# Future Advisory --- ## Pages - [Individual Tax Return Booking](https://futureadvisory.com.au/book-an-appointment/): Book your Individual Tax Return - [Terms of Engagement](https://futureadvisory.com.au/engagement-of-future-advisory-pty-ltd-as-accountant-adviser-and-tax-agent/): Engagement of Future Advisory Pty Ltd as Accountant, Adviser and Tax Agent - [Booking Acceptance](https://futureadvisory.com.au/booking-acceptance/): Thank you for choosing Future Advisory and booking your individual tax return appointment with us. We appreciate your trust in... - [Fringe Benefits Tax Questionnaire](https://futureadvisory.com.au/fringe-benefits-tax-questionaire/): From tax, financial planning & bookkeeping to virtual CFO & mortgage broking, we’ve got your business and personal finances covered. Get in touch today. - [Client Onboarding](https://futureadvisory.com.au/client-onboarding/): From tax, financial planning & bookkeeping, we’ve got your business and personal finances covered. Fill in our onboarding questionnaire! - [Podcast](https://futureadvisory.com.au/podcast/): Jason teamed up with Nick and Marty to bring your ears only the best, most important finance, investment and business chatter that’s worth tuning into. - [Careers](https://futureadvisory.com.au/careers/): We’re a team of number-loving, future-thinking accountants dedicated to putting our clients' needs first. Sound like you? - [Welcome to the Future](https://futureadvisory.com.au/client-onboarding-booking/): Congratulations on taking the first step to achieving peace of mind and a proactive approach to the “future” of your... - [Crypto Tax Accounting](https://futureadvisory.com.au/crypto-tax-accounting/): If you’re into crypto, your tax return will need a bit of extra TLC. Future Advisory are experts in cryptocurrency tax & have all the accounting info you need. - [Our Team](https://futureadvisory.com.au/our-team/): A friendly bunch of number-loving, future-thinking accountants dedicated to putting you and your financial needs first. Reach out to us now! - [Referral Tax Return Booking](https://futureadvisory.com.au/referral-tax-return-booking/): Online Appointment Bookings can only be used to secure phone and Zoom Appointments. Keep reading to learn how to book... - [Case Studies](https://futureadvisory.com.au/case-studies/): Discover our case study from our experts to help our clients build a financial future. Read more about some of our clients & how we have helped them here. - [Xero Accountants](https://futureadvisory.com.au/xero-accountants/): Need a Xero accountant? We help Aussie small businesses with setup, training, and bookkeeping. Get expert support and make Xero work for your business. - [Services](https://futureadvisory.com.au/services/): Our services cover the full scope of finance. We guide you on your financial journey and help you understand exactly what your money's doing. Contact us today. - [Contact](https://futureadvisory.com.au/contact/): From tax, financial planning & bookkeeping to virtual CFO & mortgage broking, we’ve got your business and personal finances covered. Get in touch today. - [About Us](https://futureadvisory.com.au/about-us/): We’re number-crunching nature-loving, people-focused innovators who care about your success & want to see you triumph. Contact us about all your advisory needs. - [Blog](https://futureadvisory.com.au/blog/): Our goal is to guide you on your financial journey and help you understand exactly what your money is doing. Our blog helps us to just that. Read more below. - [Home](https://futureadvisory.com.au/): Helping businesses across Australia thrive with expert accounting, tax, and advisory services, delivered by a down-to-earth team with real solutions. - [Privacy Policy](https://futureadvisory.com.au/privacy-policy/): This Privacy Policy applies to all personal information collected by Future Advisory Pty Ltd via the website located at futureadvisory.... --- ## Blog - [Div 293: When you're too good at superannuation](https://futureadvisory.com.au/blog/div-293-when-youre-too-good-at-superannuation/): If you’ve received a surprise letter from the ATO about something called “Division 293 tax,” here’s what you need to... - [Interview: Clementine, Founder of Salt Lab](https://futureadvisory.com.au/blog/interview-clementine-founder-of-salt-lab/): In a classic start up story, Clementine founded Salt Lab after needing a product herself and realising there simply wasn’t... - [What The New Superannuation Tax Changes Could Mean For You](https://futureadvisory.com.au/blog/what-the-new-superannuation-tax-changes-could-mean-for-you/): If you’ve been keeping an eye on the news (or your super balance), you might’ve heard about the Labor Government’s... - [What Construction Businesses Need To Know About LeavePlus](https://futureadvisory.com.au/blog/what-construction-businesses-need-to-know-about-leaveplus/): If you own a business in the construction industry, this one’s a must-read. To meet compliance standards you need to... - [Why 2025 Tax Planning Is So Important For Your Business](https://futureadvisory.com.au/blog/why-2025-tax-planning-is-so-important-for-your-business/): Tax planning for our business clients is the nuts and bolts of what we do. It involves going through your... - [Interview: Exa Product Development](https://futureadvisory.com.au/blog/interview-exa-product-development/): We have the pleasure of working with businesses from all kinds of industries – from cafes to trades, marketers and... - [The 2025 Federal Budget Recap](https://futureadvisory.com.au/blog/the-2025-federal-budget-recap/): Wake up, it’s Federal Budget time! Perhaps our highlight of this year’s budget announcement – which was handed down by... - [5 Ways AI Will Shape Business in 2025 – What Business Owners Need to Know](https://futureadvisory.com.au/blog/5-ways-ai-will-shape-business-in-2025-what-business-owners-need-to-know/): If you’ve had the pleasure of a chat with Jase in the last 12 months, you’ve definitely covered the benefits... - [What You Need to Know About Fringe Benefits Tax in 2025](https://futureadvisory.com.au/blog/what-you-need-to-know-about-fringe-benefits-tax-in-2025/): Fringe Benefits Tax seems to be one of those accounting terms that never stick. If we had a dollar for... - [Why You Should Care About Financial Wellbeing](https://futureadvisory.com.au/blog/why-you-should-care-about-financial-wellbeing/): Financial wellbeing is a term that’s often misunderstood. It’s not about being incredibly wealthy or having unlimited resources. Instead, it’s... - [5 Business Trends Australian Leaders Can’t Miss in 2025](https://futureadvisory.com.au/blog/5-business-trends-for-2025/): Ways to stay ahead of the curve in 2025: read this blog, organise a strategy session with us, reap the... - [The Numbers Game 2024: A recent episode recap for the Future Fam](https://futureadvisory.com.au/blog/the-numbers-game-2024-a-recent-episode-recap-for-the-future-fam/): We know lots of the Future Fam are avid The Numbers Game listeners... and if you’re not, why not! ?... - [Cybersecurity Matters: Why Small Businesses Shouldn't Overlook It](https://futureadvisory.com.au/blog/cybersecurity-matters-why-small-businesses-shouldnt-overlook-it/): Cybersecurity measures for small businesses tend to be overlooked by many of our clients. We’ve all copped the dodgy emails... - [Why Choose a Partnership Business Structure in Australia: Pro and Cons](https://futureadvisory.com.au/blog/partnership-business-structure-in-australia/): If you’re thinking about starting a business or thinking about restructuring an existing one, you might be wondering if a... - [Step-by-Step eCommerce Accounting: Simplify Your Online Business Finance](https://futureadvisory.com.au/blog/ecommerce-accounting/): Melburnian entrepreneurs know that running an online business comes with unique financial challenges. Proper eCommerce accounting can help streamline your... - [Accounting for Doctors: Mastering Medical Services Financial Management](https://futureadvisory.com.au/blog/accounting-for-doctors/): What’s up, doc! If you feel like you’re drowning in a sea of numbers when you should be focusing on... - [The 2024 Future Advisory Gift Guide](https://futureadvisory.com.au/blog/the-2024-future-advisory-gift-guide/): Your annual elves are here with your one-stop-shop gifting guide. We’ve rolled this into an updated version from last year,... - [Your Guide to Choosing the Right Accounting Firm for Business Success](https://futureadvisory.com.au/blog/choosing-the-right-accounting-firm/): Are you feeling a bit overwhelmed by the thought of choosing an accounting firm for your business? Don’t worry –... - [7 Best Accounting Software for Small and Medium Businesses in Australia](https://futureadvisory.com.au/blog/best-accounting-software-for-smes/): Streamline your SME finances with top accounting software for small and medium businesses in Australia. Ditch the paperwork and stay on top of your numbers. - [Your Guide to Setting Up Your Family Trust in Australia](https://futureadvisory.com.au/blog/setting-up-your-family-trust-in-australia/): Ever thought about setting up a family trust but felt overwhelmed by the process? Well, you’re not alone. Many of... - [5 Effective Ways to Help Retain Staff for Small Businesses](https://futureadvisory.com.au/blog/5-effective-ways-to-help-retain-staff-for-small-businesses/): By no means are we recruitment and human resources experts but over the years of business ownership, and being so... - [Know Your E-Comm Numbers & A Guide to Ecommerce Accounting](https://futureadvisory.com.au/blog/know-your-e-comm-numbers/): With no slowing of e-commerce in sight, it’s become the obvious choice for many small business owners – whether they’re... - [The Bookkeeping Tips for Tradies](https://futureadvisory.com.au/blog/bookkeeping-for-tradies/): Hey there, tradie mates! If you’re like most tradies and would rather be on the tools than stuck behind the... - [Top Tax Deductions Tips Every Tradie Should Know](https://futureadvisory.com.au/blog/tradies-tax-deductions/): Tax time can be as challenging as finding a parking spot in the CBD during rush hour. However, there’s no... - [Essential Tax Deductions for Australian Small Business Owners](https://futureadvisory.com.au/blog/essential-tax-deductions-for-australian-small-business-owners/): Operating a small business in Australia can be a wild ride, but in reality, it can be manageable with the... - [Key Steps to Starting a Business in Australia: Legal and Financial Insights](https://futureadvisory.com.au/blog/key-steps-to-starting-a-business-in-australia-legal-and-financial-insights/): So, you’ve got a fantastic idea and you’re ready to take the leap into business ownership in Australia? That’s awesome!... - [Home Office Tax Deductions in Australia Business Owners Need to Know](https://futureadvisory.com.au/blog/home-office-tax-deductions-in-australia-business-owners-need-to-know/): If you’re running your enterprise from the comfort of your home, you might be wondering about the tax deductions you... - [Everything You Need to Know About Trust Business Structures in Australia](https://futureadvisory.com.au/blog/everything-you-need-to-know-about-trust-business-structures-in-australia/): Have you noticed how effortlessly your friend’s business is managed as compared to all other small businesses? Well, it might... - [Starting a Sole Trader Business: Key Strategies for Success](https://futureadvisory.com.au/blog/starting-a-sole-trader-business-key-strategies-for-success/): Thinking about jumping into the sole trader game? You’re in good company. Did you know there are more than two... - [Carbon Accounting Explained: Sustainable Practices for Small Enterprises](https://futureadvisory.com.au/blog/carbon-accounting-explained-sustainable-practices-for-small-enterprises/): What is carbon accounting? Carbon accounting is the process of measuring and managing the amount of carbon dioxide (CO2) and... - [Unlocking the Power of Xero’s New Features](https://futureadvisory.com.au/blog/unlocking-the-power-of-xeros-new-features/): Key Insights: There’s a reason we work with Xero and recommend it to all our clients: business owners need tools... - [Simplify Your Finances: A Tradie’s Guide to Accounting](https://futureadvisory.com.au/blog/simplify-your-finances-a-tradies-guide-to-accounting/): Ever feel like you’re juggling hammers, wrenches, and numbers all at once? Well, you’re not alone. Welcome to the world... - [Understanding Director Penalty Notices: What Australian Business Owners Need to Know](https://futureadvisory.com.au/blog/understanding-director-penalty-notices-what-australian-business-owners-need-to-know/): A Director Penalty Notice (DPN) sounds scary for a reason – it’s something all business owners need to be aware... - [Choosing the Best Business Structure: Pros and Cons for Australian Small Businesses](https://futureadvisory.com.au/blog/choosing-the-best-business-structure-pros-and-cons-for-australian-small-businesses/): Navigating the maze of business structures can be daunting for Australian business owners. With options ranging from sole trader through... - [Planning for the New Financial Year as a Business Owner in Australia](https://futureadvisory.com.au/blog/planning-for-the-new-financial-year-as-a-business-owner-in-australia/): It’s already mid July and it turns out that our parents saying “every year flies by faster” is based on...... - [Do I Need A Trade Mark For My Business?](https://futureadvisory.com.au/blog/do-i-need-a-trade-mark-for-my-business/): We all vaguely know what a trade mark is but do you know what exactly you should be trade marking... - [The Three ATO Focus Areas For 2024 Tax Time](https://futureadvisory.com.au/blog/the-three-ato-focus-areas-for-2024-tax-time/): Every year, we get a heads up as to which areas the ATO will be paying extra attention to during... - [The 2024 Federal Budget: what you need to know](https://futureadvisory.com.au/blog/the-2024-federal-budget-what-you-need-to-know/): Jim Chalmers, Treasurer of Australia, is back on our screens and he’s handed down the 2024 Federal Budget. We’ll continue... - [What You Need To Know About Deceased Estates](https://futureadvisory.com.au/blog/what-you-need-to-know-about-deceased-estates/): A morbid topic, yes – but deceased estates are relevant at some point in everyone’s lives and it’s important to have... - [Trusts: the different types and their benefits](https://futureadvisory.com.au/blog/trusts-the-different-types-and-their-benefits/): Many of our clients have a business structure that involves a trust and whilst the common response is “sounds great”... - [What’s the Main Residence Exemption?](https://futureadvisory.com.au/blog/whats-the-main-residence-exemption/): Property is a fickle beast when it comes to tax implications and the most common question or situation that arises... - [What to Know About ATO Remissions](https://futureadvisory.com.au/blog/what-to-know-about-ato-remissions/): One of the reasons it’s so important for us to work with clients, making sure what needs to be lodged... - [What you need to know about the latest tax cuts](https://futureadvisory.com.au/blog/what-you-need-to-know-about-the-latest-tax-cuts/): You might have heard that PM Anthony Albanese’s government has made a few (significant! ) tweaks to the planned tax... - [PAYGI Explained](https://futureadvisory.com.au/blog/paygi-explained/): With endless terms and dates to remember when it comes to tax as a business owner, it can be hard... - [Everything you need to know about the Paid Parental Leave Scheme](https://futureadvisory.com.au/blog/everything-you-need-to-know-about-the-paid-parental-leave-scheme/): You might be expecting your first, planning for pregnancy or be one or two kids in already but either way,... - [Annual Compliance Reminders To Consider This Month](https://futureadvisory.com.au/blog/annual-compliance-reminders-to-consider-this-month/): We hope that you’re reading this with a cold glass of something in your hand because while we applaud your... - [Interview: The Memo](https://futureadvisory.com.au/blog/interview-the-memo/): If you ask most parents “have you heard of The Memo? ” you’ll get a resounding “Yes! ”. A parenting... - [What Meals, Entertainment and Travel Can I Claim This Christmas?](https://futureadvisory.com.au/blog/what-meals-entertainment-and-travel-can-i-claim-this-christmas/): The silly season has arrived at a particularly alarm rate this year and whilst the end of the calendar year... - [The 2023 Future Advisory Gift Guide](https://futureadvisory.com.au/blog/the-2023-future-advisory-gift-guide/): It’s time for one of our favourite yearly blogs – the Gift Guide! Either this or the Federal Budget blog,... - [What is salary sacrificing?](https://futureadvisory.com.au/blog/what-is-salary-sacrificing/): It’s a term familiar to most of us... and the main thought that comes to mind when you hear salary... - [Interview: Domantay Legal](https://futureadvisory.com.au/blog/interview-domantay-legal/): Bringing you another ripper interview today with Jan Domantay, Founder of Domantay Legal. As any business owner knows, finding like... - [5 Legal Responsibilities that Business Owners Often Forget](https://futureadvisory.com.au/blog/5-legal-reponsibilities-business-owners-often-forget/): As accountants to hundreds of business owners, it’s easy for us to notice common threads between you all – no... - [Everything You Need To Know About Work Cover](https://futureadvisory.com.au/blog/everything-you-need-to-know-about-work-cover/): A short and sweet one today, covering a topic we get asked about all the time: work cover. A surprising... - [What are the tax implications of moving overseas?](https://futureadvisory.com.au/blog/what-are-the-tax-implications-of-moving-overseas/): Moving overseas brings excitement and adventure, but it also involves a multitude of practical and financial considerations. Let’s be honest... - [What is payroll tax and what changes are coming our way?](https://futureadvisory.com.au/blog/what-is-payroll-tax-and-what-changes-are-coming-our-way/): Out