Blog


Ho, Ho, Ho! It’s coming up to the Holiday Season and you might be throwing an office break up party or providing your staff with presents. Without being The Grinch, there are Fringe Benefits Tax implications for both of these scenarios that you need to be aware of.  


With Christmas and the holiday season fast approaching, businesses may find their cash flow suffering particularly if current invoices don't get paid until February next year. This can be catastrophic for seasonal businesses so let’s look at some ways to help improve your cash flow.


The Tax Office has deployed what they refer to as "mobile strike teams" to uncover business owners attempting to avoid tax, especially to target the cash economy. With plans to visit some 10,000 small businesses in the 2019 financial year nationwide, this follows on from their earlier successful blitz of cash-centric suburbs around Australia. To this end we outline some of the common mistakes the ATO has recently observed.   


One of the most challenging aspects of starting a new business is sourcing finance. Once you know how much funding you require it’s time to explore your finance options and there are 6 sources of funding available.  


Aretha Franklin, the Queen of Soul, recently passed intestate (no Will) leaving a purported estate worth US$80 million. A number of claims from interested parties have already been lodged against the estate, which highlights the importance of having a Will. Let’s look at the administrative taxation process involved when you’re left to deal with a loved one’s estate.   


The ATO has indicated they are casting a wider net when it comes to claims for home office expenses, work-related expenses and ride-sharing income. Find out what’s under the microscope this financial year.  


As a business owner and employer there are a number of legislative changes that came into effect on July 1, 2018 which you need to be aware of including Single Touch Payroll, the continuation of the Superannuation Guarantee Charge Amnesty, increased Minimum Wage Rates as well as changes to Penalty Rates and the Unfair Dismissal Threshold.  


The rate for work-related car expenses has increased for the income year starting 1 July 2018. It is now 68 cents per kilometre.

This applies if you have chosen to use the cents per kilometre method for calculating work-related car expenses and will remain in place until the Commissioner decides it should be varied.

If you are paying your employees a car allowance in excess of 68 cents per kilometre, you need to withhold tax on the amount you pay over 68 cents.


It’s exciting when you have that light bulb moment and you’re hit with an idea for your new business. Before you can open your doors, there are numerous issues to consider and you must navigate your way through a maze of rules, registrations and regulations. One of those importance issues is making sure you carry out the right business registrations.    


Profit is the way we keep score in business. It is achieved through making the right management decisions and it impacts on your business valuation. You simply can't afford to leave any profit on the table.  


The Federal Treasurer, Scott Morrison, handed down his third Budget on the evening of Tuesday May 8th. We provide a round-up of the changes that may impact you or your business.     


The end of another financial year is fast approaching. Our 2018 Tax Planning Guide for the end of  the 2017/18 financial year highlights some end of year tax planning opportunities which you may wish to consider before June 30, 2018. 


It’s exciting when you have that light bulb moment and you’re hit with an idea for your new business. Before you can open your doors, there are numerous issues to consider and you must navigate your way through a maze of rules, registrations and regulations. One of those issues is the right business structure.   


All employers need to perform a headcount as at 1 April 2018 to determine when they need to implement the latest ATO digital initiative - Single Touch Payroll. Employers with 20 or more employees will need to start reporting through Single Touch Payroll from 1 July 2018. Let’s look at what employers need to be doing right NOW.   


Can’t I use my superannuation? This is a very common question we get asked and in this post we look at what the government restrictions are on accessing your super and the impact of preservation age.  


The ATO recently conducted a blitz in specific suburbs around the country- including our very own Werribee, where it identified a suburb as having 'high cash economy risk behaviours'. Due to its success, the Tax Office will maintain its audit focus on cash-based businesses. Could yours be next? 


According to a recent Telstra survey, only 50% of Australian small businesses have a website. Surely this can't be true! With the same report finding that 62% of customers will stop considering a small business if they can't find information about it online - there can be no doubt that having a website is a fundamental weapon in your marketing arsenal.   


Franchising is big business in this country and while buying into a franchise can often be promoted as a ‘gold mine’, the reality is, franchises can also fail. Let’s examine some of the most important things you need in place when buying a franchise. 


Cash is King, make no mistake, but managing cash flow remains a constant challenge for today's small business owners. In this article we examine the differences between cash flow and profit and the importance of understanding your numbers to maintain a positive cash flow.   


Cash flow is the life blood of any business. In fact, it can be the difference between success and failure with a lot of business owners walking a tightrope. Let’s briefly examine some of the most common causes of a cash flow crisis.


There has been a fundamental shift in the way consumers make their purchasing decisions. The availability of free, high-quality information online has changed the way consumers buy and Inbound marketing has replaced traditional Outbound marketing methods.   


Video is no longer an option for businesses looking to grow, it’s essential. These are the video marketing trends that you need to be aware of in 2017 to stay ahead of your competitors.


Over the past five years, claims for uniform and laundry tax deductions have increased. The ATO had sat up and take notice. The ATO AC, Kath Anderson has stated that too many taxpayers’ beliefs around how to claim clothing deductions are wrong. Here, we provide helpful advice and tactics to ensure you're getting your tax deductions right.


You might be surprised to know the range of assets you can actually finance. While cars, trucks and equipment are items commonly financed, it is possible to finance boats, buses, planes, computers, dental chairs and office fit outs.


