Reduce your tax bill before 30 June 2020

Tax planning 2020 The end of the 2020 Financial Year is upon us! Can you reduce tax payable for the 2020 financial year? With just 20 days to go, there may be a few last minute actions you can take to assist with tax minimisation. Please get in touch with us to discuss your tax planning, if you haven’t already done so. Time is ticking, so call Brad or Rick…  Read more

What to do when your supply chain faces disruption

If your company relies on suppliers in various geographic locations, it’s likely that your business will face a supply chain disruption. Whether that disturbance is caused by a virus, like Covid-19, regulatory lock-down, international tensions, changes in local laws or a natural disaster, there will probably be scenarios in which your suppliers or transporters face obstacles that affect your company. Here are some steps you can take to respond to…  Read more

JobKeeper – “Identify” wage subsidy to be claimed

By now, your eligible business will have enrolled for JobKeeper. If not, you have until 8 May 2020 to do so – see our previous post for more info. It’s now time for the next step: IDENTIFY Log into the ATO Business Portal Click “Identify” (the form to identify and maintain eligible employees, for JobKeeper wage subsidies.) Follow the steps, inputting each employee’s TFN, Date Of Birth and Fortnights (FN)…  Read more

JobKeeper Payment: Enrol by 30 April 2020 [UPDATE: Extended to 8 May 2020]

As of Monday 20 April 2020, eligible businesses can now enrol for the JobKeeper payment. You must do this by 30 April 2020 to claim JobKeeper payments for April. The ATO have extended the date that you must to this by to 8 May 2020, in order to claim JobKeeper payments for April 2020. You can do this by logging into the ATO Business Portal and using your myGovID authentication…  Read more

JobKeeper – The Next Step

  You’ve already heard about JobKeeper. If not check out our first JobKeeper blog post    You’ve already ascertained whether or not JobKeeper applies to you/your employees and and adjusted your pay templates. If not check out our second JobKeeper blog post What next? Send the ‘JobKeeper Employee Nomination Notice’ to all eligible employees and have them return it signed & completed by the end of April 2020. (Keep copies…  Read more

Covid-19 & working from home: What expenses can you claim?

Covid-19 is changing so much in our lives. A lot of you are now working from home, when you weren’t previously. A logical question then becomes: What expenses can I claim, now that I’m working from home? We’ve got you covered… Calculating running expenses There are three ways you can choose to calculate your additional running expenses: shortcut method – described below fixed rate method actual cost method For more…  Read more

TO ALL BUSINESS OWNERS WHO EMPLOY STAFF (JobKeeper)

JobKeeper or not? By now you should have ascertained whether or not your business qualifies for the new JobKeeper Assistance package. If so, you should have registered your intent, with the Australian Taxation Office, and received your text reply.   What you need to do from 30 March 2020 As advised in our previous post, this package comes into effect from 30 March 2020 and will have affected the first…  Read more

JobKeeper Payment (Covid-19 Stimulus Package update)

Last night saw the next stage of the Federal Governments economic relief package – JobKeeper Payment. EMPLOYERS In short eligible employers will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum period of 6 months. Eligible Employers are those where: their business has a turnover of less than $1 billion and their turnover will be reduced by more than 30…  Read more

Important Stimulus Package Update

Our Office Our office is remaining open to all queries. We are postponing face to face meetings, however we are still able to provide advice remotely via email, phone or video conferencing. Important Stimulus Package Update Cashflow assistance for businesses: ATO Credit of up to $100,000 for PAYG-Withholding This is an extension of the previously advised $25,000 PAYG withholding credit. It has now been increased to a maximum of $100,000…  Read more

A reminder for our clients that use the ATO Business Portal: myGovID & RAM

A reminder for our clients that use the ATO Business Portal:   ‘myGovID’ and ‘RAM’ will replace ‘AUSkey’ and ‘Manage ABN Connections’ at the end of March 2020. We recommend creating a myGovID sooner, rather than later, in order to fully familiarise yourself by the time AUSkey retires.   myGovID Not to be confused with your myGov account, myGovID is a secure way to prove who you are online. It’s the…  Read more

Easy steps to prepare your family business for the next generation

The future of your family business may seem like a problem for tomorrow or sometime next decade, but forward-thinking business owners know they need to plan for the future today. The steps you take now to prepare your company for the next generation will go a long way to determining how successful it remains after you retire. At Hockley Giblin & Co, we’re a family business, we know how tempting…  Read more

Happy New Year!

Happy New Year to all of our clients; past present & future! We wish you a prosperous 2020 in all your business & personal endeavours. We’ll be back in the office to assist you from Tuesday 7th January 2020. Warm Regards, Rick, Brad, Cassandra & Dileeni    Read more

Christmas Break

The team at Hockley Giblin & Co would like to take this opportunity to thank you for a productive and progressive year in both business development and relationship building.   As the end of the year is fast approaching us, we find ourselves reflecting on the past year and those who have helped to shape our business. We have had a great year helping our clients reach their personal and…  Read more

Separating personal and business expenses

There are some things in life that go together well and others that definitely do not. Business and personal finances are in the category of items that should not be mixed! Although it may seem like a headache to keep them separate—who wants to manage all those bank accounts?—your life will be greatly simplified once you separate your personal and your business finances, especially your expenses. Paperwork and taxes will…  Read more

Avoid These 4 Costly Accounting Mistakes

Owning your own business: PRO – You love the flexibility and feeling in control! CON –  Bookkeeping is bringing you down… You understand that effective financial management is key to business success. But lack of knowledge, frustration, and even avoidance can add up to accounting mistakes that derail future growth. Protect your business, and reduce your stress, by avoiding these 4 costly accounting errors:   1. Mixing personal and professional…  Read more

Linking the ATO to your myGov – Quick Info

Here at Hockley Giblin & Co, we don’t recommend that you link your myGov account to the Australian Taxation Office (ATO) Here’s why: Linking the ATO to your myGov account could result in the following consequences: It will be entirely up to you to keep up to date with ATO correspondence You will become solely responsible for notifying us (your accountant) if you have any ATO concerns You must check your myGov…  Read more

Save or Spend? Smart money tips for business owners

Small business owners know how important it is to save money. They know that one day that dollar could come in handy, especially during slower times. Saving money is definitely important, but there are also things small business owners can – and should – spend their money on today. It might seem counterproductive to spend money when you want to put it in the bank – and make no mistake,…  Read more

How to choose a financial planner

No matter how much money you currently have in the bank, it’s a good idea to consult with a financial planner sooner than later. There’s no better way to start mapping out strategies for investing – and saving – so you can meet your short and long term financial goals. Financial planners are there to help you save time and money as you prepare to buy a house or commercial…  Read more

Why Bookkeeping is Crucial to Your Success

Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering…  Read more

Email: The productivity killer

Remember when email was new and novel, and everyone thought it would vastly improve communication while freeing up time? It did improve communication on some levels and freed up employee time at first. Now, however, email has become a productivity killer. Workers have to wade through hundreds of emails in their inbox each day, and many people choose to deal with email as it comes in rather than all at…  Read more

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