Trekk Advisory

A company's financial health can be compared to a jigsaw puzzle made up of three key pieces: the cash flow statement, the income (profit & loss) statement, and the balance sheet. Together, these documents offer a complete view of a company's financial performance.

The first piece, the Profit & Loss statement (or Income Statement), is often the first checkpoint for investors. It outlines a company's profitability over a specific period, featuring revenues and expenses. However, it operates on accrual accounting principles, recording revenues and expenses when incurred, not necessarily when cash changes hands.

This is where the second piece comes in - the balance sheet. It's a snapshot of a company's financial position at a particular moment. It lists assets, liabilities, and shareholders’ equity, which must even out - hence, 'balance' sheet. Still, it doesn’t document revenue, expenses, or daily cash activities.

So, how do we track actual cash movements? Enter the third piece, the cash flow statement. It bridges the gap between the income statement and balance sheet. This statement scrutinises cash movements from operating, investing, and financing activities over a period.

When these three are understood and analysed together, they offer a comprehensive insight into a company's financial health and performance. But don't stress if it sounds too complicated. This is where an expert business accountant steps in! They'll help you understand these statements, enabling you to make informed decisions for your business.

Learn more: https://hubs.la/Q02K7F2G0

📌Understanding Cash Flow for Businesses📌

Do you want to monitor your business's financial health, anticipate cash shortages, and make informed decisions? Say hello to the cash flow statement📃!

A cash flow statement offers insightful glimpses into your company's liquidity, financial stability, and operational efficiency. It's not just for corporations - businesses, small and large, should maintain this important document🌐.

So, how does it help businesses? ✅ It enables you to manage finances more effectively, plan for future expenses, and ensures you have enough to cover payments. It also aids in forecasting near-term cash flow, identifying opportunities to generate additional cash, and making precise long-term budgets and financial projections📊.

But creating a cash flow statement can seem daunting, right? That's where your business accountant steps in🕴️! They gather and analyse financial data, prepare the statement using the direct or indirect method, and ensure accurate classification of cash flows. They can also help you understand the difference between positive and negative cash flow, interpret fluctuations across various periods, and use the statement for financial planning and forecasting👍.

In conclusion, a cash flow statement is a strategic tool for evaluating your business's financial performance and guiding its future. And with the guidance of a business accountant, you can navigate this tool confidently, avoiding common errors, and leveraging it for informed financial planning🚀.



Read our full guide here: https://hubs.la/Q02K7zBs0

Do your version of big. ✨
We all want different things out of business and life. Some want more time, others want to join the 3 comma club. The glue that binds us business people together is that we're all aiming that bit higher everyday. We're no different. What lights our fire is helping you make the connection to growth, better process and finding new ways to replace old ways.

Hey everyone! 😊 Remember the 2022 Federal Budget announcement that advised all Not-for-Profit entities (NFPs) that self-assess their income tax exemption to create an 'NFP self-review return' with ATO each year? For the very first time, the NFP self-review return is part of Tax Time 2024. For many NFPs, this is a new event so preparation is key. Here’s what you need to know.

This new rule aims to ensure that NFPs are keeping up with their tax exemption requirements under Division 50 of the Income Tax Assessment Act 1997.
If you're part of any NFP that falls under community service, art, education, health, employment, resource development, scientific or sport, (and isn't registered with ACNC), this applies to you!

Worried about how to lodge the return for 2023/24? You have two options: you can easily do it using ATO online services, or let a registered tax agent (like us at Trekk Advisory) do the work on your behalf.

Now here's the good news. 😃 Although the first self-review return is expected by 31 October 2024, the ATO has graciously extended the deadline to 31 March 2025 to help NFPs adjust to the change.

So if you or your NFP need assistance with this new process, don't hesitate to reach out. We're here to help!

For more info, visit this link 👉 https://hubs.la/Q02GvP160

Quick update for you regarding the Instant Asset Write-Off for the 2023/24 financial year. After a fair bit of back-and-forth in parliament, we finally have some certainty!
A recent change means small businesses (those making less than $10m) can now instantly write-off assets costing less than $20,000 when filing 2023/24 income tax returns.

