parliament passed Treasury Laws Amendment (Payday Superannuation) Bill 2025 with Royal Assent following on 6 November. With the legislation passed and the new rules scheduled to commence on 1 July 2026, both the ATO and employers need to focus on preparing for the transition. Under the new rules, - [SKY UPDATE | $20,000 INSTANT ASSET WRITE-OFF: BILL MOVES TO THE SENATE    ](https://skyaccountants.com.au/sky-update-20000-instant-asset-write-off-bill-moves-to-the-senate/) - 01 November 2025 Under Section 328-180 of the Income Tax Assessment Act 1997, a Small Business Entity (turnover < $10M) can claim an immediate tax deduction for assets costing less than $1,000. All other assets must be depreciated over multiple years. For the better part of the last decade, successive governments have increased this threshold on a - [SKY UPDATE | FLEXIBLE WORKING ARRANGEMENTS: LESSONS FROM THE WESTPAC CASE   ](https://skyaccountants.com.au/sky-update-flexible-working-arrangements-lessons-from-the-westpac-case/) - 01 November 2025 Under the Fair Work Act, employees can request Flexible Working Arrangements and employers must follow a defined process to respond to those requests. Employees who have this entitlement include permanent employees who have worked with the employer for at least 12 months and regular casual employees. Flexible Working Arrangement requests must be - [SKY UPDATE | BENDEL CASE UPDATE: TRUST DISTRIBUTIONS TO CORPORATE BENEFICIARIES  ](https://skyaccountants.com.au/sky-update-bendel-case-update-trust-distributions-to-corporate-beneficiaries/) - 01 November 2025 It has historically been commonplace for discretionary trusts to make distributions of income to a corporate beneficiary where no cash changes hands. This arrangement results in an ‘unpaid present entitlement’ arising. Way back In 2010, the ATO issued Taxation Ruling TR 2010/3 , declaring that UPEs would constitute loans for Division 7A - [SKY UPDATE | PAYDAY SUPER SET TO COMMENCE - 1 JULY 2026 ](https://skyaccountants.com.au/sky-update-payday-super-set-to-commence-1-july-2026/) - 01 November 2025 On 9 October 2025, the Federal Government introduced the Treasury Laws Amendment (Payday Superannuation) Bill 2025 into the House of Representatives. With the new law slated to commence on 1 July 2026, both the ATO and employers will have their work cut out preparing for the transition. Under the new rules, superannuation - [SKY UPDATE | 31 OCTOBER DEADLINE IN CONTEXT ](https://skyaccountants.com.au/sky-update-31-october-deadline-in-context/) - 01 October 2025 Each year in October, the ATO publicise the impending 31 October tax lodgement due date. Whilst we applaud the ATO for being proactive, we wish they would communicate with more precision and clarity. As the ATO’s current statistics reflect, over 40% of tax returns are lodged via registered tax agents. Accountants like - [SKY UPDATE | $20,000 INSTANT ASSET WRITE-OFF ](https://skyaccountants.com.au/sky-update-20000-instant-asset-write-off/) - 01 October 2025 Under Section 328-180 of the Income Tax Assessment Act 1997, a Small Business Entity (turnover < $10M) can claim an immediate tax deduction for assets costing less than $1,000. All other assets must be depreciated over multiple years. For the better part of the last decade, successive governments have increased this threshold - [SKY UPDATE | U.S. TARIFFS ON LOW-VALUE GOODS DISRUPT EXPORTS](https://skyaccountants.com.au/sky-update-u-s-tariffs-on-low-value-goods-disrupt-exports/) - 01 October 2025 Before 29 August 2025, parcels under US$800 could enter the U.S. duty-free under the “de minimis” exemption. That changed on 29 August 2025, when the U.S. suspended the exemption, meaning all shipments are now taxable and require full customs processing. The suspension caused major disruption with carriers, including Australia Post, needing to - [SKY UPDATE | FEDERAL COURT CLARIFIES OPERATION OF CONTRACTUAL SET-OFF CLAUSES](https://skyaccountants.com.au/sky-update-federal-court-clarifies-operation-of-contractual-set-off-clauses/) - 01 October 2025 A recent judgement in the Federal Court involving Woolworths and Coles has provided new clarity on how set-off clauses in employment agreements operate. Many employers have historically relied on contractual (“Set-off” or “Offset”) clauses stating that an employee’s annual salary is intended to cover award entitlements such as overtime, penalty rates and - [SKY UPDATE | NEW WORKPLACE RULES FOR SMALL BUSINESSES ](https://skyaccountants.com.au/sky-update-new-workplace-rules-for-small-businesses/) - 01 September 2025 From 26 August 2025, small business employers (those with fewer than 15 employees) must comply with new workplace laws introduced under the ‘Closing Loopholes’ reforms. These changes bring small businesses into line with obligations that have applied to larger employers for the past 12 months, specifically: The Right to disconnect The Employee - [SKY UPDATE | MANDATING CASH ACCEPTANCE](https://skyaccountants.com.au/sky-update-mandating-cash-acceptance/) - 11 February 2025 The Federal Government is considering new legislation to mandate cash acceptance for essential goods and services. The move aims to ensure that consumers who rely on cash—such as the elderly, those in rural areas, and individuals without digital banking access—can continue to participate in the economy. The mandate is expected to apply - [SKY UPDATE | VICTORIAN SHORT STAY LEVY](https://skyaccountants.com.au/sky-update-victorian-short-stay-levy/) - 11 February 2025 Starting 1 January 2025, Victoria has implemented a 7.5% Short Stay Levy on short-term accommodation. Key Details of the Short Stay Levy: Levy Rate: flat 7.5% of the total booking fee. Applicable Properties: the levy targets accommodation of periods of less than 28 days in a range of property types including houses, - [SKY UPDATE | CRIMINALISING WAGE UNDERPAYMENTS](https://skyaccountants.com.au/sky-update-criminalising-wage-underpayments/) - 11 February 2025 The new ‘wage theft’ legislation came into effect on 1 January 2025 criminalizing the intentional underpayment of employee wages and entitlements. Criminal Offense: deliberately underpaying employees is now a criminal act. Penalties: Prosecution leading to a criminal conviction can result in maximum penalties of: for individuals: a term of imprisonment not more - [SKY UPDATE | HOW TO IMPROVE CASH FLOW](https://skyaccountants.com.au/sky-update-how-to-improve-cash-flow/) - 11 February 2025 Cash flow is the lifeblood of any business, and improving it requires a proactive approach. Particularly in the current economic environment. Businesses can pull a variety of financial levers to enhance cash flow, broadly categorized into profit levers and balance sheet levers. Additionally, building internal capability around managing cash flow and leveraging - [SKY UPDATE | 2024/25 NFP SELF-REVIEW RETURNS](https://skyaccountants.com.au/sky-update-2024-25-nfp-self-review-returns/) - 01 August 2025 With the conclusion of the 2024/25 financial year, Not-For-Profit (NFP) organisations are reminded of the new(ish) obligation to lodge an annual NFP Self-Review Return. Non-charitable NFPs with an active ABN that self-assess as income tax exempt, are required to submit a NFP Self-Review Return to the ATO by 31 October 2025. Examples - [SKY UPDATE | WORKING FROM HOME – CLERKS AWARD MAJOR CASE UPDATE](https://skyaccountants.com.au/sky-update-working-from-home-clerks-award-major-case-update/) - 01 August 2025 Back in October 2024, we wrote about the Fair Work Commission’s (FWC) major case examining whether a dedicated working-from-home (WFH) clause should be introduced into the Clerks – Private Sector Award. Since then, the case has progressed with the FWC engaging Swinburne University of Technology to undertake a quantitative research study to - [SKY UPDATE | RBA’S UNEXPECTED JULY INTEREST RATE DECISION](https://skyaccountants.com.au/sky-update-rbas-unexpected-july-interest-rate-decision/) - 01 August 2025 Whilst many pundits expected the RBA to cut interest rates at the July meeting, the RBA Board instead elected to keep the official cash target rate at 3.85%. In the statement issued by the RBA, it was noted that inflation has moderated significantly since its peak in 2022. However, in the face - [SKY UPDATE | TAXABLE PAYMENTS ANNUAL REPORTS (TPAR)](https://skyaccountants.com.au/sky-update-taxable-payments-annual-reports-tpar/) - 01 August 2025 If your organisation has paid contractors for services during the 2024/25 financial year, you may need to lodge a Taxable Payments Annual Report (TPAR) by 28 August 2025. If your business operates in one or more of the following industries, and you have made payments to contractors, it is likely that you - [SKY UPDATE | ASIC CONSUMER ALERT ON SUPER SWITCHING](https://skyaccountants.com.au/sky-update-asic-consumer-alert-on-super-switching/) - 01 August 2025 ASIC has issued a consumer alert warning Australians to be wary of high-pressure tactics urging them to quickly switch their superannuation. The warning comes in the wake of the First Guardian Master Fund collapse, in which thousands of Australians are expected to lose their retirement savings. In its alert, ASIC flags cold - [SKY UPDATE | ATO FOCUS ON EMPLOYEE VERSUS CONTRACTOR CLASSIFICATION ](https://skyaccountants.com.au/sky-update-ato-focus-on-employee-versus-contractor-classification/) - 01 September 2025 The Australian Taxation Office (ATO) has recently highlighted its ongoing focus on ensuring workers are correctly classified as either employees or contractors. The ATO has warned that businesses who incorrectly treat employees as contractors risk significant penalties and charges under superannuation and PAYG withholding provisions and are soliciting anonymous tip-offs of non-compliant - [SKY UPDATE | FUEL TAX CREDIT RATE UPDATE ](https://skyaccountants.com.au/sky-update-fuel-tax-credit-rate-update/) - 01 September 2025 Businesses that acquire fuel for use in machinery, plant, equipment, heavy vehicles, and other business-related activities may be eligible to claim Fuel Tax Credits, for the tax included in the price of that fuel. The ATO’s Eligibility Tool is a good resource for businesses to help determine if they are eligible to - [SKY UPDATE | PAYDAY SUPER UPDATE  ](https://skyaccountants.com.au/sky-update-payday-super-update/) - 01 September 2025 The Federal Government’s Payday Super reforms are scheduled to commence on 1 July 2026, requiring employers to pay superannuation contributions within seven days of paying wages. Earlier this year, exposure draft legislation was released for consultation. However, with the start date fast approaching, no Bill has been introduced to Parliament, leaving employers - [SKY UPDATE | NOVEMBER INTEREST RATE DECISION: RBA HOLDS RATE STEADY](https://skyaccountants.com.au/sky-update-november-interest-rate-decision-rba-holds-rate-steady/) - 05 December 2024 At the November meeting, the Reserve Bank of Australia (RBA) Board resolved to maintain the cash rate at 4.35%. In the accompanying media release, the Board once again expressed that they consider that underlying inflation remains too high. The RBA advised that whilst inflation is easing due to weak growth and restrictive - [SKY UPDATE | VICTORIA’S NEW OFF-THE-PLAN DUTY CONCESSION](https://skyaccountants.com.au/sky-update-victorias-new-off-the-plan-duty-concession/) - 05 December 2024 The Victorian Government has introduced a new Off-the-Plan Concession aimed at boosting investment in the construction of apartments and townhouses. With the enabling legislation (Duties Amendment (More Homes) Bill 2024) having received Royal Assent on 19 November 2024, the concession is now available. The concession is available for: Off-the-plan dwellings, including apartments - [SKY UPDATE | CHANGES TO ENTRY-LEVEL CLASSIFICATIONS IN MODERN AWARDS FROM 1 JANUARY](https://skyaccountants.com.au/sky-update-changes-to-entry-level-classifications-in-modern-awards-from-1-january/) - 05 December 2024 From 1 January 2025, changes to entry-level classifications in various modern awards will take effect. Introductory classifications apply to the first stage of a job, which includes: an initial induction period; time spent undertaking training; or enough time to gain basic skills and experience required for the job. All employment classifications that - [SKY UPDATE | CHANGES TO FOREIGN RESIDENT CGT WITHHOLDING RULES FROM 1 JANUARY](https://skyaccountants.com.au/sky-update-changes-to-foreign-resident-cgt-withholding-rules-from-1-january/) - 05 December 2024 From 1 January 2025, important changes to the Foreign Resident Capital Gains Tax (CGT) Withholding rules will come into effect, impacting both buyers and sellers of property. The changes, introduced under the Treasury Laws Amendment (2024 Tax and Other Measures No. 1) Bill 2024, passed both houses of Parliament on 28 November - [Sky Update – September 2017](https://skyaccountants.com.au/sky-update-september-2017/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Bill to increase Medicare levy The Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017 has been introduced to implement the Government’s 2017–2018 Budget announcement to increase the Medicare levy by 0.5% - [Top 5 Cloud Based Hospitality Applications](https://skyaccountants.com.au/top-5-cloud-based-hospitality-applications/) - More and more, hospitality businesses are turning to the cloud to take control of their finances, improve collaboration and drive efficiencies. In this blog we share the top 5 cloud applications used by forward thinking hospitality businesses. Cloud based applications have increased in popularity off the back of their affordability and the ability to access - [SKY UPDATE | EXPORT MARKET DEVELOPMENT GRANTS (EMDG) – APPLICATIONS OPENING SOON](https://skyaccountants.com.au/sky-update-export-market-development-grants-emdg-applications-opening-soon/) - 01 November 2024 The Export Market Development Grants (EMDG) program, managed by Austrade, provides financial assistance to help Australian businesses grow internationally. The EMDG program is open to a range of industries, including manufacturing, tourism, education, and technology, and aims to encourage the expansion of Australian exports. The EMDG program offers staged funding aligned with - [SKY UPDATE | HOLIDAY SEASON EMPLOYMENT ISSUES](https://skyaccountants.com.au/sky-update-holiday-season-employment-issues/) - 01 November 2024 As the Christmas and New Year period approaches, small to medium-sized enterprise (SME) owners often face unique staffing challenges. From managing annual leave requests to ensuring fair workloads and compliance with holiday pay requirements, it’s essential to be prepared to navigate the complexities of this busy time of year. Here’s a look - [SKY UPDATE | CLARIFYING THE 31 OCTOBER INCOME TAX RETURN DEADLINE](https://skyaccountants.com.au/sky-update-clarifying-the-31-october-income-tax-return-deadline/) - 01 November 2024 Each year in October, the ATO makes a lot of noise about the obligation to lodge tax returns by the 31st of October. Frustratingly, this poorly executed messaging causes unnecessary stress for more than 50% of the population who lodge their tax return through a registered tax agent. Those people who lodge - [SKY UPDATE | MYGOVID REBRANDING TO MYID](https://skyaccountants.com.au/sky-update-mygovid-rebranding-to-myid/) - 01 November 2024 Australia’s digital identity service myGovID has announced it will soon be known simply as “myID”. myGovID is the smart-phone app that is used as part of the login process to access an extensive range of government systems, including myGov. The decision to rebrand is intended to rectify the ongoing confusion caused by - [SKY UPDATE | TREASURY REVIEW OF NEGATIVE GEARING](https://skyaccountants.com.au/sky-update-treasury-review-of-negative-gearing/) - 01 October 2024 The Australian Treasury has reportedly begun reviewing the policy of negative gearing, a long-standing feature of our tax system. Negative Gearing in Australia Negative gearing refers to the ability of investors to claim tax deductions against their other income for investment losses, thus reducing their tax. Whilst negative gearing can be used - [SKY UPDATE | UPDATE ON THE BENDEL CASE: APPLICATION OF DIVISION 7A TO UNPAID TRUST DISTRIBUTIONS](https://skyaccountants.com.au/sky-update-update-on-the-bendel-case-application-of-division-7a-to-unpaid-trust-distributions/) - 01 October 2024 We have previously written about the Bendel case which concerns the application of Division 7A to unpaid distributions of income made by a trust to a related company. The application of Division 7A to unpaid trust distributions has significant implications for the taxation of trust income and how taxpayers arrange their affairs. - [SKY UPDATE | PERSONAL SERVICES BUSINESS & APPLICATION OF THE PART IVA GENERAL ANTI-AVOIDANCE PROVISIONS](https://skyaccountants.com.au/sky-update-personal-services-business-application-of-the-part-iva-general-anti-avoidance-provisions/) - 01 October 2024 The Personal Services Income (PSI) rules are a significant feature of the Australian tax system, affecting those businesses that generate income through an individual’s personal efforts, skills or expertise. Whilst the PSI rules have been a feature on the tax landscape for nearly 25 years, their correct application continues to be an - [SKY UPDATE | WORKING FROM HOME: FAIRWORK COMMISSION MAJOR CASE](https://skyaccountants.com.au/sky-update-working-from-home-fairwork-commission-major-case/) - 01 October 2024 The Fair Work Commission (FWC) has commenced a new major case to develop a working from home (WFH) term in the Clerks—Private Sector Award 2020. A provisional list of issues to be considered in the major case was published by the FWC which includes: How should WFH be defined? Should a WFH - [SKY UPDATE | ATO DATA-MATCHING PROGRAMS](https://skyaccountants.com.au/sky-update-ato-data-matching-programs/) - 29 August 2024 This week three Gazette notices have been published concerning ‘data-matching’ programs to be run by the ATO. Data-matching programs are initiatives used by the ATO to cross-check information provided by taxpayers with data sourced from third parties. By comparing data from various sources, the ATO can better identify discrepancies to help them - [SKY UPDATE | RIGHT TO DISCONNECT](https://skyaccountants.com.au/sky-update-right-to-disconnect/) - 22 August 2024 The new ‘right to disconnect’ introduced as part of the Closing the Loopholes legislation will soon come into effect. On the 26th of August, a new Section 333M will appear in the Fair Work Act 2009 and will provide that: An employee may refuse to monitor, read or respond to contact, or - [SKY UPDATE | 2023/24 TAXABLE PAYMENTS ANNUAL REPORTS DUE SOON](https://skyaccountants.com.au/sky-update-2023-24-taxable-payments-annual-reports-due-soon/) - 15 August 2024 The Taxable Payments Annual Report (TPAR) is a mandatory report required by the Australian Taxation Office (ATO) for specific industries. The report details payments made to contractors for services provided to help the ATO ensure that those contractors meet their tax compliance obligations. Industries Required to Report Businesses in the following industries - [SKY UPDATE | ASIC WINS FIRST 'GREENWASHING' CASE](https://skyaccountants.com.au/sky-update-asic-wins-first-greenwashing-case/) - 08 August 2024 The Australian Securities & Investments Commission (ASIC) has had its first win in a ‘greenwashing’ case in the Federal Court involving Mercer Superannuation (Australia) Limited. Mercer has been ordered to pay an $11.3 million penalty after admitting to having made misleading statements about the sustainability of certain superannuation investment options. This case, - [SKY UPDATE | ASIC ANNUAL INSOLVENCY DATA HIGHLIGHTS THE IMPORTANCE OF FINANCIAL VIGILANCE](https://skyaccountants.com.au/sky-update-asic-annual-insolvency-data-highlights-the-importance-of-financial-vigilance/) - 02 August 2024 The Australian Securities and Investments Commission (ASIC) recently released its annual insolvency data, revealing a significant rise in the number of companies entering external administration. The report, published on 25 July 2024, shows that over 11,000 companies faced this fate in the 2023/24 financial year, marking a significant increase on the prior - [SKY UPDATE | FUTURE FOUNDATIONS FOR GIVING INQUIRY REPORT](https://skyaccountants.com.au/sky-update-future-foundations-for-giving-inquiry-report/) - 25 July 2024 On the 18th of July, the Productivity Commission publicly released their 'Future foundations for giving' report in relation to the philanthropy inquiry. The report makes a number of recommendations to support the Government’s goal of doubling philanthropic giving by 2030. The inquiry included consultation with more than 3,000 submissions and two weeks of - [SKY