Your business accountants should play a key role in helping you make strategic decisions. This includes helping you understand the financial impact of your decisions.

Business owners make decisions on a daily basis about the strategic direction of the business. Your business accountants can assist you in making decisions during:
– expansion
– taking on new employees
– implementing new technologies
– entering new markets.

At BJT, we understand the common issues you might face in business through our exposure to many different businesses over the years. We work with business and family groups to nurture financial well being through good decision making. As accountants, we rarely come across a situation that they have not worked through before for a business. This experience in solving (sometimes tricky) problems is invaluable to any business owner.

Talking to your accountant

Talk to your accountant when you are making business decisions to save time and money in the long run

– If you are thinking about buying a building to run your business out of – talk to your accountant
– If you need to buy a new delivery vehicle – talk to your accountant
– If you are thinking about creating a new job in your business – talk to your accountant
– If you are having cash flow difficulties, and you want to see how long it will last – talk to your accountant

Remember that your business accountants have probably seen it all!

Call the team at BJT Business Advisors if you are uncomfortable or worried about having a conversation with your business accountants. We can help you choose the right path forward.

Better Business, Better Life with BJT Business Advisors

BJT Business Advisors are specialist business accountants based in Berwick. We love working with businesses and family groups all over Australia. Our empathy, along with the experience and expertise, mean our clients are well looked after now and for the future.

Read more about our services here or get in touch with BJT Business Advisors on 03 9709 2600 today to discuss your business structure requirements.

The post Business accountants are your best business resource appeared first on BJT Business Advisors.

We recognise that a clean set of accounts, prepared by a good bookkeeper, provides enormous value to business owners.

As a business owner, you would like to know at a glance, at any given point in time:
– what you owe
– what you are owed
– how much cash you have available

Many online accounting software systems give you this dashboard overview. However, the dashboard is only as good as the data entered.

This is where a good bookkeeper is worth more than their weight in gold.

A good bookkeeper will ensure the information that goes in to your accounting system is error-free and allocated to the correct accounts. He or she will be able to produce reports for the business owner on a regular basis, and be able to interpret those reports. A great bookkeeper will produce a Business Activity Statement with correct GST allocations in a timely way. And, a good bookkeeper will work closely with your accountant so you have the best possible team working towards the “Better Business, Better Life” philosophy.

BJT values the close relationship it has with the bookkeepers it works with

Carolyn says, “a good bookkeeper is our link with the business.
“He or she understands the day-to-day dealings of the business, and can assist the business owner in making an informed decision.

“The ever-changing world of business compliance can be a minefield, and a good bookkeeper can give a business owner the knowledge and information to maintain their lodgement requirements”.

BJT Business Advisors offers a full business bookkeeping service from our offices in Berwick. BJT Books is headed by qualified, experienced bookkeeper Carolyn Keen.

Better Business, Better Life with BJT Books

BJT Books is based in Berwick. We love working with businesses and family groups all over Australia. Our empathy, along with the experience and expertise, mean our clients are well looked after now and for the future.

Read more about our services here or get in touch with BJT Business Advisors on 03 9709 2600 today to discuss your business structure requirements.

The post A good bookkeeper is worth more than their weight in gold appeared first on BJT Business Advisors.

BJT Business Advisors are accountants in Berwick. Bryan James began BJT with a a select group of clients and a principle of teamwork. This principle is about your accountant working in partnership with you to achieve your business goals.

After working with Bryan and the team for many years, Michelle Beadle became the principal partner six years ago. BJT Business Advisors now offers accounting, taxation, bookkeeping, superannuation and business advice for business owners.

Michelle is passionate about her work and her clients.

She says, “we just love working with businesses and business owners.

“Their energy and drive is what drives us to achieve the best outcome for our clients, from individuals to large complex businesses and family trusts.

“We really do believe in our philosophy of Better Business, Better Life”.

Better Business, Better Life reflects everything BJT does

Michelle says, “We work with you to improve your business and give you a better quality of life as a business owner.

“It is a rare business owner that does not wake at three in the morning at some stage along their business journey, worrying about issues that all businesses face.

“Whether it’s cash flow, staffing issues, customer problems or something else, you can rest assured we have seen it all with our clients over the years.

“I think it’s comforting for our clients to know these are common themes among most businesses.

“And, we find that there is always a solution when we work it through with our customers.”

Better Business, Better Life with BJT Business Advisors

BJT Business Advisors is based in Berwick. We love working with businesses and family groups all over Australia. Our empathy, along with the experience and expertise, mean our clients are well looked after now and for the future.

Read more about our services here or get in touch with BJT Business Advisors on 03 9709 2600 today to discuss your business structure requirements.

The post Accountants in Berwick appeared first on BJT Business Advisors.

The 2018 Federal Budget released by the Federal Government last night has an election flavour to it.

