Your Wealth Collective

HAPPY NEW YEAR!

Welcome to 2024!

We love the beginning of a New Year .... so many Wonderful possibilities lay ahead! We can't wait to work with you all in 2024 whether you are a current client or a yet to be client!

2024 is going to be the BEST year yet! We have all sorts of AMAZING new initiatives starting this year .... so make sure you follow us on Facebook and Instagram to keep up to date!
We promise you ... you won't want to miss out on our Events!

Cheers!

Mari & Kylie

NEW ON THE BLOG:

Would you like to know more about the relationship between costs and revenue to make better business decisions? Book a session today to examine your financial reports with our experienced business advisors.

Read full article here
https://www.yourwealthcollective.com.au/blog/understanding-your-profit-and-loss-statement

Your September quarter activity statement is due soon. Are you ready? We can help prepare your BAS or review your business accounting systems to make your activity statement lodgement easy, accurate, and efficient.

Get in touch today.

NEW ON THE BLOG:

As a business owner, how much should you pay yourself? It depends on how much your business can afford, market pay rates, and whether reinvestment could pay dividends.

Read full article here
https://www.yourwealthcollective.com.au/blog/how-much-should-you-pay-yourself

From 1 August, employees in small businesses (with fewer than 15 employees) can access 10 days of paid family and domestic violence leave in a 12-month period. This means that all employees in the Fair Work system will have access to this entitlement under the National Employment Standards.

Find out more about the changes to paid family and domestic violence leave: bit.ly/3O8LJiM

Changes to taxation of superannuation earnings have been announced today by Prime Minister Anthony Albanese. The proposed changes to take effect from 1 July 2025, will double the rate of tax applicable to earnings on superannuation balances over $3 million, including Self Managed Superannuation Funds. If you'd like to know more, be sure sure to register your interest via the link below for our upcoming events on this topic when they are announced.

www.yourwealthcollective.com.au/contact-us

TIPS TO HELP MANAGE YOUR CASHFLOW- TIP 5-Forecast your cashflow

Create a cash flow forecast (we can do this with you) and that will help you monitor and measure the flow of cash in and out of the business.

Are you wanting some help in managing your cash flow? We can certainly help
https://www.yourwealthcollective.com.au/contact-us

Understanding your revenue drivers

How well do you understand your revenue drivers? We can help you review the numbers in your business, identify your revenue drivers, and will help you enhance your total revenue as a company.

Read Full Article https://www.yourwealthcollective.com.au/blog/understanding-your-revenue-drivers

TIPS TO HELP MANAGE YOUR CASHFLOW- TIP 4-Sell old stock

Too much stock? Consider old stock, old furniture, machinery or even stationery: they can all be sold to free up space and provide a small cash injection.

Are you needing some help in managing your cash flow? Contact us today to discuss your unique situation
https://www.yourwealthcollective.com.au/contact-us

Wellbeing in the workplace

Creating wellbeing in the workplace doesn’t have to take time and resources. There are simple things you can do to promote a healthy workplace, including some great apps to support wellbeing.

Read Full Article https://www.yourwealthcollective.com.au/blog/wellbeing-in-the-workplace

TIPS TO HELP MANAGE YOUR CASHFLOW- TIP 2 - Be prepared for tax time

One of the fastest ways to run out of cash is to find yourself short at tax time. We can help with this – together we can come up with a system to help you put enough aside each month so you’re never caught short. You can also use tax pooling or other options to smooth out your cash flow.

Are you needing some assistance in managing your cash flow? We can help with that
https://www.yourwealthcollective.com.au/contact-us

Upsizing or downsizing? We can help with the forecasting

Are you looking to either scale up or downsize, your business? We’ll help you review your existing business plan, run scenarios and forecasts, and look at the most appropriate strategy for your future.

Read Full Article here:
https://www.yourwealthcollective.com.au/blog/upsizing-downsizing

Xero conducts 'Emotional Tax Return' competition in Australia

In light of such a rough year for small businesses, Xero Australia has launched an “Emotional Tax Return” competition.

Australian small business owners were invited to fill out an "'Emotional Tax Return', i.e. an entry form, detailing the emotional expenses they incurred due to the demands of running their businesses".

These entries were then judged by a panel, with the most creative responses won an experience from a prize pool of $50,000 AUD.

APP REVIEW: HUBDOC
Hubdoc is an online cloud-based service and mobile app used for digitalising financial documents helping to alleviate data entry for business owners.

Benefits of Hubdoc
- Provides streamlined data entry with Xero.
- Integrates well with Quickbooks
- Keeps all essential documents in one place
- Price included in the monthly cost of Xero
- Helps reduce errors in the bookkeeping process
- Great support team availability
- User-friendly, simple

Disadvantages
- Some banks and credit cards are not compatible with the software
- The mobile app is limited with some of the features with not all of the web-based features translate across to the mobile platform.
- Anyone with "full access" has the ability to modify, add and delete accounts.

Lockdown support for Queensland businesses

It has been announced that the Palaszczuk Government will be providing small to medium businesses across Queensland that have been affected by the current COVID-19 lockdown and lockdowns in other states a $5,000.
This Business Support Grant will be available to eligible small and medium businesses across all industries across the state.