UPDATE | IMPORTANT CHANGES TO CASUAL EMPLOYMENT FROM 26 AUGUST](https://skyaccountants.com.au/sky-update-important-changes-to-casual-employment-from-26-august/) - 18 July 2024 We previously wrote about the changes affecting casual employment relationships introduced as part of the 'Closing the Loopholes' legislation passed by Parliament back in February 2024. With these changes set to come into effect from the 26th of August, employers need to make sure they are across the new requirements. The following - [SKY UPDATE | NEW NOT-FOR-PROFIT TAX EXEMPTION REPORTING UPDATE](https://skyaccountants.com.au/sky-update-new-not-for-profit-tax-exemption-reporting-update/) - 11 July 2024 In previous Sky Updates we have written about the 2022 Federal Budget announcement that not-for-profit entities that self-assess as income tax exempt, will be required to lodge an annual ‘NFP self-review return’ with the ATO. The purpose of the new reporting regime is to ensure that NFPs actively review their situation in - [SKY UPDATE | INSTANT ASSET WRITE-OFF UPDATE ](https://skyaccountants.com.au/sky-update-instant-asset-write-off-update/) - 4 July 2024 We previously wrote about the parliamentary squabbling that was causing uncertainty around the implementation of the Instant Asset Write-Off for the 2023/24 financial year. To recap, the purchase of an asset is ordinarily considered ‘capital’ and is not immediately tax deductible. Businesses purchasing assets may be able to claim a ‘depreciation’ deduction - [SKY UPDATE | ANNUAL WAGE REVIEW & NEW PAY GUIDES ](https://skyaccountants.com.au/sky-update-annual-wage-review-new-pay-guides/) - 27 June 2024 We recently published an article discussing the Fair Work Commission’s (FWC) decision for the Annual Wage Review 2023-24. The outcome of the review is a 3.75% increase to the National Minimum Wage and all modern award minimum wage rates with effect from 1 July 2024. The Fair Work Ombudsman has now published - [SKY UPDATE | RBA INTEREST RATE DECISION](https://skyaccountants.com.au/sky-update-rba-interest-rate-decision/) - 20 June 2024 The Reserve Bank of Australia (RBA) has decided to leave the cash rate target unchanged at 4.35% following its latest board meeting on the 18th of June. Inflation: A Persistent Challenge Inflation remains a key concern for the RBA. Whilst there has been a substantial reduction since its peak in 2022, inflation - [SKY UPDATE | REMINDER: SUPERANNUATION GUARANTEE RATE CHANGE FROM 1 JULY 2024](https://skyaccountants.com.au/sky-update-reminder-superannuation-guarantee-rate-change-from-1-july-2024/) - 13 June 2024 As we approach EOFY 2024, it is important to be across the upcoming change to the superannuation guarantee (SG) rate. What is the Superannuation Guarantee? Under the Superannuation Guarantee (Administration) Act 1992, employers are required to make contributions to employee superannuation funds based on their ‘ordinary time earnings’ (OTE) multiplied by the statutory - [SKY UPDATE | UPDATE ON STAGE 3 PERSONAL TAX RATE AMENDMENTS](https://skyaccountants.com.au/sky-update-update-on-stage-3-personal-tax-rate-amendments-2/) - We recently wrote about the proposed changes to the Stage 3 tax cuts and also provided an update on the Sky Accountants Podcast. To recap, the Stage 3 tax cuts had previously been legislated and were due to commence on the 1st of July 2024. Those tax rate changes favored higher income earners and had been the subject to - [SKY UPDATE | NEW NOT-FOR-PROFIT TAX EXEMPTION REPORTING](https://skyaccountants.com.au/sky-update-new-not-for-profit-tax-exemption-reporting/) - We have previously written about the 2022 Federal Budget announcement that not-for-profit entities that self-assess as income tax exempt, will be required to lodge an annual ‘NFP self-review return’ with the ATO. The purpose of the new reporting regime is to ensure that NFPs actively assess their situation and correctly access the exemptions in Division 50 of - [SKY UPDATE | WHAT YOU NEED TO KNOW ABOUT FRINGE BENEFITS TAX 2023/24](https://skyaccountants.com.au/sky-update-what-you-need-to-know-about-fringe-benefits-tax-2023-24-2/) - Fringe Benefits Tax (FBT) is a tax payable by employers on non-cash benefits provided to employees. This is essentially any benefit provided to employees beyond their normal salary and superannuation. Common examples of Fringe Benefits are: Private use of vehicles; Car parking; Provision of entertainment; Payment/reimbursement of private expenses; Provision of loans; Provision of goods/services - [SKY UPDATE | FAIR WORK COMMISSION ANNUAL WAGE REVIEW 2023–24 ](https://skyaccountants.com.au/sky-update-fair-work-commission-annual-wage-review-2023-24/) - 6 June 2024 The Fair Work Commission (FWC) has announced its decision for the Annual Wage Review 2023-24. The Review encompasses two primary tasks: determination of the National Minimum Wage order; and review of modern award minimum wages. The National Minimum Wage order sets the minimum pay rate for employees not covered by a modern - [SKY UPDATE | ASIC Takes Legal Action Against Director for Failing to Apply for a Director ID](https://skyaccountants.com.au/sky-update-asic-takes-legal-action-against-director-for-failing-to-apply-for-a-director-id/) - The Australian Securities and Investments Commission (ASIC) has initiated its first prosecution action against a director for non-compliance with the obligation to possess a Director Identification Number (Director ID). Background: The Director ID regime, introduced in November 2021, mandates that all company directors obtain a unique 15-digit Director ID. The timelines for compliance vary based on appointment - [SKY UPDATE | Enhancements to Australia’s Paid Parental Leave Scheme](https://skyaccountants.com.au/sky-update-enhancements-to-australias-paid-parental-leave-scheme/) - On the 18th of March, the Senate passed the Paid Parental Leave Amendment (More Support for Working Families) Bill 2023, marking a significant stride towards the 2022/23 Federal Budget commitment to provide greater support for new parents across the country. The cornerstone of the Bill is the expansion of the Paid Parental Leave scheme to provide an - [SKY UPDATE | Understanding the New Definition of Casual Employment](https://skyaccountants.com.au/sky-update-understanding-the-new-definition-of-casual-employment/) - The landscape of employment laws is constantly evolving, and staying abreast of these changes is crucial for both employers and employees alike. In particular the ‘Closing the Loopholes’ legislation ushers in a significant number of changes to be across. One of the changes that will have far reaching implications is the amendment to the definition of ‘casual - [SKY UPDATE | Unlocking Innovation: Research & Development Update](https://skyaccountants.com.au/sky-update-unlocking-innovation-research-development-update/) - As the global and domestic business landscape continues to evolve, innovation has never been more critical. Recognizing the importance of fostering research and development (R&D), governments around the world have implemented various incentives to encourage businesses to invest in innovation. In Australia, the Research & Development Tax Incentive (RDTI) stands as the central mechanism to - [SKY UPDATE | ENERGY EFFICIENCY GRANTS FOR SMALL AND MEDIUM ENTERPRISES ROUND 2](https://skyaccountants.com.au/sky-update-energy-efficiency-grants-for-small-and-medium-enterprises-round-2-2/) - The Efficiency Grants for Small and Medium Sized Enterprises Round 2 is aimed at supporting businesses to upgrade or replace inefficient equipment in order to improve their energy efficiency in support of the Government’s target of a 43% reduction in emissions by 2030. The open dates for applications are as follows: Victoria (VIC): Thursday, February 22, 2024, - [SKY UPDATE | 2023/24 INSTANT ASSET WRITE-OFF FIASCO](https://skyaccountants.com.au/sky-update-2023-24-instant-asset-write-off-fiasco/) - May 23, 2024 For tax purposes, the purchase of an asset is considered ‘capital’ and is not immediately tax deductible. Businesses purchasing assets may be able to claim a ‘depreciation’ deduction under the Capital Allowance provisions contained in Division 40 of the Income Tax Assessment Act 1997 (ITAA97). Where allowable under Division 40, the cost - [SKY UPDATE | VICTORIAN COMMERCIAL AND INDUSTRIAL PROPERTY TAX ](https://skyaccountants.com.au/sky-update-victorian-commercial-and-industrial-property-tax/) - May 30, 2024 In a significant move announced in the 2023-24 Budget, the Victorian Government is set to progressively abolish Stamp Duty on commercial and industrial properties, replacing it with an annual ‘commercial and industrial property tax’. The Commercial and Industrial Property Tax Reform Bill 2024 to give effect to this measure received Royal Assent - [SKY UPDATE | FEDERAL BUDGET 2024-25](https://skyaccountants.com.au/sky-update-federal-budget-2024-25/) - May 16 2024 On May 14, 2024, Treasurer Jim Chalmers presented the Federal Budget for 2024-25. For a detailed budget guide, click here. Budget-2024-25Download Sky Accountants Ballarat Phone: 03 5332 8855 Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia Postal Address: PO Box 2234, Bakery Hill, Victoria 3354 Sky Accountants Gisborne & Macedon Ranges Phone: 03 5428 - [SKY UPDATE | ATO CRYPTOCURRENCY DATA-MATCHING ](https://skyaccountants.com.au/sky-update-ato-cryptocurrency-data-matching/) - May 9 2024 Despite the ups and downs and scandals, cryptocurrency has firmly established a presence in the Australian and Global financial landscape. With widespread take-up from both retail and institutional investors, cryptocurrency is now widely accepted as a legitimate investment asset. Despite the ubiquity of cryptocurrency in Australia, the taxation treatment of transactions is - [SKY UPDATE | Navigating Self-Education Expense Tax Deductions](https://skyaccountants.com.au/sky-update-navigating-self-education-expense-tax-deductions/) - Whilst self-education is an important investment in one's career advancement and personal growth, the financial burden associated can be significant. Fortunately, a tax deduction can be claimed for self-education costs provided that the relevant conditions are met. The ATO have recently published Taxation Ruling TR 2024/3 to update their guidance on when the requirements to - [SKY UPDATE | BUDGET SEASON 2024: AN EARLY LOOK AT THE UPCOMING FEDERAL & STATE BUDGETS](https://skyaccountants.com.au/sky-update-budget-season-2024-an-early-look-at-the-upcoming-federal-state-budgets/) - As we approach the midpoint of 2024, we once again find ourselves heading into budget season. A pivotal time when the Federal and State governments unveil their plans for the upcoming year. Federal Budget The Federal budget will be handed down at 7.30pm AEST on Tuesday 14 May 2024. The Federal budget is always the - [SKY UPDATE | THE EVOLVING LANDSCAPE OF SUPERANNUATION: FROM NES AMENDMENTS TO PAYDAY SUPER AND SG COMPLIANCE ](https://skyaccountants.com.au/sky-update-the-evolving-landscape-of-superannuation-from-nes-amendments-to-payday-super-and-sg-compliance-2/) - Australia’s superannuation landscape has been undergoing a progression of significant change, with recent amendments to the National Employment Standards (NES), the slated introduction of payday super, and ongoing measures to address non-compliance with the Superannuation Guarantee (SG) rules. In this article, we provide a snap-shot of these developments to help you keep abreast of what - [SKY UPDATE | FAIR WORK COMMISSION'S ANNUAL WAGE REVIEW](https://skyaccountants.com.au/sky-update-fair-work-commissions-annual-wage-review/) - The Fair Work Commission (FWC) plays a crucial role in ensuring fairness and equity in Australia's workplace relations. One of its significant responsibilities is conducting Annual Wage Reviews to determine the national minimum wage and modern award wages. These reviews are pivotal in maintaining a balance between the interests of employers, employees, and the broader economy. The - [SKY UPDATE | RESERVE BANK OF AUSTRALIA INTEREST RATE DECISION ](https://skyaccountants.com.au/sky-update-reserve-bank-of-australia-interest-rate-decision-2/) - On the 5th of December the RBA Board decided to leave the cash target rate unchanged at 4.35% In the statement by RBA Governor, Michele Bullock it was noted that holding the rate steady would allow more time to assess the impact of earlier increases. “Higher interest rates are working to establish a more sustainable balance between aggregate - [Sky Update – December 2020](https://skyaccountants.com.au/sky-update-december-2020/) - JobKeeper Key Dates Businesses who are participating in the first JobKeeper extension period that concludes on the 3rd of January can submit their monthly declaration from the 4th of January. Ordinarily, the monthly declaration needs to be submitted by the 14th of the month. However, due to the holiday period, that due date has been extended to the 28th of January. - [Making Your Home Loan Fit You](https://skyaccountants.com.au/making-your-home-loan-fit-you/) - When considering a home loan, the first and often only comparisons made by most borrowers are the interest rate and fees charged. Home loans come with so many options that it is worthwhile taking a look at the features of each loan to see which one suits your specific needs. Offset account – the ability to - [Super Boost in 2021?](https://skyaccountants.com.au/super-boost-in-2021/) - COVID-19 might put a spanner in the works for the ongoing super guarantee (SG) increase, which was slated to increase from 9.5% to 10% on 1 July 2021. The super guarantee is the minimum amount of your earnings that your employer, or you if you are self-employed, has to contribute to your superannuation. The idea - [Life After Covid-19](https://skyaccountants.com.au/life-after-covid-19/) - McCrindle Research recently produced a report examining the impact of this year on savings capacity, and what Australians planned to do with those savings. 6% of Australian saved significantly more this year while 12% saved somewhat more. 23% saved slightly more and 32% saved the same. 16% spent slightly more while 7% spent somewhat more. - [Sky Update – November 2020](https://skyaccountants.com.au/sky-update-november-2020/) - JobMaker Hiring Credit In our last SkyUpdate we included an update on the JobMaker Hiring Credit announced in the recent Federal Budget. Under JobMaker, employers will be given a credit when they create new jobs and hire young people who have been receiving JobSeeker income support payments in at least one of the three months before they - [Who Gets Your Super?](https://skyaccountants.com.au/who-gets-your-super/) - Who decides what happens to your superannuation savings when you die? You may think that you do, but that isn’t always the case. The ultimate decision may be made by someone you don’t even know – the trustee of your superannuation fund. Let’s look at how you can have greater control. Binding death benefit nominations - [Sky Update – October 2020](https://skyaccountants.com.au/sky-update-october-2020/) - JobMaker Hiring Credit In the Federal Budget delivered on the 6th of October, the Treasurer announced the JobMaker Hiring Credit scheme. Under JobMaker, employers will be given a credit when they create new jobs and hire young people who have been receiving JobSeeker income support payments in at least one of the three months before they were hired. - [Federal Budget 2020/2021](https://skyaccountants.com.au/federal-budget-2020-2021/) - Last night the Treasurer Josh Frydenberg, delivered the Federal Budget. The first Federal Budget handed down in a recession in almost 30 years. With the COVID-19 pandemic wreaking havoc in the Australian economy, the budget deficit is forecast to reach $213.7 billion this year with net debt anticipated to hit $703 billion. Whilst there is - [Sky Update – June 2020](https://skyaccountants.com.au/sky-update-june-2020-2/) - Fair Work Commission Annual Wage Review 2019-20 In its Annual Wage Review 2019-20 decision, the Fair Work Commission has awarded an increase of 1.75% to the National Minimum Wage bringing it to $753.80 per week ($19.84 per hour). The increase applies from the first full pay period starting on or after the 1st of July 2020. Modern - [Victorian Business Support Package Announcement](https://skyaccountants.com.au/victorian-business-support-package-announcement/) - On Sunday the 13th of September, Premier Daniel Andrews announced a $3b package to support Victorian businesses impacted by the ongoing Coronavirus restrictions. The funding will include a third round of the Business Support Fund available to businesses that: Operate a business located within Victoria; Participate in the JobKeeper Scheme; Employ staff and are registered with WorkSafe; Have annual - [Sky Update – August 2020](https://skyaccountants.com.au/sky-update-august-2020/) - JobKeeper Extension On the 21st of July, the Federal Government announced that the JobKeeper Scheme would be extended to the 28th of March 2021. In order to claim for the first extension period commencing on the 29th of September and ending the 3rd of January 2021, it will be necessary to have satisfied the decline in turnover test for - [Sky Update – July 2020](https://skyaccountants.com.au/sky-update-july-2020/) - JobKeeper Scheme Extended On the 21st of July the Government announced that the JobKeeper scheme will be extended to the 28th of March 2021. As part of the announcement, the Government will not be making any changes to the original phase of the JobKeeper scheme that is due to end on the 28th of September. In order to - [Government Announces Coronavirus Economic Response Package](https://skyaccountants.com.au/government-announces-coronavirus-economic-response-package/) - The Federal Government has yesterday (12 March 2020) announced an economic response to the Coronavirus targeting four key areas, being: 1. Support for business investment Currently businesses with annual turnover of up to $50m can claim a deduction for the immediate write-off of assets purchased with a cost of less than $30,000. Until June 2020, the asset cost threshold - [Coronavirus Update – Business as Usual](https://skyaccountants.com.au/coronavirus-update-business-as-usual/) - The Coronavirus (COVID-19) is causing significant disruptions to businesses and households throughout Australia and the world. Sky Accountants are maintaining a close watch on developments and is currently taking a “business as usual” approach with our offices remaining open. We have activated our contingency planning that would allow us to continue our service delivery with - [Boosting Cashflow for Employers](https://skyaccountants.com.au/boosting-cashflow-for-employers/) - On the 12th of March, the Federal Government announced their first economic response to the Coronavirus consisting of $17.6b of measures. It quickly became obvious that those measures would be insufficient to address the economic fall-out of Coronavirus pandemic, with a further announcement made on the 22nd of March. This second announcement included adjustments that built on many - [Sky Update – March 2020](https://skyaccountants.com.au/sky-update-march-2020/) - Coronavirus Pandemic The Coronavirus (COVID-19) pandemic has escalated rapidly during March and has far reaching impacts on businesses and households domestically and abroad. We are currently working very hard to talk to our clients and to assist them in managing the economic impacts. One of the financial assistance measures of significant interest to many of - [“JobKeeper Payment” Wage Subsidy Announced](https://skyaccountants.com.au/jobkeeper-payment-wage-subsidy-announced/) - The Prime Minister held a press conference yesterday (30 March) to announce the $130b “JobKeeper Payment” package. Under the JobKeeper Payment, businesses affected by the Coronavirus pandemic will be able to access a wage subsidy of $1,500 per fortnight per eligible employee. Please refer to the Federal Treasury website for some general background information. We are currently awaiting further - [JobKeeper Payment Legislation Passed](https://skyaccountants.com.au/jobkeeper-payment-legislation-passed/) - Last night Parliament passed the legislation to enable the JobKeeper Payment scheme which is intended to deliver income support of $1,500 per fortnight to eligible employees of COVID-19 affected businesses. Under this legislation, the Government has created a “framework” under which the Treasurer will be required to make rules to provide for the payments, including eligibility for - [JobKeeper Payment Update – Treasurer’s Rules Released](https://skyaccountants.com.au/jobkeeper-payment-update-treasurers-rules-released/) - We recently published a blog advising of the passage of the JobKeeper Payment legislation on the 8th of March. In that blog, we explained the “framework” for the JobKeeper Payment which consists of the Treasurer making the Rules for the scheme and the ATO being delegated the job of administering the payments under the scheme. On the 9th of - [Sky Accountants welcomes new Senior Mortgage Broker, Kevin Mortimer](https://skyaccountants.com.au/sky-accountants-welcomes-new-senior-mortgage-broker-kevin-mortimer/) - Sky Accountants are working hard to make things easier for our clients. We are pleased to announce the launch of our new finance department, Sky Mortgage Services. Every client has their own different requirements and we strive to be proactive when dealing with them. Our goal is to offer a wide range of services that help - [Sky Update – April 2020](https://skyaccountants.com.au/sky-update-april-2020/) - JobKeeper update Under the JobKeeper scheme, qualifying businesses will receive a wage subsidy of $1,500 per eligible employee per fortnight conditional on guaranteeing fortnightly payments to employees of at least that amount. The scheme is available for the fortnight ended the 12th of April through to the fortnight ending on the 27th of September. The ATO have announced an extension of - [Sky Update – May 2020](https://skyaccountants.com.au/sky-update-may-2020/) - Important Federal Court decision on casual employment On the 20th of May, the Federal Court handed down its judgement in the WorkPac Pty Ltd v Rossato case. This decision deals with when a casual employee will be regarded to be a full-time or part-time employee. In short, a casual employee is an employee who has no firm advance - [Sky Accountants named as a finalist in the Australian Accounting Awards](https://skyaccountants.com.au/sky-accountants-named-as-a-finalist-in-the-australian-accounting-awards/) - Sky Accountants has been named as a finalist in the Australian Accounting Awards for the Innovator of the Year Award. Accountants Daily’s Australian Accounting Awards recognize excellence across the accounting industry. The awards pinpoint professional development and innovation, showcasing both the individuals and firms which are leading the way in the industry. Award recipients represent - [Sky Update – June 2020](https://skyaccountants.com.au/sky-update-june-2020/) - Fair Work Commission Annual Wage Review 2019-20 In its Annual Wage Review 2019-20 decision, the Fair Work Commission has awarded an increase of 1.75% to the National Minimum Wage bringing it to $753.80 per week ($19.84 per hour). The increase applies from the first full pay period starting on or after the 1st of July 2020. Modern - [SKY UPDATE | RESEARCH & DEVELOPMENT TAX INCENTIVE](https://skyaccountants.com.au/sky-update-research-development-tax-incentive-2/) - The R&D Tax Incentive offers significant benefits to innovative companies, both big & small. The due date to register eligible R&D with AusIndustry is four months from end of financial year, being the 30th of April. With that date approaching, companies need to review their eligibility and start work on their application to avoid missing out. - [SKY UPDATE | STAGE 3 TAX CUTS](https://skyaccountants.com.au/sky-update-stage-3-tax-cuts-2/) - In the 2018 Federal Budget, the then Morrison Government announced a 3 stage programme of changes to personal taxation. Stage 1 and Stage 2 have previously been delivered and were focussed on providing tax relief to low and middle income earners. Stage 3 was intended to provide tax reductions for higher income earners. The legislation - [SKY UPDATE | FAIR WORK CLOSING LOOPHOLES BILL](https://skyaccountants.com.au/sky-update-fair-work-closing-loopholes-bill-3/) - Last year, we wrote about the Fair Work Legislation Amendment (Closing Loopholes) Bill 2023 which was introduced to Parliament on the 4th of September. The Bill sought to make an extensive number of amendments to the Fair Work Act 2009 (& related legislation). In response to concerns raised by the likes of Senators Jacqui Lambie and David Pocock, the - [SKY UPDATE | RBA HOLDS CASH RATE STEADY](https://skyaccountants.com.au/sky-update-rba-holds-cash-rate-steady-2/) - In its latest monetary policy decision on the 6th of February, the Reserve Bank of Australia (RBA) has chosen to hold the cash rate target at 4.35%. The RBA’s decision to hold rates steady is informed by the latest inflation data, which shows a continued moderation in inflation. However, despite easing slightly in the December quarter, - [Sky Update – January 2023](https://skyaccountants.com.au/sky-update-january-2023/) - FAIR WORK ACT CHANGES A number of notable amendments to the Fair Work Act have been made and are coming into effect concerning: Pay secrecy; Job advertisements; Flexible work arrangements; and Fixed term contracts. Pay Secrecy The pay secrecy changes came into effect on the 7th of December 2022 and create a new workplace right to share information - [Sky Update – February 2023](https://skyaccountants.com.au/sky-update-february-2023/) - EXPORT MARKET DEVELOPMENT GRANTS (EMDG) The EMDG program is aimed at helping Australian SME businesses to develop export markets through promotion of their goods & services globally. Specifically, the EMDG is a cash grant for expenditure on eligible export market development activities. As the name suggests, the program operates to support exports of goods & services to - [Sky Update – March 2023](https://skyaccountants.com.au/sky-update-march-2023/) - RESEARCH & DEVELOPMENT TAX INCENTIVE The R&D Tax Incentive offers significant benefits to innovative firms, both big & small. The deadline to register eligible R&D is four months from end of financial year, being the 30th of April. However, as that date falls on a weekend this year that in some states is followed by a - [Sky Update – April 2023](https://skyaccountants.com.au/sky-update-april-2023/) - SUPERANNUATION GUARANTEE PERCENTAGE INCREASE Employers are reminded that the Superannuation Guarantee Percentage is increasing from 10.5% to 11.0% from the 1st of July 2023. Most payroll software will automatically apply the increase from that date. However, employers should double check to ensure that they continue to meet their obligations into the new financial year. Many employers look at - [Federal Budget 2023-24](https://skyaccountants.com.au/federal-budget-2023-24/) - On Tuesday the 9th of May, Treasurer Dr Jim Chalmers handed down the 2023-24 Federal Budget. To access a comprehensive budget guide, click the link. Sky Accountants Ballarat Phone: 1300 328 855 Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia Postal Address: PO Box 2234, Bakery Hill, Victoria 3354 Sky Accountants Gisborne & Macedon Ranges Phone: 03 5428 - [Sky Update – May 2023](https://skyaccountants.com.au/sky-update-may-2023/) - BUDGET SEASON ‘Tis the season for budgets and they are coming thick and fast. On the 9th of May, the Hon. Jim Chalmers handed down the ‘Stronger Foundations For A Better Future’ Federal Budget. Check out our in-depth Budget Guide for all the details and tune-in to our Podcast to hear Jamie Johns and Ashley Carmichael discuss the ins and - [Sky Update – June 2023](https://skyaccountants.com.au/sky-update-june-2023/) - SUPERANNUATION GUARANTEE PERCENTAGE INCREASE – LAST CALL Employers are reminded that the Superannuation Guarantee Percentage is increasing from 10.5% to 11.0% from the 1st of July 2023. Most payroll software will automatically apply the increase from that date. However, employers should double check to ensure that they continue to meet their obligations into the new financial year. Additionally, - [Sky Update – July 2023](https://skyaccountants.com.au/sky-update-july-2023/) - RIGHT TO SUPERANNUATION TO BE INCLUDED IN NATIONAL EMPLOYMENT STANDARDS (NES) On the 22nd of June the Fair Work Amendment (Protecting Worker Entitlements) Act 2023 was passed by Parliament. The effect of this legislation is to update the National Employment Standards (NES) from the 1st of January 2024 to include a right to super contributions. This change expands the number of ‘national system - [SKY UPDATE| PAID FAMILY & DOMESTIC VIOLENCE LEAVE FOR SMALL BUSINESS](https://skyaccountants.com.au/sky-update-paid-family-domestic-violence-leave-for-small-business/) - PAID FAMILY & DOMESTIC VIOLENCE LEAVE FOR SMALL BUSINESS Back in February we wrote about the new Paid Family & Domestic Violence Leave which gives full-time and part-time employees access to up to 10 days of paid leave in each 12 month period. The leave first became available to employees of non-small business ( - [SKY UPDATE| SMALL BUSINESS TECHNOLOGY INVESTMENT BOOST ](https://skyaccountants.com.au/sky-update-small-business-technology-investment-boost/) - SMALL BUSINESS TECHNOLOGY INVESTMENT BOOST The Small Business Technology Investment Boost (SBTIB) gives eligible businesses a bonus 20% tax deduction for expenditure incurred from 7.30pm on the 29th of March 2022 to 30 June 2023 that is incurred ‘wholly or substantially for the purposes of your digital operations or digitising your operations’. Expenditure of up to $100,000 - [SKY UPDATE| PAYROLL TAX & ‘TENANCY AGREEMENTS’ ](https://skyaccountants.com.au/sky-update-payroll-tax-tenancy-agreements/) - PAYROLL TAX & ‘TENANCY AGREEMENTS’ In March, we wrote about recent developments affecting the application of Payroll Tax to ‘tenancy agreements’. These arrangements are common-place in the medical, allied health and dental industries and involve health practitioners that conduct business from premises controlled by a practice operator. These arrangements are often referred to as ‘tenancy agreements’ - [SKY UPDATE| TAXABLE PAYMENTS ANNUAL REPORTS](https://skyaccountants.com.au/sky-update-taxable-payments-annual-reports/) - TAXABLE PAYMENTS ANNUAL REPORTS If your business provides: Building & construction services; or Cleaning services; or Road freight & courier services; or Information technology services; or Security, investigation or surveillance services. And you engage contractors in your business, you may be required to lodge a Taxable Payments Annual Report (TPAR). TPARs are required to be lodged annually - [SKY UPDATE| SMALL BUSINESS ENERGY INCENTIVE ](https://skyaccountants.com.au/sky-update-small-business-energy-incentive/) - On the 30th of April, the Federal Government announced the ‘Small Business Energy Incentive’ that will provide businesses with less than $50m turnover an additional 20% tax deduction for expenditure that supports electrification and/or more efficient energy use. The Bill to give effect to this announcement was introduced into the House of Representatives on the 13th of September. The Small Business - [SKY UPDATE| FAIR WORK CLOSING LOOPHOLES BILL ](https://skyaccountants.com.au/sky-update-fair-work-closing-loopholes-bill-2/) - On the 4th of September, the Fair Work Legislation Amendment (Closing Loopholes) Bill 2023 was introduced into the House of Representatives. The Bill seeks to make quite an extensive number of amendments to the Fair Work Act 2009 (& related legislation) to improve the workplace relations framework by: replacing the existing definition of ‘casual employee’ with an - [SKY UPDATE| JUNE 2023 QUARTER NATIONAL ACCOUNTS ](https://skyaccountants.com.au/sky-update-june-2023-quarter-national-accounts/) - On the 6th of September, the Australian Bureau of Statistics (ABS) released the Australian National Accounts: National Income, Expenditure & Product for the June 2023 quarter. The release provides data on how the national economy is tracking and includes some noteworthy items, including that: the economy grew 0.4% during the June quarter and 3.4% over the 12 months - [SKY UPDATE| NOT-FOR-PROFIT REPORTING REQUIREMENTS TO SELF-ASSESS INCOME TAX EXEMPTION ](https://skyaccountants.com.au/sky-update-not-for-profit-reporting-requirements-to-self-assess-income-tax-exemption/) - Back in September 2022 we wrote about 2022 Federal Budget announcement that will require not-for-profit entities that self-assess as eligible for an Income Tax exemption, to lodge an annual self-review return with the ATO from the 2023/24 year. This regime covers all not-for-profits, other than charities registered with the ACNC, who self-assess as Income Tax exempt under Division 50 - [SKY UPDATE | FRINGE BENEFITS TAX (FBT) & ENTERTAINMENT ](https://skyaccountants.com.au/sky-update-fringe-benefits-tax-fbt-entertainment/) - With the festive season approaching, many organisations will be planning end of year celebrations with their teams. In many instances, a festive season event can give rise to unexpected and unwelcome FBT issues. However, there are a number of situations where a FBT exposure can be avoided. For example, where the “minor benefits” exemption is - [SKY UPDATE | MELBOURNE CUP ](https://skyaccountants.com.au/sky-update-melbourne-cup/) - On Tuesday the 7th of November the 163rd Melbourne Cup will be run. Dubbed ‘the race that stops a nation’, the Melbourne Cup is perhaps the most anticipated event in the Australian racing calendar. Both our Ballarat and Gisborne offices will be closed for the public holiday here in Victoria. The Melbourne Cup is famous - [SKY UPDATE | PAYDAY SUPER ](https://skyaccountants.com.au/sky-update-payday-super/) - In the 2023/24 Federal Budget, the Government announced an intention to require employee superannuation contributions to be paid on payday from the 1st of July 2026. On the 9th of October the Government released a consultation paper in order to give stakeholders an opportunity to provide feedback on the design and implementation of the new requirements. Interested - [SKY UPDATE | BENDEL CASE](https://skyaccountants.com.au/sky-update-bendel-case/) - It is common for taxpayers who use discretionary trusts to make distributions of trust income to corporate beneficiaries. It is also common for those distributions to be made ‘on paper’ without physical payment being made to the corporate beneficiary. This results in ‘unpaid present entitlements’ in the books of account of both the trust and - [SKY UPDATE | ‘TIS THE SEASON](https://skyaccountants.com.au/sky-update-tis-the-season/) - As we draw near to the end of another year we are beginning to make arrangements for our annual closure. This year we will be finishing up on Friday the 22nd of December and will be back raring to go on Wednesday the 10thof January. Through this period our team will be taking a well-earned break - [SKY UPDATE | NOVEMBER INTEREST RATE DECISION](https://skyaccountants.com.au/sky-update-november-interest-rate-decision/) - The Board of the RBA met on the 7th of November and made a decision to increase the cash target rate by 25 points to 4.35%. In the statement released by the RBA Governor Michele Bullock, it was noted that inflation has passed its peak but is still too high and is proving to be more persistent than - [SKY UPDATE | BENDEL CASE UPDATE](https://skyaccountants.com.au/sky-update-bendel-case-update/) - In October, we wrote about the Bendel case in the Administrative Appeals Tribunal (AAT) concerning whether unpaid distributions of income from a trust are a ‘loan’ for the purposes of Division 7A of the Income Tax Assessment Act 1936. The answer to this question can have significant tax implications where a trust has made distributions to - [SKY UPDATE | NOT-FOR-PROFIT SELF-REVIEW RETURN](https://skyaccountants.com.au/sky-update-not-for-profit-self-review-return/) - We recently wrote about the 2022 Federal Budget announcement that will require not-for-profit entities that self-assess an income tax exempt, to lodge an annual ‘NFP self-review return’ with the ATO. The first annual self-review form will become available in July 2024 and must be completed by 31 October 2024. This regime covers all not-for-profits, other than charities - [SKY UPDATE | SUPERANNUATION GUARANTEE COMPLIANCE STATISTICS](https://skyaccountants.com.au/sky-update-superannuation-guarantee-compliance-statistics/) - On the 9th of November, the ATO published statistics on their activities around employer superannuation guarantee compliance. Whilst employers are paying more than 94% of the super contributions they are required to without intervention from the ATO, there is still a level of non-compliance that the ATO takes very seriously. Amongst other activities, the ATO have reviewed over - [SKY UPDATE | NEW RULES FOR FIXED TERM CONTRACTS](https://skyaccountants.com.au/sky-update-new-rules-for-fixed-term-contracts/) - Back in January we wrote about a number of Fair Work Act changes that are progressively being rolled out. One of the items we wrote about was the changes to the rules surrounding fixed term employment contracts. From the 6th of December 2023, new rules apply when engaging employees on fixed term contracts. These new rules include: a - [SKY UPDATE | RESERVE BANK OF AUSTRALIA INTEREST RATE DECISION ](https://skyaccountants.com.au/sky-update-reserve-bank-of-australia-interest-rate-decision/) - On the 5th of December the RBA Board decided to leave the cash target rate unchanged at 4.35% In the statement by RBA Governor, Michele Bullock it was noted that holding the rate steady would allow more time to assess the impact of earlier increases. “Higher interest rates are working to establish a more sustainable balance between aggregate - [SKY UPDATE | RESEARCH & DEVELOPMENT TAX INCENTIVE](https://skyaccountants.com.au/sky-update-research-development-tax-incentive/) - The R&D Tax Incentive offers significant benefits to innovative companies, both big & small. The due date to register eligible R&D with AusIndustry is four months from end of financial year, being the 30th of April. With that date approaching, companies need to review their eligibility and start work on their application to avoid missing out. - [SKY UPDATE | STAGE 3 TAX CUTS](https://skyaccountants.com.au/sky-update-stage-3-tax-cuts/) - In the 2018 Federal Budget, the then Morrison Government announced a 3 stage programme of changes to personal taxation. Stage 1 and Stage 2 have previously been delivered and were focussed on providing tax relief to low and middle income earners. Stage 3 was intended to provide tax reductions for higher income earners. The legislation - [SKY UPDATE | FAIR WORK CLOSING LOOPHOLES BILL](https://skyaccountants.com.au/sky-update-fair-work-closing-loopholes-bill/) - Last year, we wrote about the Fair Work Legislation Amendment (Closing Loopholes) Bill 2023 which was introduced to Parliament on the 4th of September. The Bill sought to make an extensive number of amendments to the Fair Work Act 2009 (& related legislation). In response to concerns raised by the likes of Senators Jacqui Lambie and David Pocock, the - [SKY UPDATE | RBA HOLDS CASH RATE STEADY](https://skyaccountants.com.au/sky-update-rba-holds-cash-rate-steady/) - In its latest monetary policy decision on the 6th of February, the Reserve Bank of Australia (RBA) has chosen to hold the cash rate target at 4.35%. The RBA’s decision to hold rates steady is informed by the latest inflation data, which shows a continued moderation in inflation. However, despite easing slightly in the December quarter, - [SKY UPDATE | ENERGY EFFICIENCY GRANTS FOR SMALL AND MEDIUM ENTERPRISES ROUND 2](https://skyaccountants.com.au/sky-update-energy-efficiency-grants-for-small-and-medium-enterprises-round-2/) - The Efficiency Grants for Small and Medium Sized Enterprises Round 2 is aimed at supporting businesses to upgrade or replace inefficient equipment in order to improve their energy efficiency in support of the Government’s target of a 43% reduction in emissions by 2030. The open dates for applications are as follows: Victoria (VIC): Thursday, February 22, 2024, - [SKY UPDATE | THE EVOLVING LANDSCAPE OF SUPERANNUATION: FROM NES AMENDMENTS TO PAYDAY SUPER AND SG COMPLIANCE](https://skyaccountants.com.au/sky-update-the-evolving-landscape-of-superannuation-from-nes-amendments-to-payday-super-and-sg-compliance/) - Australia’s superannuation landscape has been undergoing a progression of significant change, with recent amendments to the National Employment Standards (NES), the slated introduction of payday super, and ongoing measures to address non-compliance with the Superannuation Guarantee (SG) rules. In this article, we provide a snap-shot of these developments to help you keep abreast of what - [SKY UPDATE | UPDATE ON STAGE 3 PERSONAL TAX RATE AMENDMENTS](https://skyaccountants.com.au/sky-update-update-on-stage-3-personal-tax-rate-amendments/) - We recently wrote about the proposed changes to the Stage 3 tax cuts and also provided an update on the Sky Accountants Podcast. To recap, the Stage 3 tax cuts had previously been legislated and were due to commence on the 1st of July 2024. Those tax rate changes favored higher income earners and had been the subject to - [SKY UPDATE | WHAT YOU NEED TO KNOW ABOUT FRINGE BENEFITS TAX 2023/24](https://skyaccountants.com.au/sky-update-what-you-need-to-know-about-fringe-benefits-tax-2023-24/) - FRINGE BENEFITS TAX 2023/24 