of all the taxes that Australian businesses have to keep track of... payroll tax is a particularly pesky one.... - [Why isn’t my tax refund as big this year?](https://futureadvisory.com.au/blog/why-isnt-my-tax-refund-as-big-this-year/): How many times can you say LMITO fast? Well, the discontinuation of it – the Low Middle Income Tax Offset... - [Interview: Co-Founders of Trace, Cat Long and Joanna Auburn](https://futureadvisory.com.au/blog/interview-co-founders-of-trace-cat-long-and-joanna-auburn/): Trace helps businesses to measure their emissions and reach net zero by funding essential climate projects around the world. We’re... - [How to Avoid Super ATO Audit Stress](https://futureadvisory.com.au/blog/how-to-avoid-super-ato-audit-stress/): There are many super stressful things that go hand in hand with being a business owner, but if you’re prepared... - [What are Business Strategy Sessions?](https://futureadvisory.com.au/blog/what-are-business-strategy-sessions/): Most businesses foray into outsourcing their accounting by utilizing us for tax compliance, accounting support, bookkeeping and other bits and... - [A comprehensive Individual Tax Return Checklist](https://futureadvisory.com.au/blog/comprehensive-individual-tax-return-checklist/): We’re already at the EOFY and with that comes a scramble for individual tax return appointments with everyone understandably keen... - [Trusted Accountant in Narre Warren for all your financial needs](https://futureadvisory.com.au/blog/trusted-accountant-in-narre-warren/): Accounting is a critical component of any business or individual’s financial management. It involves the recording, summarising, and analyzing of... - [2023 Federal Budget Recap](https://futureadvisory.com.au/blog/2023-federal-budget-recap/): As always you can delve into the ins and outs of the federal budget for hours – we’ve put together... - [What To Know About Self Managed Super Funds](https://futureadvisory.com.au/blog/what-to-know-about-self-managed-super-funds/): A Self Managed Superannuation Fund (SMSF) is a private super fund where you can choose & manage the type of investments you hold for your retirement. Read more - [How To Create A Business Budget](https://futureadvisory.com.au/blog/how-to-create-a-business-budget/): A business budget isn’t necessarily the most thrilling part of starting a business, but it’s certainly one of the most... - [Interview: Martha Kourtidou, Boda Hair Boutique](https://futureadvisory.com.au/blog/interview-martha-kourtidou-boda-hair-boutique/): Owning a business means putting in the hard yards – and when your business is in a seemingly crowded industry,... - [How To Make Sure You're Payroll Compliant](https://futureadvisory.com.au/blog/how-to-make-sure-youre-payroll-compliant/): The Purpose of Payroll and Its Key Functions Payroll involves calculating employee wages and salaries, deducting taxes, and paying employees... - [What is Tax Planning and Why is it Important?](https://futureadvisory.com.au/blog/what-is-tax-planning-and-why-is-it-important/): Tax planning for a proactive accountant can sometimes be a year long process. Strategies are often implemented at the beginning... - [Why Should You Lodge an FBT Return?](https://futureadvisory.com.au/blog/why-should-you-lodge-an-fbt-return/): If you’re an employer, you might wonder why you should lodge a Fringe Benefits Tax return when no FBT is... - [What is a Car Fringe Benefit?](https://futureadvisory.com.au/blog/what-is-a-car-fringe-benefit/): It’s FBT season and the most common fringe benefit we see are cars – so let’s talk about it! If an... - [What’s the Deal With Entertaining, Meals and Fringe Benefit Tax?](https://futureadvisory.com.au/blog/whats-the-deal-with-entertaining-meals-and-fringe-benefit-tax/): Let’s talk about everyone’s favourite topic – food! Specifically, meals that you provide to your clients or employees. We all... - [What happens when a business gets into significant debt?](https://futureadvisory.com.au/blog/what-happens-when-a-business-gets-into-significant-debt/): Bad debt is not a term business owners love to hear but it’s familiar. What happens when this occurs and how can you avoid it from happening to your business? - [What Makes a Good Leader?](https://futureadvisory.com.au/blog/what-makes-a-good-leader/): Here’s why being a good leader is so important to business success, the traits a good leader possesses and ways to improve your leadership skills. - [5 Business Resolutions For 2023](https://futureadvisory.com.au/blog/5-business-resolutions-for-2023/): We’ve touched on areas we think are of particular importance for 2023 that are worth considering before you decide on your business path for the next 12 months. - [How Inflation Affects You and Your Business](https://futureadvisory.com.au/blog/how-inflation-affects-you-and-your-business/): The latter is 2022’s current buzzword which is the bearer of unfortunate news for our back pockets. Read more in our article! - [The Difference Between Corporate and Individual Trustees](https://futureadvisory.com.au/blog/the-difference-between-corporate-and-individual-trustees/): Did you know there are both corporate and individual trustees? It’s a point of confusion for many, and we wanted to clear up the difference between the two. - [Everything you need to know about vehicle logbooks](https://futureadvisory.com.au/blog/everything-you-need-to-know-about-vehicle-logbooks/): A motor vehicle logbook records all your vehicle use for 12 consecutive weeks, tracking all personal & business trips. Check out our article for more information! - [How Do I Organise an ATO Payment Plan?](https://futureadvisory.com.au/blog/how-do-i-organise-an-ato-payment-plan/): All kinds of situations can arise between BAS payments or end of year tax bills. Here’s everything you need to know about ATO payment plan. - [What you need to know about estate planning](https://futureadvisory.com.au/blog/what-you-need-to-know-about-estate-planning/): Estate planning is the process of creating a plan for what will happen to your assets once you’re gone. This is not a close-to-retirement-problem. Learn more! - [How And Why Should You Record Keep Properly?](https://futureadvisory.com.au/blog/how-and-why-should-you-record-keep-properly/): All business owners are required to keep records of their income and expenses for five years. But how to do it? Let's read our article! - [How Can I Make a Holiday a Tax Deduction?](https://futureadvisory.com.au/blog/how-can-i-make-a-holiday-a-tax-deduction/): Every holiday is a chance to relax, but it can also be a time to plan ahead for your taxes. So, How can I make a holiday a tax deduction? Learn more! - [What Does a Financial Advisor Do?](https://futureadvisory.com.au/blog/what-does-a-financial-advisor-do/): What does a financial advisor do? Here are 7 things that a financial advisor can help you with. Contact Future Advisory today for more information. - [How To Establish Your Director ID](https://futureadvisory.com.au/blog/how-to-establish-your-director-id/): To establish a director ID, you will need to verify your identity & ensure that this information matches the records held by the ATO. Learn more about it here. - [The Small Business Restructure Regime](https://futureadvisory.com.au/blog/the-small-business-restructure-regime/): Here are the key things you need to know about the small business restructure regime, & how the recent changes may affect you. Contact Future Advisory today. - [Individual Tax Return Checklist 2022](https://futureadvisory.com.au/blog/individual-tax-return-checklist-2022/): Once you've booked your individual tax return appointment, your next step is to complete this tax return checklist. This will make your tax appointment run smoothly. - [Pre-gaming for tax time](https://futureadvisory.com.au/blog/pre-gaming-for-tax-time/): Tax time is coming, so check our comprehensive checklist of things you need to consider this tax season, from personal tax to business tax. - [How To Value A Business?](https://futureadvisory.com.au/blog/how-to-value-a-business/): How to value a business? There are numerous methods to do and the option usually depends on your industry. Explore factors that can influence business evaluations. - [Interview: Tarts Anon](https://futureadvisory.com.au/blog/interview-tarts-anon/): One of our favourite clients, Tarts Anon, are here to dish out their best business advice for small business owners. Here’s Catherine, co-founder of Tarts Anon. - [Unpacking the 2022/23 Federal budget](https://futureadvisory.com.au/blog/unpacking-the-2022-23-federal-budget/): We’ve got you covered with our wrap up of the best bits of Treasurer Josh Frydenberg’s 2022/23 federal budget. - [Three new tech platforms business owners need to know about ](https://futureadvisory.com.au/blog/three-new-tech-platforms-business-owners-need-to-know-about/): Here are 3 new tech platforms that we’ve just learnt about, that talk to Xero, and that we think you might find very handy. Contact us today for more information. - [Pay As You Go Installment Explained](https://futureadvisory.com.au/blog/payg-installments-explained/): Pay as you go installment is one of 2 ways in pay business tax. We will help to explain what PAYGI is & the pros and cons of it. Check it out! - [8 Things To Know About Holding Own CFO Meetings](https://futureadvisory.com.au/blog/8-things-to-know-about-holding-your-own-cfo-meetings/): You can hold your own CFO meeting yearly, every six months or even quarterly. Here are 8 things to know about holding your own CFO meetings - [Fringe Benefit Tax in 2022: What You Need To Know](https://futureadvisory.com.au/blog/what-you-need-to-know-about-fringe-benefits-tax-fbt/): Learn about Fringe Benefit Tax and what you can claim as FBT. Its also important to note why you should claim, and what has changed in 2022. - [Reset your mental health](https://futureadvisory.com.au/blog/reset-your-mental-health/): Looking after our mental health is an ongoing commitment that you need to invest time & energy into. Here are five ways you can use to look after yourself. - [It's Time To Revisit Your Business Plan](https://futureadvisory.com.au/blog/its-time-to-revisit-your-business-plan/): If you don’t have a business plan, then you definitely need to read on. If you do have a plan, it’s time to update it, as you should every 6 - 12 months! - [Interview: 30XY Group](https://futureadvisory.com.au/blog/interview-30xy-group/): We had a chat with Julian Grasso from 30XY about their unique industry & some insights into what it’s like to work with your nearest & dearest. Read more here. - [We're on holidays! Here are our Melbourne & Perth getaway suggestions...](https://futureadvisory.com.au/blog/were-on-holidays-here-are-our-melbourne-perth-getaway-suggestions/): 2021 has been a long road but the biggest light at the end of this tunnel is a holiday! We’ve selected a few places in Victoria & WA to check out this summer. - [Director Identification Numbers: What are they and do you need one?](https://futureadvisory.com.au/blog/dins-what-are-they-and-do-you-need-one/): Director Identification Numbers (DINs) has come into play and if you’re a business owner, you have to know about it. We’ve summarised the bits worth remembering. - [Celebrating Our Clients Re-opening Post Lockdown](https://futureadvisory.com.au/blog/celebrating-our-clients-reopening-post-lockdown/): We’ve come out of what we hope is the last ever lockdown. It’s been a tough year for everyone but some of our clients have copped it the hardest. - [What We've Learnt in the First Year of Business](https://futureadvisory.com.au/blog/what-we-have-learnt-in-the-first-year-of-business/): To celebrate our first year of business, we recap the wins, the losses and the lessons that our three directors have made so far. Read more here. - [10 steps to set up your Xero](https://futureadvisory.com.au/blog/10-steps-to-set-up-your-xero/): Xero is a user-friendly, cloud accounting software that makes business owners’ (& their accountants) lives easier! Here are 10 steps to get started with Xero. - [Can you change your business structure?](https://futureadvisory.com.au/blog/is-your-business-set-up-under-the-right-structure/): Is your business set up under the right structure? Read about the different business structures & learn which one is most suitable for you. Contact us today. --- ## Service - [Your trusted business advisory](https://futureadvisory.com.au/services/accounting-and-tax/business-advisory/): From tax advice to growth planning, our Melbourne-based business advisory team helps Aussie small businesses thrive. Trusted, expert support that delivers. - [Budgeting and Forecasting](https://futureadvisory.com.au/services/accounting-and-tax/budgeting-forecasting/): Stay ahead with smart budget forecasting and cash flow planning. Our experts help Aussie small businesses build a reliable forecast budget and plan for growth. - [Your Trusted Tax Planning Experts](https://futureadvisory.com.au/services/accounting-and-tax/tax-planning/): Need a tax payment plan/expert tax planning? We help small businesses manage tax bills, reduce liabilities, and set up smart payment plans with the ATO. - [Carbon Accounting](https://futureadvisory.com.au/services/accounting-and-tax/carbon-accounting/): We make carbon accounting easy for Aussie small businesses. Track emissions, meet compliance, and grow sustainably, with help from expert carbon accountants. - [VCFO](https://futureadvisory.com.au/services/accounting-and-tax/vcfo/): Our vCFO accountants help Aussie businesses manage cash flow, plan growth, and stay financially fit—without the full-time CFO price tag. - [Business structure](https://futureadvisory.com.au/services/accounting-and-tax/business-structure/): Choosing the right service business structure isn’t one-size-fits-all. We help Aussie businesses get it right, from sole traders to companies, with expert guidance. - [Compliance](https://futureadvisory.com.au/services/accounting-and-tax/compliance/): Simplify tax and accounting compliance with expert support tailored to Aussie small businesses. No jargon, just clear, practical help you can count on. - [Mortgage Broking](https://futureadvisory.com.au/services/mortgage-broking/): Need a trusted mortgage broker? Our Melbourne-based team helps Aussies secure smart loans, whether you’re buying, refinancing, or funding a business. - [Financial Planning](https://futureadvisory.com.au/services/financial-planning/): Let our financial planning team take the stress out of finance so you can focus mainly on your own business. Contact us today for more information. - [Bookkeeping](https://futureadvisory.com.au/services/bookkeeping/): From Xero setup to payroll and business bookkeeping, we help Aussie small businesses stay on top of their numbers. Expert support, simple tools, no fuss. - [Accounting and Tax](https://futureadvisory.com.au/services/accounting-and-tax/): Our accounting & tax consultants will help your business build out your finances and help you achieve your growth goals. Contact our friendly team today. --- ## Offices - [Future Accountants in Melbourne CBD](https://futureadvisory.com.au/office/melbourne-cbd/): Future Advisory offers bookkeeping, tax, Xero accounting, mortgage broking & financial learning — right here in the heart of Melbourne CBD. - [Future Advisory | Accounting Firm in Cremorne](https://futureadvisory.com.au/office/cremorne/): Future Advisory’s Cremorne team offers expert bookkeeping, tax, Xero accounting, mortgage broking and financial learning, all tailored to your goals. - [Sydney (Coming Soon)](https://futureadvisory.com.au/office/sydney/): Our Sydney office is coming soon! Contact us today on 1300 225 888 or email us and our friendly team will get back to you as soon as we can. - [Trusted Accountants in Sunshine Coast](https://futureadvisory.com.au/office/sunshine-coast/): Expert tax, bookkeeping & Xero accountants in Mooloolaba & Sunshine Coast QLD. We help small businesses grow with proactive advice & smart strategies. - [Future Accountants in Narre Warren](https://futureadvisory.com.au/office/narre-warren/): Future Advisory’s Narre Warren team offers bookkeeping, tax, Xero accounting, mortgage broking and financial learning, tailored to your goals. --- ## Members --- ## FAQs - [What accounting services do you offer in Mooloolaba and the Sunshine Coast?](https://futureadvisory.com.au/faq/what-accounting-services-do-you-offer-in-mooloolaba-and-the-sunshine-coast/): We offer a full range of accounting and advisory services to individuals and businesses across the Sunshine Coast. This includes... - [Do you have accountants based in Mooloolaba?](https://futureadvisory.com.au/faq/do-you-have-accountants-based-in-mooloolaba/): Yes, we work with clients right across Mooloolaba and the surrounding area. Whether you’re a local business owner, a sole... - [Can you help small businesses in Mooloolaba with accounting and tax?](https://futureadvisory.com.au/faq/can-you-help-small-businesses-with-accounting-and-tax/): Absolutely. We specialise in helping small businesses manage their finances with confidence. From choosing the right business structure to handling... - [What makes Future Advisory one of the best accounting firms on the Sunshine Coast?](https://futureadvisory.com.au/faq/what-makes-future-advisory-one-of-the-best-accounting-firms-on-the-sunshine-coast/): We’re not your typical accounting firm. At Future Advisory, we bring together top-tier expertise with a relaxed, friendly approach that... - [Are you a certified Xero accountant on the Sunshine Coast?](https://futureadvisory.com.au/faq/are-you-a-certified-xero-accountant-on-the-sunshine-coast/): Yes, we are proud to be certified Xero accountants. We can help you get set up with Xero, train your... - [How can I find the best tax accountant in Sunshine Coast QLD?](https://futureadvisory.com.au/faq/how-can-i-find-the-best-tax-accountant-in-sunshine-coast-qld/): A great tax accountant understands both the rules and your personal or business situation. At Future Advisory, we take the... - [How do you support business