Australians claimed about $23 billion of work-related expense deductions in 2015/16, however, the ATO believe a significant proportion of this amount is the result of over claiming of expenses.
As a result, the ATO have stated that they will be monitoring higher than expected claims. These are the areas you should brush up on to keep your work related expenses clear.


Your website looks good, but it’s not getting visitors, generating leads and converting to sales.
The primary difference is that the brochure style websites are all about the company, while lead generation websites are all about the customer.
Let’s examine the seven must-have online marketing tools that can help you turn your old website into a lead generation machine.


Airbnb is big and getting bigger. We answer the most common questions on the taxation implications, deductions and declarations around renting out all or part of your property on this very popular service.


When building a new website or investing in a website makeover or upgrade, it’s important to understand that not all website expenses are immediately fully tax deductible.


For over 20 years Simon Jones & Co have helped Businesses grow.  With our experiences, we have identified the key cogs that lead to a sustained and successful business.  

Planning now to have a secured future!

If you’re in a business, then you can be guaranteed that one day – willingly or unwillingly, controlled or uncontrolled – you will leave that business. This can happen for a number of reasons, including death, disability, relationship breakdown with co-owners, or simply retirement.
 


Uber is looking for more drivers and Airbnb is seeking more hosts, but what are the implications of becoming part of this new 'sharing economy'?


There is clear evidence that business owners continue to struggle to complete their Business Activity Statements (BAS). To help you we have identified three common errors...


Starting a business can be a maze of research, registrations and red tape. No amount of passion can guarantee your business success but the proverb, ‘failing to plan is planning to fail’ serves as both great advice and a warning for new entrepreneurs.


Your website should effectively be your home base on the internet but how does it actually work and what is hosting and domain names?


Creating wealth through purchasing a negatively geared investment property is a well established practice in this country.  We have identified some common areas where property investors often trip up including claiming interest on loans.


Starting a business can be a mine field and the risks are high which explains why so many budding entrepreneurs look to buy an existing business or franchise operation rather than start from ‘scratch’.


That ‘light bulb’ moment and idea for your new business is exciting but it's only the beginning of the entrepreneurship journey. The moment of truth is identifying all the costs you will incur before you open the business doors. Will you need to source loans and how much?


As accountants, the number one thing our business clients want is advice to help them grow their business. In the digital age we believe the secret to growth is marketing and it could be the difference between boom and gloom for any business.


Every entrepreneur wants to grow their business but there's no simple formula that guarantees success. In this series of posts we are up to the third way to grow your business, how to increase the value of each sale.


Clearly, everyone wants to grow their business. Unfortunately there is no magic potion or silver bullet but we do know there are only four ways to grow a business. In this blog we examine the second method, how to increase the number of times a customer comes back and buys from you.


Everyone wants to grow their business, however, there is no 'magic marketing bullet'. Fundamentally there are only four ways to grow a business including, increase the number of customers of the type you want.


I must admit I don’t watch a lot of television but I did enjoy the latest Australian season of Shark Tank where budding entrepreneurs seek funding from a panel of wealthy investors (the sharks). While it’s another form of reality TV the show does provide business owners with some valuable business lessons. In this edition we ask the question, should you swim with sharks?


I must admit I don’t watch a lot of television but I did enjoy the latest Australian season of Shark Tank where budding entrepreneurs seek funding from a panel of wealthy investors (the sharks). While it’s another form of reality TV the show does provide business owners with some valuable business lessons including the importance of knowing your numbers.


I must admit I don’t watch a lot of television but I did enjoy the latest Australian season of Shark Tank where budding entrepreneurs seek funding from a panel of wealthy investors (the sharks). While it’s another form of reality TV the show does provide business owners with some valuable business lessons including the importance of business planning.


We have been inundated with queries regarding the accelerated depreciation write-off for assets up to $20,000 acquired by small businesses since it was announced in the May budget.


At the start of 2013 we noticed about 10% of our website traffic was coming from hand held mobile devices. By late 2013 this figure had jumped to about 15% but in 2015 we find close to 25% of our website visitors are using mobile devices. Why is this important you might ask?


It is that time of year again, the holiday period is just around the corner and the excitement of the work Christmas party is setting in. It's also time to make sure that your are readying your business for 2015.


The end of financial year is your time to congratulate yourself for navigating your business through choppy waters for 2013/14. A flat year in spending and investments, interrupted by the Federal election with the only positives being the general confidence that comes from steady interest rates, inflation and unemployment.

However, June has its silver lining because now is your opportunity to take on board tax planning strategies that can will reduce your 2013/14 business and personal tax liabilities.


Budget 2015: Survival of the fittest

As the Treasurer foreshadowed, this is a Budget of structural reform with distinct short and long term winners and losers. Much of the headline bad news was fairly accurately reported and old news by Budget night.

The most startling change in this Budget however is the level of consolidation and refocusing of public services with a huge range of small industry assistance and health programs consolidated into larger initiatives that clearly pick winners. Indexation of many Government programs has also been paused.


Just as evolution in animals dictates that only the fittest survive, in a recession it is generally survival of the smartest.

In this country we seem to have a recession-like economy happening every seven to nine years and almost 75,000 Australian businesses were wiped out in the last downturn. To survive business owners must find a way to plan their way past potential threats including rising interest rates and fuel prices plus declining consumer confidence.