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Did you know there’s a Small Business Grant for Business Coaching? And it’s Open Now

Did you know the Small Business Entrepreneur Grants Program is now open and it can be used for Business Coaching!

Closing date 6 June 2018.   The Small Business Entrepreneur Grants Program provides new small businesses access to professional advice and support in the critical early stages of establishing a business.

Available funding – Matched funding of up to $5,000 (excluding GST) may be provided to eligible businesses to engage a consultant, advisor or business coach for up to 3 months to help establish or develop the business. The minimum grant funding amount is $1,000.

The advice must fall under 1 or more of the following areas:

* mentoring/coaching
* business and strategic planning
* professional business advice (i.e. information technology (IT), legal or financial)
* marketing strategy development (i.e. branding strategies, social media/digital strategies, market research).
* Payment will be made directly to the business on completion of the project and on presentation of proof of payment for the service.

Read the Eligibility Criteria and list of what they will not fund carefully, by clicking this link: https://www.business.qld.gov.au/…/grants/entrepreneur-grants

Budget 2018-19 – Tax Changes Explained

The Treasurer handed down Budget 2018-19 on Tuesday 8th May.

We are pleased to provide a link to the National Tax and Accountants’ Association’s 2018 Budget Update which explains the tax changes. Please click here to download your PDF

For more information Click here to go to the Government’s Budget 2018-19 webpage

Or, if you’d like specific tax planning advice in consideration of your personal circumstances so you can get ready for tax time this year and beyond, call us 07 3245 1466.

Two things you must do if you have a Self Managed Super Fund

Did you know, if you have a Self Managed Super Fund (SMSF)

  1. you must appoint an approved SMSF auditor to audit your fund each year, not later than 45 days before you need to lodge your SMSF annual return. And,
  2. an audit is required even if no contributions or payments are made in the financial year.

The ATO advises as follows:-

“Your SMSF auditor must be:

  • registered with ASIC – if they are, they will have an SMSF auditor number, which you need to provide on your annual return
  • independent – they should not audit a fund in which they hold any financial interest, or where they have a close personal or business relationship with members or trustees.

An audit is required even if no contributions or payments are made in the financial year.

Before an SMSF auditor can start an audit, you or your professional adviser need to give them information about your accounts and transactions for the previous financial year. Any additional information requested by your SMSF auditor, in writing must be provided within 14 days.

Your auditor should advise you of any breaches of the rules. You, as trustee, should rectify any contravention as soon as possible.

Your auditor is also required to report certain contraventions to us. Even if you terminated an auditor engagement or the auditor does not finish the audit, if they have identified a reportable contravention, their obligation to report to us remains.”

For more information, talk to us – 3245 1466 and mention Code SMSF3 for a free 45 minute no obligation consultation.

 

Source of ATO info from https://www.ato.gov.au/Super/Self-managed-super-funds/Administering-and-reporting/Appoint-an-SMSF-auditor/

 

Not-for-Profit Help – 2 Resources You Need

If you volunteer or work in a Not for Profit organisation we know you and your organisation work very hard supporting our community.

We also know it can be a stressful time when the person who administers your organisation and/or its tax affairs changes. When office bearers change a lot of information needs to be communicated but everyone is time poor and in many cases, volunteers. So, we found two resource that might help!

1) Have a look at the poster below and share to others if you think it might help them.

2) If you click on the link below, you’ll find the ATO hub for Not for Profits.

They provide checklists for handovers, self-governance, and induction packages for new administrators.

We will be developing more information for not for profits on our website soon, so do keep an eye out! www.tbctax.com.au.

If you’re new to administering tax affairs for your organisation and you’d like some general advice we offer a free no obligation consultation. Just call 3245 1466 or email info@tbctax.com.au

ATO Not for Profit – Getting help Link – Click Here

ATO Help for Not for Profits Poster

ATO Help for Not for Profits Poster

Neat new App for Freelancers and Contractors

We recently came across a calculating tool for people moving from a salary to freelancing or contracting for the first time … just enter your ideal gross annual salary and it calculates your day rate and hourly rate. It shows you how it calculated these figures – you may wish to check these calculations with your trusted accountant.

https://www.whatismydayrate.com/

If you think someone you know might be interested, feel free to share on your favourite social channel.