The vast majority of federal income comes from individual taxpayers, with companies contributing the next-largest share

It is industries such as those providing services that continue to provide the largest share of funds to the government coffers, and the next graph shows how dramatically manufacturing has dropped off over the last 30 years.

The economy appears to be in a robust state according to the Reserve Bank of Australia. This is what the government seems to be hanging this budget’s generosity on, particularly when it comes to personal tax reform.

Personal Tax

There is a seven-year proposal to adjust personal tax rates.

A new Low and Middle Income Tax Offset (LAMITO) will be introduced in addition to the Low Income Tax Offset (LITO) from 1 July 2018

Proposed changes to personal income tax rates will see an eventual 32.5% tax bracket for a large number of taxpayers.  The first of these measures will be implemented from 1 July 2018, with a gradual change over the next seven years:

The proposed 0.5% levy to fund the National Disability Insurance Scheme (which was to be added on to the 2% Medicare Levy) has now been scrapped, with the government advising that the NDIS can be funded from current collections.

There has been additional funding allocated to the ATO to ensure taxpayers and tax agents are not over-claiming on work-related expenses.  This continues to be an increasing audit risk for taxpayers, and it pays to ensure that you know what you are doing when it comes to submitting your income tax return.

Business

The $20,000 instant asset write-off available to small business enterprises has been extended for a further twelve months to 30 June 2019.

Cash payments over $10,000 must be done via the banking system.  This is intended to target the “black economy”.

The contractor payment reporting system that was introduced for the construction industry some years ago is being extended to cover the cleaning and courier industries, effective from 1 July 2018.

Research and Development (R & D) tax incentives have some major changes occurring. This is a specialised area, and a trap for the unwary.  If your organisation is undertaking some R & D, the tax incentives for this can be fantastic, but it is best to speak to us in order to ensure your organisation complies with the strict requirements of this incentive.

Single Touch Payroll commences for businesses that have more than 20 employees from 1 July 2018.  This will be extended to businesses that have less than 20 employees from 1 July 2019.  Your payroll software should be able to do this automatically – if it doesn’t, talk to us – we have got solutions.

The 27.5% corporate tax rate for businesses with a turnover of less than $10 million will be extended to businesses with a turnover of less than $50 million.  However, this tax rate is only available for companies with active business income – those companies that receive only dividends or rent, or other forms of passive income, still have to pay tax at the 30% corporate tax rate.

Superannuation

Self-managed super funds may have up to 6 members, instead of 4.

The audit cycle for self-managed super funds is proposed to be extended to 3 years for funds with good compliance records from 1 July 2019.

For certain members of superannuation funds with balances less than $6,000, or aged under 25, or where contributions have not been received by the super fund for more than 13 months, there will be a 3% cap on passive fees charged by the super fund.  Exit fees will be banned, and insurances (such as life insurance) will become offered on an “opt-in” basis instead of done automatically.

The proposed increase of the super guarantee contributions to 12% of employee wages has been deferred until 2025.

Super Guarantee will also be due on the gross salary package, rather than net of any salary sacrifice arrangements, putting into law what is common practice by many employers.

The post 2018 Federal Budget Update appeared first on BJT Business Advisors.

We have been busy this week assisting a client with selling a business. We helped them in winding up their company and guiding them to achieving the best personal outcome.

Moving forward, we are excited to be working with them on growth initiatives for their new business venture.

Exciting times here at BJT!

The post Selling a business appeared first on BJT Business Advisors.

We’ve created a new BJT Business advisors Logo. Because all businesses need regular review and refreshing to keep them healthy! For us at BJT Business Advisors this process has seen us align our purpose, refresh our brand and create a fabulous new website. It’s all about Better Business, Better Life – and we’re super excited about the result!

Better Business, Better Life with BJT Business Advisors

BJT Business Advisors is based in Berwick. We love working with businesses and family groups all over Australia. Our empathy, along with the experience and expertise, mean our clients are well looked after now and for the future.

Read more about our services here or get in touch with BJT Business Advisors on 03 9709 2600 today to discuss your business structure requirements. Or follow us on Facebook or Instagram for the latest news.

The post Introducing our new logo appeared first on BJT Business Advisors.

Think about it. The human brain is amazing – it allows us to have many different emotions and we all have the ability to control them.

We must ensure that we are always positive – think success, not failure. For example, if you have a hectic day where your thoughts are at crossroads and your exercise plans are derailed, don’t focus on the failure of that day. Instead focus on how you can take control of the situation and make the next day a lot more productive.

As for exercise, develop a shorter more convenient workout that you can useon busier days. Don’t ever think “All or nothing.” Because twenty minutes of exercise is far better than none.

Also, beware of a negative environment. For example, if everyone in your office eats at their desk and works through without taking a lunch break, change your habit! Because studies have shown that eating at your desk can make you less productive throughout your day. Instead, lead by example! Why not take a break and go for a short walk. Or, perhaps sit outside for some lovely vitamin D. It may help you think more positively.