Fringe Benefits Tax (FBT) is a tax payable by employers on non-cash benefits provided to employees. This is essentially any benefit provided to employees beyond their normal salary and superannuation. Common examples of Fringe Benefits are: Private use of vehicles; Car parking; Provision of entertainment; Payment/reimbursement of private expenses; Provision of - [Sky Update – January 2022](https://skyaccountants.com.au/sky-update-january-2022/) - Tax deductions for personal superannuation contributions In order to claim a deduction for personal superannuation contributions, a notice of intent to claim form must be submitted to your superannuation fund and you must receive acknowledgement of receipt of that notice from the fund. This process must be completed by the earliest of: The date the income tax - [Sky Update – February 2022](https://skyaccountants.com.au/sky-update-february-2022/) - Contractor v employee issues abound It has been a big start to the year for issues focusing on whether workers are employees as opposed to contractors. The most significant of which are the High Court decisions in Construction, Forestry, Maritime, Mining and Energy Union v Personnel Contracting Pty Ltd [2022] HCA 1 (9 February 2022) and ZG Operations - [Sky Update – March 2022](https://skyaccountants.com.au/sky-update-march-2022/) - ATO releases trust distributions guidance Discretionary (“Family”) Trusts are a very common structure that are used throughout Australia by both the big and small ends of town, with more than 700,000 in existence according to the ATO’s most recent statistics. Given the prevalence of trusts, any change in tack by the Government and/or the ATO can - [Federal Budget 2022-23](https://skyaccountants.com.au/federal-budget-2022-23/) - On Tuesday the 29th of March, Treasurer Josh Frydenberg handed down the 2022-23 Federal Budget. The 2022-23 Federal Budget is very much an election year budget that has avoided any significant measures aimed at budget repair and reform of the tax system. Instead, the focus has very much been on alleviation of cost of living pressures - [Sky Update – April 2022](https://skyaccountants.com.au/sky-update-april-2022/) - Federal Election On Sunday the 10th of April, Prime Minister Scott Morrison announced that the 2022 Federal Election will be held on Saturday the 21st of May 2022. Consequently, the Governor General has prorogued the Parliament and has dissolved the House of Representatives. This means that all business in the House has lapsed, including any Bills that - [Sky Update – May 2022](https://skyaccountants.com.au/sky-update-may-2022/) - ATO Trust Distribution Guidance Update In our March Sky Update we wrote about the ATO’s draft guidance contained in draft tax ruling TR 2022/D1. This draft ruling deals with “reimbursement agreements” covered by Section 100A of the Income Tax Assessment Act 1936. Broadly, the term “reimbursement agreements” is used to describe a situation where one party receives a - [Sky Update – June 2022](https://skyaccountants.com.au/sky-update-june-2022/) - RBA INTEREST RATE DECISION On the 7th of June the Reserve Bank of Australia (RBA) made the decision to raise the cash target rate by 50 basis points following an earlier decision in May to increase the cash target rate by 25 basis points. The RBA has stated that they expect inflation to continue to rise throughout the - [Sky Update – July 2022](https://skyaccountants.com.au/sky-update-july-2022/) - RBA REVIEW On the 20th of July, Federal Treasurer Jim Chalmers announced a review of the Reserve Bank of Australia (RBA). The review will consider the RBA’s objectives, mandate, governance, culture and operations. It will also consider the interaction between monetary, fiscal and macro-prudential policy. The terms of reference and biographies of the independent reviewers can be found - [Sky Update – August 2022](https://skyaccountants.com.au/sky-update-august-2022/) - ELECTRIC CAR DISCOUNT On the 29th of July, the new Labor Government introduced the Tax Laws Amendment (Electric Car Discount) Bill 2022. The objective of this Bill is to encourage take up of electric vehicles by providing a Fringe Benefits Tax (FBT) exemption where certain conditions are met. This FBT exemption will make it beneficial for people - [Sky Update – September 2022](https://skyaccountants.com.au/sky-update-september-2022/) - DIRECTOR ID REGIME Since the introduction of the Director ID regime in November 2021 we have written in this forum about the need for company directors to obtain a unique 15 digit identifier by the 30th of November 2022. The clock is now ticking loudly as that deadline approaches. We urge any directors who have not - [Federal Budget 2022-23 V2.0](https://skyaccountants.com.au/federal-budget-2022-23-v2-0/) - On Tuesday the 25th of October, the new Treasurer Dr Jim Chalmers handed down the foreshadowed post-election “mini-budget”. To access our comprehensive budget guide, please click the link. Sky Accountants Ballarat Phone: 1300 328 855 Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia Postal Address: PO Box 2234, Bakery Hill, Victoria 3354 Sky Accountants Gisborne & Macedon Ranges - [Sky Update – October 2022](https://skyaccountants.com.au/sky-update-october-2022/) - FEDERAL BUDGET V2.0 On Tuesday the 25th of October, Dr Jim Chalmers handed down his first federal budget as Treasurer. In the context of a global economic slowdown, high inflation, rising interest rates, widespread natural disasters and a devilish skills shortage, Mr Chalmers has had his work cut-out. Dubbed the “mini-budget”, Mr Chalmers’ budget seeks - [Sky Update – November 2022](https://skyaccountants.com.au/sky-update-november-2022/) - DIRECTOR ID REGIME Since the introduction of the Director ID regime in November 2021 we have written in this forum about the need for company directors to obtain a unique 15 digit identifier by the 30th of November 2022. With the due date now just days away, we urge any directors who have not already - [Sky Update – January 2021](https://skyaccountants.com.au/sky-update-january-2021/) - JobKeeper Extension Businesses that are seeking to participate in the second JobKeeper extension from the 4th of January to the 28th of March must test their eligibility and meet the wage condition by the 31st of January. In assessing eligibility, businesses will need to test the decline in turnover for the quarter ending the 31st - [Sky Update – February 2021](https://skyaccountants.com.au/sky-update-february-2021/) - Support for Victorian businesses impacted by the “circuit breaker” On the 21st of February, the Victorian government announced support for Victorian businesses affected by the recent lock-down. The Circuit Breaker Action Business Support Package consists of: A business costs assistance program Eligible businesses with payroll of up to $3m can receive a one-off grant of $2,000 where they have incurred - [Sky Update – March 2021](https://skyaccountants.com.au/sky-update-march-2021/) - Research & Development Tax Incentive The R&D Tax Incentive is a program jointly administered by AusIndustry and the ATO. The objective of the program is to foster Australian innovation by providing a tax incentive to firms that undertake eligible R&D activities. Under the R&D Tax Incentive, eligible companies receive a tax offset for R&D expenditure on qualifying - [Sky Update – April 2021](https://skyaccountants.com.au/sky-update-april-2021/) - Federal Budget 2021-2022 The Government has announced that the 2021-2022 Federal Budget will be handed down on Tuesday the 11th of May 2021. In the lead-up to the budget we can expect the usual rumours, leaks and pre-emptive announcements. To keep you fully informed, we will provide comprehensive coverage of the budget in the days following. - [Federal Budget 2021-22](https://skyaccountants.com.au/federal-budget-2021-22/) - On Tuesday the 11th of May, Treasurer Josh Frydenberg handed down the 2021-22 Federal Budget. The 2021-22 Federal Budget is a balancing act between continuing to support the COVID-19 recovery in the short-term and the long-term objective of budget repair. Key initiatives include: Extension of temporary full expensing for asset purchases and company loss-carry back - [Sky Update – May 2021](https://skyaccountants.com.au/sky-update-may-2021/) - Budgets, Budgets, Budgets On Tuesday the 11th of May, Treasurer Josh Frydenberg handed down the 2021-22 Federal Budget. Some of the more notable inclusions are: Extension of temporary full expensing for asset purchases and company loss-carry back for 12 months; Tax and investment incentives for the digital economy; Extension of the low and middle income tax - [Sky Update – June 2021](https://skyaccountants.com.au/sky-update-june-2021/) - Superannuation Changes From 1 July We have previously reported a number of superannuation changes due to start on the 1st of July 2021. With that date now upon us, we wish to remind you of the following changes that should be kept front of mind: An increase in the employee superannuation guarantee rate from 9.5% - [Sky Update – July 2021](https://skyaccountants.com.au/sky-update-july-2021/) - COVID-19 FINANCIAL ASSISTANCE With multiple states in lockdown in recent times, households and businesses are anxious to know what government support they may be able to access. With much of the support being administered by state governments, it is a complex landscape. As such, we have sought to provide a summary so that you can - [Sky Update – August 2021](https://skyaccountants.com.au/sky-update-august-2021/) - COVID-19 FINANCIAL ASSISTANCE With the Delta variant causing chaos around the country, households and businesses are continuing to experience financial effects of lockdowns. With much of the financial support being administered by state governments, it has become a highly complex landscape that could best be described as a patchwork quilt. The following is a brief - [Sky Update – September 2021](https://skyaccountants.com.au/sky-update-september-2021/) - Stapled Super Funds Most employers are required to provide a choice of superannuation fund to new employees. This choice is given by providing the employee with a Standard Choice Form that they can complete to nominate the super fund of their choice. Alternatively, an employee can select the default super fund nominated by the employer. If a - [Sky Update – October 2021](https://skyaccountants.com.au/sky-update-october-2021/) - Director ID regime Under the director ID regime, all company directors will be required to obtain a 15 digit identifier. The purpose of this identifier is to: prevent the use of false or fraudulent director identities; make it easier for external administrators and regulators to trace directors’ relationships with companies; and identify and eliminate director - [Sky Update – November 2021](https://skyaccountants.com.au/sky-update-november-2021/) - Director ID Regime Last month we wrote about the new Director ID regime that requires all company directors to obtain a unique 15 digit identifier. The application process is now open and we encourage company directors to apply for their Director ID sooner rather than later. In order to apply, directors need to have setup a MyGovID (not to be - [Sky Update – December 2021](https://skyaccountants.com.au/sky-update-december-2021/) - SME Recovery Loan Scheme On the 15th of December 2021 the Government notified Amended Scheme Rules that expand the SME Recovery Loan Scheme. Under the SME Recovery Loan Scheme (2022 Scheme expansion), participating lenders will offer loans on the following terms: Government guarantee: 50% of the loan amount Commencement: 1 January 2022 (and ending on 30 June 2022) Loan value: up - [Sky Update – February 2020](https://skyaccountants.com.au/sky-update-february-2020/) - Changes to Modern Awards in 2020 The Fair Work Commission has been completing their 4 yearly review of Modern Awards. As part of that review, a number of Modern Awards will be changing this year. The Modern Awards that are changing range from the Clerks Award to the Restaurant and Hospitality Awards and everything in between. Full details of - [Sky Update – January 2020](https://skyaccountants.com.au/sky-update-january-2020/) - Bushfire Tax Relief The ATO has a announced a package of tax relief and assistance for those affected by the recent bushfires in New South Wales, Victoria, Queensland, South Australia & Tasmania. The ATO estimates that approximately 3.5 million taxpayers have been impacted by the bushfires and has granted an extension to the 28th of May 2020 to - [Bar & Hotel Accounting: How to Keep Accounting Records for your Hotel or Bar](https://skyaccountants.com.au/bar-hotel-accounting-how-to-keep-accounting-records-for-your-hotel-or-bar/) - Restaurants and bars get by on very thin profit margin so it is important to keep proper accounting records to improve their odds of success. Good records and bar accounting can tell you where your business is doing well and where it isn’t but you need an efficient system to record and track all the important information. Bar & Hotel - [10 Things Your Accountant Should Do to Grow Your Business](https://skyaccountants.com.au/10-things-your-accountant-should-do-to-grow-your-business/) - Did you know that your accountant can help you grow your business profit? Many business owners don’t realise the many benefits a good accountant can bring to their personal and business life. They can offer strategic advice and clever ways to boost revenue and save money. They not only remove and automate administrative tasks to help you focus on your core business, they also help you - [Club Accountants: How to Do Liquor Inventory](https://skyaccountants.com.au/club-accountants-how-to-do-liquor-inventory/) - For liquor stores, inventory only involves making sure their stock matches their sales and invoice records. It can be a bit more complex for bars and restaurants because liquor is sold by shots instead of by bottles. You should take frequent inventory of your liquor stock to make sure you are not overstocking perishable items and that your bartenders are - [Cafe and Bar Consultants: Inventory and Spoilage](https://skyaccountants.com.au/cafe-and-bar-consultants-inventory-and-spoilage/) - Restaurant, cafe or bar inventory is complicated but tracking it is critical for your manager to know which menu items are in demand, which supplies are in need of replenishment and which ones are wasted. Restaurants need a continuous (and not periodic) system that constantly updates their inventory. Speak with café and bar consultants to set up a continuous inventory. First, you need to record - [What Does a Cafe or Bar Bookkeeper Do?](https://skyaccountants.com.au/what-does-a-cafe-or-bar-bookkeeper-do/) - Your restaurant or bar has specialised accounting and bookkeeping needs and when you’ve grown your business to the point where you cannot keep the books yourself anymore, you need a bar bookkeeper or accountant who has years of experience in the hospitality, restaurant and bar industry. You need accurate books daily to determine how many staff you need based on your sales and how much you need to spend on liquor and food. Your books - [Accountants Sunbury: How to Predict the Growth of your Business](https://skyaccountants.com.au/accountants-sunbury-how-to-predict-the-growth-of-your-business/) - Customers and a strong referral base is extremely important for the future growth of any business. A useful tool for measuring this is the customer satisfaction survey that can predict the likelihood of a customer referring your business or repurchasing from you in the future. You can request this survey from Sky Accountants Sunbury. Fred Reichheld has developed the - [Restaurant Consultants: Should You Rebrand Your Restaurant?](https://skyaccountants.com.au/restaurant-consultants-should-you-rebrand-your-restaurant/) - A restaurateur may want to rebrand his or her restaurant for several reasons such as attracting an expanded client base, staying competitive or boosting sales by appealing to a changing market. How far you should rebrand can be a complex decision, though. Most of the time, minor changes are enough but sometimes, changing the brand completely may - [Hospitality Consultants: Plant-Based Meat Alternatives to Boost Economy and Increase Jobs](https://skyaccountants.com.au/hospitality-consultants-plant-based-meat-alternatives-to-boost-economy-and-increase-jobs/) - Plant-based meat alternatives are expected to boom by 2030 and thousands of full-time jobs and a $3 billion increase in the economy are projected because of this. According to hospitality consultants, Australians are currently spending $150 million a year on plant-based products and by the end of the decade, it could increase to as much - [Sky Update – September 2019](https://skyaccountants.com.au/sky-update-september-2019/) - Fair Work interactive templates The Fair Work Ombudsman has released a number of interactive templates that employers can use to ensure that they are meeting their workplace obligations. Templates currently available include: Agreement to take annual leave in advance; Casual conversion offer letter; End of probation letter; Notice of requirement to take annual leave; and Warning letter. - [Sky Update – October 2019](https://skyaccountants.com.au/sky-update-october-2019/) - Changes to deductibility of holdings costs for vacant land On the 22nd of October legislation to limit deductions relating to vacant land passed both houses of Parliament and is now awaiting royal assent. Under the new rules, taxpayers will not be entitled to claim a tax deduction for costs associated with holding vacant land such as council rates, land tax, interest - [Sky Update – November 2019](https://skyaccountants.com.au/sky-update-november-2019/) - Taxing Christmas Parties With Christmas just around the corner, many businesses are organising their end of year Christmas party. It is important to be mindful of the tax implications associated with Christmas parties to ensure that your end of year function does not end up costing a lot more than expected. The ATO have a useful guide that summarises when Fringe - [Sky Update – December 2019](https://skyaccountants.com.au/sky-update-december-2019/) - Gaming Machine Entitlements Not Tax Deductible The High Court has handed down its decision in the Sharpcan Case as to whether payments to the Victorian Government to acquire Gaming Machine Entitlements were tax deductible. The High Court has overturned the previous Full Federal Court decision and has held that the payments were capital and not tax deductible. It also held that - [Client Focus: Accounting for Restaurant and bar Buckley’s Entertainment Center](https://skyaccountants.com.au/client-focus-accounting-for-restaurant-and-bar-buckleys-entertainment-center/) - Businesses look to accounting firms for advice on becoming more efficient and cutting costs in today’s increasingly competitive business environment. Fortunately, accountants have further incorporated new technology to help their clients forecast results and boost profits. Accounting for restaurants and bars requires a specialised skill. Business advisory Sky Accountants take an advisory role in helping - [Hotel Management and Consulting: Domestic Overnight Travel Performs well in 2019, Should Motels Use Online Booking Services?](https://skyaccountants.com.au/hotel-management-and-consulting-domestic-overnight-travel-performs-well-in-2019-should-motels-use-online-booking-services/) - Domestic overnight travel continues to perform well in Australia with about $74.5 billion spent during the year ending March 2019. The number of domestic overnight trips has increased to 109 million with a total of 386 million nights spent while travelling around the country. However, the average duration of a domestic overnight trip has slightly - [Restaurant Bookkeeping: Retail and Hospitality Businesses Welcome Sunday Penalty Rate Cuts](https://skyaccountants.com.au/restaurant-bookkeeping-retail-and-hospitality-businesses-welcome-sunday-penalty-rate-cuts/) - Australia’s economy is slowing down partly because of stagnant wages growth. However, according to small business owners, workers are not the only ones who are struggling – they also have their struggles. Thus, retail and hospitality business owners are welcoming Sunday penalty rate cuts. Retail and hospitality Retail businesses are competing with online stores and they - [Restaurant Bookkeeping: Would it be better to open multiple venues or focus on just one?](https://skyaccountants.com.au/restaurant-bookkeeping-would-it-be-better-to-open-multiple-venues-or-focus-on-just-one/) - Owning and running a restaurant requires hard work but many still dream of opening a second venue or more. However, in today’s volatile market, would it be better to just focus on one restaurant? Restaurant bookkeeping Some