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In today’s fast-paced business environment, keeping your eye on the big picture while managing the daily grind can be challenging. From financial management to customer service, the demands on your time can prevent you from focusing on what truly matters – growing your business. This is where Business Process Outsourcing (BPO) can play a crucial role.
By outsourcing your accounting and financial processes, you can free up valuable time and resources, allowing you to concentrate on your core business activities. Attune Advisory offers expert BPO services tailored to your business needs, helping you maximise financial opportunities and streamline operations so let’s unpack some benefits and where the real power lies ...
BPO is not just about cost savings—it's about enhancing your business efficiency and gaining access to specialised expertise. Here’s how BPO can benefit your business:
1. Focus on Core Business Activities Outsourcing non-core functions like accounting allows you to redirect your focus to the areas of your business that drive growth and profitability. With the day-to-day financial tasks handled by experts, you can spend more time on strategy, innovation, and customer service.
2. Access to Expertise Attune Advisory provides a professional team with in-depth knowledge and experience in financial management. By partnering with us, you gain access to expertise that might be too costly or time-consuming to develop in-house. This ensures that your financial processes are managed efficiently and in compliance with Australian regulations.
3. Scalability and Flexibility As your business grows, your needs will change. BPO services are highly scalable, allowing you to adjust the level of support you receive as required. Whether you need more hands during tax season or additional expertise when entering a new market, BPO offers the flexibility to adapt to your business's evolving needs.
4. Cost Efficiency Outsourcing can be a cost-effective solution, reducing the need for full-time in-house staff and expensive infrastructure. With fixed-fee services from Attune Advisory, you can plan your budget more effectively without the worry of unexpected costs.
At Attune Advisory, we live and breathe cloud accounting solutions. The integration of cloud technology into your business processes can transform the way you operate. Here’s why cloud solutions are a game-changer:
1. Real-Time Information Cloud-based accounting systems provide you with real-time access to your financial data. This means you can make informed decisions quickly, with up-to-date information at your fingertips.
2. Improved Data Accuracy Cloud solutions reduce the risk of human error by automating data entry and integrating various business processes. This leads to more accurate financial records and better decision-making.
3. Cost Savings Moving to the cloud can significantly reduce hardware costs and IT maintenance expenses. Additionally, cloud services often come with a subscription-based model, allowing you to pay only for what you use.
Cloud tech stacks are the future of business – there’s little question… A cloud tech stack is a collection of cloud-based software that works together to streamline your business operations. At Attune Advisory, we can help you build a customised cloud tech stack tailored to your specific business needs.
For example, if you’re already using Xero for accounting, there are hundreds of apps that can integrate with Xero to automate processes and reduce the need for double data entry. This integration can cover various aspects of your business, including:
With a fully customisable cloud tech stack, all your business information can be available to you anywhere, at any time. This level of accessibility and integration not only increases efficiency but also future-proofs your business against technological changes.
To recap, Business Process Outsourcing, combined with cloud-based solutions, is a powerful strategy to enhance your business's efficiency and scalability. By partnering with Attune Advisory, you can focus on what truly matters – growing your business and securing your financial future as you do it – we’ll handle the rest. Contact us via 1300 866 113 or email us today to learn more about how our BPO services can benefit your business.
Finding the right tax accountant for your business is not just about searching “tax accountants near me”; it requires careful consideration. There isn’t a one-size-fits-all approach, and your decision should align with your specific tax needs and business preferences. However, some key factors can guide you in making an informed choice.
Here are some essential considerations to help you select the right tax accountant for your business.
While many tax accountants offer a broad range of services, what often sets them apart is their specific expertise. Whether you need help with lodging your end-of-year tax return or advice on restructuring your business to minimise tax liability, your chosen accountant should have a proven track record in these areas, especially with businesses similar in size to yours.
When evaluating potential accountants, consider whether they have successfully supported companies larger than yours. This experience indicates that they possess the capacity to meet your business’s needs as it grows. We’re completely open to discussing how your needs align with our experience, so don’t hesitate to chat to the Attune team to ensure the right fit is with us.
Effective communication is crucial in any business relationship. It’s important to know that when you have urgent questions about your tax position or changes in legislation, your accountant will respond promptly. Your ability to make informed financial decisions depends on having reliable communication channels.
