Vision Consulting Group

📣 Tax Season is Here! 📣

It's that time again! We’re happy to announce that we are now accepting work to help you get through this tax season smoothly.

Let us take care of your tax needs so you can focus on what you do best.

Contact us today to get started! 🧾✅

🌟 Welcome to the New Financial Year! 🌟

Our mission remains strong: to proactively assist our clients in growing their businesses and achieving their goals.

Let's make this year the best one yet! 🥂🎉😊

Drop your queries in the comments below and we'll provide personalised advice just for you.

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Feeling the heat of accounting tasks within your business? 🔥

Let's dish out the details!

Vote now and tell us which accounting task stresses you out the most.

Your input helps us tailor our services to better suit your needs. Don't miss out on this chance to have your say! 🗳️💼

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Confused about tax deductions for your hospitality business?

From deductions to compliance - we're here to make it easy for you!

Here are just a few essentials for maximising tax savings:

1. Ingredient Deductions - Learn how to claim deductions on ingredients and supplies essential to your business operations.

2. Staff Expenses - Discover which staff expenses are tax-deductible, from wages to training costs.

3. Equipment and Asset Write-Offs - Take advantage of tax incentives for purchasing new equipment or upgrading assets for your venue.

4. GST Refunds - Understand how to claim back GST on business expenses, such as utilities and rent.

5. Record Keeping - Keep meticulous records of all transactions and expenses to ensure you're not missing out on any eligible deductions.

If you have questions or want to learn more, DM us

We are here to help. 😊

This Valentine's Day, we're shining the spotlight on 2 of our valued restaurant & cafe clients:

BOSS PIZZERIA 🌟
Salt n Pepa Cafe 🌟

Learn how partnering with us has helped them achieve their financial goals and focus their energy into perfecting their craft. It's no wonder they're known as one of the best pizzerias and cafes in town!

If you're looking for a perfect way to celebrate Valentine's, then you'll definitely want to try BOSS PIZZERIA. They're located in Camberwell and specialises in authentic Napoli style wood-fired pizza with a contemporary Melbourne touch.

For all the coffee lovers out there, your perfect cup is waiting just for you at Salt n Pepa Cafe. They are a go-to dining spot in Altona known for its great service and delicious food, plus its dog-friendly atmosphere.

Well our mouths are watering just from making this post! It's definitely time for a visit! 😍

From diverse industries to your plate! ✨ Vision Consulting Group have catered to a wide array of businesses, including the vibrant world of restaurants and hospitality.

Running this type of business is delicate and has its own stresses. Our goal is to take the weight off your shoulders by bringing our expertise to your table and streamline your financial journey, so you can focus on serving unforgettable experiences to your customers.

🔍 Discover peace of mind with our professional financial management. Rest assured that your numbers are in safe hands.

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We wish you all a Happy Australia Day! 😊🇦🇺🥂

We wish you a very happy Christmas and well deserved end-of-year break! 😊

We are grateful for the opportunity to work with you and be a part of your continued prosperity.

It has been another year of hard work for our clients. We hope you will be able to take some time at Christmas to connect with family and friends to recharge and relax.

Our office is closed for the holiday season and will reopen on Monday 15 January 2024.

From your partners at VISION CONSULTING GROUP

With the festive season approaching, please do not forget about your end-of-year tax obligations for 2023.

Here is a list of key tax dates to guide you through your tax obligations.

1 December 2023 – Tax Return – Due date for payment for companies and super funds when lodgment of the tax return was due 31 October 2023

1 December 2023 – Tax Return – Due date for payment for large/medium companies and superannuation funds (lodgement due date 15 January 2024)

1 December 2023 – Tax Return – Due date for payment for the taxable head company of a consolidated group with a member deemed to be a large/medium taxpayer in the latest year lodged (lodgement due date 15 January 2024)

21 December 2023 – GST – Monthly Activity Statement and payment for November

21 December 2023 – PAYG withheld and PAYG instalment – Monthly Activity Statement and payment for November.

If you have questions or need assistance with any of the following, we are here to help.