owners on the Sunshine Coast?](https://futureadvisory.com.au/faq/how-do-you-support-business-owners-on-the-sunshine-coast/): We help business owners take control of their finances with smart advice, clear planning, and regular check-ins. Whether you’re launching... - [How do I get started with your Sunshine Coast accounting team?](https://futureadvisory.com.au/faq/how-do-i-get-started-with-your-sunshine-coast-accounting-team/): It’s simple. Just book a free chat through our website and one of our team members will get in touch.... - [What is E-commerce Accounting?](https://futureadvisory.com.au/faq/what-is-e-commerce-accounting/): E-commerce accounting involves managing the financial aspects of online businesses, including sales tracking, inventory management, and tax compliance. It requires... - [Why Do Small Businesses Need an E-commerce Accountant?](https://futureadvisory.com.au/faq/why-do-small-businesses-need-an-e-commerce-accountant/): Small businesses need an e-commerce accountant to ensure accurate financial reporting, manage cash flow effectively, and comply with tax laws.... - [What Accounting Software is Best for E-commerce?](https://futureadvisory.com.au/faq/what-accounting-software-is-best-for-e-commerce/): For e-commerce businesses, Xero is often the preferred accounting software due to its ease of use, cloud-based accessibility, and seamless... - [What Are the Benefits of Outsourcing E-commerce Accounting?](https://futureadvisory.com.au/faq/what-are-the-benefits-of-outsourcing-e-commerce-accounting/): Outsourcing e-commerce accounting offers several benefits, including access to specialised expertise, reduced administrative costs, and enhanced financial accuracy. It allows... - [What Are Common Challenges in E-commerce Accounting?](https://futureadvisory.com.au/faq/what-are-common-challenges-in-e-commerce-accounting/): Common challenges include managing transactions from multiple sales channels, tracking inventory accurately, and ensuring compliance with sales tax laws across... - [What Are the Key Financial Reports for E-commerce Businesses?](https://futureadvisory.com.au/faq/what-are-the-key-financial-reports-for-e-commerce-businesses/): Key financial reports for e-commerce businesses include: Cash Flow Statements: Essential for managing liquidity and ensuring timely payments. Balance Sheets:... - [How Can I Ensure Accurate Tax Compliance with Xero Integrations?](https://futureadvisory.com.au/faq/how-can-i-ensure-accurate-tax-compliance-with-xero-integrations/): To ensure accurate tax compliance with Xero integrations, ensure that tax rates in your e-commerce platform match those in Xero.... - [How Do I Set Up the Shopify to Xero Integration?](https://futureadvisory.com.au/faq/how-do-i-set-up-the-shopify-to-xero-integration/): Setting up the Shopify to Xero integration typically involves using a third-party app like Amaka or A2X. These tools guide... - [How Do I Set Up the Shopify to Xero Integration?](https://futureadvisory.com.au/faq/how-do-i-set-up-the-shopify-to-xero-integration-2/): To set up the Shopify to Xero integration, you can use plugins like Xero for Shopify or third-party apps. These... - [How is eCommerce Accounting Superior to Traditional Bookkeeping?](https://futureadvisory.com.au/faq/how-is-ecommerce-accounting-superior-to-traditional-bookkeeping/): Imagine trying to navigate Melbourne’s hook turns with a map from the 1950s. That’s what using traditional bookkeeping for an... - [What is Retail Accounting?](https://futureadvisory.com.au/faq/what-is-retail-accounting/): Retail accounting involves managing financial transactions specific to the retail industry, including sales tracking, inventory management, and tax compliance. It’s... - [What Are the Key Financial Statements in Retail Accounting?](https://futureadvisory.com.au/faq/what-are-the-key-financial-statements-in-retail-accounting/): Key financial statements include the income statement, balance sheet, and cash flow statement. These provide insights into profitability, financial position,... - [What Inventory Valuation Methods Are Used in Retail Accounting?](https://futureadvisory.com.au/faq/what-inventory-valuation-methods-are-used-in-retail-accounting/): Common inventory valuation methods in retail include First In, First Out (FIFO), Last In, First Out (LIFO), and the Weighted... - [Why Is Accurate Inventory Tracking Important in Retail?](https://futureadvisory.com.au/faq/why-is-accurate-inventory-tracking-important-in-retail/): Accurate inventory tracking is vital for preventing stockouts and overstocking, ensuring efficient cash flow management, and reducing waste. It also... - [What Accounting Software Is Best for Retail Businesses?](https://futureadvisory.com.au/faq/what-accounting-software-is-best-for-retail-businesses/): Popular accounting software for retail includes QuickBooks Online, Xero, and Zoho Books. These platforms offer features like inventory management, sales... - [How Do Retailers Ensure Compliance with Tax Regulations?](https://futureadvisory.com.au/faq/how-do-retailers-ensure-compliance-with-tax-regulations/): Retailers can ensure compliance by staying updated on tax laws, using accounting software that supports tax compliance, and consulting with... - [How Can an Accountant Help Retail Businesses?](https://futureadvisory.com.au/faq/how-can-an-accountant-help-retail-businesses/): An accountant can assist with setting up and managing accounting systems, providing financial insights, and ensuring compliance with tax laws.... - [Why Should Retail Businesses Outsource Accounting Functions?](https://futureadvisory.com.au/faq/why-should-retail-businesses-outsource-accounting-functions/): Outsourcing accounting functions allows retailers to access specialised expertise, reduce administrative costs, and improve financial accuracy. It also enables businesses... - [What Are Common Challenges in Retail Accounting?](https://futureadvisory.com.au/faq/what-are-common-challenges-in-retail-accounting/): Common challenges include managing transactions from multiple sales channels, tracking inventory accurately, and ensuring compliance with tax laws. Additionally, handling... - [What Role Does Technology Play in Retail Accounting?](https://futureadvisory.com.au/faq/what-role-does-technology-play-in-retail-accounting/): Technology plays a crucial role in retail accounting by streamlining financial processes, automating tasks like invoicing and inventory tracking, and... - [What is Hospitality Accounting?](https://futureadvisory.com.au/faq/what-is-hospitality-accounting/): Hospitality accounting involves managing financial transactions specific to hotels, restaurants, and resorts. It includes tracking income, expenses, assets, and liabilities;... - [What Are the Key Financial Statements in Hospitality Accounting?](https://futureadvisory.com.au/faq/what-are-the-key-financial-statements-in-hospitality-accounting/): Key financial statements include the income statement, balance sheet, and cash flow statement. These provide insights into profitability, financial position,... - [What Are Common Challenges in Hospitality Accounting?](https://futureadvisory.com.au/faq/what-are-common-challenges-in-hospitality-accounting/): Common challenges include managing high-volume transactions, tracking cash transactions accurately, and navigating complex tax laws. Additionally, managing inventory and recognising... - [What Accounting Software Is Best for Hospitality Businesses?](https://futureadvisory.com.au/faq/what-accounting-software-is-best-for-hospitality-businesses/): Popular accounting software for hospitality includes Xero and others. These platforms offer features like inventory management, payroll tracking, and financial... - [How Do Hospitality Businesses Ensure Compliance with Tax Regulations?](https://futureadvisory.com.au/faq/how-do-hospitality-businesses-ensure-compliance-with-tax-regulations/): Hospitality businesses ensure compliance by staying updated on tax laws, using accounting software that supports tax compliance, and consulting with... - [How Can an Accountant Help Hospitality Businesses?](https://futureadvisory.com.au/faq/how-can-an-accountant-help-hospitality-businesses/): An accountant can assist with setting up and managing accounting systems, providing financial insights, and ensuring compliance with tax laws.... - [Why Should Hospitality Businesses Outsource Accounting Functions?](https://futureadvisory.com.au/faq/why-should-hospitality-businesses-outsource-accounting-functions/): Outsourcing accounting functions allows hospitality businesses to access specialised expertise, reduce administrative costs, and improve financial accuracy. It also enables... - [What Are the Benefits of Regular Audits in Hospitality Accounting?](https://futureadvisory.com.au/faq/what-are-the-benefits-of-regular-audits-in-hospitality-accounting/): Regular audits ensure accuracy and transparency in financial reporting, identify areas for improvement, and help maintain compliance with financial regulations.... - [What Are the Benefits of Integrating Hotel Management Systems with Xero?](https://futureadvisory.com.au/faq/what-are-the-benefits-of-integrating-hotel-management-systems-with-xero/): Integrating hotel management systems with Xero offers several benefits, including automated invoicing, streamlined financial reporting, and reduced manual data entry.... - [Can I Use Xero for Large Hotel Chains?](https://futureadvisory.com.au/faq/can-i-use-xero-for-large-hotel-chains/): Yes, Xero can support large hotel chains by tailoring accounting functionalities to their established financial workflows. It offers centralised visibility... - [What is Construction Accounting?](https://futureadvisory.com.au/faq/what-is-construction-accounting/): Construction accounting involves managing financial transactions specific to the construction industry, including job costing, revenue recognition, and compliance with tax... - [What Are the Key Financial Statements in Construction Accounting?](https://futureadvisory.com.au/faq/what-are-the-key-financial-statements-in-construction-accounting/): Key financial statements include the income statement, balance sheet, and cash flow statement. These provide insights into profitability, financial position,... - [What Are the Key Construction Accounting Methods?](https://futureadvisory.com.au/faq/what-are-the-key-construction-accounting-methods/): Common methods include the cash method, accrual method, fixed price method, time and materials method, completed contract method, and percentage... - [How Can an Accountant Help Construction Businesses?](https://futureadvisory.com.au/faq/how-can-an-accountant-help-construction-businesses/): An accountant can assist with setting up and managing accounting systems, providing financial insights, and ensuring compliance with tax laws.... - [What Accounting Software Is Best for Trades and Construction Businesses?](https://futureadvisory.com.au/faq/what-accounting-software-is-best-for-trades-and-construction-businesses/): Popular options include Xero and others. These platforms offer features like job costing, progress billing, and financial reporting tailored to... - [What Are the Unique Accounting Challenges for Trades Businesses?](https://futureadvisory.com.au/faq/what-are-the-unique-accounting-challenges-for-trades-businesses/): Trades businesses face challenges like managing cash flow, tracking job costs, and ensuring compliance with GST, BAS, and PAYG obligations.... - [How Do Trades Businesses Ensure Compliance with Tax Regulations?](https://futureadvisory.com.au/faq/how-do-trades-businesses-ensure-compliance-with-tax-regulations/): Trades businesses ensure compliance by staying updated on tax laws, using accounting software that supports tax compliance, and consulting with... - [How Can an Accountant Help Trades Businesses?](https://futureadvisory.com.au/faq/how-can-an-accountant-help-trades-businesses/): An accountant can assist with setting up and managing accounting systems, providing financial insights, and ensuring compliance with tax laws.... - [Why Should Trades Businesses Outsource Accounting Functions?](https://futureadvisory.com.au/faq/why-should-trades-businesses-outsource-accounting-functions/): Outsourcing accounting allows trades businesses to access specialised expertise, reduce administrative costs, and improve financial accuracy. It also enables them... - [What is Fitness Accounting?](https://futureadvisory.com.au/faq/what-is-fitness-accounting/): Fitness accounting involves managing financial transactions specific to the fitness industry, including gyms, personal trainers, and wellness coaches. It includes... - [What Are the Key Financial Statements in Fitness Accounting?](https://futureadvisory.com.au/faq/what-are-the-key-financial-statements-in-fitness-accounting/): Key financial statements include the income statement, balance sheet, and cash flow statement. These provide insights into profitability, financial position,... - [How Can a Personal Trainer Accountant Help Your Business?](https://futureadvisory.com.au/faq/how-can-a-personal-trainer-accountant-help-your-business/): A personal trainer accountant can assist with tax planning, expense tracking, and financial reporting tailored to the fitness industry. They... - [What Are Common Challenges in Gym Accounting?](https://futureadvisory.com.au/faq/what-are-common-challenges-in-gym-accounting/): Common challenges include managing seasonal revenue fluctuations, tracking membership fees, and ensuring compliance with GST and PAYG obligations. Additionally, managing... - [What Accounting Software Is Best for Gyms and Personal Trainers?](https://futureadvisory.com.au/faq/what-accounting-software-is-best-for-gyms-and-personal-trainers/): Popular options include Xero and others. These platforms offer features like automated invoicing, expense tracking, and financial reporting tailored to... - [How Can Fitness Accountants Help with Financial Planning?](https://futureadvisory.com.au/faq/how-can-fitness-accountants-help-with-financial-planning/): Fitness accountants can assist with budgeting, cash flow forecasting, and strategic financial planning. They provide insights to help gyms and... - [What Are the Benefits of Outsourcing Accounting Functions for Fitness Businesses?](https://futureadvisory.com.au/faq/what-are-the-benefits-of-outsourcing-accounting-functions-for-fitness-businesses/): Outsourcing accounting functions allows fitness businesses to access specialised expertise, reduce administrative costs, and improve financial accuracy. It also enables... - [What Are Professional Services in Australia?](https://futureadvisory.com.au/faq/what-are-professional-services-in-australia/): Professional services in Australia encompass a wide range of industries that provide specialised advice and guidance to businesses and individuals.... - [What Does Accounting for Professional Services Offer?](https://futureadvisory.com.au/faq/what-does-accounting-for-professional-services-offer/): Accounting for professional services offers specialised financial management tailored to the unique needs of each industry. This includes managing project-based... - [How Can an Accountant Help IT Businesses?](https://futureadvisory.com.au/faq/how-can-an-accountant-help-it-businesses/): An accountant can assist IT businesses by managing cash flow, optimising tax strategies, and providing financial insights to inform business... - [What Are the Unique Accounting Challenges for Law Firms?](https://futureadvisory.com.au/faq/what-are-the-unique-accounting-challenges-for-law-firms/): Law firms face unique accounting challenges such as managing trust accounts, differentiating between income and revenue, and avoiding data entry... - [How Do Medical Practices Track Revenue and Expenses?](https://futureadvisory.com.au/faq/how-do-medical-practices-track-revenue-and-expenses/): Medical practices track revenue by recording patient charges and insurance reimbursements while managing expenses like salaries and supplies. They use... - [What Are the Unique Accounting Challenges for Architecture Firms?](https://futureadvisory.com.au/faq/what-are-the-unique-accounting-challenges-for-architecture-firms/): Architecture firms face challenges like managing accrual accounting and revenue recognition, choosing the right accounting software, and tracking time accurately.... - [What Accounting Software Is Best for Architecture Firms?](https://futureadvisory.com.au/faq/what-accounting-software-is-best-for-architecture-firms/): Popular accounting software for architecture firms includes Xero. These platforms offer features like project tracking, time billing, and financial reporting,... - [What Are the Key Financial Challenges for Marketing Agencies?](https://futureadvisory.com.au/faq/what-are-the-key-financial-challenges-for-marketing-agencies/): Marketing agencies face financial challenges like managing cash flow, aligning cost structures with revenue, and navigating economic fluctuations. They must... - [How Do Marketing Agencies Manage Cash Flow?](https://futureadvisory.com.au/faq/how-do-marketing-agencies-manage-cash-flow/): Marketing agencies manage cash flow by implementing efficient invoicing systems, tracking expenses accurately, and forecasting revenue based on historical data... - [What Are the Unique Accounting Challenges for Consulting Firms?](https://futureadvisory.com.au/faq/what-are-the-unique-accounting-challenges-for-consulting-firms/): Consulting firms face challenges like managing project-based billing, tracking time and expenses, and ensuring compliance with tax regulations. They must... - [What specific Xero features are particularly beneficial for small businesses?](https://futureadvisory.com.au/faq/what-specific-xero-features-are-particularly-beneficial-for-small-businesses/): Specific Xero features that are particularly beneficial for small businesses include: Invoicing: Create and send customised invoices, set automatic payment... - [How can Xero improve my business's financial management?](https://futureadvisory.com.au/faq/3575-2/): How can Xero improve