Pherrus

Did you know that 97.3% of businesses in Australia are small businesses?

Small businesses are the unsung heroes of Australia’s economy, creating jobs and driving innovation in all communities.

For your small business to thrive, knowing where to turn for financial support makes all the difference.

So stick around as we guide you through the best banks for small business loans in Australia.

To read more: https://www.pherrus.com.au/best-banks-for-small-business-loans/

As a marketing agency, you know the power of a well-executed advertising campaign to boost brand awareness and drive sales.

On the other hand, you also know that a poorly managed ad campaign can drain resources.

Similarly, good accounting can fuel your business’s growth, but neglect it, and you could hit a wall!

According to the Australian Bureau of Statistics, as of June 2023, there are almost 2.6 million actively trading businesses in Australia.

Many of these businesses increasingly rely on marketing agencies for their survival and growth. So, the demand in your industry is higher than ever!

Your accounting practices can’t be ignored if you want to ride this wave of opportunity.

To read more: https://www.pherrus.com.au/accounting-for-marketing-agencies/

Could you build a structurally sound house without building plans? Impossible!

The same goes for your building business- running a successful company without proper accounting is impossible!

The construction industry contributed to 9% of all goods and services produced in Australia in 2022.

This statistic highlights the industry’s significant role in the economy, meaning there’s a lot of money and activity in your field.

Reliable accounting is essential to help you manage your finances effectively so your business can be a substantial part of that 9%.

Inaccurate job costing, poor expense tracking, or mismanaged cash flow can quickly eat into your profits and jeopardise your business.

To read more: https://www.pherrus.com.au/accounting-for-home-builders/

Following the announcement of the state budget for 2023-2024, you’re probably trying to get your head around the amendments that are relevant to you. Here are the main points to note:

Changes to the Land Tax Exemption for a Principal Place of Residence

A minimum ownership requirement is going to come into effect so that you are only exempt from paying land tax on your principal place of residence if you own an interest of at least 25% in the property.

The good news here is that there is a transition period, so you will not immediately have to start paying land tax if you own less than 25%.

If you currently claim this tax exemption on your principal place of residence, you can continue to claim it for the 2024 and 2025 land tax years.

To read more: https://www.pherrus.com.au/understanding-the-changes-in-the-nsw-state-budget/

Last July, over 22,000 Australian businesses received warnings from the Australian Taxation Office for having tax debt over $100,000 that is more than three months late.

The ATO is on the hunt for a staggering $5 billion owed by businesses fitting this criteria.

They’re setting a firm boundary to make things fair for everyone in the business community and to keep the playing field level for businesses doing the right thing by staying on top of their debts.

How do some businesses find themselves in the position of facing this warning from the ATO?

Sometimes, unexpected expenses crop up, or sales may not meet projections.

You could also face cash flow issues, especially if clients pay late.

To read more: https://www.pherrus.com.au/outstanding-business-tax-debt/

As a restaurant owner, you want your financial records to be like a masterfully crafted, perfectly seasoned dish, with every number in its proper place and every expense accounted for.

But let’s face it, in the fast-paced world of the culinary industry, your finances can sometimes look more like a chaotic kitchen after a Saturday dinner rush!

You’re not alone in feeling the heat of those financial challenges unique to the restaurant business.

But what if we told you there’s a secret ingredient to streamline your bookkeeping processes?

In the following sections, you’ll discover the intricacies of bookkeeping for restaurants and how a professional accountant can be your sous chef in the world of numbers.

To read more: https://www.pherrus.com.au/bookkeeping-for-restaurants-how-an-accountant-can-help/

Running a medical practice is no small feat.

From diagnosing ailments to offering life-changing treatments, your plate is always full.

But amidst the hustle of patient appointments and the commitment to improving lives, another aspect demands your attention- the health of your medical practice’s finances.

The challenges of accounting for medical practices can be as intricate as the human body and just as vital for your practice’s well-being.

Let’s learn about these challenges and, more importantly, find out how skilled accountants can help your practice thrive financially as well as clinically.

To read more: https://www.pherrus.com.au/accounting-for-medical-practices/

The cha-ching of the cash register or the ping of an online sale is music to every retail store owner’s ears.