For more information the importance of taking a lunch break go to https://www.fastcompany.com/3034928/the-future-of-work/why-you-need-to-stop-thinking-you-are-too-busy-to-take-breaks

Bottom Line: In order to be healthy, you must believe that you can do what it takes. And have the resources available to you.

Better Business, Better Life with BJT Business Advisors

BJT Business Advisors is based in Berwick. We love working with businesses and family groups all over Australia. Our empathy, along with the experience and expertise, mean our clients are well looked after now and for the future.

Read more about our services here or get in touch with BJT Business Advisors on 03 9709 2600 today to discuss your business structure requirements.

The post How you think – is everything! appeared first on BJT Business Advisors.

A comparison rate helps customers recognise the true cost of a loan

A comparison rate includes both the interest rate and the fees and charges involving taking out a loan. Together, they are combined into a single percentage figure, known as the “comparison rate”. Banks and other lenders are legally required to display one when advertising any loan.

It is made up of:

• the amount of the loan
• the term of the loan
• the repayment frequency
• the interest rate
• the fees and charges connected with the loan.

Essentially it is a really useful tool for borrowers to compare the cost of different loans. However, you should consider the loan’s features as a whole. Don’t focus solely on the comparison rate. Contact BJT if you need assistance with understanding the features of your business loans. And for support in considering the financial impact of a business loan.

Better Business, Better Life with BJT Business Advisors

BJT Business Advisors is based in Berwick. We love working with businesses and family groups all over Australia. Our empathy, along with the experience and expertise, mean our clients are well looked after now and for the future.

Read more about our services here or get in touch with BJT Business Advisors on 03 9709 2600 today to discuss your business structure requirements. Or follow us on Facebook or Instagram for the latest news.

The post What is a “Comparison Rate” appeared first on BJT Business Advisors.

Investment volatility is the risk of the value of your investment moving up and down. With high quality investments, their values should move up more than they go down.

Investments which are expected to produce higher long term returns (such as shares) tend to experience higher levels of short term volatility.

On the other hand, investments which are expected to generate lower long term returns (such as bonds) usually experience less volatility in the short term.

This can be seen in the charts below which show the range of historical returns for various asset classes over various periods, as well as their long term average returns. As you can see, the longer you hold your investments the less they are affected by volatility. For example, the range of returns for Australian shares in any single year has been -42.4% to 71.3%. However, the range for 10-year periods has been 2.6% to 18.2% p.a.

Note: Investors who redeem their investments after a fall in value turn a notional loss into a permanent loss. If they are high quality investments, this is usually a poor decision, because high quality investments should recover from falls in value.

How you can manage investment volatility

Investment volatility can be managed using three prudent principles of investing:

• Only invest in high quality investments
• Construct a properly diversified portfolio
• Regularly review your investments to ensure they continue to maintain their quality.

^Luke Sheehan is an Authorised Representative of Australian Unity Personal Financial Services Limited (AUPFS) ABN 26 098 725 145, AFSL 234459. This information has been prepared by AUPFS. The taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current laws and their interpretation.

This information has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Because of this you should, before acting on it, consider its appropriateness, having regard to your objectives, financial situation and needs

The post What is Investment Volatility? appeared first on BJT Business Advisors.

Are you organising gifts for your clients and staff and not sure how you will be affected by Tax??

Christmas Parties.  The Australian Taxation Office considers these  as “entertainment benefits” and as such are subject to FBT unless specifically exempt or if they fall under the “minor benefits” exemption.  A minor benefit is provided to an employee or client on a one off or irregular basis, provided the cost is less than $300, inclusive of GST, per employee or client.

For example

If you are celebrating your Christmas party on business premises on a working day with only your employees and clients attending, and supplying finger food is not subject to FBT, however, there is no GST Credit claimable nor is it tax deductible.

Christmas parties held off business premises are exempt from FBT where the cost for the employee and their associate is each less than $300, inclusive of GST. No Tax deduction or GST credit can be claimed.  The cost of clients attending the party are not subject to FBT, and again no tax deduction or GST credit can be claimed on their portion of costs.

Please note that benefits provided to employees at the Christmas function are considered separately when applying the $300 minor benefits exemption. eg:- dinner at a restaurant costing $220 per person + providing your employee with a hamper costing $85 = Total cost of $305.  Although the total cost is more than $300, the provision of both benefits will usually be exempt from FBT under the minor benefits exemption.

Christmas Gifts – Non entertainment gifts provided to your employees are usually exempt from FBT where the total value is less than $300 inclusive of GST.  A tax deduction and GST credit can also be claimed. Type of gifts included are flowers, wine, perfume, gift vouchers and hampers.

Please note that non entertainment gifts handed out to clients and suppliers do not fall within the FBT rules. Generally a tax deduction and GST credit can be claimed for these gifts, provided they are not excessive or overly valuable.

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