The tax deadline is looming!

Remember to lodge your tax returns by October 31, 2023, to avoid penalties. 💰

Here's a quick due dates guide for your tax obligations this month:

🗓️ 21 October 2023

– PAYG instalment: Lodge and pay quarter 1, 2023–24 PAYG instalment activity statement for head companies of consolidated groups.

🗓️ 28 October 2023

– GST: Monthly Activity Statement and payment for September.
– PAYG withheld: PAYG amounts withheld from payments during July to September 2023 by small PAYG withholders that are not deferred BAS payers.
– PAYG instalment: Activity Statement and payment for monthly reporters for September.
– Superannuation guarantee: Due date for superannuation guarantee contributions for July to September 2023 quarter
– PAYG instalment FBT instalment: first PAYG instalment for the 2022–23 year by quarterly PAYG instalment payers and second FBT instalment for the year ending 31 March 2024 for employers.

🗓️ 31 October 2023

– Income tax return: Due date for lodgment of 2022–23 returns by companies and superannuation funds with one or more prior year returns outstanding.
– Income tax return: Lodge tax returns for all entities if one or more prior year returns were outstanding as at 30 June 2023.
– GST: Due date for lodgment of annual 2022–23 GST return for instalment payers who are required to lodge tax returns by 31 October 2022.
– Franking account tax return: Lodge franking account tax return when the return is a disclosure only (no amount payable) and you are a 30 June balancer.
– Trusts: Most private companies to provide distribution statements to shareholders for 2022–23.
– PAYG Withheld: Due date for entities subject to PAYG withholding to forward annual report.
– Income tax return non-lodgment: Lodge tax returns for all entities prosecuted for non-lodgment of prior year returns.

DM us at Vision Consulting Group if you need help with any of the above.

We live in uncertain financial times, where running a successful business can be a challenge.

You can control your own financial management, but you don’t have any direct control over the wider macro-economy. And in the first few years of the 2020s, there have certainly been plenty of tricky ups and downs for your business to navigate.

Current economic uncertainty stems from a number of factors, including:

- Fluctuating markets
- Geopolitical tensions
- Pandemic recovery
- The impact of climate change.

This unpredictability poses significant challenges for sustained growth and stability – but there are simple steps you can take to react to these challenges.

Good financial management is the key to riding any period of economic uncertainty. When sales, revenues, supplier prices and operational costs are all highly dynamic, it’s good to know that your business has cash in the bank and a solid financial strategy to stick to.

Here are five straightforward ways to tackle economic uncertainty:

- Manage your cashflow effectively
- Carry out spend management
- Negotiate better terms and prices with suppliers
- Embrace AI automation to cut costs
- Diversify into new products or markets

To learn more, watch out for our latest newsletter 👉 https://visions.com.au/

As your adviser, we’ll help you get tighter control over your cashflow, budgeting and financial forecasting – giving you the numbers you need to navigate uncertain times.

DM us now at Vision Consulting Group

We always love hearing from our happy clients. Thank you for trusting us with your Tax needs! 😊

Looking for business funding?

We show you why it is best to involve a professional when applying for funding rather than doing it yourself.

The key enabler for success for many startups and small businesses is securing funding. Even with the growing support around the world for investing in entrepreneurs, many businesses still struggle with the preparation required when applying for funding.

Here are our top tips:

1. Network - get out there and build your network. This is invaluable not only to build the business, but also to get invaluable support and information from other businesses, including finding out how they went about raising finance.

2. Start your funding applications before you spend money - It would be risky to embark on your startup idea and start spending money if you don't have a very clear understanding of how you will pay for things. It’s particularly important not to take on any leases or contracts if you can't commit to the full term of these.

3. Prove your business idea is viable - work with us to prepare cash flows and forecasts in order to give both parties really crucial insights on how you will manage your growth plans - from how many staff you will need, to how you are going to reach anticipated sales targets.

4. Put your money where your mouth is - Funding providers are always looking for the applicant to be taking some of the financial risk themselves and it’s important to have made a contribution to show your belief and commitment to the business.