But as the symphony of a thriving business plays, the accompanying notes of receipts, invoices, and financial statements can sometimes strike an off-key tune.

When those complexities threaten to disrupt the harmony of your retail operations, it’s crucial to have a maestro to orchestrate the perfect financial score.

The right accountants have experience putting accounting systems for retail businesses in place to help your business.

Think of them as your maestro!

In this guide, we’ll explore the distinctive world of accounting for retail, its challenges, and how an expert accountant can make a difference.

To read more: https://www.pherrus.com.au/accounting-for-retail-how-an-accountant-can-help/

If you’re running a hospitality business- a bustling restaurant, a cosy pub, a vibrant club, or an inviting hotel- you already understand the distinct blend of exhilaration and exhaustion that defines this industry.

Between the hustle and bustle of pleasing patrons are daily accounting tasks you must take care of.

Accounting is the silent yet indispensable partner in your hospitality business, and understanding the ins and outs of said accounting can mean the difference between thriving and merely surviving.

This straightforward guide dives into the challenges of accounting for the hospitality industry and shows how professional accountants can be the lifesavers your business needs.

To read more: https://www.pherrus.com.au/accounting-for-the-hospitality-industry-how-an-accountant-can-help/

While your expertise as a lawyer lies in arguing cases and interpreting legislation, managing your law firm’s accounting processes is a completely different matter.

The good news?

The right accountants have experience putting accounting systems for law firms in place to help your business.

In the upcoming sections, we’ll explore the specific financial challenges law firms face and highlight the transformative role a proficient accountant can play in accounting for law firms.

To read more: https://www.pherrus.com.au/accounting-for-law-firms-how-an-accountant-can-help/

Just as you wouldn’t use a hammer to cut a piece of wood, the tools you choose to manage your home-building business finances must fit the task at hand.

The right accounting software tool can revolutionise how you handle your business administrative tasks, ensuring higher efficiency and accuracy.

Whether you’re a sole trader or run a large building company, let’s find out how and why accounting software for home builders can help your business.

Why Do Home Builders Need Accounting Solutions?

As a home builder, you wear many hats: project manager, financial planner, and problem solver, to name a few.

To read more: https://www.pherrus.com.au/accounting-software-for-home-builders-is-it-the-right-choice/

Do you have dreams of expanding your business?

Successful expansion often comes down to securing the right financial support via a business loan.

A business loan can also help you manage cash flow, invest in necessary equipment or inventory, and employ additional team members.

In this guide, you’ll find straightforward, actionable steps to light the path to loan approval.

You’ll learn what’s required, how long the process typically takes, and valuable strategies to boost your chances of success.

The world of business doesn’t wait, and neither should you!

So, let’s find out how to apply for a business loan.

To read more: https://www.pherrus.com.au/how-to-apply-for-a-business-loan/

Securing the right financing can pave the way for the growth and stability of your business.

A secured business loan could be your key to success if you’re considering expansion, refinancing, or managing everyday business expenses.

This guide will demystify how to receive financing with security to help unlock your business’s potential and propel you towards your financial goals.

To read more: https://www.pherrus.com.au/security-for-a-business-loan-a-guide-to-business-financing-with-security/

Glad to be a part of it

As a small business owner, the prospect of a workers comp audit can be daunting.

With the complex regulations and paperwork required, it’s easy to feel overwhelmed and anxious.

With Pherrus Financial Services on your side, you can breathe easily.

We will help make the audit process simple and stress-free for you.

Contact us today to find out how our experienced accountants can take care of your worker’s comp audit.

Hear from one our valued partners JMP Excavations

The founder Jerry, comments on the relationship with Pherrus Financial Services.

Watch here: https://youtu.be/f8gAuZL8ZhU

JMP Excavations Testimonial - Pherrus Financial Services Learn more about Pherrus Financial Services: https://bit.ly/3OVNuSbI started JMP Excavations in 2018, started out as an owner-operator with one track loader....

Non-reportable fringe benefits are a valuable way for employers to provide benefits to their employees without incurring additional tax liabilities, as these benefits aren’t subject to fringe benefits tax.

Employees also benefit, as non-reportable fringe benefits aren’t included in their taxable income.