see the value of running multiple venues instead of putting all their eggs in one basket. If you - [Restaurant Accounting: Does your venue need the newest, most sophisticated kitchen equipment on the market?](https://skyaccountants.com.au/restaurant-accounting-does-your-venue-need-the-newest-most-sophisticated-kitchen-equipment-on-the-market/) - Many commercial kitchen equipment items are now available on the market, all promising to make everything efficient and consistent. However, they come with a hefty price tag and restaurant and café operators should first consider their restaurant accounting and think whether or not purchasing one is a worthy investment. Accounting for restaurants and hospitality businesses - [Client Focus: How Sky Accountants helped Latte Cartelle grow its business into Franchising](https://skyaccountants.com.au/client-focus-how-sky-accountants-helped-latte-cartelle-grow-its-business-into-franchising/) - Business accountants take on a variety of roles in businesses in the public, private and not-for-profit sectors and even the academe. The importance of accountants in ensuring the quality of financial reporting can’t be overly emphasized. They remain at the frontline of safeguarding the integrity of financial reporting and contributing to the overall progress and stability of organisations. Latte Cartelle - [Club and Pub Accounting: Use a Recipe Cost Calculator to know your most profitable dish](https://skyaccountants.com.au/club-and-pub-accounting-use-a-recipe-cost-calculator-to-know-your-most-profitable-dish/) - If you are running a hospitality business, this Recipe Cost Calculator will help you find out how much it costs to prepare a dish. It can calculate the cost of the main ingredients and additional items used to prepare a dish along with other costs such as utilities and labour. A club and pub accounting firm can help you with this. Club - [Restaurant and cafe Bookkeeping: Wage as a Percentage of Sales](https://skyaccountants.com.au/restaurant-and-cafe-bookkeeping-wage-as-a-percentage-of-sales/) - Wages are often one of the largest expenses in any business, therefore it is crucial that wages are benchmarked, controlled and monitored through restaurant and cafe bookkeeping. Without controls, without order and without systems your business will fail. Restaurant and cafe bookkeeping At a fundamental level a business owner or manager needs to have wages at a set % of sales. Depending on your - [Restaurant and Café Accounting: How a Food Stocktake Calculator can help your business](https://skyaccountants.com.au/restaurant-and-cafe-accounting-how-a-food-stocktake-calculator-can-help-your-business/) - Are you having a hard time getting accurate information when it comes to your food stock holding? Café and restaurant accounting firm Sky Accountants talk about Food Stocktake Calculator A Food Stocktake Calculator may help you track your restaurant‘s food stock by categorising your food stock under different groups such as meat, fish, fruit and vegetables, dairy, sweets - [Business Accountants Melbourne: How much can you scale your business? Use a Profit Possibilities Calculator](https://skyaccountants.com.au/business-accountants-melbourne-how-much-can-you-scale-your-business-use-a-profit-possibilities-calculator/) - 5 key business building strategies According to business accountants Melbourne, if you make small changes in your business, you can begin to see the massive profits that you can have within just a year. It has a multiplier effect. We have seen businesses do it. Here’s how you can do it too: Get more of the type of customers you - [Discount Effect Calculator](https://skyaccountants.com.au/discount-effect-calculator/) - Find out how discounts can impact your bottom line. If you have any questions or if you want to use this Discount Effect Calculator, simply email or contact us and we would be happy to help. Need a bit of assistance with your hospitality business? Contact a Sky Accountants representative today and learn more about our fixed fees. You - [Accountants Ballarat: Improve Your Business Using the Value Builder System](https://skyaccountants.com.au/accountants-ballarat-improve-your-business-using-the-value-builder-system/) - Do you want a higher return on your investment? Do you want to increase the value of your business so you can sell it? According to Sky Accountants Ballarat, you can assess the performance of your business through the Value Builder System tool, which provides immediate and quantifiable insight on eight key drivers of value: financial performance, growth - [Revenue Management: Should your restaurant or café use a delivery platform?](https://skyaccountants.com.au/revenue-management-should-your-restaurant-or-cafe-use-a-delivery-platform/) - Sky Accountants have reviewed and analysed numerous businesses and have seen patterns emerging. There are differences between money-making businesses and average ones, and characteristics that separate the efficient and highly profitable ones from those who simply break-even. Revenue management appears to be very important. Hospitality business accountants The differences are not based on the product, industry, - [Protect your business through insurance](https://skyaccountants.com.au/protect-your-business-through-insurance/) - Some businesses fail to prepare cover for the transfer of control or equity in the business should the unexpected happen and critical illness, disability or death to one or more of its owners or key people. As a result, the lack of planning can result in the demise of a healthy business just because there was no funding agreement or succession plan in - [Is the pub sector really in trouble? Hospitality accountants weigh in](https://skyaccountants.com.au/is-the-pub-sector-really-in-trouble-hospitality-accountants-weigh-in/) - According to hospitality accountants, despite the latest forecast that warned of a negative revenue growth for the pubs, bars and nightclubs sector; pokie machines in Tamworth still reported over $32 million of profits in 2018. The report shows that the profit in pokie machines is increasing as people spend more through the machines. The profit increased by - [Seek small business accounting services and find many ways to reduce your business tax](https://skyaccountants.com.au/seek-small-business-accounting-services-and-find-many-ways-to-reduce-your-business-tax/) - If you could effectively minimise your tax, you just might be able to top up your superannuation, pay off part of your home or business loan, invest funds or even upgrade your car and have a holiday. Seek small business accounting services to know the many ways you can reduce your business tax. Hospitality accountants Find out - [Hotel Consulting Firms: Gaming regulator to increase fines for non-compliant casino operators?](https://skyaccountants.com.au/hotel-consulting-firms-gaming-regulator-to-increase-fines-for-non-compliant-casino-operators/) - Australians are known to spend large amounts of money at gambling tables and the government has taken steps to restrict live casino operators in the hopes of curbing gambling expansion and controlling gambling addiction. Hotel consulting firms advise operators to find possible breaches and to prepare for an increase in fines. Hotel accounting and consulting firms Gambling advertisements - [Hospitality Accounting: Council fees for restaurants, cafes and small businesses to be cut by 50 per cent](https://skyaccountants.com.au/hospitality-accounting-council-fees-for-restaurants-cafes-and-small-businesses-to-be-cut-by-50-per-cent/) - Council fees for restaurants and cafes will be reduced in Brisbane as part of Mayor Adrian Schrinner’s efforts to support small businesses in the suburbs and it’s time to review your hospitality accounting. Hospitality accounting According to reports, footpath dining permit fees for new businesses will be slashed by 50 per cent as soon as council - [Food beverage consultants: Liquor licensing fees to increase in South Australia](https://skyaccountants.com.au/food-beverage-consultants-liquor-licensing-fees-to-increase-in-south-australia/) - Liquor licensing fees are about to increase by around 600 per cent for late-night venues in Adelaide. Operators are now considering whether they should stay open past 2:00 am and it’s a good time for venue operators to speak with food beverage consultants. Accountants for hospitality business Some workers and business owners are rallying to fight - [Revenue Management: How can you make your gaming venue, club or business more profitable?](https://skyaccountants.com.au/revenue-management-how-can-you-make-your-gaming-venue-club-or-business-more-profitable/) - Sky Accountants have reviewed and analysed numerous businesses and have seen patterns emerging. There are differences between money-making businesses and average ones, and characteristics that separate the efficient and highly profitable ones from those who simply break-even. Revenue management appears to be very important. Hospitality business accountants The differences are not based on the product, industry, - [Sky Update – June 2019](https://skyaccountants.com.au/sky-update-june-2019/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Annual Wage Review The Fair Work Commission has announced a 3% increase to minimum wages from 1 July 2019. The Fair Work Ombudsman (FWO) is in the process of updating their Pay Guides for Modern Awards to - [Bookkeeping for hospitality, restaurant, café, pub, hotel, bar and gaming businesses](https://skyaccountants.com.au/bookkeeping-for-hospitality-restaurant-cafe-pub-hotel-bar-and-gaming-businesses/) - As with anything else in this world, expectations from the hospitality industry grows bigger and bigger by the day. Hotel, bar, restaurant, café, pub and gaming venue operators are expected to provide efficient and courteous service at all times. This efficiency should be applied to their bookkeeping as well, with hospitality being a fast-paced industry. Hospitality bookkeeping and accounting firms Financial records must always be up-to-date, - [Bookkeeping and Accounting: Small businesses to save money from lower energy prices](https://skyaccountants.com.au/bookkeeping-and-accounting-small-businesses-to-save-money-from-lower-energy-prices/) - Many small businesses are not yet aware of the good news coming their way. Small business customers will actually face lower prices and clearer energy bills starting July; however, if they do not manage their bookkeeping and accounting properly, they may not notice the difference and lose the opportunity to use these savings for something more beneficial to their business. Accounting and - [Food consultant company: Payroll tax to be reduced soon?](https://skyaccountants.com.au/food-consultant-company-payroll-tax-to-be-reduced-soon/) - State governments are starting to reduce their payroll tax one by one and the WA Chamber of Commerce and Industry is urging the McGowan Government to do the same, saying local businesses need the reduction so they can employ extra staff. Restaurant and hotel operators are also calling for change in payroll tax and would - [Restaurant Bookkeeping Guide](https://skyaccountants.com.au/restaurant-bookkeeping-guide/) - It is important to have an efficient bookkeeping system with security measures for a restaurant to be successful. Here is a guide to setting up a streamlined bookkeeping system for your restaurant. Restaurant bookkeeping Your restaurant needs to accurately record business transactions through a well-defined bookkeeping system so you can manage your cash flow better. Organise all books and - [Determine the Correct Payroll Award for your Restaurant Employees](https://skyaccountants.com.au/determine-the-correct-payroll-award-for-your-restaurant-employees/) - It can be pretty daunting to run a payroll for a busy café or restaurant because of all the compliance surrounding PAYG tax, superannuation and Fair Work awards. Most cafes and restaurants have casual and full-time employees and therein lies the challenge of food industry payroll awards. Some employees are entitled to tiered overtime rates, meal - [New phone scam imitates ATO phone numbers](https://skyaccountants.com.au/new-phone-scam-imitates-ato-phone-numbers/) - Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 Unpaid tax debt There has been an increase in reports of scammers pretending to be from the ATO and threatening people with arrest if the outstanding tax debt is not paid immediately. Scammers can make - [Avoid these FBT mistakes to avoid attracting the ATO’s attention](https://skyaccountants.com.au/avoid-these-fbt-mistakes-to-avoid-attracting-the-atos-attention/) - FBT It is important for business owners to know what to report to the ATO so they can avoid making costly mistakes. Here are some fringe tax benefit related items that often attract the ATO’s attention. The ATO is flagged when there is failure to report motor vehicle fringe benefits, incorrect application of exemptions for - [Sky Accountants named a finalist in the Australian Accounting Awards 2019 for Innovator of the Year](https://skyaccountants.com.au/sky-accountants-named-a-finalist-in-the-australian-accounting-awards-2019-for-innovator-of-the-year/) - Ballarat accounting firm Sky Accountants has been named a finalist in the Australian Accounting Awards for Innovator of the Year. Australian Accounting Awards The Australian Accounting Awards, in partnership with Intuit QuickBooks Australia, is the only national independent awards program for the accounting industry. Recognising excellence across a true cross-section of the accounting industry, the - [Budget Update – Instant Asset Write-off Changes Now Law](https://skyaccountants.com.au/budget-update-instant-asset-write-off-changes-now-law/) - Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 Instant asset write-off for small businesses In our recent wrap up of the Federal Budget, we flagged the Government’s intention to make changes to the small business instant asset write-off. On 6 April, Treasury Laws - [Casual Workers to Permanent Employees](https://skyaccountants.com.au/casual-workers-to-permanent-employees/) - Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 Casual staff to permanent employees Casual staff who have worked regular hours for at least one year may now request a permanent position. The ruling by the Fair Work Commission was implemented in October and - [Sky Update – April 2019](https://skyaccountants.com.au/sky-update-april-2019/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Federal Election Called On the 11th of April the Federal Election was called for Saturday the 18th of May 2019. A consequence of the election being called is that the House of Representatives is dissolved - [Staff public holiday penalty rates and entitlements](https://skyaccountants.com.au/staff-public-holiday-penalty-rates-and-entitlements/) - Payroll can get very tricky and confusing but it gets even more complex when you consider public holiday pay rates. Public holidays are part of Australia’s employment standards and workers have the right to be absent from work during these days. If your staff work on these days, you should know the public holiday penalty rates - [How to deal with public holiday surcharge](https://skyaccountants.com.au/how-to-deal-with-public-holiday-surcharge/) - Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 Do you think restaurants and cafes should charge a holiday surcharge? Customers often complain to businesses when a public holiday rolls by and they implement a surcharge even when it is common practice in the food - [Xero bookkeepers give tips on inventory management](https://skyaccountants.com.au/xero-bookkeepers-give-tips-on-inventory-management/) - Xero bookkeeping services Inventory management can be challenging for restaurant, café, pub and club owners but they cannot escape it. Keeping accurate inventory records is important as it impacts the business’ ability to offer a high-quality product, a small error can have a big impact in the food industry. It would be ideal to consult with Xero - [Help your restaurant thrive by outsourcing hospitality bookkeeping services](https://skyaccountants.com.au/help-your-restaurant-thrive-by-outsourcing-hospitality-bookkeeping-services/) - Running a restaurant can be challenging but still rewarding. To help your restaurant thrive, you should avoid some restaurant bookkeeping mistakes and know the importance of organised bookkeeping in order to help you make informed decisions. Restaurant bookkeepers Bookkeeping is important because it is critical to record your business’ financial transactions. If you keep it accurate, you can - [The current and expected state of the hospitality sector in Australia](https://skyaccountants.com.au/the-current-and-expected-state-of-the-hospitality-sector-in-australia/) - Hospitality industry It’s important to understand the factors that impact your industry to see how your competitors are tracking. This is a good gauge to see your business performance. Here is a view of the current and expected state of the hospitality sector in Australia. Hotels and resorts are still Australia’s preferred type of accommodation - [Xero: New navigation, tools and features](https://skyaccountants.com.au/xero-new-navigation-tools-and-features/) - Xero Expenses and Xero Projects Xero has recently launched a few new features such as Xero Expenses and Xero Projects. You might be thinking if these new features are worthwhile. According to Xero, the recent changes will drive profitability and provide users with better visibility across projects. Xero Projects is a new project management feature - [Sky Update – February 2019](https://skyaccountants.com.au/sky-update-february-2019/) - Video Increasing the Instant Asset Write-Off A Bill to increase the instant asset write-off from $20,000 to $25,000 and extend it 12 months to 30 June 2020 has been introduced into Parliament. When the legislation is passed, the extended measures will apply from 29 January 2019 onwards. The instant asset write-off is available to Small Business Entities and provides - [Is your business ready to go global?](https://skyaccountants.com.au/is-your-business-ready-to-go-global/) - International business Expanding internationally can be pretty exciting for your business but the truth is, every country you plan to operate in is different and you need to consider several things before you decide to conduct business across borders. You should first conduct your research thoroughly before making any major business decisions and think through - [How does the accelerated tax reduction affect your business?](https://skyaccountants.com.au/how-does-the-accelerated-tax-reduction-affect-your-business/) - Business tax The tax rate for all companies used to be at 30% but since 2015 it has been gradually decreasing. What is accelerated tax rate reduction and how does it affect your business? In 2015, the threshold for the reduction was for businesses with under $2 million turnover. In 2016, the threshold increased to - [Scott Morrison offers small business tax relief and full-time jobs](https://skyaccountants.com.au/scott-morrison-offers-small-business-tax-relief-and-full-time-jobs/) - Business tax Scott Morrison has promised further tax relief for small businesses in a speech that highlighted the importance of a strong economy. Morrison is seeking to draw differences with Labor over economic policy and has announced the increase in instant asset write-off threshold to $25,000 effective immediately. The change is expected to cost $750 - [Are you required to pay payroll tax?](https://skyaccountants.com.au/are-you-required-to-pay-payroll-tax/) - Payroll If your business employs people, you should know more about payroll tax – a self-assessed State and Territory based tax imposed in Australia. This is the tax payable when the total wages paid or owed to employees exceeds the threshold in the state where the business is located. Note that rates and thresholds vary - [Find out if you are Fair Work compliant to avoid hefty fines](https://skyaccountants.com.au/find-out-if-you-are-fair-work-compliant-to-avoid-hefty-fines/) - Fair Work More than 15% of Australian employees are paid based on a modern award but plenty of employers are still non-compliant mainly because awards are complex and interpretations are not always straight forward. Because of this, the new Fair Work Amendment law was introduced to place financial penalties on businesses that breach their obligations - [SMSF: Timeframe to become compliant shortened to aid acceptance of employer super guarantee](https://skyaccountants.com.au/smsf-timeframe-to-become-compliant-shortened-to-aid-acceptance-of-employer-super-guarantee/) - SMSF The ATO has reduced the timeframe it takes for SMSFs to become compliant and announced several changes with the