my business’s financial management? Xero simplifies financial management by automating bookkeeping tasks, providing real-time financial insights,... - [What is the benefit of using Xero’s online payment integration?](https://futureadvisory.com.au/faq/what-is-the-benefit-of-using-xeros-online-payment-integration/): The online payment integration allows businesses to receive payments faster, improves cash flow, reduces manual entry errors through automatic reconciliation,... - [Can Xero help me with tax preparation?](https://futureadvisory.com.au/faq/can-xero-help-me-with-tax-preparation/): Yes, Xero can help with tax preparation by automating tax calculations, generating accurate financial reports, and ensuring compliance with local... - [What types of businesses benefit most from using Xero?](https://futureadvisory.com.au/faq/what-types-of-businesses-benefit-most-from-using-xero/): Xero is highly beneficial for small and medium-sized businesses, startups, freelancers, and service-based businesses looking for easy-to-use, scalable accounting software... - [Where can I find professional accounting services in Melbourne?](https://futureadvisory.com.au/faq/where-can-i-find-professional-accounting-services-in-melbourne/): If you’re looking for expert accounting services, our team of qualified accountants in Melbourne CBD, South Yarra and Naure Warren... - [What are the types of Director Penalty Notices?](https://futureadvisory.com.au/faq/what-are-the-types-of-director-penalty-notices/): The two types of DPNs are Non-Lockdown DPNs, which provide a 21-day period to take corrective action and avoid personal... - [How do I respond to a Director Penalty Notice (DPN)?](https://futureadvisory.com.au/faq/how-do-i-respond-to-a-director-penalty-notice-dpn/): To respond to a DPN, seek professional advice immediately, take the necessary action within the specified period (usually 21 days... - [How can I avoid receiving a Director Penalty Notice?](https://futureadvisory.com.au/faq/how-can-i-avoid-receiving-a-director-penalty-notice/): To avoid receiving a DPN, ensure timely reporting of PAYG withholding and SGC obligations, monitor your company’s financial health regularly,... - [What happens if I ignore a Director Penalty Notice?](https://futureadvisory.com.au/faq/what-happens-if-i-ignore-a-director-penalty-notice/): Ignoring a DPN can lead to severe consequences, including personal liability for the unpaid debt, legal proceedings by the ATO,... - [Can resigning as a director protect me from a DPN?](https://futureadvisory.com.au/faq/can-resigning-as-a-director-protect-me-from-a-dpn/): Resigning as a director will not protect you from liability if the tax debt accrued during your tenure. Directors can... - [Why choose Future Advisory as your trusted Melbourne accountant?](https://futureadvisory.com.au/faq/why-choose-future-advisory-as-your-trusted-melbourne-accountant/): Certification and Professionalism At Future Advisory, we’re not just number crunchers – we’re financial wizards with the credentials to prove... - [How to choose the right accountant for your business ?](https://futureadvisory.com.au/faq/how-to-choose-the-right-accountant-for-your-business/): Selecting the right accountant is a crucial decision that can significantly impact your business’s financial health. Here are some tips... - [How to change if you choose the wrong structure?](https://futureadvisory.com.au/faq/how-to-change-if-you-choose-the-wrong-structure/): We’ve written a guide on how to change your business structure. - [What is the easiest business structure to start?](https://futureadvisory.com.au/faq/what-is-the-easiest-business-structure-to-start/): A sole trader is the easiest business structure to start because it requires very little administration and low cost to... - [Which business structure is best for tax purposes?](https://futureadvisory.com.au/faq/which-business-structure-is-best-for-tax-purposes/): The business structure that is best for tax purposes is entirely dependent on your individual circumstances. Factors such as profit... - [What are the most common business structures?](https://futureadvisory.com.au/faq/what-are-the-most-common-business-structures/): The most common business structures in Australia are sole trader, partnership, trust, and company. - [What is the 50/30/20 rule in budgeting?](https://futureadvisory.com.au/faq/what-is-the-50-30-20-rule-in-budgeting/): The 50/30/20 rule is a simple budgeting framework that allocates 50% of your income to needs (essentials like housing and... - [What are the 7 key components of financial planning?](https://futureadvisory.com.au/faq/what-are-the-7-key-components-of-financial-planning/): The 7 key components of financial planning typically include: Budgeting and cash flow management Debt management Savings and emergency fund... - [What should I consider for compliance and risk management?](https://futureadvisory.com.au/faq/what-should-i-consider-for-compliance-and-risk-management/): Stay updated on laws and regulations relevant to your industry. Ensure compliance with employee obligations, such as the superannuation rate... - [How many types of Registrable Trade Marks are there in Australia?](https://futureadvisory.com.au/faq/how-many-types-of-registrable-trade-marks-are-there-in-australia/): In Australia, there are 8 main kinds of trade mark: words, shapes, images/logos, sounds, colours, moving images, aspects of packaging... - [How much does a trade mark cost in Australia?](https://futureadvisory.com.au/faq/how-much-does-a-trade-mark-cost-in-australia/): The cost of registering a trade mark in Australia starts at AUD 250 per class for a standard online application,... - [Do I need to trade mark my logo in Australia?](https://futureadvisory.com.au/faq/do-i-need-to-trade-mark-my-logo-in-australia/): Yes, registering a trade mark for your logo in Australia is crucial for protecting your brand identity and preventing others... - [What services do accountants provide?](https://futureadvisory.com.au/faq/what-services-do-accountants-provide/): Future Advisory goes further than your standard accountant. Our accounting services go beyond the books and we don’t just run... - [What is the difference between a CPA and an accountant?](https://futureadvisory.com.au/faq/what-is-the-difference-between-a-cpa-and-an-accountant/): Both Accountants and CPAs (Certified Public Accountants) are highly qualified. However, a CPA has a broader focus on accounting and... - [Why partnering with a professional accounting firm?](https://futureadvisory.com.au/faq/why-outsource-accounting-and-tax-preparation-services/): When you work with your accounting and tax preparation services, you have access to highly skilled professionals who are up... - [What is a tax accountant?](https://futureadvisory.com.au/faq/what-is-a-tax-accountant/): A tax accountant focuses on tax returns and payments rather than preparing public financial statements and determines strategies for you... - [What makes a good accountant?](https://futureadvisory.com.au/faq/what-makes-a-good-accountant/): A good accountant is ethical, personable, trustworthy and diplomatic. At Future Advisory, we aim to exceed ‘good’ accounting, opting instead... - [What does Future Advisory charge for accounting & tax?](https://futureadvisory.com.au/faq/what-does-future-advisory-charge-for-accounting-tax/): We tailor fixed-price packages to suit businesses of all sizes! Book a free 30 minute discovery session with a no... - [What is a business advisory?](https://futureadvisory.com.au/faq/what-is-a-business-advisory/): A business advisory analyses the problems and potential risks your business faces and helps to provide advice in overcoming these. - [What does a business advisory do?](https://futureadvisory.com.au/faq/what-does-a-business-advisory-do/): A business advisory provides reporting on performance and advises your business on strategic plans, risk assessment, and succession plans. - [Why should I hire a business advisor?](https://futureadvisory.com.au/faq/why-should-i-hire-a-business-advisor/): When hiring a business advisory, you’re hiring our expertise. Our Business Advisors are specialists in specific fields, meaning our input... - [Are business advisories "worth it"?](https://futureadvisory.com.au/faq/are-business-advisories-worth-it/): In short, YES! Hiring a business advisory will help your businesses improve performance and guide you on necessary changes to... - [What should I look for in a business advisory?](https://futureadvisory.com.au/faq/what-should-i-look-for-in-a-business-advisory/): It would be best if you looked for a Business Advisory with a solid awareness of your field of business... - [What services does Future Advisory provide?](https://futureadvisory.com.au/faq/what-services-does-future-advisory-provide/): Future Advisory provides services across business advisory, tax, financial planning, bookkeeping and mortgage broking, so you can focus your efforts... - [What is difference between accounting and bookkeeping?](https://futureadvisory.com.au/faq/what-is-difference-between-accounting-and-bookkeeping/): Bookkeeping is one segment of the whole accounting system, and Accounting uses the information provided by bookkeeping to prepare financial... - [Do I need a bookkeeper or an accountant?](https://futureadvisory.com.au/faq/do-i-need-a-bookkeeper-or-an-accountant/): The services you require are dependant on your needs. If you only require assistance in recording and preparing daily financial... --- ## Case Studies - [Ven](https://futureadvisory.com.au/case-study/ven/): Ven is an SEO, web design & development agency based in Melbourne, and we had a chance to sit down with Ven team to help them with their financial decision. - [WLKR Digital](https://futureadvisory.com.au/case-study/wlkr-digital/): Check out our case study for WLKR Digital - a marketing agency that we've helped them to ensure healthy & sustainable growth. Learn more below. - [2M Creative](https://futureadvisory.com.au/case-study/2m-creative/): 2M Creative is a Melbourne based design practice known for delivering creative, detailed and high-quality solutions. Learn more about 2M Creative here. --- ## Jobs - [Junior Admin](https://futureadvisory.com.au/jobs/junior-admin/): Key responsibilities include... Appointments follow up & Managing Meeting Room Bookings ATO mail management Hard mail management Scanning of documents... - [Graduate Accountant](https://futureadvisory.com.au/jobs/graduate-accountant/): Position Overview: The ideal position for a graduate looking to get experience in private practice accounting, learn about business advisory... - [Manager (Accountant)](https://futureadvisory.com.au/jobs/manager-accountant/): Managers not only have an incredible grasp on the numbers, but have a number (pun intended) of additional managerial responsibilities. - [Senior Accountant](https://futureadvisory.com.au/jobs/senior-accountant/): About Us : We are for the future – here for you now, so you can enjoy the later. We’re... - [Client Services Coordinator](https://futureadvisory.com.au/jobs/client-services-coordinator/): Position Overview: The Client Services Coordinator is a Type A organisational genius who maintains relationships with our clients and ensures... --- # # Detailed Content ## Pages - Published: 2024-07-15 - Modified: 2025-06-26 - URL: https://futureadvisory.com.au/book-an-appointment/ Book your Individual Tax Return if (typeof hasAmeliaEntitiesApiCall === 'undefined' && ('' === '' && '' ! == '1')) { var hasAmeliaEntitiesApiCall = true; } var ameliaShortcodeData = (typeof ameliaShortcodeData === 'undefined') ? : ameliaShortcodeData; ameliaShortcodeData. push( { 'hasApiCall': (typeof hasAmeliaEntitiesApiCall ! == 'undefined') && hasAmeliaEntitiesApiCall, 'trigger': '', 'trigger_type': '', 'triggered_form': 'sbsNew', 'in_dialog': '', 'show': '', 'counter': '1000', 'category': '2', 'service': '', 'employee': '', 'location': '', 'package': '' } ); var ameliaShortcodeDataTriggered = (typeof ameliaShortcodeDataTriggered === 'undefined') ? : ameliaShortcodeDataTriggered; if (ameliaShortcodeData. trigger ! == '') { if (ameliaShortcodeDataTriggered. filter(a => a. counter === ameliaShortcodeData. counter). length === 0) { ameliaShortcodeDataTriggered. push(ameliaShortcodeData. pop); } else { ameliaShortcodeData. pop } } if (typeof hasAmeliaEntitiesApiCall ! == 'undefined' && hasAmeliaEntitiesApiCall) { hasAmeliaEntitiesApiCall = false; } --- - Published: 2023-06-21 - Modified: 2023-06-26 - URL: https://futureadvisory.com.au/engagement-of-future-advisory-pty-ltd-as-accountant-adviser-and-tax-agent/ Engagement of Future Advisory Pty Ltd as Accountant, Adviser and Tax Agent Thank you for choosing Future Advisory to attend to your accounting and taxation requirements. We are excited to share with you a new way of working, and we look forward to helping you on your financial journey. We realise how important it is to understand your needs and we have prepared this letter of engagement to clarify the scope of work as well as the nature and limitations of the services that we provide. Please read it carefully and if you have any queries or wish to discuss any aspect do not hesitate to contact us. By booking a Tax Return Appointment/s with Future Advisory and accepting these Terms of Engagement, you acknowledge that we act on your behalf with respect to the ATO and these Terms of Engagement apply to those in which the Tax Return Appointment/s have been booked for. This engagement will commence at the time you indicate acceptance, and will be effective for future years unless we advise you of its amendment or replacement, or the engagement is terminated. As a client of Future Advisory you will be added to our mailing list and receive informative content and updates via email. Purpose and Scope of Engagement We will provide you with taxation services in compliance with APES 110 Code of Ethics, APES 220 Taxation Services and the Code of Professional Conduct pursuant to Tax Agent Services Act 2009, which includes the preparation of Income Tax Return/s. Based on the above scope of work, you have given... --- - Published: 2021-10-20 - Modified: 2021-10-26 - URL: https://futureadvisory.com.au/client-onboarding-booking/ Congratulations on taking the first step to achieving peace of mind and a proactive approach to the "future" of your business. Let the journey begin. To get you started let's have a chat and get to know each other. We want to know your passions, goals, current business structure hinderance and everything in between. By completing the below link you will secure a 30 minute, free of charge appointment with one of Future Advisory's rock star managers at a time that is best suited to your availability. Prior to your appointment, check out our full website (if you haven't already) to learn a little about what we stand for and who we are. If you have any queries at all, please contact our office on 03 7035 3501. We look forward to working with you in the "FUTURE" (pun always intended). --- - Published: 2021-07-12 - Modified: 2021-08-11 - URL: https://futureadvisory.com.au/referral-tax-return-booking/ Online Appointment Bookings can only be used to secure phone and Zoom Appointments. Keep reading to learn how to book an appointment at one of our offices. Get started booking your phone/Zoom appointment by selecting either the New Client or Existing Client link online below. Future Advisory fees relating to phone & Zoom appointments start from $200+GST, and $190+GST per person for two-person appointments. To book an appointment at one of our offices please call 1300 225 888. Please note: on-site appointments prices start from $250+GST. --- - Published: 2021-06-23 - Modified: 2025-06-24 - URL: https://futureadvisory.com.au/customer-appointment-update/ var wpAmeliaTimeZones = ; var bookingEntitiesIds = (typeof bookingEntitiesIds === 'undefined') ? : bookingEntitiesIds; bookingEntitiesIds. push( { 'hasApiCall': 1, 'trigger': '', 'counter': '1001', 'cabinetType': 'customer', 'appointments': '1', 'events': '', } ); var ameliaShortcodeData = (typeof ameliaShortcodeData === 'undefined') ? : ameliaShortcodeData; ameliaShortcodeData = ; var ameliaShortcodeDataTriggered = (typeof ameliaShortcodeDataTriggered === 'undefined') ? : ameliaShortcodeDataTriggered; if (ameliaShortcodeData. trigger ! == '') { if (ameliaShortcodeDataTriggered. filter(a => a. counter === ameliaShortcodeData. counter). length === 0) { ameliaShortcodeDataTriggered. push(ameliaShortcodeData. pop); } else { ameliaShortcodeData. pop } } --- - Published: 2020-08-24 - Modified: 2022-09-14 - URL: https://futureadvisory.com.au/privacy-policy/ This Privacy Policy applies to all personal information collected by Future Advisory Pty Ltd via the website located at futureadvisory. com. au. What is "personal information"? The Privacy Act 1988 (Cth) currently defines "personal information" as meaning information or an opinion about an identified individual or an individual who is reasonably identifiable:whether the information or opinion is true or not; andwhether the information or opinion is recorded in a material form or not. If the information does not disclose your identity or enable your identity to be ascertained, it will in most cases not be classified as "personal information" and will not be subject to this privacy policy. What information do we collect? The kind of personal information that we collect from you will depend on how you use the website. The personal information which we collect and hold about you may include: name, phone number, email address, home and business address. How we collect your personal informationWe may collect personal information from you whenever you input such information into the website. We also collect cookies from your computer which enable us to tell when you use the website and also to help customise your website experience. As a general rule, however, it is not possible to identify you personally from our use of cookies. Purpose of collectionThe purpose for which we collect personal information is to provide you with the best service experience possible on the website. We customarily disclose personal information only to our service providers who assist... --- --- ## Blog - Published: 2025-06-23 - Modified: 2025-06-23 - URL: https://futureadvisory.com.au/blog/div-293-when-youre-too-good-at-superannuation/ - Categories: Business Advice, Finance, Tax Accounting If you’ve received a surprise letter from the ATO about something called “Division 293 tax,” here’s what you need to know – what it is, why it exists and what it means for you. What is Division 293 tax? Division 293 tax is an extra tax on super contributions for high-income earners. Normally, when your employer puts money into your super (the compulsory 11. 