Let’s explore some examples of non-reportable fringe benefits in Australia.

Learn more: https://www.pherrus.com.au/non-reportable-fringe-benefits-examples-to-understand/










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Reportable fringe benefits and salary packaging are crucial aspects of employment that impact both employers and employees.

Understanding the rules and regulations surrounding these benefits is essential for ensuring compliance with tax laws and maximising the value of compensation packages.

In this article, we’ll delve into the key concepts of reportable fringe benefits and salary packaging and provide insights into what you need to know to navigate this area of Australian tax law.

Learn More: https://www.pherrus.com.au/reportable-fringe-benefits-salary-packaging-what-you-need-to-know/










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If you’re an employer in Australia, you must pay taxes on reportable fringe benefits provided to your employees, as benefits are considered part of their salary.

However, you can claim an income tax deduction for the cost of offering fringe benefits and the corresponding fringe benefits tax (FBT) you pay.

In this guide, we’ll find out about the ‘otherwise deductible rule’, minor benefits exemptions, and how else you can reduce your FBT liability.

Learn More: https://www.pherrus.com.au/are-fringe-benefits-tax-deductible-a-quick-guide/










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As an employer in Australia, you’re required to pay fringe benefits tax (FBT) on benefits you provide your employees or their associates, on top of their salary or wages.

Read on for quick and easy-to-understand answers about fringe benefits taxes.

Learn More: https://www.pherrus.com.au/fringe-benefits-tax-meaning/










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Fringe Benefits Tax (FBT) is tax employers must pay on non-cash benefits provided to their employees, their families, or associates.

Reportable fringe benefits include company cars, low-interest loans, private health insurance, and entertainment expenses.

Are you an employee or employer in Australia wondering- how does fringe benefits tax work? Read on for more information.

Learn More: https://www.pherrus.com.au/how-does-fringe-benefits-tax-work/










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As an employee in Australia, it’s essential to know what fringe benefits are and how you and your employer must report them to the Australian Taxation Office (ATO).

This article will explain what constitutes total reportable fringe benefits amounts, where to list them on your tax return, and how your fringe benefits reporting is affected if your employment ends between 1 April and 30 June.

Learn More here: https://www.pherrus.com.au/fringe-benefits-amounts-when-what-do-i-have-to-report/










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If you’re an employer, you’ve likely already explored fringe benefits in some capacity.

But if you want to know all the details of ‘what is exempt reportable fringe benefits?’ in one location, our handy guide is an excellent place to start.

Read on now to discover the most common exempt reportable fringe benefits for Australian businesses: https://www.pherrus.com.au/what-are-exempt-reportable-fringe-benefits-a-guide-for-employers/

It is a common practice for organisations to allow employees to use business vehicles for private purposes.

This is considered an additional benefit received by the employee that differs from their salary or wage.

Learn More: https://www.pherrus.com.au/fringe-benefits-cars-a-guide-for-employers/

As an employer, it’s essential that you understand the answer to “what are reportable fringe benefits in Australia?” to ensure you’re paying all necessary tax.

Read on now to learn more about what fringe benefits are, their thresholds, and specific criteria to follow as an employer: https://www.pherrus.com.au/what-are-reportable-fringe-benefits-a-guide-for-employers/

Fringe benefits tax (FBT) is paid by employers on certain benefits they provide to employees.

These benefits include non-salary ‘payments’ to employees – such as gym membership payments, discounted loans, or reimbursements for expenses incurred by the employee.

This article answers other frequently asked questions related to who pays fringe benefits tax, including when the fringe benefits tax was introduced in Australia and how FBT is calculated.

Learn More: https://www.pherrus.com.au/who-pays-fringe-benefits-tax/

The Australian government passed the Fringe Benefits Tax Assessment Act in 1986 to make sure that employers pay the right amount of taxes when they give their workers certain benefits.

This act is important for employers because it spells out the rules and regulations for providing these benefits and makes them pay their fair share of taxes for these benefits.

Learn More: https://www.pherrus.com.au/the-fringe-benefits-tax-assessment-act-of-1986-how-it-affects-you/

A fringe benefit is a form of compensation provided to employees that goes beyond their normal salary or wages.