5. Provide in depth detail in your application - make sure you give potential investors all the information they need in order to invest.

The right professional will have experience in funding applications, will know what the funding provider is looking for, and also how best to present the information. And from the funding providers perspective, a qualified accountant on board proves the viability of the business idea.

Applying for funding is tough. We have the experience and tools to help with your funding drive. DM us at Vision Consulting Group

Are you ready for upcoming tax obligations?

With two months into the 2023–24 income year, by now most of you would have finalised your general ledger accounts in order to get the necessary information to us to prepare your final 2022–2023 annual accounts and tax returns.

In order for you to be across all your tax obligations, below are the key compliance dates coming up this month of September. Make sure these lodgments are up to date to avoid any interest and penalties.

21 September 2023 – GST – Monthly Activity Statement and payment for August

21 September 2023 – PAYG withheld – Monthly Activity Statement and payment for August

21 September 2023 – PAYG instalment – Activity Statement and payment for monthly reporters for August.

30 September 2023 – Trusts – Final day for lodgment of annual TFN withholding report for closely held trusts where a trustee has been required to withhold amounts from payments to beneficiaries during the previous financial year.

30 September 2023 – PAYG withheld – Lodge PAYG withholding payment summary annual report if prepared by us.

If you have questions or need help with any of the following, we are here to help.

The tax refund many Australians expect has dramatically reduced. We show you why.

There is a psychology to tax refunds that successive Governments have been reticent to tamper with. As a nation, Australia relies heavily on personal and corporate income tax, with personal income tax including taxes on capital gains representing 40% of revenue compared to the OECD average of 24%. And, for the amount we pay, we expect a reward.

The reward is in the form of tax deductions that reduce the amount of net income that is assessed for tax purposes and tax offsets that reduce the tax payable, generating a refund for some. And, refunds have a positive impact on tax compliance.

As part of the previous Government’s efforts to flatten out the progressive individual income tax system, a time-limited low and middle income tax offset was introduced. The lifespan of the offset was extended twice, partly as a stimulus measure in response to COVID-19. The offset delivered up to $1,080 from 2018-19 to 2020-21, and up to $1,500 in 2021-22 for those earning up to $126,000. This was a significant boost for many people each tax time and bolstered the tax returns of millions of Australians. For many, the end of this offset has meant that their tax refund has reduced dramatically compared to previous years.

At , we’ll help you maximise your tax return and make sure you make the most of the
allowable tax deductions.

DM us, we're happy to help. 😊

With the ATO shifting its focus on taxpayers with outstanding tax lodgments and debts, find out how to avoid being penalised at the increased penalty rates in 2023–24.

Announced as part of the 2023–24 Federal budget, increased funding has been provided to the ATO to scrutinise taxpayers who have high-value outstanding debts of over $100,000 and aged debts older than two years where those taxpayers are:

- public and multinational groups with an aggregate turnover of over $10 million, or
- privately owned groups or individuals controlling net wealth of over $5 million.

After a recent increase in January 2023 from $222 to $275, Commonwealth penalty unit rate has witnessed yet another hike from 1 July 2023 and currently sits at $313 per unit. This means that if you fall behind on your tax lodgements you can expect the financial penalties to increase substantially.

The ATO is encouraging small businesses that have overdue income tax returns, fringe benefits tax returns or business activity statements etc. to take advantage of a lodgment amnesty that will run until 31 December 2023.

This applies to tax obligations that were originally due between 1 December 2019 and 28 February 2022 and has been available since 1 June 2023.

To be eligible, the small business must be an entity with an aggregated turnover of less than $10 million at the time the original lodgment was due.

To avoid being penalised at the revised higher rates for failing to lodge returns and reports, ensure you collate and send us all necessary information well before the lodgment due date so we can complete your lodgments on time.

If you anticipate delays, we can assist you with requesting an extension in lodgment due date, applying for remissions or if necessary, taking out a payment plan to pay off your tax debts.

