Success Accounting Group: Melbourne Chartered Accountant

Discover the major changes that will occur on July 1, 2024, which include the reduction of personal taxes, the boost in superannuation, and the energy relief credits available to both individuals and businesses. Keep yourself updated on these changes and see how they will affect you.



https://www.successaccountinggroup.com.au/blog/tax-updates-and-benefits-whats-changing-on-1-july-2024/

With the end of the financial year rapidly approaching, it is critical to both look into ways to maximise your tax deductions and get ready for any prospective ATO inspections.

You can navigate the tax landscape more competently if you know which areas the ATO may focus on more and how to use tactics to maximise deductions. Let's explore these important areas to make sure you're prepared to succeed in the upcoming fiscal year.

The Essential Tax Guide: Preparing for End of Financial Year Get ready for July 1, 2024, tax savings! With the end of the financial year rapidly approaching, here's how you can maximise your tax deductions.

How do you truly know if your venue is performing well?

Tableside Creatives' Jamie Alexander and Success Accounting Group's Lan Nguyen discuss restaurant profitability standards and the essential metrics to check to see if your company is operating profitably.

Learn how assessing your company's profitability can be achieved by comparing it to the ATO restaurant industry benchmarks.

Three crucial benchmarks are covered in this video:
1. Annual Turnover Over the Average Cost of Sales.
2. Labour versus Turnover.
3. Turnover over Rent.

How Do You Know if Your Venue is Performing Well?

Year-end tax planning for business owners involves reviewing the financial status of the business for the year and taking steps to minimise tax liabilities. This can include things like deferring income, bringing forward expenses, and more!

Check out this video to learn the key priorities business owners should focus on right now.

Year End Tax Planning for Business Owners What are the Key Priorities Business Owners should focus on right now?Get your books in order and schedule an appointment with your accountant. Your accounta...

Have you ever received an email, phone call or text message from a scammer? If you have, you are not alone.

Fortunately, there are a few obvious warning indicators that you can watch out for to avoid becoming a victim. Know when you're most vulnerable to scammers, and protect yourself from them. Here are some tips for avoiding money scams.

https://www.successaccountinggroup.com.au/blog/how-to-recognise-scams-and-safeguard-your-money/

How to Recognise and Avoid Scams to Safeguard Your Money Recognising scams and safeguarding your money is crucial in today's digital age. Here are some tips to help protect your finances and personal information.

Some of the world's oldest and healthiest people live in the Blue Zone regions. They typically follow plant-based diets, exercise frequently, consume moderate amounts of alcohol, get enough sleep, and have positive relationships with their families, friends, and spiritual community, despite slight differences in their lifestyles. Therefore, it has been demonstrated that each of these lifestyle characteristics is linked to a longer lifespan.

Check out our blog: The “Blue Zones’” Secret: Lifestyle Practices for Longevity
https://www.successaccountinggroup.com.au/blog/the-blue-zones-secret-lifestyle-practices-for-longevity/

Blue Zones Secrets: Lifestyle Habits to Live a Longer Life Why do people in "blue zones" live longer than the rest of the world? Discover their activities that offer a realistic route to a longer, healthier life.

Planning the best use of superannuation involves understanding your financial goals, retirement needs, investment options, and tax implications. It is important to review your superannuation regularly and consider factors such as contribution limits, investment performance, fees, and insurance coverage. Contact our Success team to learn more!
https://www.successaccountinggroup.com.au/blog/planning-the-best-use-of-superannuation/

How To Maximise Your Super: Planning For Superannuation How to use superannuation wisely? Here are some options to consider in maximizing super funds for those who plan to retire in the near future.

More Australians will benefit from the tax cuts implemented by the Albanese government.

✅ Every Australian taxpayer will receive tax relief from the Albanese Labor Government as of July 1.
✅ The purpose of these new tax cuts is to make our tax system fairer while giving middle-class Australians larger tax breaks to assist with the cost of living.
✅ The Albanese Government acknowledges the harsh economic conditions of 2024: Australians currently face hardships and ought to receive a tax reduction.
✅ 13.6 million Australians will significantly benefit from the tax reforms, which will ensure that hardworking citizens keep a larger portion of their earnings.
To learn more about the tax changes, check this out: https://www.successaccountinggroup.com.au/blog/tax-cuts-how-the-changes-will-impact-you/

The thought of retirement is an enticing one for many of us. Imagine throwing off the shackles of the workforce and being able to do whatever you want, whenever you want. But why wait until you are retired to do the things you love.