These benefits can include things like health and dental insurance, life insurance, disability insurance, housing allowances, education assistance programs, childcare programs, employee discounts, and more.

In this guide, we’ll take a look at what is a reportable fringe benefit, which benefits are not classed as fringe benefits, and the tax rules surrounding fringe benefits as set out in the Fringe Benefits Tax Assessment Act 1986.

Learn More: https://www.pherrus.com.au/what-is-a-fringe-benefit-a-guide/

Real estate development accounting is unlike other accounting specialities.

We explain how accounting for real estate development expenses differs, including Australia-specific facts.

Learn more here: https://www.pherrus.com.au/real-estate-development-accounting-whats-different/

Knowing the answer to ‘what percentage of tax do I pay in Australia?’ is key to ensuring you meet your legal obligations and responsibilities.

Read on to find out more about the most commonly asked questions for tax, including ‘what percentage of tax do I pay on my wages?’, self-employed taxes, under-18 taxes and more: https://www.pherrus.com.au/what-percentage-of-tax-do-i-pay-faqs-and-answers/

Understanding the answer to ‘how much tax do I pay in Australia?’ is key to ensuring you’re meeting your obligations as a private individual or as a business owner.

You can leave the stress of tax compliance in our capable hands. Here’s everything you need to know: https://www.pherrus.com.au/how-much-tax-do-i-pay-find-the-resources-you-need/

If you’re a real estate agent, you know how important it is to keep accurate records of your taxes and finances.

With the right software, you can save time and make sure that your finances are in order.

In this article, we’ll review three of the best tax software for real estate agents: Xero, MYOB, and Quickbooks.

Read Here: https://www.pherrus.com.au/best-tax-software-for-real-estate-agents/

Do you know about the NEW Paid Family and Domestic Violence Leave policy?

This new policy, which is part of the Fair Work Amendment (Paid Family and Domestic Violence Leave) Bill 2022, is set to go into effect in 2023.

In this article, we’ll explain what you need to know about the new policy, and how to prepare for it.

Learn More: https://www.pherrus.com.au/new-paid-family-and-domestic-violence-leave-what-you-need-to-know/

Filing in Australia?

This guide will provide you with the information you need to get your taxes lodged correctly.

We’ll cover how to do a tax return, how to lodge online, and other answers to some of the most common questions about filing taxes in Australia.

So let’s get started and get your taxes sorted.

Link Here: https://www.pherrus.com.au/how-to-do-a-tax-return-in-australia-lodging-faqs/

Whether you’re considering going into real estate investment for the first time or looking to invest money and you don’t know how, real estate accounting books are a strong place to start.

We’ve covered five of the top widely available books to start off your 2023 strong, covering a range of topics for beginners to get you started on your journey.

Here are some of the books you may want to pick up: https://www.pherrus.com.au/real-estate-accounting-books-5-to-get-you-started/

Are you a property owner? Or perhaps you’re a management company that handles the ins and outs of property for multiple clients?

Understanding the property accounting basics is a good starting point to ensure you meet all your obligations.

Much like any other business, accounting for an investment property has clear rules and requirements to ensure your finances are in order.

If you’re wondering ‘what is property in accounting’ or you want to know the best starting point for handling your finances, we’re here to help.

Learn more: https://www.pherrus.com.au/property-accounting-basics/

Property tax can seem confusing, but it’s not impossible to understand. In this blog post, we provide tips on how you can understand these numbers across different states and properties, but it’s worth noting that other factors can sometimes impact these calculations.

Learn more: https://www.pherrus.com.au/how-much-is-property-tax/

We are proud to support the FNRL Community & Pathways PROGRAM

In this article, we are going to explore finance for property development.

We’ll discuss what property development finance is, how to finance property development and how property development finance works.

We’ll also answer a few common questions we get asked by developers.

Learn more: https://www.pherrus.com.au/property-development-finance/

If you’re considering moving to a new property, understanding property taxes is a necessity.

After all, you can’t plan your budget if you don’t know how much money you’re giving to the government in the form of taxation.

Read on to find out more about property taxes, how to estimate property taxes and how to find out about property tax burdens in Australia when you’re considering selling your home.

Learn more: https://www.pherrus.com.au/how-to-find-out-property-tax-in-australia/