JET Accounting & Advisory

BUSINESS REMINDER! December sees the following Due dates for businesses and taxpayers:

- 1 December - Due date for payment of tax return for large and medium taxpayers (lodgement due 31 January 2024)
- 21 December - Due date for lodgement and payment of November 2023 monthly BAS

Reach out to our compliance experts if you need help with these or if you need help seeking additional time to lodge!

Are you looking to start your own business but aren't sure where to begin?
Or perhaps you've started but are feeling a little overwhelmed with all of your new obligations?
Our latest article talks through some of the key considerations you should be making to ensure you are set up correctly for your new business.
You can read the article at the link below, and if you would like to enquire with us directly, you may do so via our website.

Setting up your BUSINESS for the FIRST TIME - CONSIDERATIONS you should make For all those going into business for the first time, it can be a very daunting process establishing yourself, winning work and running the daily operations, let alone managing the administrative back-end on top of this. That's why it's important to speak with an accountant before you start your bus...

BUSINESS REMINDER! November sees the following due dates for businesses and taxpayers:

- 21 November - Due date for lodgement and payment of October 2023 monthly BAS
- 25 November - Due date for lodgement and payment of September 2023 quarterly BAS if lodging electronically or via a Tax/BAS Agent
- 28 November - Due date for lodgement and payment of Super guarantee charge statement if you did not pay on time in October for your September quarter Super.

Reach out to our compliance experts if you need help with these or if you need help seeking additional time to lodge!

Tomorrow is tax day, 31 October the scariest day of the year for many, and not just because it's Halloween 👻.

However, did you know you can get up to 7 months extra time if you engage a tax agent to lodge on your behalf?

Read more about how and why at our article below, and be sure to reach out for onboarding ASAP.

Why 31 October isn't the real tax return due date Sign up to JET and get more time to lodge your tax return

The last 18 months have seen a meteoric rise in interest rates in Australia and across the world.

Average bank interest rates for owner occupied variable rate mortgages bottomed out just below 3% in early 2022, but have quickly increased by more than double in the last 18 months.

With rates so high and many homebuyers coming out of their fixed loan periods, now is the perfect time to shop around.

Often a simple call to your existing bank asking if they can find you a more suitable product is sufficient, but if that doesn’t net you a better outcome, feel free to reach out, as the JET team can help put you in contact with a bank/broker who can point you in the right direction.

Letting your loan simply default to the variable rate will likely lead to you paying significantly more per annum than you may otherwise need to, don’t pay the lazy tax!

A solid budget is crucial to the success of any business, but it can be difficult to know where to start or what to include.

Our latest article talks through some of the core principles behind any budget, and has some helpful hints on how you can get one off the ground.

You can read the article at the link below, and get in touch via our website or direct message if you would like to speak to one of our budgeting experts.

BUDGETING - How to map out your future business SUCCESS As business advisors, our first point of call when dealing with any client who is struggling to meet their goals is to implement a budget. We see it as a critical foundational document for any business, and consider any business without a budget to be essentially flying blind. Many businesses we com...

Have you ever felt that despite all your efforts and increasing your revenue, you're still not getting the bottom-line profit results you're after?

This is a common feeling among business owners and often means that there is a misalignment with the pricing and costs of the business and the desired net profit.

In our most recent article, we look at how performing a costing analysis can help you identify the costs in your business, and how they can be used to determine your pricing and the volume of work required to achieve the results you're after.

Please click the link below to read the full article.

www.jetaa.com.au

BUSINESS REMINDER! October sees the following deadlines for businesses and taxpayers:

- 21 October - Due date for lodgement and payment of September 2023 monthly BAS or Quarterly PAYG Instalment

- 28 October - Due date for lodgement and payment of September 2023 quarterly BAS if lodging via paper or without a Tax/BAS Agent

- 28 October - Due date for payment of September 2023 Super Guarantee (remember, pay a week early to ensure funds have sufficient time to clear to avoid severe penalties)

- 31 October - Due date for lodging tax returns if you have one or more prior year returns outstanding (we can help you get up to speed!)

Reach out to our compliance experts if you need help with these or if you need help seeking additional time to lodge!

Are you a small business owner looking to grow your revenue?

Check out our latest article below which contains some helpful exercises that will help you along the way, and reach out to one of our experts if you'd like some professional guidance in taking your business to the next level.

INCREASE your business's TOP LINE - Simple steps to increase your REVENUE Whether you are just starting out in business, or looking to take things to the next level, a focus on increasing your revenue is an excellent place to start. While profit is king, there is only so much you can achieve through cost cutting and efficiency alone (your expenses are finite, but your rev...

MONEY SAVER! We live in a subscription filled world, with dozens of different platforms working overtime for our hard earned dollars. As the months roll on, these can feel like death by a thousand cuts to your bank balance (a recent ING study showed that Aussies are paying a whopping $1,261 on average in unused subscriptions).

So! This is your reminder to check your statements cancel those subscriptions that you aren't using and reclaim some cash!

Business Owners!
Are you aware of the benefits regular financial reporting can provide your business?