The journey to get here was a rollercoaster. The bill proposing the change was introduced in September 2023 and then kinda forgotten. Fast forward to March 2024, an amendment proposed to raise the limit to $30,000 and open the scheme to larger businesses went back and forth between the Senate and the House of Reps (ping-pong style!) 🏓.

Finally, on June 25th, the bill was again considered and backpedalled on the previous amendments. It then passed both houses and received Royal Assent on June 28th.
The ATO website has been updated with all the details. And some promising news for the future - the 2024/25 Federal Budget intends to extend the $20,000 threshold to June 2025. Here's hoping that legislation sails through smoothly! 🤞

Need help understanding how this applies to your biz? Don't hesitate to reach out. Cheers!

As an accounting and advisory firm, we are committed to your success. We don’t just deliver numbers, we provide clarity, focus, and accountability, helping you reach your version of 'big'. Let us be your trusted advisor and guide on this exciting journey.

✨ Think deeper, push further and dream bigger with

Don't let cyber scams turn your tax season into a nightmare! Our latest blog gives you practical tips to shield your small business from cyber threats. Stay informed, alert, and protect your hard-earned cash from cyber criminals. Click to equip yourself with the cyber know-how you need to keep your business safe. 💼🔒

Cyber security for small businesses: Stay safe from cyber scams this tax season Protect your small business from cyber scams this tax season with practical tips and insights. Stay informed, stay vigilant, and safeguard your hard-earned money from cyber criminals. Subscribe for more cyber security resources.

At Trekk, we are not just accountants. We believe in aiming higher and replacing old ways with new. We are passionate about helping you make connections to growth, streamline processes, and actualise your business dreams.

✈️ We are your wingman for this uncertain journey, providing the advice, support, and tech you need to succeed.

Navigating the complexities of trust distributions? 💼🔍 Our latest blog post unveils key insights on the ATO's intensified focus on trust income distributions and what trustees need to know. Stay ahead of the game and ensure compliance with our expert guidance.
Click here to read more! https://hubs.la/Q02Cn1h90

ATO focuses intently on trust income distributions Expert insights on trust income distributions by the ATO. Learn key considerations for trustees and the ATO's focus on compliance. Stay informed to navigate trust distribution complexities.

The EOFY is coming, and it's essential to make the most out of it! 🚀 Unlock opportunities, avoid risks, and maximize your deductions with our essential 30 June guide.💡 Discover tips on super contributions, charitable donations, investment properties, and more. Know how to prepare for scrutiny from the ATO while also exploring ways to optimize your tax deductions. 📈

In our latest article, we also discuss preparing for the 1 July 2024 tax cuts by bringing forward your deductible expenses into 2023-24. For more insightful details, check out the article now!

The essential 30 June guide: Unlock opportunities & avoid risks Unlock opportunities, avoid risks, and maximize deductions this EOFY with essential tips on super contributions, charitable donations, investment properties, and more.

EOFY is fast approaching so it’s time to think about Superannuation! 🍎 Unlike most business expenses, Superannuation is only deductible when paid. This means the June quarter super isn't typically tax-deductible until the next financial year. However, you can bring that tax deduction forward by paying all or part of your June quarter super obligations before 30 June 2024.

Although the June 2024 quarter superannuation payment isn't due until 28th July, any super payments processed and paid before 30th June will be tax-deductible in the 2024 financial year.

🚨🚨🚨 If you're using Xero Super for your superannuation payments, remember that the deadline for 2024 contributions to be processed and paid by 30 June 2024 is 2:00pm AEST, Tuesday 18th June (TODAY)!

Submitting and approving by this time should ensure the payment reaches employees' super funds by 30th June, making those payments tax deductible this financial year. Please note, Xero can't guarantee that any superannuation payments made after this date will be processed before 30 June 2024.

If you don't intend to pay your June quarter super early, this deadline won't affect you. Your super payment will be due on July 28th, 2024, as usual, provided that all previous periods have been lodged and paid by their respective due dates.

Let us know if you’d like Trekk to process your superannuation as mentioned above, and if you have any other questions, feel free to reach out to our office.