5% Super Guarantee which is about to increase to 12% as of July 2025), it gets taxed at a nice low rate of 15%. But if you earn a lot, the government wants to even the playing field a bit. If your income + super contributions go over a certain threshold, you’ll pay an extra 15% tax on your concessional (pre-tax) super contributions. That brings the total tax on those contributions up to 30%. Who gets hit with Division 293? Those with an income plus super contributions that add up to over $250,000 in a financial year. Your Division 293 income includes salary, bonuses, investment income, fringe benefits and super contributions. How much is the Div 293 tax? If you’re over the threshold, the extra tax is 15% — but only on the portion of your concessional contributions that push you over the $250k line. For example: Your income is $240,000 Your employer pays $27,600 into your super (Super Guarantee) Your total “Division 293 income” is $267,600 That means you’re $17,600 over the threshold. So you’ll pay 15% Division 293 tax on $17,600, which is $2,640.... --- - Published: 2025-06-10 - Modified: 2025-06-23 - URL: https://futureadvisory.com.au/blog/interview-clementine-founder-of-salt-lab/ - Categories: Interview In a classic start up story, Clementine founded Salt Lab after needing a product herself and realising there simply wasn’t one out there that met her standards. With the gap identified, she was compelled to create her own topical magnesium product. With effectiveness and education at the core of the Salt Lab brand, Clementine’s business nous is something we can all learn from. How did you become a wellness brand owner? Salt Lab was born from a deeply personal need. Around 10 years ago, I was dealing with relentless fatigue, anxiety, disrupted sleep and strange food intolerances that just didn’t make sense. As a qualified Nutritionist, I knew something was off—but I couldn’t quite put my finger on it. Eventually, I started working with a natural health practitioner. When he suggested I take magnesium, I responded (a little smugly), “I am already taking a glycinate powder! ” But what he said next really landed. He told me that in the state my body was in—burnt out, overwhelmed, and depleted—oral magnesium just wasn’t going to cut it. My body simply couldn’t absorb or process one more thing. That hit me hard. He recommended topical magnesium instead—something I’d never heard of at the time. I gave it a go, and the results were almost immediate. My sleep improved, my mind felt calmer and the constant tension in my body started to melt away. That experience opened my eyes—not just to the power of magnesium, but to how many people must be walking... --- - Published: 2025-05-26 - Modified: 2025-05-26 - URL: https://futureadvisory.com.au/blog/what-the-new-superannuation-tax-changes-could-mean-for-you/ - Categories: Finance, Tax Accounting If you’ve been keeping an eye on the news (or your super balance), you might’ve heard about the Labor Government’s proposed changes to superannuation tax. It’s causing a bit of buzz (and panic) amongst higher earners and future retirees – we’re not here to argue whether it’s fair though. And we’re definitely not here to give you financial advice! We are here to break the proposed change down in plain english. Here’s what the changes are, who they may effect and a numbers example for you. While we’re here, we’re also reminding you about super changes that are definitely coming (because they’ve already been passed). What’s (probably) changing? From 1 July 2025 if you’ve got more than $3 million in your super, the earnings on anything above that amount will be taxed at 30% instead of the usual 15%. Before you tune out because you “don’t have that super balance, not my problem”, that $3 million cap isn’t indexed to inflation. What feels like a high threshold today might not be so high in 10 or 20 years—especially if you're young and steadily building your balance. The tax will also apply to unrealised gains. That means you could be taxed on the increase in value of your investments—even if you haven’t sold them and made actual money yet. Who does this effect now? At the moment only about 80,000 Aussies are expected to be affected when this kicks in—roughly 0. 5% of account holders. However because that $3 million isn’t... --- - Published: 2025-05-07 - Modified: 2025-05-07 - URL: https://futureadvisory.com.au/blog/what-construction-businesses-need-to-know-about-leaveplus/ - Categories: Books, Business Advice, Tax Accounting If you own a business in the construction industry, this one’s a must-read. To meet compliance standards you need to be registered with LeavePlus (formerly CoInvest). Here’s what you need to know and do. Before you get stuck in, head to the LeavePlus site to check if it covers you (cleaners, cabinet makers and gardeners are a few of many job titles/business categories that fall under it)/ What is LeavePlus? It’s the portable long service leave scheme for Victorian workers in the construction industry. It ensures that eligible workers continue to accrue long service leave even when they change employers within the industry. Who Needs to Register? If you’re a construction business operating in Victoria — including builders, tradies, and subcontractors — and you have employees or apprentices performing eligible construction work, you are required to register with LeavePlus. This applies to: Pty Ltd businesses with employees Subcontractors using apprentices Labour hire businesses supplying construction workers.  Your Obligations as an Employer Register your business with LeavePlus Register your eligible workers Submit quarterly returns Pay the levy (currently 2. 7% of ordinary pay) Failing to register with LeavePlus can result in... Backdated levy payments Penalties and interest Risk of employee disputes over long service leave entitlements It’s also just the right thing to do for your team — they deserve to have their long service leave protected. At the core of maintaining a strong workforce is to be an employer who is compliant and who cares about their team and entitlements.... --- - Published: 2025-04-14 - Modified: 2025-04-14 - URL: https://futureadvisory.com.au/blog/why-2025-tax-planning-is-so-important-for-your-business/ - Categories: Books, Business Advice, Tax Accounting Tax planning for our business clients is the nuts and bolts of what we do. It involves going through your numbers from the financial year that was and getting strategic about how we approach your tax obligations. Tax planning becomes even *more* vital when we’re in turbulent economic times... and if Liberation Day has anything to say, you know where we’re headed. Here are a few reasons why we tax plan with every business client at this time of year. 1. Staying Ahead of Legislative Changes One of the reasons we have jobs: tax legislation is fickle and forever changing. Staying on top of it is a job in itself. In recent years, we've seen increased scrutiny from the ATO, changes to trust legislation, expanded digital reporting obligations, and tighter regulations for deductions and fringe benefits. With these changes often rolled out with little lead time, proactive tax planning ensures you’re not caught off guard. Key takeaway: By regularly reviewing your business structure and tax position, you can adjust early to legislative changes and avoid unwelcome surprises. 2. Cash Flow Management Effective tax planning can significantly improve your cash flow – what keeps any business ticking. Planning ahead means you can forecast tax liabilities accurately, avoid last-minute scrambles, and ensure funds are available when needed. Whether it’s through quarterly PAYG instalments or managing GST obligations, knowing what’s coming helps you to operate in a smart way. Managing cash flow well is one of the key ways to address stress and... --- - Published: 2025-03-31 - Modified: 2025-03-31 - URL: https://futureadvisory.com.au/blog/interview-exa-product-development/ - Categories: Business Advice, Culture, Interview We have the pleasure of working with businesses from all kinds of industries – from cafes to trades, marketers and consultants in varied fields. We love working with professional services and Exa Product Development is a niche feather in our cap; we’ve learnt more about engineering and product development than we would’ve expected as accountants and it’s been a pleasure watching Stephen, Sarah and their team expand and succeed at what they do. Here’s a bit about Exa, why the company was founded and what Steve and Sarah have learnt along the way. In a nutshell, what does Exa Product Development do? Stephen Leahey (Director and Engineering Manager): Exa is a Certified B Corporation offering engineering and product development advisory services across utilities, medical, consumer, and government sectors. We combine deep expertise in electronics, firmware, software, and systems engineering with a collaborative and transparent approach. But what truly sets us apart is our belief that engineering should be a force for good. We take the time to thoroughly understand our clients—who they are, what they value, and where they want to go—so we can design and develop purposeful technologies that make a lasting impact. Sarah Bardwell (Co-Founder and General Manager): Our purpose, ‘Built for Good,’ isn’t just a phrase—it’s the foundation of everything we do. We believe engineering and innovation should be a force for good, creating meaningful impact for people, organisations, and the planet. That belief guides not only the products we build but also the way we work—with... --- - Published: 2025-03-26 - Modified: 2025-03-26 - URL: https://futureadvisory.com.au/blog/the-2025-federal-budget-recap/ - Categories: Business Advice, Finance, Tax Accounting Wake up, it’s Federal Budget time! Perhaps our highlight of this year’s budget announcement – which was handed down by Treasurer Jim Chalmers yesterday – is from the annual ABC Winners and Losers piece that names an unexpected fiscal winner: Giant Pandas. Congrats to Xing Qiu and Yi Lan, who are about to be millionaires ;)  So what’s in store for us humans? Tax cuts! Cost of living issues addressed, women’s health, childcare and aged care workers will receive further support. Education and Medicare are two more areas of note this year. Let’s get stuck into it. Tax Cuts Low income earners who are bringing in between $18,201 and $45,000 will see a tax cut from 16% to 15% as of July 1 2026. This will decrease again to 14% from July 1 2027. This tax cut will primarily benefit students, older part-time workers and women – particularly single parents – who will find an additional $268 in their pocket next year, with $536 to follow the year after. Medicare Levy Threshold Reduction Another win for low income earners: the Medicare levy threshold will increase from $26,000 to $27,222 for single people and $43,846 to $45,907 for families. Pensioners, seniors and families with additional children will all see increases in the threshold too. ATO Tax Compliance Those of us in the accounting world pricked our ears when we read that there will be $1 billion of funding for the ATO to expand its compliance programs. Stay tuned for what the... --- - Published: 2025-03-25 - Modified: 2025-03-25 - URL: https://futureadvisory.com.au/blog/5-ways-ai-will-shape-business-in-2025-what-business-owners-need-to-know/ - Categories: Business Advice If you’ve had the pleasure of a chat with Jase in the last 12 months, you’ve definitely covered the benefits of what AI has (or is about to have) to offer businesses. We’re all aboard the AI train – embracing and making it work for you is far better than ignoring it.   And it seems we’re not alone. A recent Google/Ipsos survey from January 2025 found that nearly half of Australians (49%) had used a generative AI tool in the past year – a big jump from 38% in 2023. The momentum is real, and the belief in AI’s potential is growing fast. Whether you're running a small business or a larger corporation, AI in business has the potential to make your life easier, boost efficiency, and improve customer experiences. As accountants, we see firsthand how AI is transforming industries – here are five key ways it could impact Australian businesses in the near future. Whether you're running a small business or a larger corporation, AI in business has the potential to make your life easier, boost efficiency, and improve customer experiences. As accountants, we see firsthand how AI is transforming industries – here are five key ways it could impact Australian businesses in the near future. 1. Smarter Customer Service with AI-Powered Chatbots We’ve all had (and are still having) those chatbot experiences that leave you more frustrated that you felt *before* you were trying to solve a problem. Don’t write them off for good, though! AI-driven chatbots... --- - Published: 2025-03-25 - Modified: 2025-03-25 - URL: https://futureadvisory.com.au/blog/what-you-need-to-know-about-fringe-benefits-tax-in-2025/ - Categories: Books, Tax Accounting Fringe Benefits Tax seems to be one of those accounting terms that never stick. If we had a dollar for “What is FBT again? ”, we’d be retiring early ;) FBT is a tax that employers pay on certain benefits provided to employees in place of salary or wages. Understanding the latest FBT changes and compliance requirements means that you (or we) can minimise their tax liability and avoid penalties. Key FBT Considerations for 2025 1. FBT Rates and Thresholds The FBT rate for the 2024–25 FBT year remains at 47%, in line with the top marginal income tax rate. The gross-up rates also remain unchanged: Type 1 (GST creditable benefits): 2. 0802 Type 2 (non-GST creditable benefits): 1. 8868 Employers should use these rates when calculating their FBT liability. For example, if an employer provides a GST-inclusive benefit worth $1000, the taxable value for FBT purposes would be $1,000 × 2. 0802 = $2,080. 20. The employer then applies the FBT rate of 47% to this amount to determine the final FBT payable. 2. Common Fringe Benefits and Their Implications Some of the most common fringe benefits include: Car Benefits – If employees use company vehicles for private purposes, this is subject to FBT. Employers should keep accurate logbooks and consider using the operating cost method to potentially reduce liability. Entertainment Benefits – Meals, entertainment, and event expenses may be taxable unless they qualify as minor or exempt benefits. Expense Payment Benefits - Payment or reimbursement of costs including... --- - Published: 2025-01-12 - Modified: 2025-01-12 - URL: https://futureadvisory.com.au/blog/why-you-should-care-about-financial-wellbeing/ - Categories: Business Advice, Finance, Interview Financial wellbeing is a term that’s often misunderstood. It's not about being incredibly wealthy or having unlimited resources. Instead, it's about having a sense of control over your financial situation, understanding where you stand, and feeling secure enough to handle whatever life throws your way. Jase, Nick and Marty discussed this on a The Numbers Game podcast episode and we’ve taken that wisdom and shared it below because financial wellbeing is relevant to everyone. We’ve unpacked what financial wellbeing really means, why it's important, and how you can work towards it. Top Highlights Financial wellbeing is about control, not wealth: It means feeling confident with your finances, being able to cover needs, and making informed choices—regardless of how much money you have. Planning reduces stress and builds resilience: Budgeting, managing debt, saving for emergencies, and investing (like superannuation) help you stay prepared for life’s financial ups and downs. Support makes a difference: A financial advisor can guide you through smart decisions, helping you achieve financial freedom and peace of mind. What is Financial Wellbeing? What Does Financial Wellbeing Mean? When we think of financial wellbeing, the first thing that often comes to mind is wealth. It’s important to understand that financial wellbeing is less about how much money you have and more about how you manage your personal finances. It's about understanding your financial literacy, making informed decisions, and feeling comfortable with your situation—no matter what that looks like. As Nick (Managing Director of Inovayt) pointed out, “Financial wellbeing isn’t... --- - Published: 2025-01-06 - Modified: 2025-01-06 - URL: https://futureadvisory.com.au/blog/5-business-trends-for-2025/ - Categories: Interview Ways to stay ahead of the curve in 2025: read this blog, organise a strategy session with us, reap the rewards. Being in business was tough in 2024 with the economy *not* looking the goods and spending on the down. We’re big believers in making lemonade even when the lemons are looking a bit worse for wear... you’ve gotta get more creative with that recipe! Here are five trends not to miss for 2025 – and could be the key to making that lemonade. Okay okay enough with the analogy. Here we go! 1. AI should be your new best work mate Forget throwing another bandaid over an ongoing issue; it’s time to throw AI into your business strategy. We’ve talked about it before and if you haven’t acted on this one you’re already behind. From automating customer service with (effective) chatbots to crunching data like a pro, artificial intelligence is no longer just for tech giants. Australian investment in AI systems is projected to exceed AUD 3. 