If not, we highly suggest checking out our latest article which delves into how financial reporting could offer improvements in your business.

Check out the full article in the link below!

Financial Reporting - How Reviewing your Business Performance Regularly Can Help Shape its Future Most business owners understand the need to keep records of their financial data, at the very least, for the purpose of completing their tax returns and business activity statements (BAS). What some business owners don't realise though, is the value that they can get from spending time analysing the...

TAX SAVING TIPS! Just completed your return and not thrilled with your refund this year? Well, you may be wondering how you can do better next financial year. We'll make it simple with these 3 steps:

1. Check out the recent article on our website which lays out a number of paths you can take to increase your deduction claims.

2. Download the ATO's own my deductions app, which will help you maintain records, in their preferred audit safe format. It also allows you to export a report at year end with all your deductions that your accountant will be super thankful for!

3. If you have a business, investments or some other complex tax scenario, reach out and book in for a tax planning meeting before the end of next financial year, where we can make sure you are setup to make the most of your tax claim.

IT Professionals!

Our latest article is for you and will help ensure you make the most of your deductions this tax time.

It walks you through some handy considerations you should make when looking at what deductions you might be entitled to.

Check out the full article linked below and please be sure to share with anyone you think may benefit from it!

MAXIMISING YOUR TAX DEDUCTIONS - A Guide for IT PROFESSIONALS Choose JET Accounting & Advisory to help get the most from your tax return.

BUSINESS REMINDER! September sees the following deadlines for businesses and taxpayers:

- 21 September - Due date for lodgment and payment of August 2023 monthly BAS

- 28 September - Due date for STP/PAYGW Withholding summaries for large withholders (over $1m) and taxpayers lodging via a Tax/BAS agent

Reach out to our compliance experts if you need help with these or if you need help seeking additional time to lodge!

CHOOSING THE RIGHT BUSINESS STRUCTURE - MEDICAL PROFESSIONALS

Choosing the right business structure when venturing out into business can be a difficult decision, and as such should be a well-informed one.

This article takes you through the different business structures that are available to you and when each may be appropriate.

We strongly recommend speaking with an accountant before making any decision, as they are best placed to put you on the correct path.

Check out the full article in the link below.

Choosing the RIGHT BUSINESS STRUCTURE - MEDICAL PROFESSIONALS After working with a large number of medical professionals, we have found that one of the most common questions we hear is 'how should I set up my business structure?' A lot of medical professionals often start working as contractors, go into business for themselves or will start their own practices...

CASH BACK! 11.59pm tonight the 31st of August is the deadline to submit your application to the Victorian Government's second round of the $250 Power Savings Bonus Program.

As you may recall from last year, all Victorian households are eligible for a $250 rebate on their power bill by completing a short survey on the Victorian Energy Compare website.

Act now to make sure you claim your entitlement before it ends!

Visit www.compare.energy.vic.gov.au to make your claim now.

Welcome - Victorian Energy Compare

MEDICAL & HEALTH PRACTITIONERS

This one is for our clients and network in the medical space.

Specifically, this article takes you through the recent discussions around payroll tax in the field, including a brief background, latest updates and our thoughts on when to be concerned and what to do next.

Check out the article in the link below or click "Learn More" to get in touch with an expert!

PAYROLL TAX for MEDICAL PRACTITIONERS Get in touch with the JET experts to help your medical practice or psychology office navigate the new payroll tax rules

Last week the team attended the conference at the Melbourne Exhibition Center. We learned about the latest updates coming to BGLs already awesome accounting software, and met with a whole host of other industry software providers.

The JET team takes pride in being at the forefront of technology, understanding that it enables us to give you our clients the best possible advice and timely data to help make important business decisions.

Thanks for having us BGL Corporate Solutions!

If you'd like to hear about the technologies we use and how we can help supercharge and simplify your accounting processes, reach out via our website.

Are you a Lawyer or considering entering the field?

If so, you might want to check out our most recent article on the tax deductions that lawyers might be able to claim!

We've covered the A-Z of potential tax deductions you may be able to claim so you can be certain you're not missing anything this tax season.

MAXIMISING YOUR TAX DEDUCTIONS - A Guide for LAWYERS Each industry requires different services from its workers and as such, knowing every deduction that may be available to you and your field of work can be challenging to say the least. This can then create uncertainty as to whether you're successfully maximising your tax deductions each year. This a...

TAX SAVING OPPORTUNITY FOR SMALL BUSINESSES!

Last month the government released draft legislation for it's "Small Business Energy Incentive".

The proposed incentive will provide small businesses (less than $50m turnover) with a 20% bonus deduction on eligible expenditure on assets and other costs spent to improve their energy efficiency.
The program is tipped to have a cap of $20,000 (i.e. if you spend $100,000 on relevant items, you will receive a $20,000 bonus deduction).
Eligible expenditure will need to occur in the current financial year ending 30 June 2024, and will be claimed via lodgement of your 2024 tax return next year.