For more EOFY Tips: https://hubs.la/Q02C9xFW0

Understanding Division 7A loans is crucial in business, especially now that the ATO is ramping up scrutiny on the proper use of company funds through these loans. To avoid tax issues, keeping personal and company finances separate is crucial (as well as detailed record-keeping).

For more on Division 7A loans and the ATO's new focus, check our blog: https://hubs.la/Q02whB-X0

Feeling overwhelmed or confused by this weeks federal budget announcement? You're not alone! Our latest business insights newsletter contains three comprehensive blogs that illuminate what this pre-election budget means for the average Australian citizen, businesses, and the broader economy. Read it now: https://hubs.la/Q02xlv_60

Want to receive these monthly insights direct to your inbox? Sign up here: https://hubs.la/Q02xlwnf0

Teamwork Makes The Dream Work 🌟

At Trekk, we believe in more than just numbers and the intricacies of business. We're in the business of turning dreams into reality, for both our clients and our teams. Every successful strategy is powered by a team that shares laughter, nurtures dreams, and occasionally moves to the rhythm of challenges. Our discussions might pivot from intense financial forecasts to spirited rounds of our annual ping-pong championship, yet it's our united spirit that propels us forward. Here's to the team that consistently creates magic, every single day.

https://hubs.la/Q02w6Bdj0

Navigating the business world solo? It's tough, we get it. But imagine having a partner who's more than just an advisor; someone ready to roll up their sleeves, be there on-site, pick up those weekend calls, and truly understand your vision and the life beyond your work. 👩‍💻✨

At Trekk, we're not just about numbers and advice; we're about building real connections, sharing your passion, and helping you cultivate a business that's not only successful but one you're genuinely proud of. Here's to growing together, every step of the way.

[Image: Christie, Anna, Tony and Gav having a good chat around their round table at Trekk Advisory, Brisbane office 📍]

https://hubs.la/Q02tyH8h0

Don't rely on gut instinct when it comes to your business's finances! 💡 Our Cashflow Forecast & Budgeting services help you make data-driven decisions with confidence.

Gain the advantage of actionable insights for smarter business decisions: https://hubs.la/Q024M3Tw0

Ready to gauge the true worth of your business? 💼 At Trekk Advisory, we dive deep into what drives value, from buy-sell situations to identifying growth opportunities. Our business valuations services not only help set realistic expectations but chart a course for long-term, value-driven growth. 📈 Start your journey with our Free Business Valuation Survey: https://hubs.la/Q024M0Nw0

Sole traders, this one's for you! ✨ Navigate the world of tax obligations confidently with our comprehensive Sole Trader Tax Guide. From enjoying increased flexibility to efficiently managing taxes, we've got you covered. Explore tax rates, GST registration, BAS deadlines, and tricky tax questions. Equip your business with the knowledge it needs to thrive 🌟📈

Read the guide here: https://hubs.la/Q024LY8g0

Sole Trader Tax Guide: How to Efficiently Manage & Pay Your Taxes Discover the comprehensive guide on how to manage and pay your taxes as a sole trader. Understand the benefits, tax rates, and the PAYG system for seamless tax payments.

Navigating the intricacies of the recent changes to Family & Domestic Violence Leave entitlements? Our blog unravels everything from the expanded eligibility criterion, increased paid leave provisions, to insightful Q&As on the subject. Equip yourself with the knowledge to face this critical issue mindfully. Stay informed, stay supportive.

Read it now:

Unpacking the Family & Domestic Violence Leave Entitlements Understand the Fair Work Amendment for Paid Family and Domestic Violence Leave. Uncover its impact on employment and how it supports workplace wellbeing.

What unfolds when a social media platform becomes the stage for a billion-dollar tax escapade? Dive into our latest blog post to explore the intriguing world of the 'TikTok Tax Frenzy'. From $17billion in undeserved refunds to the ensuing whirlwind of plotters and arrests, this is a tale of the pitfalls lurking in the digital realm.

Get the inside scoop: https://hubs.la/Q024LW-w0

The TikTok Tax Frenzy: A Billion-Dollar Escapade Unravel the wild TikTok tax saga that shook Australia. Huge refunds, scams & chaos - learn from this digital roller coaster ride. Stay informed, stay safe!