process of issuing the compliance notice. According to the ATO, starting March 2019, the timeline for new SMSFs to be compliant on the super fund lookup will become shorter. Several days after registration, the fund will - [Manage your variable expenses to effectively forecast budget and expenditure](https://skyaccountants.com.au/manage-your-variable-expenses-to-effectively-forecast-budget-and-expenditure/) - Business expenses Businesses often focus on fixed expenses such as rent, salaries and wages, machinery, vehicle and insurance, among others. However, it is also important to look into your variable expenses as these amounts can accumulate over time and make a significant impact to your bottom line. These unexpected expenses can disrupt your budget and - [How to build a good business credit profile](https://skyaccountants.com.au/how-to-build-a-good-business-credit-profile/) - Business credit profile A good business credit profile is important especially for those who are looking to get loans or larger investments to grow their business. Here are a few tips on how to build a good business credit profile. Remember that it is important to start building your business credit score from day one. - [Why engaging an accountant may be the best decision you can make for your business](https://skyaccountants.com.au/why-engaging-an-accountant-may-be-the-best-decision-you-can-make-for-your-business/) - Accountants for small businesses Plenty of small business owners think that they cannot afford an accountant, or they are saving money on hiring one. However, if you consider the time it takes to complete accounting tasks, you may soon realise that there are better ways of utilising your time. For instance, if your time is worth $100 - [Hospitality Market Research 2019](https://skyaccountants.com.au/hospitality-market-research-2019/) - Here is the hospitality and tourism market outlook for 2019. Café and coffee shops The café and coffee shop industry has moderately grown in the last five years because of the country’s vibrant coffee culture. Its revenue could increase at an annualised 2.2% over the next five years to be worth $9.8 billion, including an - [Hotel and Accommodation Trends in 2019](https://skyaccountants.com.au/hotel-and-accommodation-trends-in-2019/) - Accommodation sector Australia’s accommodation sector is being influenced by new global and local brands, technologies and services. The Sydney hotel sector has started its dramatic expansion since the 2000 Olympics. Recently, during their largest-ever expansion, Perth, Melbourne, Brisbane, Adelaide and Canberra have all experienced a remarkable revival of their hotel stock and lifestyle hotel brands - [How to make a hidden, out-of-the-way restaurant or café work](https://skyaccountants.com.au/how-to-make-a-hidden-out-of-the-way-restaurant-or-cafe-work/) - Restaurants Any hospitality business owner knows that one of the most important business considerations is – location, location, location. Nothing matters more in the retail industry than where the business is situated because foot traffic is said to indicate performance and that, of course depends on the accessibility of the establishment. Does this mean a business - [How to build a loyal market for your restaurant](https://skyaccountants.com.au/how-to-build-a-loyal-market-for-your-restaurant/) - Hospitality business strategies The hospitality industry is currently enjoying an unprecedented high and it is important for business owners to sustain this growth by building a loyal market. Here are some strategies on how restaurateurs can make the biggest impact on their customers. Human interaction. Technology now plays a huge part in how customers engage - [Law changes that might affect your business](https://skyaccountants.com.au/law-changes-that-might-affect-your-business/) - Business laws Because of the upcoming federal election, various policies are being implemented by both parties. Here are some law changes to consider. Find out if any of these changes can affect your business. The national minimum wage has increased by 3.5% on 1 July 2018. The new national minimum wage is $719.20 per week - [Important things to do ahead of EOFY 2019](https://skyaccountants.com.au/important-things-to-do-ahead-of-eofy-2019/) - Business Taxation and STP While 2018 has been a whirlwind year for taxation, 2019 still seems to be one of the biggest years for small businesses in terms of taxes. Here are some things to consider to get ahead of your EOFY 2019. Small and micro businesses may have to step up their game this - [Business Tips: Understand and grow your business through these numbers](https://skyaccountants.com.au/business-tips-understand-and-grow-your-business-through-these-numbers/) - Business tips As a business owner, you should understand the numbers that drive your business. It is important to track these numbers as they reveal hard evidence that can equip you into growing your business over the long haul. Below are several ways to monitor your numbers. Focus on them so you can better manage - [Xero Accountants: Small business Tips and Tricks](https://skyaccountants.com.au/xero-accountants-small-business-tips-and-tricks/) - Apps for small businesses Apps and their users are getting smarter by the day. Technology revolutionises small businesses and improves the way they interact with customers and data. Small businesses will start embracing technologies in reporting, cash flow and app solutions more this year. Here are some tips and tricks to get the most out - [Small business instant write-off increased to $25,000](https://skyaccountants.com.au/small-business-instant-write-off-increased-to-25000/) - Small business instant write-off Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 Prime Minister Scott Morrison has recently pledged to raise the small business instant write-off from $20,000 to $25,000 and extend it until 30 June 2020. Parliament will resume on the 12th of - [Low-cost STP reporting software for small businesses](https://skyaccountants.com.au/low-cost-stp-reporting-software-for-small-businesses/) - Single Touch Payment / STP The Australian Taxation Office expects various low-cost Single Touch Payment (STP) reporting software to be available for small businesses early in 2019, ahead of the 1 July 2019 STP start date. STP is currently required for companies with 20 or more employees but the Government has expressed its intent of - [Small Business Tips: BAS and GST Preparation](https://skyaccountants.com.au/small-business-tips-bas-and-gst-preparation/) - Business tips – BAS and GST Most successful businesses spend extra time record keeping and making sure they’re getting their tax right. They prepare and lodge business activity statements and know that they can save time in the long run once these are properly set up and organised. Your BAS can be lodged online through - [Sky Update – January 2019](https://skyaccountants.com.au/sky-update-january-2019/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Scam Alert We are continuing to hear reports of clients receiving calls from scammers purporting to be from the ATO. These calls can be quite alarming and upsetting for the recipients. And for - [Allow your people to innovate or you’ll miss great opportunities](https://skyaccountants.com.au/allow-your-people-to-innovate-or-youll-miss-great-opportunities/) - Accountants Ballarat & Bookkeepers Ballarat Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 In business, each team member has special missions. These missions could be new challenges added to existing responsibilities and led by those who understand the needs of the business and - [Would you use a fintech loan to grow your business?](https://skyaccountants.com.au/would-you-use-a-fintech-loan-to-grow-your-business/) - Accountants Ballarat & Bookkeepers Ballarat Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 There is a widespread concern that small business lending will continue to tighten this year. Smaller operators are concerned about loans and raised scrutiny on mortgages because they use their - [Prepare your business for Australia Day 2019](https://skyaccountants.com.au/prepare-your-business-for-australia-day-2019/) - Public holiday Australia Day is almost upon us and it’s time to prepare for one of the busiest days of the year. The public holiday falls on a Saturday this year, so people might spend it at venues on the holiday Monday. Because of the expected large crowds, you and your staff should get ready - [AFCA – Save money and business relationships without the need for litigation](https://skyaccountants.com.au/afca-save-money-and-business-relationships-without-the-need-for-litigation/) - AFCA for business disputes So many businesses are not aware of the various channels available to them where they can resolve disputes without having to spend thousands of dollars. Small companies spend large sums of money and ruin business relationships to resolve legal conflicts simply because they do not know what’s available to them. Prime Minister, Scott Morrison, recently unveiled - [Bitcoin: What the future holds for cryptocurrencies](https://skyaccountants.com.au/bitcoin-what-the-future-holds-for-cryptocurrencies/) - Bitcoin and Cryptocurrency The Bitcoin price had almost reached $US20,000 in 2017 and it appeared to have disrupted financial markets with its potential to enter mainstream. However, a year later, it is trading below $US4,000 and decreasing, losing over 50% of its market capitalisation. Bitcoin could continue to spiral down, with the price of major alternative coins like Ripple and - [Is food delivery good for your business?](https://skyaccountants.com.au/is-food-delivery-good-for-your-business/) - Restaurants and Food Delivery Some restaurants have a menu for instore diners and another one for home delivery. It often costs less to eat at a restaurant than to have the food delivered to a home because food delivery services such as Uber Eats takes around one third of the order value for the meals they deliver. Uber Eats and other food-delivery platforms - [Record keeping management tips for small businesses](https://skyaccountants.com.au/record-keeping-management-tips-for-small-businesses/) - To help you set up a good record keeping system, you should first know what records you should keep and find out if your business is good at keeping these records. You should take note of your filing record procedure even if you task someone to do this for you. All transactions that have financial - [Don’t forget to check patron IDs to avoid offense](https://skyaccountants.com.au/dont-forget-to-check-patron-ids-to-avoid-offense/) - Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 Sky Hospitality Accountants Victoria would like to remind licensed venues that checking patron IDs are important in ensuring community safety and preventing the sale of alcohol to those under 18 years of age. We would like to - [Want to launch a startup? See if you identify with these](https://skyaccountants.com.au/want-to-launch-a-startup-see-if-you-identify-with-these/) - Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 A startup is an early stage business which has a large addressable market. It utilises technology to quickly capture the market. Launching a startup can be daunting especially for first time investors but the good news is - [How to manage your roster effectively](https://skyaccountants.com.au/how-to-manage-your-roster-effectively/) - Staff wages are often the biggest cost for any hospitality business, so tight management is required. You may forget some factors that are involved in roster generation. Rosters are often created last minute because of last minute updates and changes and individual circumstances are inherently like that. What is important is that you make sure - [Small business tax deductions: What you can and cannot claim](https://skyaccountants.com.au/small-business-tax-deductions-what-you-can-and-cannot-claim/) - Accountants Ballarat & Bookkeepers Ballarat Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 Did you know that you can claim deductions for some of the income-related expenses you incur in your business? Image: Pixabay To claim your business expenses, the money must have been spent - [Accounting and Bookkeeping for Pubs](https://skyaccountants.com.au/accounting-and-bookkeeping-for-pubs/) - As a pub owner, it is best to consult your tax accountant about how to set up the most appropriate accounting and bookkeeping system for your business. Find out what you can do and what you need your Accountant/Bookkeeper to do such as bookkeeping, annual tax, payroll, business activity statements etc. so you will have - [Can your business run without you?](https://skyaccountants.com.au/can-your-business-run-without-you/) - Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 You have worked on building your company for years and you want to determine the best option for you. You want to take your business to the next level but don’t know how. So ask - [Sky Update – November 2018](https://skyaccountants.com.au/sky-update-november-2018/) - Sky Update – November 2018 In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Shutting down over Christmas & New Year The holiday period is a time when many businesses look to shut down and take a well earned break. If you - [SME grants, vouchers and assistance programs for small businesses](https://skyaccountants.com.au/sme-grants-vouchers-and-assistance-programs-for-small-businesses/) - Accountants Ballarat & Bookkeepers Ballarat Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 The Australian State and Territory governments offer more than $3 billion in grants for small businesses each year. As a small business owner, you may not be aware of this. - [How to save money for your small business](https://skyaccountants.com.au/how-to-save-money-for-your-small-business/) - Accountants Ballarat & Bookkeepers Ballarat Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 You’re in this business to make money, so avoid losing it! Here are some of the ways your business may be wasting money and tips on how to profit more - [Sky Update – December 2018](https://skyaccountants.com.au/sky-update-december-2018/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. The holiday season is here The Holiday Season has arrived and we take this opportunity to wish you a safe and happy festive season and all the best for the coming year. Please - [Sky Update – May 2018](https://skyaccountants.com.au/sky-update-may-2018/) - Key 2018 Budget Announcements Personal tax cuts The Government is proposing a 7 year 3 step plan to reform personal income tax: Step 1: A new non-refundable Low and Middle Income Tax Offset from 2018-19 to 2021-22 to provide tax relief of up to $530 per year. The Low and Middle Income Tax Offset will provide - [Ways to manage your business finances effectively](https://skyaccountants.com.au/ways-to-manage-your-business-finances-effectively/) - Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 As a business owner, it is important to control your finances and prevent money loss on sales by regularly evaluating your financial position, profit and loss, cash flow forecast and break-even point. When you run - [Is your business considered a “small business?”](https://skyaccountants.com.au/is-your-business-considered-a-small-business/) - Accountants Ballarat & Bookkeepers Ballarat Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 Plenty of small businesses face many challenges – believe it or not, even in just getting paid. The ASBFEO reported that delayed payments to SMEs from both the public and private - [Secure a valid liquor license to avoid expensive fines](https://skyaccountants.com.au/secure-a-valid-liquor-license-to-avoid-expensive-fines/) - Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 Sky Accountants Victoria would like to remind new premises owners to secure a valid liquor license, as failure to do so may prove to be a very costly lesson. The Victorian Commission for Gambling and Liquor Regulation - [Long term business planning: Start digitising your processes](https://skyaccountants.com.au/long-term-business-planning-start-digitising-your-processes/) - Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 According to a new report, 73 percent of small businesses plan only up to six months ahead. These businesses focus too much on their daily operations and do not look far enough forward. Only 6 - [How to launch a highly functioning loyalty program](https://skyaccountants.com.au/how-to-launch-a-highly-functioning-loyalty-program/) - If you want to create and launch your own loyalty program, you need to analyse the available data on your target demographic. Find out how they behave and other data that might aid you in understanding them. You may want to set-up a system where customers can leave important information such as their average spend, - [Be an environmentally friendly restaurant, bar or café](https://skyaccountants.com.au/be-an-environmentally-friendly-restaurant-bar-or-cafe/) - Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 The hospitality industry has focused on sustainability for several years now. Hospitality business owners are becoming more responsible in making positive changes in terms of wastage, use of damaging chemicals and their carbon footprint. As - [Avoid underpaying your staff](https://skyaccountants.com.au/avoid-underpaying-your-staff/) - Two hospitality businesses were recently featured by the media for underpaying staff and it caused a lot of embarrassment and adverse consequences to the owners who will face legal charges. Accountants Ballarat & Bookkeepers Ballarat Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 - [Why proper planning is important for a new business to survive](https://skyaccountants.com.au/why-proper-planning-is-important-for-a-new-business-to-survive/) - If you want to buy an existing business, you need to check the following: The last 3 years of financial statements; Gross profits on food and beverages; Wages as a % of revenue; The average EBITD calculations (Earnings Before Interest Tax & Depreciation); Licenses to make you they are in place such as liquor, food - [Technology trends in the hospitality industry in 2018](https://skyaccountants.com.au/technology-trends-in-the-hospitality-industry-in-2018/) - 1. Cardless payment The cardless payment technology hype in Australia has started a few years ago and the hospitality industry is becoming more and more reliant on the tap-and-go system. Many customers now forego cash in favour of their smartphones to pay at restaurants. It may even have become a need in the industry. Invoice2Go - [Cancel out noise in your minimalist design](https://skyaccountants.com.au/cancel-out-noise-in-your-minimalist-design/) - Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 The minimalist look with sleek dining sets, high ceilings and open areas have become so popular with restaurants because of its less-is-more approach, however there is also a down side to it. Talk to Sky Accountants who specialise in - [Sky Update – October 2018](https://skyaccountants.com.au/sky-update-october-2018/) - Casual employees and leave entitlements In our September Sky Update we wrote about the WorkPac v Skene case involving a casual employee that was found to be entitled to annual leave. This court decision has caused significant concerns in the business community and has left many employers feeling very uncertain about their obligations. In recent developments, WorkPac - [Phelps maintains her lead: A Wentworth By-Election 2018 Summary by Sky Accountants](https://skyaccountants.com.au/phelps-maintains-her-lead-a-wentworth-by-election-2018-summary-by-sky-accountants/) - Independent candidate Kerryn Phelps is predicted to win with a swing of about 20%. The Liberal Party is expected to go into minority government. Turnbull’s resignation dropped the Liberal-National Coalition further into minority government as Hogan indicated he would remain a National Party MP; and Independent, Cathy McGowan expressed support for the Morrison Government. After an email that - [Sky Update – September 2018](https://skyaccountants.com.au/sky-update-september-2018/) - Extension of $20,000 Instant Asset Write-off In the most recent Federal Budget it was announced that the $20,000 instant asset write-off would be extended for a further twelve months to 30 June 2019. On 12 September, the legislation to give effect to this announcement passed both houses of Parliament and is currently awaiting royal assent. As such, small businesses - [Know which award is best for your restaurant or café](https://skyaccountants.com.au/know-which-award-is-best-for-your-restaurant-or-cafe/) - To know which award is for your restaurant or café, consider the award classification which is most appropriate to the work