If you’re considering a larger firm, ensure that you’ll have a dedicated point of contact for your tax queries. Personalised service is vital, as no one likes dealing with automated systems or overseas call centres when they need timely assistance.
Thanks to digital communication and cloud computing, businesses can now access accounting services from anywhere. However, this convenience can come with drawbacks, such as a lack of understanding of local tax laws or time zone differences that complicate scheduling.
Face-to-face interaction still plays a crucial role in building strong working relationships. If you prefer in-person meetings, consider choosing a tax accountant who is locally based and can attend meetings at your office.
The software your accountant uses can significantly impact your working relationship. While secure and up-to-date software is essential for managing financial data, it should also be user-friendly. You’ll want to ensure that you’re comfortable using the tools provided or that your accountant can assist with their integration into your business.
Opt for an accountant who uses collaborative software that is easy for you to navigate, ensuring smooth communication and data exchange.
You can also assess an accounting firm is by reading reviews from their clients. While firms provide an overview of their services, customer reviews offer insight into the actual experience of working with them. These testimonials can reveal how well the firm handles challenges and whether they meet client expectations.
Pay attention to how clients describe their relationship with the firm, including how long they’ve partnered and which accountants they’ve worked with. This information can indicate the strength of the firm’s client relationships. Also, note if clients mention specific services that are relevant to your business, as this can confirm the firm’s expertise in those areas.
Above all, your tax accountant should have the expertise to meet your specific business needs. If your business is involved in R&D, for example, ensure that your accountant can help you access relevant tax incentives. If you’re expanding your workforce, you’ll need an accountant who can manage complex payroll functions.
It’s also beneficial if your chosen accountant is part of a firm that offers other relevant services. While your tax accountant may not have commercial acumen for day-to-day business guidance, they should be able to connect you with colleagues who do, such as a commercial team providing CFO advisory services.
At Attune Advisory, our tax team understands the critical role that tax planning plays in our clients’ financial success. We specialise in delivering high-level tax advice across various industries, helping businesses of all sizes navigate complex tax issues and optimise their tax position.
If you’re looking for a tax accountant who can truly add value to your business, contact us today on 1300 866 113 to see how our team of experts can assist you.
Staying on top of your tax obligations is crucial for every business. Missing key lodgement and payment deadlines set by the Australian Tax Office (ATO) can result in penalties, interest charges, and unnecessary stress. To help you stay organised, here are the essential dates for August and September 2024.
And remember, with Attune Advisory on your side, you won’t need to keep a calendar. Our tax advisory team are always on the pulse and will request information from you when it’s required so you’re never behind on lodgements or payments.
• Quarter 4 (April–June) Activity Statements
– Final Lodgement Date: Ensure your electronically lodged activity statements are completed by this date.
– Action Items:
– Refer to Lodging your activity statements online for eligibility on extended lodgement dates.
– Finalise all your PAYG instalments before lodging your tax return to ensure accurate credits in your income tax assessment.
• PAYG Withholding Payment Summary Annual Report
– Final Lodgement Date: Summarise all employee payments and withholdings from salary, wages, and other payments.
– Important Notes:
– These amounts should already be reported at labels W1 and W2 on your previous financial year activity statements.
• Employee Share Scheme (ESS) Annual Report
– Final Lodgement Date: Ensure that your ESS annual report is lodged by this date.
• July Monthly Activity Statements
– Final Lodgement Date: Ensure all lodgement and payments are completed by this date.
• GST Reporting
– Final Lodgement Date: Eligible monthly GST reporters must elect to report GST annually by this date.
• Taxable Payments Annual Report
– Final Lodgement Date: This report is due for businesses in the following industries:
– Building and construction
– Government entities
– Cleaning services
– Courier or road freight services
– Information technology services
– Security, investigation, or surveillance services
• Superannuation Guarantee Charge Statement
– Final Lodgement Date: Lodge and pay for quarter 4 (1 April–30 June) if super contributions were not paid on time.
– Key Points:
– You can offset late contributions against the super guarantee charge for the quarter.
– Note that the super guarantee charge is non-deductible for income tax purposes.
• Final Lodgement Date: Ensure that your August monthly business activity statement is lodged and paid by this date.