Unravel the world of small business taxes with this in-depth guide by Trekk Advisory. 📚 It offers insights into key deductions, capital gains tax (CGT) concessions, and even pro tips on avoiding common tax pitfalls. 💰 Equip your business with the right knowledge here:

https://hubs.la/Q024LWZm0

Navigating Small Business Taxes in Australia and Key Deductions Improve your small business! Optimise your small business tax deductions. Learn the essentials of taxation, defining small business & key tax deductions.

Dive into this intriguing case demonstrating how timing can turn a tax-free bonus into a taxing hole. Of sandstorms, late bonuses, and a sudden twist of fate in tax matters, this blog unveils the nuanced relationship between international taxation and timing. Packed with lessons, it's a read designed to equip you with a strategic edge in navigating your tax-affairs! 👀💼💡

Read it here: https://hubs.la/Q024LPG-0

How timing turned an Aussie's tax-free bonus into a taxing hole! Discover how a late 'milestone bonus' provides a powerful lesson on the influence of timing of international remunerations payment and Australian tax.

Stepping into the world of entrepreneurship as a sole trader? It's crucial to get a grip on handling your taxes efficiently.💼💡Here's a comprehensive guide from us diving into the essentials of sole trader tax management. Highly recommended for all the go-getters out there! Check it out and navigate the tax sea with confidence! 👍

https://hubs.la/Q020-wy00

Sole Trader Tax Guide: How to Efficiently Manage & Pay Your Taxes Discover the comprehensive guide on how to manage and pay your taxes as a sole trader. Understand the benefits, tax rates, and the PAYG system for seamless tax payments.

Here at Trekk, we're all about making your business journey a successful one.

Think of us as your down-to-earth, highly skilled guides, carrying a trusty map drawn with lines of meaningful digits. Sure, we're accountants, but we bring so much more to the table than just sorting out tax returns or balance sheets.

You see, to us, numbers are like a secret language – brimming with untold stories about your business. So, we dig deep, unearthing the truth and potential hidden within this numerical maze. That's how we decode the power of numbers, fueling your ascent towards your vision of greatness. 🔢📈

We're excited about embracing innovative strategies and sharing fresh perspectives, all tailored to your unique journey. Our chats won't be all stiff jargon either – we speak your everyday language, keeping things relatable and real.

Behind the scenes, we bring our vast experience, unparalleled expertise, and authentic passion for helping your business prosper. But more importantly, we're right there in your corner, backing you every step of the way. 💪🏻

Let's take on the adventure of business growth together. Because at Trekk, we believe your version of great is achievable, and we're ready to take you there! 😄🚀

Thinking about the future of your business doesn't have to be daunting. 💼📈 If you're considering passing the baton to the next generation, check out our blog on 'Generational Business Succession Planning'.

It's filled with insights on how to navigate the process and ensure your unique legacy thrives.

https://hubs.la/Q020-x1D0

Generational Business Succession Planning - What you need to know Unpack the essentials of generational business succession planning - transitioning, shifting ownership, drawing a success plan, and increasing your capital value.

📣 Just want to throw a timely heads-up your way. Our pals at the ATO are getting a lil' tough on Super rules, setting a new record with 753 SMSF trustee disqualifications and a whopping $29M in penalties last year. And let's not even start on the six-fold tax penalties and triple the number of disqualifications compared to 2022! 😲

This hardscrabble approach is focusing on those persistently playing fast and loose with the rules. So, if you've brushed up against them, it's high time to put things right. Trust us, both your retirement savings and your fund's compliance status will thank you. 😉

From failing to audit to not lodging annual returns or slipping on early fund withdrawal rules, compliance roadblocks can sneak up on any of us. But hey! That's what we're here for - to help you navigate the rules and keep your SMSF journey smooth sailing. 🚀

Remember, as the captain of your own SMSF ship, you've got the steering wheel, but it also takes sound knowledge and financial confidence to chart the course. Don't fret - you're not alone. Reach out before any ATO interventions, and let's turn those compliance fears into cheers! 💪🎉

https://hubs.la/Q020-wxZ0

Considering subdividing your land but not quite sure about the tax implications 🏞️🤔? We've got you covered. Our new article dives into everything from Capital Gains Tax to the impact on your home and even the complexities of partitioning. Arm yourself with knowledge and navigate the potential financial gains with confidence! Check it out! 💼🔍

https://hubs.la/Q020-wwm0

Subdividing land? The tax implications of small-scale subdivisions Navigate the tax terrain while subdividing land property! Dive into property know-hows, grasp capital gains tax essentials –​ we're with you all the way!