performed by your employee and to the environment in which your employee normally performs the work. Know your business style and the tasks that will be performed by your employee. You may also use - [Newsletter – Sky Update – August 2018](https://skyaccountants.com.au/newsletter-sky-update-august-2018/) - Short stay accommodation data matching The ATO is launching a data-matching program to identify taxpayers who receive income from short term rentals. The ATO will receive information from online platforms for approximately 190,000 Australians. This information will be reviewed to identify under reporting of income and over-claiming of deductions. This area of the market has grown very - [LGLA Act: Important changes effective July and September 2018, May 2019 for liquor licensees](https://skyaccountants.com.au/lgla-act-important-changes-effective-july-and-september-2018-may-2019-for-liquor-licensees/) - These changes relate to licensees which were previously required to maintain an RSA register and are no longer required to do so (relevant RSA training information remains required upon request) and the prohibition from displaying static alcohol advertising within 150 metres of a school perimeter unless certain exemptions apply. The changes to factors under the - [Gaming expenditure data for 2017-18 now released](https://skyaccountants.com.au/gaming-expenditure-data-for-2017-18-now-released/) - For 2017-18, the total expenditure is 2,695,284,02, which is an increase of 3.29% from the previous year. The VCGLR publishes gaming data routinely on the fourth Friday of every month and bi-annually for several expenditure sets, including gaming expenditure by local government area, which provide information relating to region classification, total gaming expenditure and the number of - [How to foster good communications within your business and team](https://skyaccountants.com.au/how-to-foster-good-communications-within-your-business-and-team/) - Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855 Most hospitality venues consider themselves like family but like all families, there can sometimes be flaws in the way they interact. Achieving healthy and productive internal communications is very important in any big or small - [Newsletter – Sky Update – July 2018](https://skyaccountants.com.au/newsletter-sky-update-july-2018/) - Individual tax payers need to be careful in what they claim The Australian Taxation Office (ATO) has announced the income tax gap for individuals not in business, which is primarily driven by incorrectly claimed work-related expenses including claiming deductions where there is no connection to income, for private expenses and those with no records to show that - [Sustainability: Will lab-grown meat be accepted in the hospitality industry?](https://skyaccountants.com.au/sustainability-will-lab-grown-meat-be-accepted-in-the-hospitality-industry/) - Meats are a staple on the dinner table but the increased international demand for local Australian beef also meant a rising cost for the best cuts at home. People have become more aware of cattle farming’s environmental costs, which further decrease meat consumption in the country. Australians certainly love red meat and because of these, - [Cash access changes in gaming venues](https://skyaccountants.com.au/cash-access-changes-in-gaming-venues/) - A gaming venue’s EFTPOS facilities are required to prohibit a person from obtaining over $500 on any one credit or debit card within 24 hours. Persons in gaming venues may not obtain cash from an EFTPOS facility as well, unless operated by an employee of the venue operator. The operation and promotion of cheque cashing - [Victorian businesses win in new financial year law changes](https://skyaccountants.com.au/victorian-businesses-win-in-new-financial-year-law-changes/) - Some of the big winners this new financial year are regional businesses but the lowest paid workers may not be too happy to see their next pay slips. The 1st of July has brought plenty of business changes with regional operators set to benefit from the windfall of payroll tax cuts, which were cut from - [Sky Update – June 2018](https://skyaccountants.com.au/sky-update-june-2018/) - Super Guarantee (SG) Amnesty Legislation to introduce a 12-month Superannuation Guarantee Amnesty has been introduced to Parliament. If and when passed, the Amnesty is an opportunity for employers to correct previous super guarantee non-compliance without penalty from the 24th of May 2018 to 23rd of May 2019. Employers who voluntarily disclose and pay previously undeclared SG shortfalls - [Important things to consider when renewing your lease](https://skyaccountants.com.au/important-things-to-consider-when-renewing-your-lease/) - It is very important to check your contract when renewing your lease and if you are not careful, you may fall into several traps. Hospitality accountants Sky Accountants, give tips on potential traps to avoid in your leasing contract. For one, the option window is the period from the first date to the last date set for - [Investment Market Outlook – 7 March 2018](https://skyaccountants.com.au/investment-market-outlook-7-march-2018/) - For an update on the current economic environment, and insights to assist you to make the most of the current opportunities and challenges, come along to the investment market outlook seminar on the 7th of March 2018. We are delighted to invite you to join us for a seminar with Scott Fletcher, Director, Client Investment - [Sky Update – February 2018](https://skyaccountants.com.au/sky-update-february-2018/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Research & Development Tax Incentive Reminder The R&D Tax Incentive provides valuable support for companies undertaking eligible Research & Development activities. To claim the R&D Tax incentive for the 2017 financial year, eligible - [Sky Update – March 2018](https://skyaccountants.com.au/sky-update-march-2018/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Single Touch Payroll – time to get organised Employers with 20 + employees must adopt Single Touch Payroll (STP) from 1 July 2018. To determine if your business is in from 1 July 2018 it - [How small to medium businesses can benefit from policy documents](https://skyaccountants.com.au/how-small-to-medium-businesses-can-benefit-from-policy-documents/) - Small to medium business owners may not see paperwork as a priority early on but it could play a part to their survival later on. Sky Accountants explain why and give tips on how to create one. How small to medium businesses can benefit from policy documents It pays to always be prepared when it comes to - [What to expect from the new audit process for gaming venues](https://skyaccountants.com.au/what-to-expect-from-the-new-audit-process-for-gaming-venues/) - The VCGLR has announced its new audit process that can better assess the completeness and accuracy of the reported gaming machine data. The VCGLR (Victorian Commission for Gambling and Liquor Regulation) has announced its new audit process that can better assess the completeness and accuracy of the reported gaming machine data. The new audit process - [Sky Update – April 2018](https://skyaccountants.com.au/sky-update-april-2018/) - ATO in the media An episode of the ABC’s Four Corners has recently aired drawing much attention and comment in the media. The episode focused on alleged questionable practices of the ATO and calls for greater independent oversight. For those following the story, the ATO have issued an Executive Statement on the ABC/Fairfax coverage. If you have experienced unfair - [Financially Speaking – Autumn 2018](https://skyaccountants.com.au/financially-speaking-autumn-2018/) - Check out all the great articles, including an in depth market update, in the latest edition of Financially Speaking brought to you. If you would like to discuss any of the articles in the latest edition, do not hesitate to get in touch. Financially Speaking – Autumn 2018 - [Should you turn your business into a franchise?](https://skyaccountants.com.au/should-you-turn-your-business-into-a-franchise/) - Should you turn your business into a franchise? When you have successfully established your business, with customers and profits growing year after year, it could prove you have a “winning formula.” Now that you have a proven business concept, you may want to turn your business and brand into a franchise. A couple of our - [VCGLR launches new safe function guidelines](https://skyaccountants.com.au/vcglr-launches-new-safe-function-guidelines/) - VCGLR launches new safe function guidelines There is a new resource that will assist gaming venues which hold special events and functions to safely run events and remain compliant, according to Sky Accountants Ballarat. The VCGLR has launched a set of safe function guidelines to support licensees that hold different events including birthdays, events, award nights - [2018 liquor license renewal](https://skyaccountants.com.au/2018-liquor-license-renewal/) - ou can receive your renewed liquor license faster by registering online via the Liquor Portal and receive your 2018 liquor license or permit by email within five business days from payment. Hospitality accountants can assist you with the process. To register for an eLicense, simply create a Liquor Portal account and link your liquor license with the - [Victorian budget 2018: Surpluses of about $2.5 billion per year in four years](https://skyaccountants.com.au/victorian-budget-2018-surpluses-of-about-2-5-billion-per-year-in-four-years/) - What’s in the Victorian budget 2018? The payroll tax-free threshold has been lifted to $650,000 while payroll tax has been cut to 2.425% for regional businesses. This amount is half the rate paid in Melbourne and the lowest rate in Australia. You can contact business tax accountants Sky Accountants to know more about this development. The Government is spending - [Financially Speaking – Summer 2017](https://skyaccountants.com.au/financially-speaking-summer-2017/) - Check-out the latest edition of Financially Speaking hot off the presses. Check out all the great articles, including an in depth market update, in the latest edition of Financially Speaking. If you would like to discuss any of the articles in the latest edition, do not hesitate to get in touch. Financially Speaking – Summer - [Sky Update – November 2017](https://skyaccountants.com.au/sky-update-november-2017/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. ‘Tis the season With the holiday season just around the corner, many businesses will be planning a celebration for their staff. It is important to remember that provision of food, drink, gifts and - [Sky Update – October 2017](https://skyaccountants.com.au/sky-update-october-2017/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Tax cut to be closed off for passive investment companies The Government has released a Bill to deny access to the lower corporate tax rate of 27.5% (down from 30%) for companies with predominantly passive - [Sky Update – August 2017](https://skyaccountants.com.au/sky-update-august-2017/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Work-related expense claims under scrutiny Will you claim work-related expenses on your tax return this year? The ATO now uses real-time data to compare people’s tax returns with others in similar occupations and - [Financially Speaking – Spring 2017](https://skyaccountants.com.au/financially-speaking-spring-2017/) - Check-out the latest edition of Financially Speaking hot off the presses. Check out all the great articles, including an in depth market update, in the latest edition of Financially Speaking. If you would like to discuss any of the articles in the latest edition, do not hesitate to get in touch. Financially Speaking – Spring - [Sky Update – July 2017](https://skyaccountants.com.au/sky-update-july-2017/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Instant asset write-off extended for small business entities The legislation to extend the $20,000 Instant Asset Write-off for 12 months to 30 June 2018 has received Royal Assent. Small Business Entities (turnover < $10m) can - [Sky Update – June 2017](https://skyaccountants.com.au/sky-update-june-2017/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Super reforms from 1 July 2017 If you are a member of a self managed super fund (an SMSF) you may need to take action to avoid exceeding the new $1.6 million transfer - [End of Financial Year 2017](https://skyaccountants.com.au/end-of-financial-year-2017/) - With EOFY 2017 just around the corner businesses and individuals will be starting to think about all things tax. The following is a list of items to consider to help you achieve the best possible tax outcomes. Superannuation contributions There is just enough time left to maximise contributions before the contribution limit reduces to $25,000 on 1 - [Sky Update – May 2017](https://skyaccountants.com.au/sky-update-may-2017/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Federal Budget 2017-2018 On Tuesday the 9th of May the Federal Budget was handed down with a key focus being housing affordability. As usual, there were a number of significant changes announced to - [Federal Budget 2017-2018](https://skyaccountants.com.au/federal-budget-2017-2018/) - On Tuesday the 9th of May the Federal Budget was handed-down. As always, there were a number of tax changes announced. We have a brief run-down of those announcements to assist you in understanding how the budget will affect you personally. Highlights Notwithstanding speculation to the contrary, the Temporary Budget Repair Levy (levied at two - [Sky Update – April 2017](https://skyaccountants.com.au/sky-update-april-2017/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Ride-sharing drivers must register for GST In a recent decision, the Federal Court has held that the UberX service supplied by Uber’s drivers constitutes the supply of “taxi travel” for the purposes of - [Why should I prepare a budget for my business?](https://skyaccountants.com.au/why-should-i-prepare-a-budget-for-my-business/) - Most small businesses do not prepare budgets. Experience tells us that the average small business owner doesn’t see enough benefit to justify spending time preparing a budget. Are they right or are they missing something? And is there a way to prepare a budget that doesn’t consume hours of time? What is a budget? A - [Sky Update – February 2017](https://skyaccountants.com.au/sky-update-february-2017/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. New ATO data-matching program: ride-sourcing The ATO has announced a new data-matching program involving ride-sourcing providers. Under the program, the ATO will acquire data to identify individuals who may be engaged in providing - [Fringe Benefits Tax 2017](https://skyaccountants.com.au/fringe-benefits-tax-2017/) - Most small businesses do not prepare budgets. Experience tells us that the average small business owner doesn’t see enough benefit to justify spending time preparing a budget. Are they right or are they missing something? And is there a way to prepare a budget that doesn’t consume hours of time? What is a budget? A - [Sky Update – March 2017](https://skyaccountants.com.au/sky-update-march-2017/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Personal services income diverted to SMSFs: ATO extends offer Since April 2016, the ATO has been reviewing arrangements where individuals divert personal services income (PSI) to a self managed super fund (SMSF) to - [Sky Update – November 2016](https://skyaccountants.com.au/sky-update-november-2016/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Superannuation changes In the last Sky Update we detailed a number of important changes to the superannuation system. On 23 November a number of those superannuation reforms, passed the Parliament and are now awaiting Royal Assent. - [Sky Update – October 2016](https://skyaccountants.com.au/sky-update-october-2016/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Budget superannuation changes on the way The Federal Government has been consulting on draft legislation to give effect to most of its 2016–2017 budget superannuation proposals. The following is an update on some - [Top tips for a profitable food service business](https://skyaccountants.com.au/top-tips-for-a-profitable-food-service-business/) - I was recently lucky enough to be invited to sit in on a Master Class on “Food Profits, Costings & Cost of Goods Sold” performed by Michael Tonks, the CEO of the award winning Buckley’s Entertainment Centre in Geelong. In this blog, I will share some insights from the Master Class around discounting and portion - [Sky Update – September 2016](https://skyaccountants.com.au/sky-update-september-2016/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Personal middle income tax rate cut On the 16th of September, the Bill to implement the 2016 Budget proposal to increase the third income tax threshold that applies to personal income taxpayers was passed into law. The - [$500,000 Personal Contributions Limit Scrapped](https://skyaccountants.com.au/500000-personal-contributions-limit-scrapped/) - The $500,000 lifetime limit on personal (non-concessional) superannuation contributions announced in the Federal Budget has been scrapped with the Government recently announcing a change of tack. As part of the Federal Budget handed down on 3 May 2016, the Government announced that they would introduce a $500,000 lifetime cap on personal (non-concessional) superannuation contributions. Since budget night, this measure - [Sky Update – August 2016](https://skyaccountants.com.au/sky-update-august-2016/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. SMSF Voluntary Disclosure Service The ATO has introduced a new self managed super fund (SMSF) early engagement and voluntary disclosure service. Each year, an approved SMSF auditor must audit a fund and report any regulatory contraventions - [How to run a profitable kitchen – reduce waste](https://skyaccountants.com.au/how-to-run-a-profitable-kitchen-reduce-waste/) - Food wastage in a kitchen can be extremely costly and is one of the main obstacles to running a profitable kitchen. In this blog, I share some ideas on how to minimise waste in a commercial kitchen. In a recent interview with CEO of Buckley’s Entertainment Centre Mr Michael Tonks, I asked the questions “How do you - [Contractor or Employee?](https://skyaccountants.com.au/contractor-or-employee/) - When engaging contractors, businesses must contend with a myriad of complex rules and obligations. Complexity coupled with an increased compliance focus from the ATO and others, mean that businesses need to be across the issues to avoid unexpected liabilities. The purpose of this blog is to provide an overview of the issues that businesses need - [Sky Update – July 2016](https://skyaccountants.com.au/sky-update-july-2016/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Tax Time 2016: take care with work and rental property claims In a recent media release the ATO has encouraged people to check which work related expenses they are entitled to claim this tax time, - [The Role of the Board](https://skyaccountants.com.au/the-role-of-the-board/) - I first began attending Board meetings at the ripe old age of 25 when I was the finance manager of a not-for-profit organisation. Since that time, I have become involved with the Boards of many organisations, particularly in the hospitality & tourism industry. I’m now involved with Boards of larger organisations with $10+ million turnover - [In Search of the Paperless Office?](https://skyaccountants.com.au/in-search-of-the-paperless-office/) - In recent years there has been a massive transformation in technology that has created significant opportunities for businesses to streamline their bookkeeping and remove paper from their business. In the last 10 years I have seen massive changes in the technology that supports the bookkeeping function of business large and small. These advances in technology have the ability to - [Is Your Business Ready for SuperStream?](https://skyaccountants.com.au/is-your-business-ready-for-superstream/) - The ATO has recently announced that small businesses will be given extra time to become SuperStream compliant. With only a matter of days to go until the 30 June SuperStream deadline, the ATO has announced an extension to 28 October 2016 for Small Businesses (< 20 employees) to comply with the SuperStream standard. As you may recall - [Sky Update – June 2016](https://skyaccountants.com.au/sky-update-june-2016/) - In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Tax incentives to promote innovation Innovative companies with an interest in getting involved in the “ideas boom” need to be aware of the Government’s proposed tax incentives to help