6 billion by 2025, with a compound annual growth rate (CAGR) of 24. 4% from 2020 to 2025 (Source). Whether you’re an accountant in Melbourne automating data reconciliation or a café predicting stock needs, AI helps save time and focus on your strengths. The list of AI benefits for small businesses is endless, whether you’re a cafe using AI to predict stock needs or a tradie scheduling jobs more efficiently. The trick? Use AI to save time and focus on what you... --- - Published: 2024-12-17 - Modified: 2024-12-17 - URL: https://futureadvisory.com.au/blog/the-numbers-game-2024-a-recent-episode-recap-for-the-future-fam/ - Categories: Business Advice, Finance, Interview, Tax Accounting We know lots of the Future Fam are avid The Numbers Game listeners... and if you’re not, why not! ? Jase chats with Nick and Marty (our mates at Inovayt) twice a week on things business, wealth and finance. They cover all sorts... investing, cost of living, business advice, crypto, AI. You get the picture. Or the soundbite ;) Here’s a quick overview of the latest episodes along with links to their YouTube clips. You can catch up on your listening on all good streaming services but here’s quick links to Spotify and Apple for you. Episode 209: The Art of Strategic Framework This episode delves into business strategy and the importance of strategic frameworks. Jase, Nick and Marty discuss personal and professional development, the necessity of revisiting business strategies, and the value of stepping outside one's business to gain fresh perspectives. Key topics include understanding a business's purpose, effective delegation to prevent burnout, and the significance of continuous learning for business owners. Episode 210: Pre-Approve or Lose! Focusing on the property market, this episode highlights the surge in pre-approvals and property listings, particularly in Melbourne. The discussion centers on the importance of being prepared as a buyer, understanding maximum borrowing capacity, and the steps involved in obtaining pre-approval. Jase, Nick and Marty emphasise acting promptly to take advantage of the current buyer’s market. Episode 211: Understanding Financial Wellbeing This episode explores the concept of financial wellbeing beyond mere wealth accumulation. The guys outline various stages of financial health, from... --- - Published: 2024-11-26 - Modified: 2024-12-02 - URL: https://futureadvisory.com.au/blog/cybersecurity-matters-why-small-businesses-shouldnt-overlook-it/ - Categories: Business Advice Cybersecurity measures for small businesses tend to be overlooked by many of our clients. We’ve all copped the dodgy emails that are clearly trying to get you, but we’ve also opened emails that are so well-designed that we did hover over the link. Here’s everything you need to know about this deal and why cybersecurity is not something to shy away from as a small business owner. What is Cybersecurity? Why Cybersecurity Is Non-Negotiable for Small BusinessesHow Can Small Businesses Protect Themselves? The Norton Small Business Premium Offer For CybersecurityDo Small Businesses Need Cybersecurity Insurance? What is Cybersecurity?   Cybersecurity is the practice of protecting systems, networks, and data from cyber threats such as hacking, phishing, malware, and data breaches. It involves using a variety of strategies and tools to protect business data, secure networks, and ensure that sensitive information stays private. Small businesses, in particular, face significant challenges when it comes to securing networks and systems due to limited resources and lack of expertise. However, failing to implement the right cybersecurity measures can result in devastating consequences. --- - Published: 2024-11-21 - Modified: 2025-05-28 - URL: https://futureadvisory.com.au/blog/partnership-business-structure-in-australia/ - Categories: Business Advice If you're thinking about starting a business or thinking about restructuring an existing one, you might be wondering if a partnership is the way to go. Well, in that case, let us find out everything about partnerships in Australia. We'll explore the advantages, disadvantages, and everything in between to help you make an informed decision. Key Highlights: What is a Partnership? A partnership is a business structure where two or more people share profits, responsibilities, and liabilities. Common types include General, Limited, and Incorporated Limited Partnerships. Pros and Cons: Partnerships are cost-effective, flexible, and allow resource sharing but come with risks like unlimited liability, potential conflicts, and shared debt responsibility. Is it Right for You? Partnerships suit small businesses valuing flexibility and shared expertise. Professional advice is essential to weigh the pros and cons for your goals. What's a Partnership Business Structure? First things first, let's get our heads around what a partnership actually is. The Australian Government's business. gov. au explains that a partnership is "a business structure where two or more people or entities run a business together, but not as a company. "  It's like sharing a flat with your mates, but instead of splitting the rent and chores, you're sharing the responsibilities and profits of a business. Legal and Tax Liabilities: Now, before you start daydreaming about your future business empire, let's talk about the serious stuff—legal and tax liabilities. In a partnership, you and your partners are jointly responsible for the business's debts and losses.... --- - Published: 2024-11-21 - Modified: 2025-05-28 - URL: https://futureadvisory.com.au/blog/ecommerce-accounting/ - Categories: Business Advice, Tax Accounting Melburnian entrepreneurs know that running an online business comes with unique financial challenges. Proper eCommerce accounting can help streamline your finances, ensure tax compliance, and optimise profitability.   Let's dive into the world of eCommerce accounting and make those numbers work for you, not against you! Key Highlights: Why eCommerce Accounting Matters: Tailored for online businesses, eCommerce accounting helps streamline finances, ensure tax compliance, manage inventory, and provide insights for growth—essential for thriving in the digital marketplace. Core Components: Includes tracking COGS, sales tax, accounts payable/receivable, and multi-channel sales data. Tools like Xero, MYOB, or QuickBooks simplify managing these complexities. Overcoming Challenges: Proper systems address issues like multi-platform sales, inventory management, and cash flow, ensuring smooth operations and financial clarity for growth. Understanding eCommerce Accounting in Australia What is eCommerce Accounting? Ever wondered how the financial side of your online shop differs from your local brick-and-mortar store? Well, eCommerce accounting is the answer. It’s the process of collecting, categorising, and evaluating financial data specifically for online businesses.   Consider it as the financial backbone of your digital storefront. eCommerce accounting involves tracking all your online transactions, managing inventory across multiple platforms, and dealing with various payment gateways. It's like juggling multiple balls while riding a unicycle – tricky, but possible with the right skills!   Some key terms you'll want to get familiar with include:  COGS (Cost of Goods Sold): The direct costs of producing the goods you sell.   Gross Profit Margin: Your revenue minus COGS.   Average Order... --- - Published: 2024-11-21 - Modified: 2025-05-28 - URL: https://futureadvisory.com.au/blog/accounting-for-doctors/ - Categories: Finance, Tax Accounting What's up, doc! If you feel like you're drowning in a sea of numbers when you should be focusing on patient care, you're not alone. For many medical professionals, balancing the books can be as exciting as having a tooth extracted without any painkillers. But one thing I can assure you: mastering your medical practice's financial management isn't just about keeping the taxman happy—it is about building a very successful operation that lets you do what you know best: helping people. So, grab a cuppa and let's dive into the world of specialised accounting for medical professionals. We are going to address its significance, discuss typical financial issues, and come up with ways of ensuring your clinic remains financially healthy. Ready? Let's get started! Key Highlights: The Importance of Specialised Accounting for Doctors: Tailored accounting helps medical professionals navigate industry-specific tax strategies, optimise business structures, manage cash flow, and focus on patient care instead of financial complexities. Revenue Cycle Management (RCM) for Cash Flow: Effective RCM ensures timely payments, reduces billing errors, and improves financial stability, allowing doctors to maximise income while enhancing patient satisfaction. Long-Term Financial Planning: From tax deductions and wealth management to retirement and estate planning, mastering financial strategies ensures sustainable practice growth and personal financial security. Key Highlights:The Importance of Revenue Cycle Optimisation in HealthcareEffective Billing and Collection Strategies to Improve Cash FlowSome of Usual Tax Deductions for DoctorsInvestment Strategies in Wealth Management for Lasting Success Why Specialised Accounting is Essential for Doctors? Consider this: every... --- - Published: 2024-11-21 - Modified: 2024-12-11 - URL: https://futureadvisory.com.au/blog/the-2024-future-advisory-gift-guide/ - Categories: Culture Your annual elves are here with your one-stop-shop gifting guide. We’ve rolled this into an updated version from last year, because our clients who have fabulous gift options haven’t changed! We’ve added more and given you specific stocking filler purchases. Ho ho ho! Augie & May The most divine baby and kids shopping to be had... is there anything cuter than tiny bathers and sun hats? They’re our pick for Santa this summer. Find everything from cots to toys, teeny tiny socks and plates that won’t break when your toddler decides to feed the dog instead. Coff & Co Coffee snob (we have no shame in putting our hands up) or someone who just guzzles caffeine as a life line – we all love fresh beans, especially when they’re roasted in Melbourne. Coff & Co offer one-off purchases or a subscription service where the recipient can receive bean deliveries at their door weekly, fortnightly or monthly. Such a good gift. Comune Gallery If you’re shopping for someone special and have the standard brief of “just get me some jewellery” then stop hovering over the ‘add to cart’ button on a stock standard shop and look at the beauties that this Melbourne gallery has to offer. Founders Eloise and Christian hand select Australian makers to showcase – you’ll find nothing other than ethically made and truly original pieces. Shop online or in their Northcote space. Discrepancy records For the music lovers in your life – stop scrolling. This is every Beatles, Stones... --- - Published: 2024-11-21 - Modified: 2025-02-07 - URL: https://futureadvisory.com.au/blog/choosing-the-right-accounting-firm/ - Categories: Business Advice, Tax Accounting Are you feeling a bit overwhelmed by the thought of choosing an accounting firm for your business? Don't worry – we've got your back. This article will guide you on all the tips and hints on how to choose the best accounting partner that helps your business thrive. So, grab a cuppa and let's dive in! Before we get into the nitty-gritty, first things first: the definition of an accounting firm and why you should care. Well, the simplest way to put more emphasis on an accounting firm is to think of an accounting firm as your business's financial superhero (without a cape), but number-crunching skills are mandatory!   Key Highlights: Why an Accounting Firm Matters: Partnering with an accounting firm improves efficiency, ensures tax compliance, and provides financial clarity, freeing up your time to focus on growing your business. How to Choose the Right Firm: Consider your business needs, industry-specific experience, certifications, pricing, and the firm’s use of modern technology for secure and effective accounting services. Big vs. Small Firms: Smaller firms offer personalised service, flexible pricing, and tailored solutions, making them an ideal choice for Melbourne's local businesses seeking strong client relationships. What is an Accounting Firm? An accounting firm is a professional service organisation that specialises in providing a wide range of financial services to either businesses or individuals. These firms are staffed by qualified accountants who have the expertise to handle various aspects of financial management, reporting, and compliance.   But what can these number wizards... --- - Published: 2024-11-21 - Modified: 2025-05-28 - URL: https://futureadvisory.com.au/blog/setting-up-your-family-trust-in-australia/ - Categories: Business Advice Ever thought about setting up a family trust but felt overwhelmed by the process? Well, you're not alone. Many of us have pondered this financial strategy, especially when we're looking to protect our hard-earned assets or set up a nest egg for the future. Whether you're a small business owner in bustling Melbourne or a retiree enjoying the Gold Coast sunshine, understanding family trusts can be a game-changer for your financial future. So, let's dive in and demystify the world of family trusts, shall we? Key Highlights: What is a Family Trust? A family trust protects assets, manages wealth, and offers tax benefits for family members. Key players include the settlor (who sets up the trust), trustee (who manages assets), and beneficiaries (those who benefit). Why Set Up a Family Trust? Benefits include asset protection, tax savings, and smoother estate planning. It’s ideal for business owners, high-risk professionals, and retirees looking to safeguard wealth. How to Set Up and Manage: Create a trust deed, appoint trustees, register for a TFN/ABN, and open a trust bank account. Regular reviews and proper management ensure compliance and financial efficiency. What Is a Family Trust, and Who Are the Key Players? Benefits of A Family TrustWho Needs a Family Trust? Seven Types of Family Trust in AustraliaStep-by-Step Guide to Set Up a Family Trust in AustraliaHow to Manage a Family Trust? What Is a Family Trust, and Who Are the Key Players? First things first, what exactly is a family trust? Well, it's not... --- - Published: 2024-11-12 - Modified: 2024-12-02 - URL: https://futureadvisory.com.au/blog/5-effective-ways-to-help-retain-staff-for-small-businesses/ - Categories: Business Advice, Culture By no means are we recruitment and human resources experts but over the years of business ownership, and being so involved with other small businesses, we’ve learnt a thing or two. There’s nothing groundbreaking about this read but it serves as a good reminder for business owners to do a quick mental checklist: are you doing the below five things for your team? And if not, is it time to change that? Recruiting and retaining good team members is arguably the most important and most difficult aspect of business ownership and success. Here are a few things you could be doing to help that process. Why is Staff Retention Critical for Small Businesses? What Causes Low Staff Retention? 5 Employee Retention Strategies To Improve Retention Rates Why is Staff Retention Critical for Small Businesses? What is Staff Retention? Staff retention refers to the strategies and efforts businesses implement to retain their workforce. It involves adopting retention programs, fostering a positive workplace culture, offering career development opportunities, and introducing flexible work policies. A successful retention plan reduces employee turnover, enhances workforce stability, and supports sustainable business growth. What are the Key Benefits of Staff Retention? For small businesses, staff retention has an important role and here are 5 key benefits to consider:  1/ Enhancing Business Efficiency: Employee retention ensures workforce stability, which directly impacts organisational growth. Long-term employees possess a deep understanding of the company’s workplace culture, vision, and operational processes. This familiarity minimises the time and cost associated with onboarding... --- - Published: 2024-10-24 - Modified: 2024-10-31 - URL: https://futureadvisory.com.au/blog/know-your-e-comm-numbers/ - Categories: Books, Business Advice, Tax Accounting With no slowing of e-commerce in sight, it’s become the obvious choice for many small business owners – whether they’re a startup or an existing business with a bricks and mortar store that’s either become too expensive to keep or that’s found success and needing a second avenue to sell through. The beauty of e-commerce is obvious: reach a significantly larger audience for a fraction of the price of a storefront. However, as many business owners will tell you, e-comm isn’t without its challenges. A DIY website is often serviceable at the start but as business grows, in comes the questions about templates vs custom design, website management vs continuing to do it yourself... expensive Shopify plans or the shift to WooCommerce. The list goes on. No matter what your e-comm strategy looks like, you need to be across the same numbers. We bang on about having business plans and budgets because we know having both of these things significantly increases your chances of success. Here’s where to start when thinking about your e-commerce figures. Gross Profit Margin Your gross profit margin is a fundamental measure of profitability. It shows how much you’re earning after accounting for the cost of goods sold (COGS), which includes expenses like manufacturing, purchasing, or shipping. Gross Profit Margin = Revenue (Revenue - COGS) x 100 A healthy gross profit margin indicates that you’re pricing your products effectively and managing your cost of goods efficiently. If this margin is low, you might need to reconsider... --- - Published: 2024-10-22 - Modified: 2024-11-21 - URL: https://futureadvisory.com.au/blog/bookkeeping-for-tradies/ - Categories: Business Advice, Tax Accounting Hey there, tradie mates! If you're like most tradies and would rather be on the tools than stuck behind the desk, this is something for you. The fact is, effective bookkeeping is as important for your business as a well-stocked toolbox. So, make yourself a cuppa and let’s have a conversation about how to manage your accounting books effectively without going insane. Why is Bookkeeping Crucial for Tradies? Ever felt like you're juggling chainsaws while trying to balance your books? You're not alone. But here's why it's worth getting a handle on: Keep your business finances organised: No more scratching your head wondering where that invoice went. Make sure nothing falls through the cracks: Because every dollar counts, right? Meet tax obligations and avoid penalties: The ATO isn't known for its sense of humour when it comes to late lodgements. Common Bookkeeping Challenges for TradiesLet's face it, we've all been there: Drowning in a sea of receipts Forgetting to invoice that one job Trying to decipher your own handwriting on a quote from three months ago Sound familiar? Don't worry, we've got your back. Organising Your Financial Documents Efficiently What Types of Documents Should You Keep? First things first, what must you actually keep? Here's a quick rundown: Invoices (both the ones you send and receive) Receipts for business expenses Bank statements Tax returns and supporting documents Employee records (if you have any) Vehicle log books Tips to Organise Your Paperwork Go digital: Snap photos of receipts with your phone.... --- - Published: 2024-10-22 - Modified: 2024-11-21 - URL: https://futureadvisory.com.au/blog/tradies-tax-deductions/ - Categories: Business Advice, Tax Accounting Tax time can be as challenging as finding a parking spot in the CBD during rush hour. However, there’s no need to worry – we've got some practical tips to help you maximise your deductions and keep more money in your pocket. Whether you're an electrician, carpenter, or plumber, understanding tax deductions is crucial for your bottom line. With that in mind, let’s look at some clever tactics that will add more value to your tax return and make tax season a bit less daunting for Melbourne's hardworking tradies. Ready to learn how to navigate the tax maze and potentially save yourself some serious cash?   #1 Understand Common Tax-Deductible Expenses for Tradies Let's break down what you can claim on your tax return. Work-Related Expenses When it comes to work-related expenses, your tools and equipment can be a goldmine for deductions. The Australian Taxation Office (ATO) allows you to claim these items, but there's a catch: if they cost more than $300, you'll need to depreciate them over time. For example, let's say you're a carpenter and you've just spent $1,000 on a new circular saw. You can't claim the full amount in one go, but you can claim a portion of it each year based on its depreciation. Remember, keeping track of your work expenses throughout the year can save you a headache come tax time. So, next time you're picking up supplies for the job, keep those receipts. Vehicle and travel expenses  Do you use your ute... --- - Published: 2024-10-15 - Modified: 2024-11-18 - URL: https://futureadvisory.com.au/blog/essential-tax-deductions-for-australian-small-business-owners/ - Categories: Interview Operating a small business in Australia can be a wild ride, but in reality, it can be manageable with the comprehension of tax concerns. Did you know that many small business owners ignore significant tax deductions that might save them thousands of dollars?  According to PricewaterhouseCoopers (PwC), small and medium-sized businesses benefit from a reduced tax rate of 25%, applicable to companies with an aggregate turnover of $50 million or less. In this article, we'll explore the essential tax deductions for Australian small businesses and provide tips on maximising your savings. What Are Small Business Tax Deductions? Simply put, small business tax deductions are expenses that you can write-off against your business's income for tax purposes, effectively lowering the amount of tax you need to pay. Think of it this way: if your business earned $100,000 in a year and you had $20,000 in eligible deductions, you'd only be taxed on $80,000. It's like getting a discount on your tax bill! The type of business structure you choose can affect your tax situation. Let's break it down: Type of BusinessProsConsSole TraderSimple to set up and operatePersonally liable for business debtsLow costPotentially higher tax ratesPartnershipShared responsibilityShared liabilityPotential for varied expertisePotential for disagreementCompanyLimited liabilityMore complex to set up and keep runningLower tax rate (25% for small businesses)Higher setup and maintenance costsTrustAsset protectionComplex structurePotential tax benefitsHigher setup and maintenance costs What Small Businesses Can and Cannot Deduct? Now, let's go into the details of tax deductions. What costs may you properly deduct to... --- - Published: 2024-10-15 - Modified: 2024-11-13 - URL: https://futureadvisory.com.au/blog/key-steps-to-starting-a-business-in-australia-legal-and-financial-insights/ - Categories: Business Advice, Tax Accounting So, you've got a fantastic idea and you're ready to take the leap into business ownership in Australia? That's awesome! No matter how exciting it is to start a business, sometimes it can be overwhelming but with the right guidance, you can set yourself up for success. In this guide, we'll walk you through the essential steps to get your business off the ground. From legal considerations to financial planning, we'll cover everything you need to know to kick off your entrepreneurial journey. Setting Up Your Business: Legal Aspects To Focus On Before you can start , there are a few legal hoops you'll need to jump through. Let's break it down, shall we? Choosing the Right Business Structure First things first – you need to decide on your business structure. Here are the most common business structures in Australia: 1. Sole Trader: This is the simplest structure, perfect for one-person shows. It's easy to set up and gives you full control, but remember, you're personally liable for all aspects of the business. 2. Partnership: Teaming up with a mate or two? A partnership might be your go-to. You'll share the load, but also the risks. 3. Company: This structure separates your personal assets from the business, offering more protection. It's a bit more complex to set up and run, but it can be worth it as your business grows. 4. Trust: This structure can be beneficial for tax purposes and asset protection, but it's more complex and expensive to... --- - Published: 2024-10-15 - Modified: 2024-11-12 - URL: https://futureadvisory.com.au/blog/everything-you-need-to-know-about-trust-business-structures-in-australia/ - Categories: Business Advice Have you noticed how effortlessly your friend's business is managed as compared to all other small businesses? Well, it might just be because they've set up a trust structure. Now, before you start thinking this is some fancy financial ‘non-sense', let's break it down to the meaning of all these. We're going to explore the ins and outs of trust business structures in Australia, and by the end of this article, you'll be as clued up as a Fitzroy hipster on the coffee trends. What is a Trust? Alright, let's start with the basics. In the business world, a trust is like a protective bubble for your assets and income. It's a legal arrangement in which a person (called a trustee) holds and manages assets or property on behalf of another person or group (called beneficiaries). Picture this: You have an awesome AFL memorabilia collection. Instead of keeping it in your garage where your kids might use your signed Dustin Martin guernsey as a painting smock, you decide to entrust it to your responsible friend. They look after it, but it's still for the benefit of you and your family. That's kind of how a trust works in business. The key components and roles involved in the structure of a trust are: 1. The Trustee: This is the individual or corporation in charge of managing the trust's assets and affairs. 2. The Beneficiaries: These are the people or organizations who benefit from the trust. 3. The Trust Property: This includes... --- - Published: 2024-10-15 - Modified: 2024-11-21 - URL: https://futureadvisory.com.au/blog/starting-a-sole-trader-business-key-strategies-for-success/ - Categories: Interview Thinking about jumping into the sole trader game? You're in good company. Did you know there are more than two million small businesses in Australia, of which about 61% are sole traders and about 28% have between one and four employees? That's right - it's the top business structure in our sun-soaked land. But what's behind this trend, and how does it affect you? Let's dig into starting a sole trader business, from signing up to growing your venture. Grab a coffee, and let's get to it! Why do so many Australians decide to start their own businesses? There are several solid reasons why working for yourself is as common as a barbecue on a weekend morning. Advantages of Being a Sole Trader 1. Simplicity: Getting started as a sole trader is a breeze compared to figuring out Melbourne's hook turns. You don't have to register a company or handle complicated paperwork.   2. Full control: When you're a sole trader, you're in charge. There is no need to check with shareholders or a board of directors - you are the decision maker.   3. Lower costs: Starting and running a sole trader business costs less than other business structures.   4. Privacy: Unlike companies, sole traders keep their financial information under wraps. Your business matters can stay as secret as your footy tipping guesses.   5. Flexibility: You can adjust to market shifts or personal changes without dealing with corporate red tape. Compare the sole traders with the company... --- - Published: 2024-10-04 - Modified: 2024-10-04 - URL: https://futureadvisory.com.au/blog/carbon-accounting-explained-sustainable-practices-for-small-enterprises/ - Categories: Business Advice, Tax Accounting What is carbon accounting? Carbon accounting is the process of measuring and managing the amount of carbon dioxide (CO2) and other greenhouse gas (GHGs) emitted by an organisation, product or activity.   On the 22th of August, Australia’s senate passed the monumental mandatory climate reporting act for big entities which is poised to be the biggest change to corporate reporting in a generation. This is just the start – businesses of all sizes will be included in this legislation at some point in the future. How quickly that’ll happen is anyone’s guess, but being ahead of the curve is always the place to be. Most of us are all too aware that we need to live and work in the most sustainable, planet friendly way possible. If that value isn’t a personal one – it’s safe to assume that a big chunk of your target audience does feel that way. Infact, Gen Z prioritises working with and buying from places that align with their values before considering the price itself. This trend is only growing and spreading throughout all generations.   What we’re saying is this: for a business to remain competitive, it needs to show that it’s practicing sustainably where possible. If you’re not there yet, it’s important to acknowledge that there are improvements to be made and that you have a plan to get you there as the business grows. An easy example of this would be moving from plastic to biodegradable packaging. It’s more expensive and therefore... --- - Published: 2024-09-17 - Modified: 2024-09-17 - URL: https://futureadvisory.com.au/blog/unlocking-the-power-of-xeros-new-features/ - Categories: Books, Business Advice, Tax Accounting Key Insights: Smarter Financial Insights with Xero Analytics Plus: Gain better decision-making tools with Xero Analytics Plus, which offers cash flow forecasting, customisable reports, and easy-to-understand dashboards. Faster Payments with Online Integration: Improve cash flow by using Xero's integration with Stripe, PayPal, and GoCardless, allowing quicker invoicing, faster payments, and automatic reconciliation. Meet JAX, Your AI Assistant: Coming soon, JAX will provide 24/7 support, answer financial questions, and automate tasks, making it easier to use and get the most out of Xero. There’s a reason we work with Xero and recommend it to all our clients: business owners need tools that simplify operations, provide insightful analytics and streamline payment processes. We recently went to Xero Roadshow and learnt about some of the features that are new, and were reminded of other existing functions that are under-utilised. We’re many things but gatekeepers aren't one of them! Read on for a quick guide to the Xero features you should know about. Make sure you’re getting the most out of that subscription.   1. Xero Analytics Plus: smarter insights for better decision-making In a data-driven world, businesses that can harness their financial information gain a strategic edge. Xero Analytics Plus offers deeper insights into cash flow and profitability. The tool empowers users with: Short-term cash flow forecasting Business performance insights: gain a clear understanding of revenue, profit, and cash flow over time to identify trends and opportunities Customisable reporting: filter and personalise reports to focus on specific time periods or business segments Track... --- - Published: 2024-09-06 - Modified: 2024-11-21 - URL: https://futureadvisory.com.au/blog/simplify-your-finances-a-tradies-guide-to-accounting/ - Categories: Business Advice, Tax Accounting Ever feel like you're juggling hammers, wrenches, and numbers all at once? Well, you're not alone. Welcome to the world of "Accounting for Tradies" – where we turn those pesky numbers into your best mates. Let's dive in and demystify the world of tradie finances, shall we? Why Accounting Matters for Tradies? First things first – what exactly is accounting for tradies? It's not just about keeping the taxman happy (although that's a big part of it). It's about giving you a crystal-clear picture of your business's financial health. Think of it as a financial health check-up for your tradie business. Here are some key terms you'll want to get cozy with: Income Statements: Your business's report card, showing how much you've earned and spent. It's like a scorecard for your financial game. Cash Flow: The lifeblood of your business – tracking money coming in and going out. Think of it as your business's pulse. Expense Tracking: Keeping tabs on where your hard-earned cash is going. It's like having a GPS for your money. But why should you care about all this number-crunching? Well, mate, good accounting can be the difference between your business thriving or taking a dive. It helps you: Make informed decisions (no more guesswork! ) Plan for the future (because crystal balls are hard to come by) Identify areas where you're losing money (goodbye, money leaks! ) Prepare for tax time (less stress, more success) Must-Know Financial Terms for Tradies Let's break down some more financial... --- - Published: 2024-08-27 - Modified: 2024-08-27 - URL: https://futureadvisory.com.au/blog/understanding-director-penalty-notices-what-australian-business-owners-need-to-know/ - Categories: Business Advice, Tax Accounting A Director Penalty Notice (DPN) sounds scary for a reason – it’s something all business owners need to be aware of, and take seriously. The ATO issues these notices to hold directors personally liable for unpaid company debts related to certain tax obligations. Not fully comprehending or addressing a DPN can lead to severe financial and legal consequences. Here’s what you need to know. Key Insights A Director Penalty Notice (DPN) holds directors personally liable for unpaid company debts related to PAYG Withholding and Superannuation Guarantee Charge (SGC) liabilities There are two types of DPNs: Non-Lockdown DP – which provides a 21-day period to address the debt – and Lockdown DPN – which makes directors automatically liable for the debt To avoid DPNs, directors should ensure timely reporting of tax obligations, monitor their company’s financial health, and consider resignation carefully If a DPN is received, it’s crucial to seek professional advice, take immediate action, and communicate with the ATO Ignoring a DPN can lead to personal bankruptcy, asset seizures, and long-term damage to professional reputation What is a Director Penalty Notice? A Director Penalty Notice is a formal notice issued by the ATO that can make company directors personally liable for unpaid tax debts, specifically Pay As You Go Withholding (PAYGW) and Superannuation Guarantee Charge (SGC) liabilities. The purpose of the DPN regime is to ensure that directors take their tax obligations seriously and act swiftly to address any outstanding debts. Types of Director Penalty Notices There are two types... --- - Published: 2024-07-30 - Modified: 2024-07-31 - URL: https://futureadvisory.com.au/blog/choosing-the-best-business-structure-pros-and-cons-for-australian-small-businesses/ - Categories: Business Advice, Tax Accounting Navigating the maze of business structures can be daunting for Australian business owners. With options ranging from sole trader through to corporation and a myriad of choices in between, each comes with its own set of legal, tax, and operational repercussions. In this article, we'll explain each business structure and their pros and cons to help you make an informed choice for your business. Understanding the Basics of Business Structures in Australia What is a Business Structure in Australia? The definition of ‘business structure’ is the way in which your business is legally structured, informing how you operate and trade. There are four types of business structures in Australia: sole trader, partnership, company, and trust. Just to complicate matters further – within each of these structures are variations and often, business owners will require more than one structure as part of their tax strategy. For instance, you may own a trust under which your company operates – or vice versa. Why Does Choosing the Right Structure Matter? The impact of business structure is far-reaching with tax liabilities, setup and registration costs, and asset protection being directly impacted by your business classification – among other things. The ongoing administration and compliance needs of the business will change according to the business formation type. Whether you’re an employee of your own business will be dictated and how much control you have over it will also be determined by your business structure. Comparing Business Structures: A Detailed Overview StructureProsConsSole Trader - The simplest... --- - Published: 2024-07-25 - Modified: 2024-07-26 - URL: https://futureadvisory.com.au/blog/planning-for-the-new-financial-year-as-a-business-owner-in-australia/ - Categories: Business Advice, Culture, Tax Accounting It’s already mid July and it turns out that our parents saying “every year flies by faster” is based on... fact. The new financial year coming around so quickly means that many business owners forgo the opportunity to do some reflecting and planning for 24/25. Here are eight things to consider for the new financial year – take this as a sign to do a thorough business plan and budget review, or spend a couple of hours jotting and thinking about these points. Either way, reflection is essential for ongoing business success and financial stability. 