• PAYG Withholding Payment Summary Annual Report
– Final Lodgement Date: Lodge this report if prepared by a BAS agent or tax agent (excluding large withholders with annual withholdings over $1 million).
• Annual TFN Withholding Report 2024
– Final Lodgement Date: Required if a trustee of a closely held trust has withheld amounts from payments to beneficiaries.
Staying informed and timely with these key dates will help ensure your business remains compliant and avoids unnecessary penalties. So, for tailored advice and assistance with your tax obligations, get in touch with the Attune Advisory team on 1300 866 113 or send us a message to start the conversation – we're here to keep your business on track.
Hosting the Olympic Games is often seen as a significant opportunity for countries and cities to showcase their capabilities on a global stage. Despite the rising costs associated with hosting the event, the potential economic benefits cannot be overlooked.
There’s stakeholders of every kind when it comes to an city hosting an Olympic Games – from local advertisers, businesses their families all the way through to the state and nation hosting. So with that in mind, we thought we’d take a look at some of the impacts, benefits and concepts behind what an Olympic games means for the host.
The costs of hosting the Olympics have indeed skyrocketed over the years. The 2024 Paris Olympics is expected to be a critical test of whether recent reforms have made hosting a more viable financial option. Historically, the Olympics have evolved significantly since the first modern games in 1896. In the latter half of the 20th century, the costs associated with hosting and the revenue generated grew rapidly. This growth sparked considerable controversy over the financial burden placed on host countries.
A growing number of economists argue that the economic benefits of hosting the Olympics are often exaggerated. Critics highlight that many host countries end up with substantial debts and ongoing maintenance liabilities once the games have left their locality. These financial challenges have led to calls for reforms in the Olympic bidding and selection process. Suggestions include incentivising realistic budget planning, increasing transparency, and promoting sustainable investments that serve the public interest long after the Games have concluded.
Despite these criticisms, supporters of the Olympics contend that hosting the Games can significantly enhance a city’s global profile and drive economic benefits through tourism and infrastructure investments. The infrastructure developed for the Games often includes improvements in transportation, housing, and sports facilities, which can have long-term benefits for the host city. For instance, the 2000 Sydney Olympics led to substantial investments in the city’s infrastructure, which continue to benefit residents and businesses today.
This isn’t just in the form of sporting facilities, rather to make room for an event of scale, host cities like Sydney build serious improvements across the board to allow for attendees and athletes that create lasting impact for the city as a whole.
One of the primary economic benefits of hosting the Olympics is the short and long-term boosts to tourism. The influx of athletes, officials, and spectators from around the world can generate significant revenue for local businesses. Additionally, the global media coverage of the event can raise the profile of the host city, attracting future tourists and investors that would have otherwise not seen value in a locaiton. Again, with Sydney as an example, we saw a notable increase in tourism following the 2000 Olympics, with many visitors drawn by the city's enhanced global reputation – we knew it was a great place before-hand of course!
The long-term economic impact of hosting the Olympics is another critical consideration. While the initial investment can be substantial, the benefits can extend far beyond the closing ceremony. Improved infrastructure, increased tourism, and enhanced global visibility can contribute to sustained economic growth. Moreover, the skills and experience gained by local workers and businesses involved in organising and hosting the Games can have lasting positive effects on the local economy, making room for new business and opportunities not otherwise seen.
While the costs can be high, the potential economic benefits, including tourism, infrastructure development, and global exposure, are significant. By carefully planning and managing the financial aspects of hosting, cities can maximise these benefits and ensure a positive economic legacy. With the 2024 Paris Olympics underway, it will be interesting to see how recent reforms influence the economic outcomes for the host city and provide valuable lessons for future hosts, including Brisbane in 2032. We’ll be keeping a close eye!
Stay tuned to our socials and website for more.
Creating a Self-Managed Superannuation Fund (SMSF) while a major financial decision, offer you unparalleled control and flexibility over your retirement savings. While it opens doors to customised investment strategies and personalised financial planning, it also entails significant responsibilities and strict regulatory adherence – which is where we come in to help.
An SMSF grants you direct management of your superannuation investments, allowing for investment strategies tailored to your specific financial objectives. However, with this control comes the obligation to comply with stringent legal and regulatory requirements.