Obviously this is general advice only and may not suit your specific circumstances.  If you’d like advice or assistance with tax returns, BAS or bookkeeping, get in touch – just call 3245 1466 or email info@tbctax.com.au.  We’d love to help.

Resilience in Business

Resilience in business, as in life, is a key contributor to your success. We understand more than most businesses the impact external events can have on your business and the mindset needed to bounce back, identify solutions and execute a plan to move forward. In October last year a fire ripped through a nearby premises damaging our office so badly it was demolished yesterday. We did not lose files or data but smoke damage destroyed furniture and the building itself was unsafe for occupation. It was a very stressful time at the tail end of a busy tax season.

Our team worked on their mobile phones out of a local cafe, continuing to work for our clients while making plans to start again at a fresh new office down the road.

We’ve been settled at 2/76 Old Cleveland Road, Capalaba for a while now and Jeffrey Ostrofski, Principal at Taxation and Business Consultants, would like to say thank you to our wonderful clients for remaining with us during the transition from the smoky ruins of our old premises to the blossoming of our new office.

Our team is about to expand with a new accountant, a lovely example of our firm’s resilience.
Thanks for being on this journey with us.  Please drop in to see the team in our new premises. We’d love to show you around! To find us, click here

“My ABN has been cancelled!” Understanding your entitlement to an ABN…

Has your ABN been cancelled?  Confused about whether you’re entitled to an ABN?

If your ABN is cancelled the impact on your business and income can be significant and distressing. This is a hot topic right now for sole traders and contractors and businesses in Australia –

There is no automatic entitlement to an ABN. To be entitled to an ABN you must meet certain criteria – the Australian Business Register says:

“You should ensure you’re entitled to an ABN before you apply. If your employer has asked you to get an ABN it is highly likely you’re not entitled to an ABN. Typically, workers engaged under an ABN when they’re legally in an employment relationship are being underpaid and missing out on superannuation, paid sick leave and annual leave. They may also miss out on the safeguards of the Fair Work Act such as protection from unfair dismissal.

Employers that require their workers to be engaged under an ABN when they’re really employees are engaging in ‘sham contracting’ and can be penalised by the ATO, the Fair Work Ombudsman and state and territory revenue offices and workcover agencies.

Before applying for an ABN, you need to have settled on the right structure for your business (for example, sole trader or company).

If you get an ABN you must continue to meet the entitlement requirements. If your business situation changes you may need to update or cancel your ABN.

We regularly review people who have been issued with an ABN to check that they’re entitled and their details are up to date. Even if you’ve already been issued with an ABN, your entitlement may be reviewed” – source:  https://abr.gov.au/For-Business,-Super-funds—Charities/Applying-for-an-ABN/ABN-entitlement/

Still confused? Consult us to determine if you have an entitlement to an ABN.

If you’d like a free no obligation consultation to see how we can help, simply call 3245 1466 or email info@tbctax.com.au or click here.

 

 

Grab a grant for your Start-Up or small business… we’ll show you how!

What is the difference between a Founder of a ‘start-up’ and someone who has just started a small business? Nil. Zip. Nothing. There is NO difference. It’s just that ‘start-ups’ and ‘founders’ sound sexier than ‘small business’ and ‘owners’. It’s just the latest lingo for a lot of sweat and hard work, vision and grit. So, if you’ve just started a small business you are a Founder of a Start Up! That’s exciting! And wait, there’s more 🙂 There’s money to help you succeed….
 
 
At the above link you can learn about small business grants in Queensland. Read how to find grants, apply and complete applications, and find out about business support.
 
This is general advice only and may not suit your specific circumstances. If the idea of getting a grant is too overwhelming for you – time is short when you’re a Founder, right? – there are grants writers in the Redlands who can help you.
 
We admire Founders of Start-Ups and small business owners and we want you to succeed. Talk to us about your plans – whether to start a business or to grow your current business.
 
We provide advice on business structures, taxation strategies and a lot more! Your local accountant is more than about writing down your history – we’re about helping you plan to succeed.
 
Talk to us anytime via Facebook Messenger or call 3245 1466 business hours or hop onto www.tbctax.com.au where you’ll find more useful tips!