Freedom Biz Solutions

ATO Audits - you would hear this a lot (if you're not sending through your invoices).

It's important to remain compliant with taxation laws - if you don't the ATO will perform their infamous audits on any business but also individuals to ensure tax compliance.

That's why professionals such as BAS Agents and Tax Agents that go through extensive amounts of learning are so important to have.

At the end of the day they're there to help you meet these compliance requirements.

If you're missing this ideal support then reach out today!

Weekday Wisdom
Connection is everything - we can't live without it, in any means.

Don't get too swept away with those EOFY sale emails that you begin to overlook ours!

Don't wait till it hits 01/07/2024 to start preparing!

If you're not sure what you need to do to get prepared, then one of our FABTASTIC team members will be able to help guide and make the EOFY less of a messy period for you.

Save the panic and reach out!

Ph. 0435864897
Email. [email protected]

Weekday Wisdom

Dwindling on what could have been or simply regrets can be a real damper on what you have accomplished to be where you are now. Be proud whether it was the smallest things you did or the most gut-wrenching move you've ever made.

You did it!

Some important due dates you busy business owners need to keep in mind for June.

✨18th June - Pay your super to claim as a deduction this 24FY.
✨21st June - Lodge and pay your May BAS.
✨25th June Lodge and pay FBT Annual Return (if applicable to you).

Keep your eyes peeled for more due dates coming up in July and thereafter.

Make sure you're responding to queries and uploading receipts! Don't get topo swept away with those EOFY sales. 😉

🚨Business owners with employees need to read our superannuation tips for this EOFY.🚨

Superannuation when paid on time - which means reaching the ATO and/or Employees Superfund before the due date (depending how you process Super) can be a deductible expense for your business.

What most people don't realise is that you can claim April, May and June Super if you pay it within the current Financial Year - but it has to be a week or two before the 30th June to avoid processing delays.

Why should you do this??

🚨It can help minimise your tax🚨

If you aren't able to pay all of your super before the dates provided then you will have to pay it by the normal Super Due Date which is 28th July 2024.

Reach out to learn more or understand how you can make the most of your deductions this Financial Year before it's too late!

Weekday Wisdom

Just like a magnet; attracting positivity and repelling negativity. Let's be magnificent today!

It's advantageous for individuals to seek out a tax professional.

Whether you're a busy person, a small business owner, or an individual with complex tax needs, seeking out a tax agent can help you navigate the complexities of the tax system and achieve your financial goals effectively.

Working with a tax professional offers numerous benefits, including expertise, tax savings, risk reduction, convenience, ongoing support, and audit representation.

It's time to reconsider whether you need the extra help this Tax time, and if you do, to reach out ASAP.

Introducing our comprehensive bookkeeping package tailored for non-GST registered businesses.

This package will cover the nit and gritty, starting from $280 a month. You'll gain peace of mind knowing that your financial records are in expert hands.

Our dedicated team of professionals will handle all aspects of your bookkeeping, from recording transactions to reconciling accounts and more.

With our package, you can focus on growing your business while we take care of the numbers.

Say goodbye to the stress of managing your books and hello to more time and energy for what truly matters – running your business.

Invest!!

If you're not sold but you are curious then reach out and book a Discovery Consult.

**Terms and conditions do apply and keep in mind you may not be eligible for this package but we have much more than this to offer - all can be discussed in a meeting!

Weekday Wisdom

✨Teamwork makes the dreamwork ✨

Regularly reviewing your profit and loss statement isn't just smart business—it's essential.

Here's why:

✨Financial Insight: Your profit and loss statement offers a clear snapshot of your business's financial health by examining revenue, expenses, and profits over time.

✨Informed Choices: Insights from your profit and loss statement guide informed decisions, from identifying overspending to optimising revenue streams and adjusting business strategies for growth.

✨Trend Spotting: Tracking trends in revenue growth and expense fluctuations empowers accurate forecasting and effective future planning.

✨Performance Gauge: Compare actual financial results with projections to evaluate business strategy effectiveness, make necessary adjustments, and stay aligned with goals.

✨Investor Trust: A robust profit and loss statement demonstrates financial stability, performance, and transparency, fostering trust and confidence among investors and stakeholders.

It's not just about numbers, it's about steering your business towards success with clarity and confidence.

Well if you're running a business - there's no question about getting an accountant.

But why is having the right accountant for you so important?

✅Compliance: A good accountant ensures you meet all legal and regulatory requirements, avoiding penalties and legal issues.

✅Financial Efficiency: They help optimise your finances, minimising taxes and maximising deductions; saving you money.

✅Business Insights: They provide valuable insights into your financial data, aiding in decision-making and strategic planning.

✅Time Savings: Handling financial tasks can be time-consuming; with the right accountant, you free up time to focus on core business activities.

✅Risk Management: They assist in identifying and mitigating financial risks, safeguarding your business's financial health and stability.

Gather this! We can do this for you! So if you're convinced, reach out today to our superb team at Freedom Biz. 🫶

Weekday Wisdom

Sharing is caring folks, you heard it here 😉

"Not another bill" or "The prices are huge" or "I can do it myself etc etc."