We know that reaching our full potential is about pushing ourselves to think deeper and aim higher.

What gets us and our clients fired up is discovering those amazing growth opportunities that focus on nurturing new ideas and upgrading outdated methods. Trust us, it's a game-changer – and it's ingrained in our very DNA at Trekk Advisory! 🌟

But we also know that everyone's version of "big" is unique – whether it's more time in your life, climb the business ladders, or making it to the distinguished 3 comma club. What connects us all is the desire to level up every. single. day.

That's where we come in! Our mission is to help you connect the dots, pinpoint the right growth strategies, and polish your processes. Let's work together to replace the old way of doing things to build a business that's as extraordinary as you are. 💪

Always remember, we're in your corner, cheering you on! At Trekk Advisory, it's all about turning your BIG dreams into reality! 🚀

You know, the thrill of doing what you love and turning your dreams into reality is often intertwined with our businesses. This time, Xero's Beautiful Business Fund brings you a chance to turbocharge that journey. It's not just talk - it's a whopping NZ$20,000 to give your extraordinary ventures the boost they deserve!

This golden opportunity proudly presents a whopping NZ$750,000 pot for all Xero's small business customers worldwide. Whether for-profit or not-for-profit, your business could be one of those basking in this financial sunshine!

Still wondering how it all works? No problem! Here's the lowdown: four winners from each region will nab NZ$20,000 each. Yes, not one, but four! And adding a cherry on top, four of these winners will rise to the global spotlight to pocket an additional NZ$50,000. Sounds like a rewarding ride, right?

Are you shaking things up with sustainability? Or maybe harnessing the power of technology to transform your industry? Does your business stand strong as a beacon of community connection? Or perhaps you're cultivating future leaders with top-notch upskilling? No matter your path, there's a category for you to enter, and don't hold back – try as many as you fancy!

As for the application, it's a walk in the park:
👉 Shoot a 90-second video: Give them a snippet of your business – your journey, why the funding will be a game-changer, and your grand future plans.
👉 Fill up a quick form: After your video's up and running, just fill out a simple form.

Remember to get your entries rolling before October 6, 2023. Then sit tight as the suspense builds – winners will be crowned in November 2023!

At the heart of it all, this fund is all about ensuring that your amazing, dream-fuelling enterprises shine brightly in their success. As you keep creating magic with your hard work and unwavering dedication, know that Xero's Beautiful Business Fund is here cheering you on from the sidelines. Here's raising a virtual toast to you, your ventures, and the exhilarating prospect of this fund being your big break! Good luck, champions!

Learn more and apply: https://hubs.la/Q020-xmM0

Planning to sell your business? The process needs strategy, starting with transaction structuring and business positioning.

Structuring involves apt pricing and perfecting sale terms. We aim to structure the deal for a tax-efficient win for you.

Positioning? It's about making your biz irresistible to buyers and optimising its value. Identifying any sale hurdles and how you align with market trends are crucial. Our goal is an efficacious sale.

Remember to balance structuring and positioning. Structuring is vital but only if the sale proceeds. It flags key decisions, while positioning prepares your business for sale by assessing competitive standing and potential roadblocks.

In most buyers' view, it's a buyer's market now. They're ready to haggle. Being in a buyer's market can vary with your industry, but competitiveness lingers. Buyers survey opportunities across the spectrum. Ensure your business is primed to make the sale you need. That calls for prep work, so start early.

Feeling jittery? Don't! At Trekk, we journey with you towards a smooth, rewarding transition. To new adventures!

Meanwhile, get an idea about your business value with our Business Valuation Survey https://hubs.la/Q01-j4950. 🚀🌠