Small businesses can avail the lodgment penalty amnesty and lodge eligible overdue forms before 31 December 2023 and the ATO will automatically remit any associated failure-to-lodge penalties.

August is Tradies National Health Month – an initiative run by the Australian Physiotherapy Association (APA) to raise awareness about the importance of tradies health and wellbeing.

With tradies making up 30% of the workforce, it’s in all our interest to support them to stay healthy.

If you are a tradie, access free tools and resources to build a mentally and physically safe worksite here:

https://www.worksafe.vic.gov.au/tradie-health-month

Not a tradie? Share this with a tradie in your life.

The explosion of OnlyFans, YouTubers, TikTokers and others all offer an opportunity for ‘content creators’ to profit from the audiences they generate. But now the Tax Office has given notice to the booming industry.

A new update released by the Australian Taxation Office (ATO) outlines the regulator’s expectations for how content creators will be assessed for tax purposes - Income tax on money, gifts and goods.

If you make an income as a content creator, then it’s likely it will be assessed for tax purposes unless what you are doing is a genuine hobby with no expectation of generating a profit.

For subscriber-based sites like OnlyFans, there is normally no question about the profit-making expectation. The ATO’s guide also makes it clear that assessable income covers not only money but appearance fees, goods you receive, cryptocurrency, or gifts from fans.

To know if you need to register for GST and what deductions can you claim, feel free to DM us.

We're happy to assist! 🙂

It's tax time! 📒

Organising your documents now will mean you can get your tax return completed earlier and access any refunds due or start planning for tax payments.

So what records do you need to have ready for your Tax Agent?

- Have you bought or sold assets? If so, you need full details of acquisitions and disposals.
- Have you taken out a new loan or other finance? You must have details of the finance arrangements and statements of monies owing.
- Check that any bonds or deposits paid or received have been allocated correctly.
- Have you prepaid for insurance or other large business expenses that need to be apportioned to the following financial year? Make note of the portion applicable to the current financial year.
- Do you carry stock? If so, you need to perform a full stocktake at 30 June (unless you qualify for the simplified trading stock rules).
- List any doubtful or bad debts to be written off.
- Review your debtors and creditors (accounts payable and receivable). Is the list current and correct?
- Do you have loans with related entities? Reconcile the loans to and from each entity to ensure the same value is reported in the accounts of both entities.
- Ensure that all payments to company directors have been correctly captured.
- Provide records of any government grants received during the year.
- If contact details of business owners and key personnel have changed let us know.

We will let you know if there are other matters to discuss with us before completing your tax return, such as cryptocurrency transactions, capital gains, vehicle usage, private usage apportionment or superannuation.

This year, there may also be new elements to discuss if you have received grants, refunds, credits or deferrals of business expenses and liabilities.

Remember you need to keep all your business records for seven years, so store everything securely and where possible electronically for safety and ease.

Once you have all your records for the 2023 financial year, make an appointment with us to schedule in your tax return for prompt lodgement.

Let this new financial year be about taking care of yourself, not just your finances.

53% of business owners and most individuals suffer from stress and anxiety with the ongoing economic uncertainty. It can be easy to let the pressure mount up and to discount your own wellbeing.

But it doesn’t have to be that way.

This year, we will commit to help you talk through your worries so you can focus on YOU.

As your and , we’re in the perfect position to help you open up about your financial worries. We know the common threats, challenges and goals that will be on your mind.

We are here to take some of the weight off your shoulders.

A chat can be the start of a whole new way of thinking about yourself so feel free to send us a DM

With the Federal Budget now done and dusted and even more tax and superannuation changes coming into effect, now is the time to utilise pre-30 June tax planning opportunities to save tax.

We want to help you with our expert tax and accounting advice to navigate all of these complex changes and make the lead up to 30 June as smooth as possible for you.

Tax Planning is where we work with you to complete your 2023 year-end forecast and proactively consider any tax minimisation options we might be able to put in place.