We get the implications, and sure it looks like an easy job to do up until you realise it's been done incorrectly some or the whole time 😬

Which does happen!

It's why having a bookkeeper, whether they're there to do the bookkeeping for you or help teach you the right way, is super important and worth every dollar!

Why are we so important?
✅ We serve as a foundation for Accountants by keeping everything neat and accurate.
✅ We keep you compliant so the people upstairs don't come knocking.
✅ We know what we're doing and can do a task half the time it may take you.

🎤 Mic Drop 🎤

POV: It's May, but June is around the corner and then next thing you know your Tax needs to be lodged; but then you're scrambling because everything is just all over the place.

Solution: Book a tax meeting with us

We offer 2 services to help optimise you for Tax Season.

1. Tax Planning Meeting - best suited for the in-between period of tax

Starts from $330.00 but you receive an hour with an extensive analysis of your financials and strategies to better your situation and so much more (you can view on our website).

2. Tax Lodgement Meeting - going over the fine details for your upcoming tax

Free 15 minutes going through the nooks and cracks of your income and expenses; making sure you get the most out of your tax but also that it's done correctly and true to the information you have provided.

Nothing is better than having a compliant loving firm to be on your side this Financial Year 🫶!

Book Via Link: https://www.freedombiz.com.au/book-online

Weekday Wisdom

It's easier to be good and share the good than it is to do the opposite or nothing - it's a power we all have and should use. ✨✨

Upcoming Due Dates

Your usual monthly due date for those that do IAS - 21/05/2024

BAS for March QTR 2024 is due 26/05/2024 when you're using a BAS Agent.

Those that didn't pay super on time would have received or is to receive an SGC statement so it can be lodge don time - important reminder to pay your Super on time!!

Reminder!

March BAS is almost due for those that are lodging with a BAS Agent.

It's important you're responding to queries and providing adequate documentation.

And if you have any questions to reach out to our team!

Weekday Wisdom

Your message to go for a walk, or have lunch outside today or inside if you've been outside all day 😉.

Are you making these 5 mistakes in your business?

❌ Wasting more time than necessary
❌ Putting it off until too late
❌ Guessing every step
❌ Mixing business and personal
❌ Not understanding your financials

It's important to recognise and address these mistakes now so you can improve your business's accuracry, efficiency and effectiveness in financial management practices.

Having an accountant and bookkeeper on your team will also work you wonders for the longesvity of your business!

At Freedom Biz, we're more than just your average accounting & bookkeeping firm.

We're understanding, we're flexible and we love to connect with you.

Our clients are more than just clients. We enjoy our personalised chats while still being professional and getting the job done!

We strive to be different and unique in the sense you feel welcomed and heard by our Freedom Team.

Have a great long weekend everyone and if you're curious to see what we can do to help you and your business grow book a discovery call today!

Weekday Wisdom

Take an interest or even just a moment for someone else. There's always another POV and it's good to remain open to that!

Upcoming Due Dates

Your usual monthly due date for those that do IAS - 21/05/2024

BAS for March QTR 2024 is due 26/05/2024 when you're using a BAS Agent.

Those that didn't pay super on time will have an SGC statement which will be due to lodge by the 28/05/2024.

You read that right, 2 days to go to ensure on-timely Super payments for March QTR 2024.

You'll find we give you earlier due dates - it's our way of showing you we care for your business 🫶 (and who wants fees right??)

Stay on top of due dates by jotting them down in your calendar! We provide fortnightly updates on what's coming up in the month, so keep an eye out.

Weekday Wisdom

Especially if it's to help you generate more income = business deduction 😉

Bank accounts and business; you need a good foundation to make the most of your cashflow!

Bank Accounts Do's
✅Have an everyday account for the ins and outs of all your BUSINESS transactions.
✅Allocate your GST, Tax, Super and PayG components to a savings or expense account.
✅So you got some extra cash after you’ve paid your overheads ... great put it in a savings account.

Bank Account Tips
✨Don’t use your business accounts for personal use.
✨Save them as you go so it’s not a huge bill come due date.
✨Save the extra $$ to reinvest into your business.

Of course this varies depending on the business and your own process/mindset - but if you aren't 100% where to start then this is a good bet!

Oh we know this should of been there, but look, it is now!

A 15 Minute Support Meeting can be booked via our website.

So if you're not sure if we can get back to your call or if one of our amazing team members is away in a meeting - then booking one of these will secure you that undivided time.

Just make sure to keep your questions on a list so you don't forget anything.

Please note that the 15 minutes are free and anything after that is charged at 5 minute intervals at our hourly rates.

Our time is valuable and limited; and we do our best to ensure we provide all clients with the same opportunity!

Weekday Wisdom

Growth is important for ourselves but even more so for everyone else!

Upcoming Dates

If you are not using a BAS agent to lodge your BAS then you're due to lodge and pay by 28/04/2024. If you are utilising a BAS Agent; this due date is extended.

All Superannuation Guarantees are to be lodged and paid by 28/04/2024 - ensure you pay in full and before the due date.

If you're second guessing what you're lodging is correct, then give us a shout; we can make sure you're on track and meeting your obligations as a business owner.