Prior to setting up an SMSF, it’s crucial to have a solid grasp on the responsibilities and legal obligations involved. Educate yourself on investment strategies, risks, and regulations related to SMSFs to make well-informed decisions.
If you’re just starting out, book a chat with one of our SMSF specialists and we can give you the complete run down while assessing how an SMSF might work best for you.
An SMSF can have up to four members, all of whom must serve as trustees or directors of a corporate trustee. Individual trustees must be over 18, while corporate trustees must be a company with all members as directors.
Engage a legal professional to draft a trust deed, a fundamental document that outlines how the SMSF will be managed and operated, ensuring compliance with legal requirements.
If you need guidance on who to speak to from a legal perspective, we can refer you to one of our experienced partners, so reach out for a referral if you require one.
Ensure that all trustees sign a trustee declaration within 21 days of assuming their role, acknowledging their understanding of their duties and obligations. By the time you’re appointing trustees, they should be aware of what’s involved, but once again, we can provide you the details to educate and inform your trustees if required.
To operate your SMSF legally, obtain a Tax File Number (TFN) and an Australian Business Number (ABN). You’ll need to register your SMSF with the Australian Taxation Office (ATO) to comply with tax regulations.
Again, this is something we can assist with as part of the set up process.
Formulate a detailed investment strategy that aligns with your financial goals. Consider factors such as diversification, risk tolerance, and liquidity to create a balanced and secure investment portfolio.
Building the best strategy for your unique situation is another key area we’re perfectly suited to assist with. Our experience means we can tailor our advice to you and help guide you with your strategy building.
Set up a bank account in the name of the SMSF to handle contributions, rollovers, and investments, ensuring a clear separation between your personal and SMSF finances.
This will operate solely for the purpose of your SMSF.
If members have existing superannuation accounts, roll these funds into the SMSF to consolidate and streamline your retirement savings.
Implement robust record-keeping systems to comply with reporting requirements. Maintain financial statements, member statements, and annual returns to ensure your SMSF meets regulatory standards.
There’s software to help with this – we can offer advice on the best methods to have easy to manage record-keeping as part of your SMSF.
Evaluate insurance options for SMSF members. Trustees are responsible for considering insurance needs to protect the fund and its members – this is a must.
Regularly review the performance of your SMSF and ensure it complies with current laws and regulations. We can be part of assisting you to submit the annual return to the ATO to maintain compliance and of course, through the life of your SMSF, the Attune team can help ensure operations undertaken within your SMSF are compliant.
Engage SMSF professionals – start with the Attune Advisory team and engage your existing financial advisers, and legal experts (if you have them), to ensure your SMSF is compliant and managed effectively.
The right, tailored professional advice is invaluable in navigating the complexities of SMSF management.
Attune Advisory can help you take control of your retirement savings with a Self Managed Super Fund. So, if you’re looking for assistance with setting up or managing your SMSF, Attune Advisory's experts offer a range of advisory and support services. Whether you aim to manage your retirement investments better, maximise tax advantages, or stay compliant with ever-changing regulations, our experienced team will guide you through the entire process.
Reach out to us via email or call the Attune team on 1300 866 113 to start the conversation. You’ll be glad you did.
Through our decades of experience in the financial services industry, we have assisted countless small business owners to move from early stages of starting the journey, into business maturity.
And as new businesses kick off and grow, we thought we’d compile a list of essential accounting tips for small businesses so you can maintain order and promote growth in your own business. Of course, we can help you create the right strategy for your business in all areas we discuss below, so keep that in mind as you read…
Our top tip is to delegate your bookkeeping. Spending countless hours on bookkeeping can be inefficient – especially when you bring other skills to the business.
Instead, follow the adage, "Work on your business, not in your business." Effective bookkeeping involves more than reliability; it includes automating functions to free up your time for business growth.
Choosing the correct business structure can significantly impact your tax obligations and asset protection. You can opt for:
• Company
• Trust
• Sole trader
• Partnership
Your business structure influences succession planning, attracting investors, and scaling your business. The Attune team will discuss your current situation and your goals before giving you assistance with your business structure – it’s all about tailoring our advice to give you the best results.