This will mean it operates in a similar way to the "Small Business Technology Investment Boost" and the "Small Business Skills and Training Boost" that are both in effect for the current 2023 financial year
IMPORTANT NOTE: Make sure you discuss these with your accountant before lodging your 2023 business tax return, most small businesses will be entitled to at least some amount from these programs.

If your small business has plans to accelerate it's green initiatives, now might be the time to consider it!

If you have any questions about any of the incentives mentioned in this post, feel free to reach out to our friendly team of tax experts who will help ensure you claim your maximum entitlement.

Not so thrilled with your tax refund this year?
Wondering how you can achieve a better outcome next financial year?

Our latest article has the answers.

Read, share and get in touch with any questions about these practical tips to get the most out of your return before it's too late!

BOOST YOUR TAX REFUND Boost your tax refund this financial year.

Have you prepared your 2024 budget yet? If not, now is the perfect time, here's why:

1. Having a budget prepared early in the financial year gives your business and employees direction, making sure the leaders in your business are steering it towards the desired goal.

2. Budget time is a great opportunity to review costs and cut out unnecessary spending, but it can also spark conversations leading to new revenue opportunities and help you reach new customers. Involving your brightest staff members in the process is key to discovering, resources and implementing these new ideas.

3. With a budget in hand, you have a baseline from which you can assess your performance throughout the year. Without a budget, it would be very difficult to distinguish successful projects from unsuccessful ones, which means you could be repeating mistakes and missing out on opportunities to super charge your growth.

4. A budget is a platform for growth, and having one as a starting point will allow you to assess whether your current platform can sustain investment in new opportunities while they get up to speed. In addition, businesses who are looking to expand through investment may need external finance (bank loans, equity investors etc), which in most cases will included various parties who will want to see a budget in support of their lending or investment in your business.

If you want to see what your business can achieve with a solid budget on hand, reach out to us via our website and book a consultation with one of our budgeting experts.

Teachers & Education Professionals!

Understanding what you can and can't claim at tax time can certainly cause unnecessary headaches.

If you work in this space and are unsure what deductions you might be able to claim this tax year or know someone who is, check out our article below on maximising your tax deductions!

MAXIMISING TAX DEDUCTIONS – A Guide for Teachers & Other Education Professionals

BUSINESS REMINDER! August sees the following deadlines for businesses and taxpayers:

- 14 August - Due date for STP/PAYGW Withholding summaries for large withholders (over $1m) and taxpayers with no Tax/BAS agent

- 21 August - Due date for lodgement and payment of July 2023 monthly BAS

- 25 August - Due date for lodgement and payment of June 2023 quarterly BAS (if lodging with a Tax Agent)

- 28 August - Due date for lodgement and payment of Super guarantee charge statement if you did not pay on time in July for your June quarter Super.

- 28 August - Due date for lodgement of your Taxable Payments Annual Report (TPAR)

Reach out to our compliance experts if you need help with these or if you need help seeking additional time to lodge!

This is a big one!

If you've started to prepare your own return online and see a tax estimate showing a low refund or even a tax payable outcome, this is probably why.

Reach out to us here or make an enquiry via our website (jetaa.com.au) to ensure that you achieve the best outcome this tax time, despite this key rule change.

BUSINESS REMINDER! Tomorrow the 28th of July is the last day for businesses who employ staff to submit their Single Touch Payroll reporting (Group Certificates).

If you are a small business and need help getting this done, reach out to one of our expert advisors.

If you are an employee, then this means that your tax return should be ready for preparation from tomorrow, so get in touch if you want to ensure you maximise deductions to achieve the best result this tax season.

If you are a DJ, Singer, Actor or any type of Performing Artist, be sure to check out our article to see how you can maximize your tax return refund this year.

TAX TIPS for Performing Artists! In this article we highlight some tax saving tips for DJs, MCs, Singers, Dancers, Comedians, and all kinds of performing artists! Below we have detailed SOME of the items you can claim as well as the records you will need to keep. While these are applicable to most performing artists, the best way t...

Tradies! Check out our article to see how you can maximize your tax return refund this year.

TAX Considerations for TRADIES It’s tax time! That means it’s time to gather your receipts, send in your shoe boxes, and do all you can to increase your tax refund. Given the nature of their work, tradies are among the luckiest members of the Australian workforce, being able to claim significant tax deductions and achieve exc...

Individuals working in the health industry often need to make different considerations when it comes to tax. If you work in the health industry or know someone who does, check out our article detailing some of these below!

TAX Considerations for HEALTH PROFESSIONALS Understanding tax law and what rules apply to you can be difficult at the best of times. The rules often vary depending on what industry you’re working in, and what structure you are operating under. Individuals working in the health industry such as general practitioners, psychologists, physiothe...

Are you a police officer or do you know some who is?
Check out our article advising what can and can't be claimed this tax season!

MAXIMISING TAX BENEFITS: A Guide to Tax Deductions for POLICE OFFICERS As we are now fast approaching the end of another tax year, it is important to refresh yourself with what tax deductions may be available to you. The tax deductions that are available, correspond with the type of work that you do and as such, there is no one size fits all approach. So, when are you....