promote innovation. The Government - [End of Financial Year 2016 is Just Around the Corner](https://skyaccountants.com.au/end-of-financial-year-2016-is-just-around-the-corner/) - With end of financial year 2016 just around the corner, businesses should be looking at their tax planning to make sure that they achieve the best tax results. The following are some things for businesses to consider in the lead up to EOFY. Pay Superannuation Contributions Whilst employer superannuation contributions for the quarter ending 30 - [The Rise of Cloud Accounting Technology](https://skyaccountants.com.au/the-rise-of-cloud-accounting-technology/) - Given the rise of cloud accounting technology, the ability for accountants to interact and work more closely with clients has never been better. Given the rise of cloud accounting technology, the ability for accountants to interact and work more closely with clients has never been better. Cloud software gives small businesses and their accountants access anywhere, anytime and on any device. All that - [Federal Budget 2016-2017](https://skyaccountants.com.au/federal-budget-2016-2017/) - Last night the Federal Budget was handed-down. As always, there were a number of tax changes announced. We have a brief run-down of those announcements to assist you in understanding how the budget will affect you personally. Last night the Federal Budget was handed-down. As always, there were a number of tax changes announced. We - [The Penalty Rate Conundrum](https://skyaccountants.com.au/the-penalty-rate-conundrum/) - With the ANZAC day public holiday just behind us and the Queen’s Birthday public holiday just around the corner, many businesses in hospitality, tourism and retail industries will be asking themselves whether it is worthwhile opening on public holidays. With the ANZAC day public holiday just behind us and the Queen’s Birthday public holiday just - [R&D Tax Incentive Deadline – 2 May](https://skyaccountants.com.au/rd-tax-incentive-deadline-2-may/) - The R&D Tax Incentive offers significant cash benefits to innovative firms, both large & small. With the 2 May registration deadline looming, firms need to prioritise their application. The R&D Tax Incentive is a program jointly administered by AusIndustry and the ATO. The objective of the program is to foster Australian innovation by providing a tax incentive to firms - [SuperStream – Less Than 100 Days to Get Ready](https://skyaccountants.com.au/superstream-less-than-100-days-to-get-ready/) - There is now less than 100 days for Small Businesses to get SuperStream compliant ahead of the 30 June 2016 deadline. The Australian Taxation Office has recently issued a reminder to Small Businesses (< 20 employees) to ensure that they meet the SuperStream standard by 30 June 2016. As you may recall from our previous blog, SuperStream is - [Top 3 Most Common Mistakes In Hospitality Businesses](https://skyaccountants.com.au/top-3-most-common-mistakes-in-hospitality-businesses/) - In this blog we share with you the three most common mistakes businesses in the hospitality industry make and the “tried and tested” solutions. Sky Accountants specialize in hospitality & tourism which, in Australia, is a $90 billion industry. Hospitality & tourism includes the likes of gaming venues, clubs, pubs, bars, cafes, lounges, resorts, hotels, motels and restaurants. Working with businesses in the industry, we see the best and worst, the pain points, the workarounds and the super successful. In our - [The Three Levers of Profit](https://skyaccountants.com.au/the-three-levers-of-profit/) - In any business there are 3 levers of profit. Knowing what the levers are, and how to pull them will help you to maximise the profits in your business. The Three Levers of Profit In any business there are 3 levers of profit. Knowing what the levers are, and how to pull them will help - [Small Business Restructure Roll-over Bill](https://skyaccountants.com.au/small-business-restructure-roll-over-bill/) - On 4 February 2016 the Government introduced legislation to give effect to the 2015/2016 Federal Budget announcement to provide greater flexibility for small businesses to restructure. Once passed by Parliament, the new law will provide the unique ability to alter legal structures to suit the circumstances of the small business as they change and adapt - [Research & Development Tax Incentive](https://skyaccountants.com.au/research-development-tax-incentive/) - The R&D Tax Incentive offers significant cash benefits to innovative firms, both big & small. With the 30 April deadline to register fast approaching, firms need to review their eligibility and start work on their application asap, or risk missing out. Research & Development (R&D) Tax Incentive The R&D Tax Incentive offers significant cash benefits to innovative firms, both - [Are you under-appreciating your depreciation?](https://skyaccountants.com.au/are-you-under-appreciating-your-depreciation/) - Research shows 80% of investors don’t claim all of the deductions they are entitled to. Are you one of these? What is depreciation? Depreciation is like wear and tear – it’s a recognition that your buildings and assets have a finite useful life and that they lose value over time. At tax time, you can claim this wear-and-tear - [Small business asset write-off](https://skyaccountants.com.au/small-business-asset-write-off/) - Small business owners $20,000 asset write-off to stimulate investment and growth. Instant write-off New legislation passed enables small businesses (revenue less than $2M) to claim an immediate tax deduction for all assets purchased that cost less than $20,000. Additionally, assets currently being depreciated in a small business pool will qualify for an immediate deduction where that pool balance drops below $20,000. This means - [Small business company tax cut official](https://skyaccountants.com.au/small-business-company-tax-cut-official/) - [Investing as a young person](https://skyaccountants.com.au/investing-as-a-young-person/) - Starting a property portfolio as a young person is a challenge, but not an unbeatable one. If you’re a young person hoping to buy an investment property or if you’re helping someone plan their first step on the ladder, here are our hints. Make a plan Decide why you want to invest. What are your long term goals? What - [Work related business travel and record keeping](https://skyaccountants.com.au/work-related-business-travel-and-record-keeping/) - In today’s global economy it is increasingly common for people to travel for work related or business purposes. Travel expenses Where travelling expenses are incurred in relation to that travel, it is important to ensure that appropriate records are maintained to demonstrate that the expenditure is deductible and not subject to Fringe Benefits Tax (FBT). Maintaining a travel - [EOFY 2015 is fast approaching](https://skyaccountants.com.au/eofy-2015-is-fast-approaching/) - With 30 June 2015 just around the corner, businesses should be finalising their tax planning to ensure that they achieve the best possible outcomes. The following are some last minute things that you can do to improve your businesses 2015 tax position. Pay Superannuation Contributions Whilst employer superannuation contributions for the quarter ending 30 June 2015 are not due until 28 July, businesses should consider - [Property investing – what records should I keep?](https://skyaccountants.com.au/property-investing-what-records-should-i-keep/) - Property investing generates a lot of paperwork and email correspondence. What should you keep, and what is safe to throw out? Keeping organised records is important for the smooth running of your investments and to make sure you are compliant with regulations. Software packages There are software packages available that can help you do this. They range from comprehensive packages - [Have you reviewed your pricing lately?](https://skyaccountants.com.au/have-you-reviewed-your-pricing-lately/) - Latest CPI statistics released The ABS released the June 2015 CPI statistics last week showing a headline increase of 1.5% last financial year. ABS – June key figures If you have not increased your prices in the last twelve months, you have effectively discounted your prices by a minimum of 1.5%. Review your pricing We recommend - [Discretionary Trusts & Corporate Beneficiaries](https://skyaccountants.com.au/discretionary-trusts-corporate-beneficiaries/) - Corporate beneficiaries have long been used as part of effective tax planning and wealth protection strategies. However, when the ATO released Taxation Ruling TR 2010/3 back in June 2010, the landscape changed and many were left wondering if there was sufficient benefit to justify the continued use of a corporate beneficiary. What is a corporate beneficiary? A corporate - [Waste not want not](https://skyaccountants.com.au/waste-not-want-not/) - I recently watched an interesting episode of ABC’s Four Corners which focused on the cost to the health system of carrying out unnecessary tests and procedures. It really got me thinking about the importance of identifying and eliminating waste. What is waste? When we talk about waste in businesses, we are referring to resources which are - [Self Managed Superannuation Funds (SMSF)](https://skyaccountants.com.au/self-managed-superannuation-funds-smsf/) - According to the ATO’s June 2015 quarterly SMSF statistical report, there are now over 557,000 SMSF in Australia holding assets worth over $590 million. Both the number of SMSF and their assets have increased by roughly 6% since June 2014. So what exactly is a SMSF and why are they so popular? According to the ATO’s June 2015 quarterly SMSF statistical report, there are - [The “silly season” is here again](https://skyaccountants.com.au/the-silly-season-is-here-again/) - The “silly season” is here again and many of us are looking forward to a well earned break. But before the holidays begin, we must first get through the customary parties, dinners, and other social events. With the holiday season upon us once more, many organisations are planning social events to celebrate the year that - [Avoiding overcapitalising](https://skyaccountants.com.au/avoiding-overcapitalising/) - Trading, flicking, renos, The Block. It feels like we’re inundated with tales of quick riches made through doing up property. What we don’t see so much, though, are the investors who lose money, or who invest in renovations that don’t pay adequately for the risk. We don’t generally recommend trades or ‘flicks’. We prefer buying to hold. Most - [Why are accountants always on about super contributions?](https://skyaccountants.com.au/why-are-accountants-always-on-about-super-contributions/) - How to pay less tax and save for your retirement! Looking for ways to save tax? Increase your super contributions and benefit your retirement. At some time, most people will ask their accountant for advice on how they can save tax. Invariably, the accountant will ask them if they have considered increasing their super contributions. This post seeks to explain why accountants see - [The SuperStream standard](https://skyaccountants.com.au/the-superstream-standard/) - The SuperStream data and payment standard started 1 July 2014 for businesses employing 20 or more employees. These employers need to ensure that they are fully compliant by 1 July 2015. 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It’s an area I am very passionate about. I am continually amazed at the integration of retail and hospitality systems that allow the Pub, Club or Café owner to understand their products and - [Paying Less Tax This Year](https://skyaccountants.com.au/paying-less-tax-this-year/) - Time is running out. If you want to take a few simple preventative measures to minimise or defer how much tax you will pay for this Financial Year, you need to do two things: Read the following 9 point checklist, then Call or email us as soon as possible so we can make a time to sit down - [Personal Cash Flow](https://skyaccountants.com.au/personal-cash-flow/) - WHERE DID IT GO?: TAKING THE MYSTERY (AND PAIN) OUT OF MANAGING YOUR MONEY Most people will quite literally earn millions of dollars in their lifetime. Yet many people struggle financially and live from paycheque to paycheque. 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A number of court cases since 2012 have confirmed that for businesses who have failed to come to grips with the PPSA, possession is not 9/10ths of the law, it ## Pages - [Sky Accountants](https://skyaccountants.com.au/) - VOTED IN THE WORLD'S TOP 57 FIRMS OF INSPIRING ACCOUNTANTS Accountants & Business Advisors Accounting and financial services available throughout Australia Our Team Contact Business & Individual Clients + Total Industry Experience + 5-Star Google Reviews + Professionalism, Quality & Value 100 % AWARD WINNING ACCOUNTANTS Mentoring you to achieve financial freedom, using the latest - [Financial Planning](https://skyaccountants.com.au/financial_planning/) - FINANCIAL ADVISORS Financial Planning FINANCIAL ADVISORS Financial Planning Our Focus With over 25 years of experience, we understand the importance of taking a consistent approach that combines: a tailored portfolio strategy strong client-advisor relationships a dedicated commitment to meeting our clients’ personalised investment objectives This approach is essential to establishing trust and helping our clients - [Our Team](https://skyaccountants.com.au/our-team/) - WHO WE ARE Our Team WHO WE ARE Our Team CHIEF EXECUTIVE OFFICER Jamie Johns Jamie is the CEO and Founder of Sky Accountants, which comprises four offices and a team of 45 professionals. Sky Wealth, the financial planning division, and Sky Mortgages, the finance division, are also under Jamie’s purview, with the responsibility to - [Forms](https://skyaccountants.com.au/support/) - Resources Forms & Checklists Resources Forms & Checklists Find the different forms and checklists here such as Individual Tax Return Checklist, Rental Property Schedule and Financially Well Organised form.Click here for an Individual Income Tax Return Checklist:Individual Tax Return ChecklistClick here for a Rental Property Tax Return Schedule:Rental Property ScheduleClick here for a Financially Well - [Contact](https://skyaccountants.com.au/contact/) - Connect With Us Today Contact Fill in the contact form below and one of our team members will be in contact with you within the next 24 hours. What would you like to talk to us about? Sky Business Health Check Sky Tax Saver Talk Financial Planning & Superannuation Mortgage & Finance Accounting & Bookkeeping - [About](https://skyaccountants.com.au/about-us/) - GET TO KNOW SKY ACCOUNTANTS About Us GET TO KNOW SKY ACCOUNTANTS About Us Forward-thinking cloud accounting experts It’s important to choose a firm that you can trust with your accounting, bookkeeping, business and financial needs. With us, your best interest always comes first. 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Decades of experience Our 40+ years of combined experience put you in safe hands. Our pursuit for excellence in our accounting services never ends. - [Payroll](https://skyaccountants.com.au/payroll/) - BOOKKEEPERS Payroll BOOKKEEPERS Payroll PAYROLL Leave your payroll to us and we will take care of the rest. For small to large-sized businesses like you, managing your own payroll can prove a time-consuming and costly affair. By handing it over to experts like us who have the latest systems, software and resources at our fingertips, - [Tax and Accounting](https://skyaccountants.com.au/tax-and-accounting/) - TAX ACCOUNTANTS Tax and Accounting TAX ACCOUNTANTS Tax and Accounting TAX & ACCOUNTING Develop a robust foundation for your business with a specialist accounting firm. Our expert accountants will help you grow your business. Let’s set your goals, strategise and achieve them.Business AccountantsBAS AccountantsCloud Accounting Contact Us YOUR TAX DONE QUICKLY & EFFICIENTLY Upfront, fixed-fee - [Bookkeeping](https://skyaccountants.com.au/bookkeeping/) - BOOKKEEPERS Bookkeeping BOOKKEEPERS Bookkeeping BOOKKEEPING FIRM Leave your bookkeeping to us, so you can grow your business. Get fast, streamlined and cost-efficient bookkeeping. With the best cloud accounting software, we provide you with fully automated bookkeeping that keep costs to the minimum. Cash flow management Bank reconciliations Preparing and sending invoices Payroll Superannuation payments Payments - [Mortgage Brokers](https://skyaccountants.com.au/mortgage-broker/) - MORTGAGE BROKERS Mortgage Brokers MORTGAGE BROKERS Mortgage Brokers LENDING & FINANCE Get competitive interest rates, expert advice, no hassle. Our mortgage broker charges no fees and fully discloses his commission from the lender you choose to you. 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Send Sky Finance At Sky Finance, we understand that finding the right mortgage isn’t just about the lowest - [Choosing a Business Structure](https://skyaccountants.com.au/choosing-business-structure/) - RESOURCES Choosing a Business Structure RESOURCES Choosing a Business Structure Choosing a Business Structure We are often approached by people seeking to establish new businesses who want advice on the best structure available.Unfortunately, there is no clear winner. The nature of the business and the circumstances of the business owners must be considered in order to determine which - [Sky Health Care Playbook - Download Here](https://skyaccountants.com.au/health-care-playbook/) - About About Guarantee Our Team Awards Testimonials Culture Sky Careers Services Tax and Accounting Bookkeeping Payroll Financial Planning Mortgage Brokers Business Coaching Resources Forms Calculators Wealth Portal Sky TV Financial Health Check Choosing a Business Structure Sky Health Care Playbook – Download Here Sky Freedom Map – Download Here Blog Podcast Contact Book A Discovery - [Calculators](https://skyaccountants.com.au/calculators/) - RESOURCES Calculators RESOURCES Calculators Mortgages Mortgage health checkMortgage switching calculatorHow much can I borrowHow much are my repaymentsReverse MortgageUse our calculators to aid you. We have tools to help you check your mortgage health, how much your repayment and how much you can borrow, reverse mortgage and mortgage switching calculator. What, you want more? Ok - [Wealth Portal](https://skyaccountants.com.au/wealth-portal/) - My Wealth Portal My Wealth Portal YOUR PERSONAL WEALTH PORTAL All your financial world in one place, 24/7 ALL YOUR BANK ACCOUNTS, PROPERTY, SHARES, SUPERANNUATION AND OTHER ASSETS IN ONE PLACE. TRACK YOUR MONEY AND ACHIEVE YOUR FINANCIAL GOALS. The Lite version is Simple and Free. If you are already registered Log in here or - [Sky TV](https://skyaccountants.com.au/sky-tv/) - Sky TV Sky TV Manage Bills & Purchases in Xero EXPERT ACCOUNTING FOR A SUCCESSFUL BUSINESS Sky Accountants take pride in helping businesses grow. Decades of experience Our 40+ years of combined experience put you in safe hands. Our pursuit for excellence in our accounting services never ends. Long-standing client relationships We will be with - [Financial Health Check](https://skyaccountants.com.au/financial-health-check/) - FUTURE-PROOF YOUR FINANCES. Financial Health Check FUTURE-PROOF YOUR FINANCES. Financial Health Check THE BEST TIME TO INVEST WAS YESTERDAY. THE NEXT BEST IS TODAY. How can you maximise your savings to support the lifestyle you want in retirement? Do you have insurance or a will?Identify what areas of your finances need more attention and kick-start - [Blog](https://skyaccountants.com.au/blog/) - Blog Categories 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2024 SKY UPDATE | CHANGES TO ENTRY-LEVEL CLASSIFICATIONS IN MODERN AWARDS FROM 1 JANUARY 05 December 2024 From 1 January 2025, changes to entry-level classifications in various modern awards will take effect. Introductory classifications apply to the first stage of a job, - [Testimonials](https://skyaccountants.com.au/testimonials/) - OUR CLIENTS Testimonials OUR CLIENTS Testimonials DON’T TAKE OUR WORD FOR IT. Hear what others have to say. Our Clients EXPERT ACCOUNTING FOR A SUCCESSFUL BUSINESS Sky Accountants take pride in helping businesses grow. Decades of experience Our 40+ years of combined experience put you in safe hands. Our pursuit for excellence in our accounting - [Services](https://skyaccountants.com.au/services/) - TAX ACCOUNTING SERVICES Services TAX & ACCOUNTING Develop a robust foundation for your business with a specialist accounting firm. Our expert accountants will help you grow your business. Let’s set your goals, strategise and achieve them.Business AccountantsBAS AccountantsCloud Accounting Contact Us YOUR TAX DONE QUICKLY & EFFICIENTLY Upfront, fixed-fee pricing, no surprises. 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