In the 21st century, cloud software is indispensable for accounting. Utilise cloud-based filing systems and tools like Xero for tracking expenses and mileage. This transition not only reduces physical paperwork but also streamlines your financial management.
Once again, you don’t have to try and set this all up alone – speak with the Attune team for a little help and advice that can get you going in no time.
For businesses dealing with stock, inventory management systems are crucial. They automate stock tracking, prevent overordering, and help maintain optimal cash flow. Advanced systems can even notify you when stock levels are low.
Be done with complex spreadsheets, software is the way to go.
A competent accountant is invaluable – that’s where we come in. Among many other things, we can assist you with:
• Setting up the best business structure
• Overseeing tax compliance
• Managing cash flow and strategic planning
Attune’s holistic business advisory and accounting service can guide you through business growth and set you up for success.
Utilise software like Xero and Spotlight Reporting to forecast cash flows and budgets. Setting goals and benchmarking performance helps you anticipate trends and identify areas for improvement.
Do this regularly to make sure your goals and plans suit the current state of your business.
Third-party HR or payroll assistance ensures compliance with award rates and regulations. They also help manage employee leave entitlements and overtime obligations. Automating payroll functions with Xero can streamline these processes, but it’s incredibly important you have the right inputs to get the right output.
Make a point of speaking to a HR lawyer about your payroll if you have staff on multiple pay rates and awards.
Avoid double handling of paperwork by integrating your point of sale, accounting, and filing systems. Using software like Xero provides real-time data on your business performance, allowing for timely issue resolution.
There’s other options out there that might suit your point of sale best, so do your research!
A digital dashboard in your accounting software (we like Xero) collates all your business numbers for easy tracking. Understanding your financials helps you identify your breakeven point and manage cash flow effectively. Maintaining a separate account for tax and GST is also advisable so nothing gets tangled up.
Franchises have unique financial challenges, including higher setup costs and complex payroll needs. Specialist advice can assist with valuation, planning, and accounting for franchises, ensuring your business runs smoothly from day one.
It doesn’t matter if it’s a food chain or sporting goods store, Attune’s specialist advice will ensure you’re doing everything you’re obligated to and of course, getting the best results you can from the structure!
If you’re looking for help starting or growing your business, speak with the Attune Advisory team today. We’re here to offer strategic, tailored advice that will keep you on the road to success. Call the team on 1300 866 113 or send us an email to start the conversation.
Separating your personal assets from your business assets is a critical step when establishing your business. Often, this can be an overlooked aspect, with the belief that nothing adverse will happen. However, in the world of business, risk is always present and being prepared for whatever may come is one of the keys to success.
Protecting your personal assets from liabilities created through your business involves more than just insurance or securing your valuables. Here, we explore the best asset protection strategies that a small business accountant can help you implement.
Asset protection is not a one-time task but a long-term commitment. Understanding the necessity of these strategies and implementing them consistently is crucial for safeguarding your personal and business assets.
Running a business involves inherent risks. Even when business is booming, uncontrollable factors can impact your future. Market changes, economic downturns, or unforeseen global events can reduce revenue and lead to financial struggles. Additionally, accidents or legal issues can pose significant threats.
If personal assets are not separated from business assets, they may be used to cover business liabilities. This means personal financial trouble can follow business difficulties. Implementing asset protection strategies helps shield your personal assets from business risks, so let’s dive in to what they are …
1. Identify Your Assets Clearly
The first step in asset protection is knowing what assets you have. A small business accountant can help identify both business and personal assets, including property, investments, and even your business name.
2. Establish a Family Trust
Setting up a family trust is a common strategy for protecting personal assets. Assets in a trust are owned by the trustee, limiting liability. If your company is the trustee, business and personal assets are separated, protecting personal assets from business debts. However, it's important to note that this does not completely eliminate risk.
When looking at setting this kind of structure up, it’s important you chat to the Attune team – we’re experts in structuring your business to work for your specific situation.
3. Restructure Your Business
Many small businesses start as sole traders, where personal and business assets are intertwined. Transitioning to a company structure creates a separate legal entity for your business. This structure means that liability is borne by the company, not you personally. Directors and shareholders have different levels of liability, which helps protect personal assets.
Once again, for clarity on where liability lies for each party in this scenario, we’re here to help.