The problem with waiting until we are retired is we are postponing engaging in things that could be making us happy right now. Exploring what gives us joy now and developing those skills will make for a much easier transition as you wave goodbye to your working years.

Read our latest blog: Tips for a Happy Retirement: Planting the Foundation for a Joyful Retirement

https://www.successaccountinggroup.com.au/blog/planting-the-foundation-for-a-happy-retirement/

Happy Retirement: Tips for Fulfilling Your Retirement Journey How do you prepare for and enjoy a fulfilling retirement? Build some activities as early as now and discover the many ways towards a happy retirement.

Success team would like to commemorate the feats our clients and community have thrived in 2023 and are committed to continue to support them to succeed in 2024 in the year of the Dragon

Victoria’s housing market continues to defy expectations! When major government-mandated reforms take effect, real estate professionals have warned buyers and homeowners that they are in for one of the most challenging years in the history of the state’s real estate market.

Here are the eight key things set to hit the state this year!
https://www.successaccountinggroup.com.au/blog/8-major-changes-in-property-market-in-victoria/

Victoria Property Market Forecast for 2024: 8 Major Changes What can we expect in the next year or two from Victoria’s housing market? Here are 8 major events that impact real estate, according to property experts.

2023 Year Recap and some our team wins!

Delivered over 2.1 million dollars tax saving strategies for our business owners and property investors during our Tax planning season from April to June 2023

Growth of our Success Team - 3 new accountants and client coordinators to support our success clients

Renovated and reopened our oakleigh office

Helped of our clients transition to retirement comfortably and downsized

Successfully claimed 2 insurance policies on behalf of our clients worth over $3 million dollars

Continue to win and celebrate together as a Success team delivering exceptional customer experience and value to our clients

Thank you to our Success Community and clients , Collaboration partners for the incredible and loyal support and trust in 2023. We look forward to working with you even more successfully in 2024!

Congratulations to our MVP of 2023 Mr Harry Duong and employee of the year Mrs Audrey Vo for their stellar performance and embracing success’s mission and core values.

https://www.successaccountinggroup.com.au/blog/4-ways-to-spring-cleaning-your-finances/
Ever considered taking a break from your regular schedule to tighten up your personal finances? Perhaps you could call it "Financial Cleaning Day" during the spring season! Check out our guide to spring clean your finances and save money year-round.

How to Clean and Improve Your Finances During Spring Season What is the best way to improve your financial situation? Here are some actionable ways you can help get your finances organised during spring season.

An Australian property expert says property prices are set to skyrocket with several factors behind a potential new boom. Niro Thambipillay, a Sydney-based investor and buyer's agent, predicts the price surge will happen in 2024. He believes the surge will be triggered by the upcoming stage three tax cuts coinciding with a predicted drop in interest rates.

Read the full story here:

Property Expert Says Stage Three Tax Cuts to Result in House Increase Property analyst Niro Thambipillay gives a dire warning, claiming that stage three tax reduction will result in hikes in home prices. Here’s why.

The Technology Investment Boost for small businesses is now a law. Here’s how to maximise your tax deductions and benefit from it.

Technology Investment Boost: Tax Deduction for Small Businesses A tax deduction is available to small businesses under the Technology Investment Boost programme for going digital. Here’s how to take advantage of it.

Tax Returns 2023 is now open!

The team at Success is excited and happy to help you claim your tax refund money back with less stress!

Our Winter Tax Season offer for early bird booking. The first 100 Success clients can enjoy a hot, delicious coffee from Bruno & Co.

Prebook online by 31 August, 2023.
https://calendly.com/lan

Jamie and Jasmina are the co-founders of Tableside Creatives, a digital marketing agency in Melbourne, Australia servicing the hospitality industry.

They decided to partner with Success Accounting Group, and great things happened with them. After their initial meeting with Lan, they received some invaluable advice on setting up their business for tax savings and long-term growth. They have been working with Lan and the Success Accounting Group for two years now on the Growth package and Success has been helping them with their bookkeeping, BAS, payroll and all of their accounting needs.

They are super happy with the results and highly recommend Success Accounting Group to anyone.



Watch it here:

Tax Savings for Digital Marketing Agency in Melbourne - Jamie and Jasmina Testimonial https://www.successaccountinggroup.com.au/ - Find out here how a Melbourne-based business owners SAVED thousands of dollars with our tax planning service!"He...