We have found that the vast majority of our clients appreciate it, with a high percentage of our business clients completing tax planning each and every year. Our 2023 Year End Gameplan ensures you will meet all your tax obligations and can work strategically towards reducing your tax, plan your tax and manage your cash flow better. Between now and June 30 there are many things for business owners that must be prepared in a specific order. Our 2023 Year End Gameplan services are tax deductible.

If you are interested, DM us at Vision Consulting Group.

Our calendars are quickly filling up. You should also review your available spare funds for any tax planning strategies (e.g. Superannuation contribution, or bonuses).

Some employers need to pay PAYG withholding liabilities to the ATO monthly, even if the BAS is lodged quarterly. The monthly instalment activity statement (IAS) and payment is due on the 21st, whether you are lodging your own statement or using our lodgement service.

Things to review before finalising the IAS:

- Have you allocated all payroll related bank transactions to the correct accounts?
- Have you checked your payroll detail reports for accuracy?
- Have you classified the different payroll items such as allowances, bonuses or director fees correctly?
- Have you included relevant payroll items or categories at W1 reporting field?
- Do you need to include amounts such as no ABN withholding?
- Have you had to prepare any special pay runs such as termination payments that require manual tax calculation?

Checking the accuracy of the IAS figures each month ensures your statements are more likely to be accurate and less likely to need adjustments at the end of the financial year. This means that issuing annual payment summaries to employees and preparing your ATO payment summary annual report will be straightforward and prompt.

We can assist with preparing your monthly IAS or review your business accounting systems to make sure you are correctly categorising and reporting all pay items.

DM us now at Vision Consulting Group!

In July 2023, the superannuation guarantee statutory rate will rise to 11%. Annually, the rate is increasing by 0.5% until July 2025 when it will reach the legislated 12%.

Talk to us now to start preparing for the changes, so you don't get caught out.

If you’d like help reviewing payroll costs and employee agreements, talk to us now at Vision Consulting Group and we'll make sure you have accurate reports to make planning for the rate rise easy.

Getting organised now means that you'll be well prepared for your business's increased costs when the first payment is due later this year.

Working from home? Are you claiming your expenses on your tax return?

Working from home is becoming the norm for many people. It’s important to think about the deductible expenses that you may be able to claim when working from home and make sure you include them in your tax return.

To claim working from home expenses, you must:

- be working from home to fulfil your employment duties, not just carrying out minimal tasks, such as occasionally checking emails or taking calls
- incur additional running expenses as a result of working from home
- have records that show you incur these expenses.

The ATO have 2 methods available to calculate your claim:

1. revised fixed rate method
2. the actual cost method

Revised Fixed Rate Method

You no longer need a dedicated work area or separate room used as an office. The revised rate of 67 cents per work hour covers your running expenses.

Expenses included in the revised fixed rate are:

- data and internet
- mobile and home phone usage
- electricity and gas
- computer consumables (e.g. printer ink)
- stationery

You can claim a separate deduction for the decline in value of assets used while working from home, such as computers and office furniture and the repairs and maintenance of these assets. You can claim for cleaning, only if you have a dedicated home office.

You must keep records of hours worked and work-related expenses and a diary to show work usage for the internet and assets. See the ATO guide.

Actual Cost Method

To use the actual cost method, you claim for the ACTUAL expenses incurred by working from home. This method does require detailed calculations and records. If you plan to use this method, please don't hesitate to message us. We have created a detailed spreadsheet for our clients and we'd be happy to share this with you.

Talk to us about calculating your WFH deduction. We are here to help.

Having proper control of your business finances is a big advantage. It helps you make well-informed business decisions and keeps your organisation profitable.

With so many digital tools for managing your bookkeeping, accounting and management reporting, it's never been easier to manage, track and forecast your financial position.

But what are the main tools you need? And how do you set up your financial systems, apps, processes and reporting to put yourself back in the finance driving seat?

If you’re looking to give your finances a touch of digital magic, please do come and talk to us.

We can walk you through the best cloud platforms, fintech apps and business tools to add to your app stack – so you’re ready to make the most of a digital approach to your finances.

Get in touch to supercharge your finances at Vision Consulting Group.