4. Ensure Adequate Insurance Coverage
Insurance is essential for protecting assets. Types of insurance to consider include income protection, life insurance, trauma insurance, and total and permanent disablement insurance. These policies can provide financial stability in case of personal or business setbacks. Regular reviews with your Attune Advisory team members can ensure your coverage remains appropriate and cost-effective.
5. Create a Legally-Binding Will
A will is a fundamental form of asset protection. It ensures that your assets are distributed according to your wishes. A testamentary trust within your will can protect assets from personal or business liabilities after your death. This also safeguards against family conflicts and financial mismanagement.
Although we can’t help directly with the set up of your Will, we can work directly with your lawyer or refer you to one of our partners, with whom we work often.
To conclude, implementing these strategies can provide robust protection for your personal assets. They are relatively straightforward and require the right expertise and understanding of your business needs to execute in the most appropriate way for you.
Your first stop should be a call to the Attune Advisory team for advice and help with your structure at each step. If you’d like to discuss the best strategy for you and your business, call Attune on 1300 866 113 or send us an email to start the conversation.
Are you a healthcare professional consistently thinking about your financial management and tax obligations? You're not alone. Balancing the numbers while delivering top-tier patient care can be daunting but, it doesn’t need to be that way – with our help, we can turn that anxiety into mastery, leaving your woes behind.
At Attune Advisory, we've had the privilege of guiding other healthcare practices through their finance and taxation obligations each year, ensuring they not only survive but thrive. As part of that, we thought we’d share some critical accounting issues that may be keeping you up at night – and how you can conquer them.
Running a successful healthcare practice goes beyond excellent patient care; it extends into the seamless integration of your practice management software (like Cliniko) with your accounting systems (like Xero). Why is this so crucial? Misaligned systems can cause financial discrepancies, administrative chaos, and, worst of all, business decisions based on inaccurate data.
At Attune Advisory, we can help assess whether integrating these systems is the right move for your practice. If it’s not a perfect fit, we can offer alternative solutions to keep your financials in check. Ensuring these systems communicate effectively can save time, reduce errors, and provide a clearer picture of your financial health, allowing you to make informed decisions.
The heartbeat of your practice is undeniably your team. However, they bring with them a complexity of financial and legal considerations. With a mix of employees, contractors, practitioners on service agreements, and locums, the payroll, taxes, superannuation, and insurance aspects, it can become a tangled web.
Misclassification of employment types can lead to severe legal and financial repercussions. We can help with structuring these arrangements to ensure compliance and prevent unnecessary headaches. By keeping the lifeblood of your business flowing smoothly, we help you avoid pitfalls that can disrupt your operations and financial stability.
With a blend of GST-free and GST-applicable transactions on both the income and expense sides, meticulous attention is required to your GST on a transaction-by-transaction basis. Errors here can invite the unwelcome attention of the ATO, including penalties and audits—costly in both time and money.
Our team specialises in managing these transactions with precision. We collaborate closely with your in-house or external bookkeepers to ensure your records are in the right shape, giving you the peace of mind you deserve. Correctly navigating GST complexities not only keeps you compliant but also optimises your financial operations and of course, relieves anxiety around what could be hiding beneath the surface.
Beyond these three issues, we offer an additional advantage to healthcare practices: proactive tax planning, structuring, and growth strategies tailored to the unique landscape of Australian healthcare. Our goal is to alleviate the pain of financial management and taxes, helping you to focus on your core mission of patient care.
Our strategic advice is tailored to you and your unique scenario – we take the approach that there is never a one-size-fits-all method to planning.
If you’re ready to transform your practice’s financial health, let’s start a conversation. Together, we can explore the issues highlighted here and develop a strategy to get your practice’s finances on the path to prosperity.
With the right guidance and expertise from Attune Advisory, you can focus on what you do best – caring for your patients – while we take care of the numbers (or at least support your team in doing so). Let’s make a plan to ensure your practice’s financial well-being today, give the Attune team a call on 1300 866 113 or email us here to start the conversation.
In an ever-evolving business landscape, staying ahead requires adaptability and proactive planning. Significant shifts, whether internal or external, necessitate a reassessment of your financial goals. Relying solely on annual reviews can leave you financially vulnerable. But, by regularly resetting your financial goals, you ensure they remain relevant to your current circumstances, enabling you to stay competitive and responsive to changes.