What will the be looking for in SMSF in 2023?
It is not surprising that the ATO is focusing on SMSFs given their increased popularity and significant asset holdings. Here’s a summary of some key currently attracting the ATO’s attention that trustees (and their advisers) need to be aware of for the 2023 income year.

SMSF Compliance: What’s on Focus for SMSF in 2023 What’s on the ATO’s radar for SMSFs in 2023? Check this out for a list of SMSF-related issues that are on the ATO’s focus for the 2023 income year.

Thank you so much, Danny! We really appreciate you taking the time to share your experience with us. ♥️

ATO set to review Temporary Full Expensing and Loss Carry Back tax offset claims for 2023.

Learn about the most critical issues and our tax advice on claims for assets. It is significant to remember that temporary full expensing will not apply if an eligible depreciating asset is first utilised, or placed ready for use, on or after July 1, 2023. As a result, the asset's cost cannot be immediately deducted for the 2023 tax year.

https://www.successaccountinggroup.com.au/blog/temporary-full-expensing-and-loss-carry-back/

Another 5-star rating! Thanks so much for sharing your experience with us. We take great pride in our work, and our sincerest hope is that it helps each one of our clients accomplish their goals.

https://g.page/r/CZTweC9Ue9DjEB0/review

A stocktake is counting and inspecting every inventory, assets, and products in your company to ensure that all of your records are accurate. For commercial or tax purposes, a stocktake enables you to determine the value of your trade stock at the conclusion of the fiscal year.
Your business must do a stocktake by June 30, 2023, as the fiscal year comes to a close, in order to fulfil its tax obligations.
Here is a link to our most recent blog post regarding doing a stocktake:
https://www.successaccountinggroup.com.au/blog/prepare-for-stocktake-conducting-a-stocktake/
Should you require further assistance, please don't hesitate to book a time for Tax Planning Advice!

Prepare For Stocktake: How To Conduct A Successful Stocktake As we approach the end of the financial year, it is crucial for your business to conduct a stocktake by 30 June 2023, in order to meet your tax obligations.

Thank you so much for the 5-star review! We are thrilled to hear from our clients that they are enjoying our service, and we appreciate all the feedback. Keep it coming! 🥰

A strong financial plan must include the creation of an emergency fund because it acts as a safety nett in case of unforeseen circumstances. We can advise you on the best solutions for your particular financial circumstances and assist you in taking action to lay a solid financial foundation. Contact us today!

A Guide to Building an Emergency Fund for Your Peace of Mind Why is it important to have an emergency fund? Start building a cash reserve that will be used only for unplanned expenses or financial emergencies.

Superannuation has been in the news recently, with a change announced in the Federal Budget impacting those whose total balance exceeds $3 million. While this change applying from 1 July 2025 still needs to be legislated, it’s worthwhile turning our focus to superannuation balances as we approach the end of this financial year. Here’s how to get your super ready for EOFY!

Super Tips: How to Get Your Superannuation Ready for EOFY There are several ways to increase your super, but if you want to maximise your contributions, it's crucial that you don't wait until the last minute.

The 2023 Federal Budget was announced on Tuesday 9 May 2023, with a focus on cost-of-living relief and modernising the economy. What does this mean for you? Here is a brief summary of the business tax updates and the two important things that could have an impact on business owners.

Taxation Changes For Business Owners – 2023 Federal Budget The 2023 Federal Budget is focused on cost-of-living relief and modernising gthe economy. Here’s the key summary of the tax changes for business owners.

Recent media reports have confirmed that the ATO's priority targets now include CGT, rental property deductions and work-related expenses. The ATO has declared that it will concentrate on capital gains tax, work-related costs, and rental property deductions in FY2024 in an effort to crack down on questionable payments as the end of the FY2023 financial year draws near.

ATO Crackdown on False Rental Properties, Work Claims, CGT Recent media reports have confirmed that the ATO's priority targets now include CGT, rental property deductions and work-related expenses. Contact us today.

Federal Budget 2023: small businesses saw some gains, but large superannuation account holders saw losses.

The government handed down its second budget, but what does it mean for you? Check out this quick guide to what will get additional funding and who will be paying for it.

Federal Budget 2023 - Who Are The Winners And Losers? Here’s a breakdown of the 2023 federal budget winners and losers. If you’d like to know how this can impact, contact us today!