Find out more information at
https://www.business.qld.gov.au/starting-business/advice-support/grants/covid19-support-grants

TIPS TO HELP MANAGE YOUR CASHFLOW- TIP 1- Have a system to manage your debtors

Come up with a clear, step-by-step way to handle outstanding accounts. It might include:
- automated reminders on unpaid emails
- a phone call or email when the amount has been outstanding for a certain period of time
- a stop credit on the client when they exceed an acceptable payment time

Do you need help in managing your cash flow? We can help!
https://www.yourwealthcollective.com.au/contact-us

APP REVIEW: CALENDLY
Calendly saves us so much time when scheduling, especially as we have it incorporated with our website. The meeting just turns up in the diary, how easy is that!?!

Benefits of Calendly
- Calendar integration
- Optimised for all devices
- Simple and modern interface
-Automated notifications available
- Team scheduling
- Enhanced privacy features
- Great for small, medium, and large enterprises.

Disadvantages
- Can only connect to one calendar platform per account
- You require Chrome or Firefox to set up the software and access all features.

This is not a sponsored post, we just want our audience to have the best info about the best apps we love and use.⁠
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Giving a new employee a haphazard introduction to their role and the company can have detrimental short and long-term effects. Take a structured approach to onboarding and induction.

Read full article https://www.yourwealthcollective.com.au/blog

APP REVIEW: MOMENTUM
We love Momentum . We find it helps eliminate distraction and provides inspiration, focus, and productivity.

Benefits of Momentum
- A simple yet effective program
- Easy use interface
- Convenient to use
- Inspiring designs and features
- Great customer service and support
- Helps with daily focus and productivity

Disadvantages
- Can be difficult if edits are required
- Free version is limited
- It is best used on desktop rather than on the mobile app.
- Schedule rulings can be temperamental to set up

This is not a sponsored post, we just want our audience to have the best info about the best apps we love and use.

WHY YOU NEED A VIRTUAL CFO
They encourage business development.

As a virtual CFO, we can analyse your accounts to find any financial discrepancies that a business owner may not notice. We can help to plan ways to avoid these in the future and put processes into place to help your business succeed.

If you would like to find out more about our Virtual CFO service, please book a complimentary Discovery Meeting with us today.

Book a free 30 minutes consultation to find out more
https://www.yourwealthcollective.com.au/your-accounting

DEALING WITH PROBLEM EMPLOYEES
A troublesome employee can cause quite a bit of harm to your business, so you need to take action sooner rather than later.
Read our latest blog for some great tips for turning negative behaviour around.
https://www.yourwealthcollective.com.au/blog

Feeling like a slave to your business?
It’s your business, you make the rules. No more excuses! What do you need to do to regain control?
Find out on our latest blog
https://www.yourwealthcollective.com.au/blog

Do you use income splitting to reduce tax? The ATO is changing rules around income splitting and is checking taxpayers who may have high-risk agreements.
Find out more on our latest blog
https://www.yourwealthcollective.com.au/blog

Join us in the Beyond Blue Coastrek and walk for mental health!

I have teamed up with a few of my colleagues to brace the challenging yet very fun CoastTrek walk in support of Beyond Blue and those living with mental illness.

There are walks in Sydney, Adelaide, Melbourne and Brisbane, and have options of walking either 60km, 30km or 15km.

Get your team of 4 ready to go, and see your cities event date at
https://www.coastrek.com.au/fundraisers/MariAshted/brisbane-30km-2021

📷 dosomethingnew.com.au

Looking for a new accountant?
Whether your starting, growing or thriving, we have packages to suit whichever stage your business is at.

Book a free 30 minutes consultation to find out more
https://www.yourwealthcollective.com.au/your-accounting

FEDERAL BUDGET BREAKDOWN
The Federal Budget 2021-22 is all about economic recovery, including tax cuts, business incentives and investment in training. Many changes in the budget can benefit individuals and business owners.
Read our Federal Budget breakdown
https://www.yourwealthcollective.com.au/blog

Oh look, it's me, Mari 💁🏼‍♀️
I love celebrating other women and their success, but it's also important to celebrate your own wins as well.
And what better time than International Women's Day?

If you are new here, I am the Founder of the accounting and business practice, Your Wealth Collective & Your Business Collective. I am so fortunate to have such a wonderful team of women around me at Your Wealth Collective and it always inspires me to continue growing and striving in my own career.

I am so passionate about what I do and love building relationships with my clients.

Excited to see what this year has in store.

Belinda Birtles is a Clinical Psychologist located in the southside of Brisbane.

She has worked extensively with individuals experiencing mental health concerns in both in-patient and out-patient settings. Belinda is passionate about LGBTIQ mental health, in particular those that are transgender, gender diverse and non-binary and has been working as a Psychologist since 2005.

Belinda assists people to gain a greater understanding of their internal emotional experience to help them achieve better emotional well-being.

What does Belinda find inspiring about IWD?
Belinda believes IWD is about embracing all women, which embraces diversity within both gender and sexuality.

Karen runs the Brisbane-based Design Studio “KjK Interiors”.

Specialising in custom residential and commercial projects, her philosophy is to create functional and timeless spaces with a pleasing aesthetic focusing on the client’s needs and budget..
Her elegant designs continue to take my breath away and leave me with architectural envy 😃



What does Karen find inspiring about IWD?
I find it quite inspiring to see the responses from people around the world of how they voice their female family members, friends and work colleagues speaking highly of them, commending them for their skills, effort, drive, education, survival and the likes. It’s so great to see the tradition is still being carried on since the early 1900’s. I think it’s important , especially being a mother of two young women myself, to recognise each other’s successes and progression within society today. We have come a long way and although still a way to go, voices are being heard.