Checking in and updating goals helps us keep on top of our strategy and ultimately keeps you on the path to the kind of success you seek. With that in mind, we thought we’d share a step-by-step guide on how to effectively reset your financial goals.
The first step in resetting your financial goals is to assess your current financial situation. This involves a thorough examination of your Key Performance Indicators (KPIs) and the targets you've set for them. Ask yourself:
By scrutinising your KPIs, you gain a clear understanding of your current standing. This foundational step ensures that any adjustments you make are based on accurate, up-to-date information.
Once you have a clear picture of your current financial situation, the next step is to forecast how recent changes will impact your finances and indeed if you’ll need to adjust KPIs to suit. Consider how these changes might affect your cash flow, profit and loss statements, and balance sheet. This forecasting is critical as it forms the basis for your revised goals. When making these forecasts:
Accurate forecasting helps in setting achievable and relevant financial targets, providing a roadmap for navigating future challenges and opportunities. It allows you to approach the future with a strategy that’ll give you the best chance of success.
Collaboration is a crucial element in refining your financial goals. Engage your team members and advisors in the goal-setting process. Depending on your goals, the Attune Advisory team can be part of your collaborative team, offering tailored advice that can drive you forward. A collaborative approach like this has several benefits:
Regularly resetting your financial goals is not just a recommended practice but a necessary one in today’s dynamic business environment. By being proactive, agile, and responsive, you can ensure your financial goals remain aligned with your current circumstances.
At Attune Advisory, we understand the challenges businesses can face as the landscape moves around us and are here to help you assess your financial situation and set achievable goals. Whether you are new to goal setting or facing significant changes in your business, we offer the guidance and support you need to stay on track.
For more information and tailored, professional advice, call the team on 1300 866 113 or contact us via email to start the conversation – you’ll be glad you did.
As part of your job or the running of your business, you may be eligible to claim deductions for travel expenses incurred when travelling and staying away from home overnight for work purposes. Understanding the eligibility criteria and knowing which expenses you can claim can help you maximise your tax return.
At Attune Advisory, we specialise in tax – both personal and business – and can guide you on how to ensure you’re doing everything you can to improve your tax position.
With that in mind, we thought we’d cover what you need to know about claiming travel expenses as part of your tax lodgements.
To claim travel expenses, you must meet specific conditions. You can claim a deduction for travel expenses—accommodation, meals, and incidental costs—if you travel and stay away from your home overnight in the course of performing your employment duties. Here are the key criteria:
For instance, if you need to travel interstate for several days to meet clients, you qualify for these deductions. However, if your travel is due to personal circumstances, such as living far from work or choosing to stay near your workplace rather than commuting home, these expenses are considered private and are not deductible.
You can claim a variety of travel-related expenses:
It’s important to note that if your travel includes both work and private purposes, you can only claim the portion related to work. For instance, if you extend a business trip to include a holiday, you must apportion the expenses accordingly.
To claim these deductions, maintaining accurate records is crucial. Keep all receipts or other written evidence of your travel expenses. You will need to submit these when claiming your deduction under “Work-related travel expenses” in your tax return.
In rare cases, you might be able to claim expenses for accommodation you rent or buy for temporary work-related travel. These expenses must be proportionate to the cost of suitable commercial accommodation for the period and must not arise from personal choices, such as maintaining a separate residence. We can guide you through the specific rules to ensure compliance when we speak.
Certain travel expenses are not deductible:
If you are living at a location where you work, such as in a unit or house, and your regular place of work changes, these expenses are not deductible as they are considered private.
When travel is for both work and personal purposes, you must apportion the expenses. For example:
If the personal part of your travel is incidental, such as a brief holiday after a work trip, you may not need to apportion your costs. However, clear documentation and careful record-keeping are essential to substantiate your claims.
Navigating travel expense claims need not be confusing but it’s important it’s done right. And, doing it correctly can allow you to maximise your deductions and ensure compliance. For personalised advice and expertise, contact us the Attune team on 1300 866 113 – we are here to help you make the most of your tax position while ensuring you’re adhering to all necessary regulations.