1. Review your 23/24 performance You know the drill – and Xero does most of the work for you. Reflect on your budgeting and forecasting for 23/24 and compare to your actual financial performance. What went wrong? What went right? And what needs adjusting for this year? Performance doesn’t just refer to the numbers. Did you achieve the goals (small and big) you’d set for yourself? How has your client/customer feedback been and where could you improve your service (have you gathered any? )? This review should serve as the platform for renewed goal setting and business planning. 2. Budgeting and Financial Planning Effective budgeting and detailed financial planning are fundamental to the ongoing success of your business, whether it’s a small company or a large corporation. If you’ve met with us even once then you’ve heard us bang on about it – if you don’t have a detailed budget, then you don’t have a... --- - Published: 2024-07-08 - Modified: 2024-07-08 - URL: https://futureadvisory.com.au/blog/do-i-need-a-trade-mark-for-my-business/ - Categories: Business Advice We all vaguely know what a trade mark is but do you know what exactly you should be trade marking or if you need one at all? What does the term actually mean legally? Everything you need to know about trade marks is below – from trade mark lawyer, Casey Robinson of M A Legal. What is a trade mark? A trade mark (or mark) is a crucial element of the brand identity of a business. A trade mark can be a unique logo, phrase, word, letter, colour, sound, smell, picture, movement, aspect of packaging or any combination of these that identifies and distinguishes the source of goods or services of your business from those of others in trade. In Australia trade mark rights can be registered or unregistered (with rights acquired through use), but a registered trade mark provides stronger protection and immediately enforceable rights against third parties who may be infringing on your intellectual property rights. Also, anyone can search the public trade mark register – so having a registered trade mark puts others on notice of your established rights just by its existence on the register. It is important to note that when you register a trade mark, you do not obtain protection of that mark for any and every type of good or service. You need to select nominated goods and services across 45 distinct classes that are strictly categorised by IP Australia under international conventions. Why trade marks might be essential for my business? In... --- - Published: 2024-05-31 - Modified: 2024-05-31 - URL: https://futureadvisory.com.au/blog/the-three-ato-focus-areas-for-2024-tax-time/ - Categories: Books, Tax Accounting Every year, we get a heads up as to which areas the ATO will be paying extra attention to during the tax season. They’ll pick apart common things that people accidentally (or deliberately) get wrong on their returns to crack down on. Here are the focus areas for 2024. Rental property claims The ATO’s review of last year’s tax returns showed that 90% of rental property owners included errors in theirs – in relation to their property claims. This is a highly legislated area of tax that undergoes regular changes and keeping on top of what you can and can’t claim and the specifics around each is hard for accountants, let alone the lay person. If you are not an Australian resident for tax purposes, this is an area that you’ll need to pay particular attention to – the tax obligations around the foreign resident capital gains withholding regime (FRCGW) are as painful as the name is to read ;) An area that does apply to all rental property owners is what you can and can’t claim when it comes to repairs and maintenance. In a nutshell: if you are maintaining and/or repairing an existing piece of your home – for instance a window pane that has broken, then this is a deduction. If, however, you are paying for that window to be changed into a bigger or nicer version that will add value to your property, it is a capital work and therefore the deduction for the cost of... --- - Published: 2024-05-14 - Modified: 2024-06-19 - URL: https://futureadvisory.com.au/blog/the-2024-federal-budget-what-you-need-to-know/ - Categories: Finance, Tax Accounting Jim Chalmers, Treasurer of Australia, is back on our screens and he’s handed down the 2024 Federal Budget. We’ll continue updating this article as more details come to light, but here’s what we’ve gleaned from the announcement so far. Helping with the cost of living, building more homes for Australia and investing more in the future of the country are listed by Chalmers as some of the key focuses of this budget. Strengthening medicare and the care economy and “responsible economic management” – particularly in regards to inflation – are the other stand outs. Cost of Living Or cozzie livs as the 2023 word of the year would say. The topic at every water cooler: the astronomical and unrelenting cost of living in Australia. The anticipation for how the Labor government intends to provide relief has been high – here are the broad strokes which span across numerous areas but are all intended to address the overall cost of living:  $ 3. 5 billion in energy bill relief. Every household will receive an energy bill rebate of $300 from July 1 2024. Small businesses will be eligible to receive $325 $3 billion to be invested for cheaper medicines and towards the funding of community pharmacies The cost of PBS prescriptions will be frozen for everyone for two years, with the maximum price being $31. 60 The same will apply to pension and concession card holders who will enjoy the freeze for five years with a maximum cost of $7. 70... --- - Published: 2024-04-07 - Modified: 2025-05-22 - URL: https://futureadvisory.com.au/blog/what-you-need-to-know-about-deceased-estates/ - Categories: Tax Accounting A morbid topic, yes – but deceased estates are relevant at some point in everyone’s lives and it’s important to have a basic understanding of what they are and what the tax consequences are before you find yourself needing to know. What is a deceased estate? When a person dies, they typically hold assets that have monetary value such as property and cars, cash and shares, insurance policies and sometimes loans against these assets. The combination of these balances is what forms a deceased estate. What happens to an estate when someone passes away? Most people think of deceased estates as a distribution of assets to the individual’s chosen beneficiaries. However, the debts and loans held by the individual at their time of death often continue and need to be paid for out of the estate. If the individual has a will in place at the time of death, it will typically include details of their nominated Executor – the person who has been chosen to manage payments of any debts as well as distribute any assets in accordance with the wishes of the deceased. How do tax and deceased estates work? The Executor or chosen administrator of the estate is responsible for arranging the lodgement of any tax returns, including declaring any relevant income on assets held by the estate. If the deceased person was carrying on a business, there may be additional obligations and lodgements to attend to. Any tax obligations must be finalised and paid before distributing the... --- - Published: 2024-04-01 - Modified: 2025-05-22 - URL: https://futureadvisory.com.au/blog/trusts-the-different-types-and-their-benefits/ - Categories: Business Advice, Tax Accounting Many of our clients have a business structure that involves a trust and whilst the common response is “sounds great” (and we appreciate that people put their trust in us) it’s worthwhile understanding what this structure actually means, and how the types of trusts differ. What is a trust? A trust is a legal setup where the trustee is a protector for your business or venture, and is responsible for managing it in the interests of other people, known as beneficiaries. This trustee can be a person or a company and they handle all aspects of the trust, including its finances. Trusts are often used to keep their business assets safe for the beneficiaries as they add a layer of legal protection. The trustee is the one who decides how the profits from the business or investments should be shared among the beneficiaries each financial year. What are the main kinds of trusts? Discretionary Trust: In this trust, the trustee has the discretion to decide how income and capital are distributed among beneficiaries, offering flexibility to adapt to changing circumstances Unit Trust: A unit trust divides trust property into units, with beneficiaries receiving income and capital based on the number of units they own. This structure is common in investment funds and real estate partnerships Hybrid Trust: Combining elements of discretionary and unit trusts, a hybrid trust provides both fixed entitlements for some beneficiaries and discretionary benefits for others, striking a balance between certainty and flexibility Testamentary Trust: Created through... --- - Published: 2024-03-07 - Modified: 2023-12-07 - URL: https://futureadvisory.com.au/blog/whats-the-main-residence-exemption/ - Categories: Tax Accounting Property is a fickle beast when it comes to tax implications and the most common question or situation that arises is what’s the difference between a main residence, and an investment property for tax purposes? Read on to learn about it. What’s the definition of a main residence? It’s typically the dwelling where you and your family live, have personal belongings, receive mail, is addressed to your electoral roll and has basic utilities connected under your name.   What does the main residence exemption refer to? The main residence exemption enables you to sell a property while being exempt from capital gains tax (CGT) on the profit on the sale. To be eligible for the main residence exemption, the following criteria must be met: You’re an Australian resident The dwelling: Was a main residence Has not been used to produce income. This means you haven’t rented the property for the entire time the property was owned by you, or you have not bought the property with the intention to ‘flip it’ and make a profit Is on land 2 hectares or less It’s important to note that if you did not move into the property and make it your main residence from the beginning of ownership, and it was originally used for income producing purposes, then you cannot claim the main residence exemption for the period before it became your main residence. How does a property being owner-occupied versus being an investment property affect tax? Owner-occupied property A property being... --- - Published: 2024-03-01 - Modified: 2023-12-07 - URL: https://futureadvisory.com.au/blog/what-to-know-about-ato-remissions/ - Categories: Books, Tax Accounting One of the reasons it’s so important for us to work with clients, making sure what needs to be lodged is done so and on time, is because the ATO doesn’t shy away from penalising those that don't. Sometimes, something slips through the cracks in the mayhem of owning your business and you’ll find yourself with a less than ideal message from the ATO. You’re able to apply for a remission of the penalty if you meet certain criteria. Read on to find out how. How do ATO penalties work? The ATO may apply penalties to your account where you have not complied with your tax obligations. Penalties can be applied for conduct such as late lodgements, late tax payments and for claiming deductions you are not entitled to. The ATO will take your circumstances into consideration when determining whether or not a penalty will apply. In the case of late lodgement penalties, the ATO may assess your lodgement history and frequency of these events occuring. In most cases of an initial late lodgement, the ATO will issue a warning to you in writing.   How do I request an ATO remission? Any outstanding lodgements and/or payments need to be up to date before you can request remission of a penalty.   You can contact the ATO to request remission directly via phone or mail. Alternatively, we can assist to submit a penalty remission request on your behalf. You need to ensure that you have adequate reasoning to support your... --- - Published: 2024-02-15 - Modified: 2024-02-15 - URL: https://futureadvisory.com.au/blog/what-you-need-to-know-about-the-latest-tax-cuts/ - Categories: Finance, Tax Accounting - Tags: accountant melbourne, accountant narre warren, accountants south yarra, xero accounting You might have heard that PM Anthony Albanese’s government has made a few (significant! ) tweaks to the planned tax cuts for the 2024-25 financial year. So now that they’ve gone through, what's the scoop, and how will it affect you? We’re so glad you asked!   So what’s changed? Unlike the original stage three tax cuts passed by the coalition government back in 2018, and then expanded in 2019, every taxpayer will now be receiving a tax cut from July 1. However! To make sure that these tax changes don't cost more than the $20 billion+ that was budgeted to accommodate for these cuts, higher income earners will be getting less than was originally promised.   These higher income earners are the tax payers earning more than $147,000 per year, and while they will still be receiving significant tax cuts, for some it could be up to 50% less than what they were expecting.   What are the changes for each income tax bracket?   For people earning between $18,200 and $45,000 the tax rate will reduce from 19 per cent to 16 per cent For people earning between $45,000 and the new $135,000 threshold the tax rate will reduce from 32. 5 per cent to 30 per cent The current 37 per cent tax rate threshold will increase from $120,000 to $135,000 The current 45 per cent tax rate threshold will increase from $180,000 to $190,000. So what does this mean?   According to the Labour Government, as... --- - Published: 2024-02-07 - Modified: 2024-11-19 - URL: https://futureadvisory.com.au/blog/paygi-explained/ - Categories: Tax Accounting With endless terms and dates to remember when it comes to tax as a business owner, it can be hard to keep track of which payments are contributing to what tax obligations, if you’re ahead or behind on payments and how much you should’ve been putting aside every time an invoice is paid. Essentially... that’s why we have jobs ;)  PAYGI (Pay as you go instalments) is something that will apply to most business owners at some stage and it’s well worth understanding what it is exactly they are. Key highlights: Smooth Cash Flow Management: PAYG instalments allow businesses to spread their tax payments throughout the year, easing cash flow and preventing large, unexpected payments at tax time. Flexible Payment Options: The PAYG system offers quarterly and annual payment options, with the flexibility to adjust instalment amounts based on income, helping businesses manage tax obligations in line with their revenue. Enhanced Tax Compliance: Regular PAYG instalments help businesses stay compliant, reduce end-of-year tax pressure, and avoid penalties, contributing to better overall financial planning and stability. What is a PAYGI? Designed by the Australian Tax Office (ATO), PAYG instalments are quarterly payments made in advance, which go towards your next anticipated Income Tax liability. Rather than copping one lump sum amount at the end of the financial year, you’ll have already contributed significantly to the debt – if not have already paid it in its entirety. If you have overpaid, the Tax Return will result in a refund. Why Is the... --- - Published: 2024-02-01 - Modified: 2025-04-10 - URL: https://futureadvisory.com.au/blog/everything-you-need-to-know-about-the-paid-parental-leave-scheme/ - Categories: Business Advice, Culture You might be expecting your first, planning for pregnancy or be one or two kids in already but either way, you need to get across what you’re entitled to under the government’s paid parental leave scheme. Planning for maternity or paternity leave as a small business owner can be particularly stressful – who will step into your shoes while you’re gone? How much time off can you afford to take? These are all questions we can help you answer. First thing’s first – knowing how much paid parental leave you’re entitled to under the government scheme. Key Highlights What is Paid Parental Leave? : Australia’s Paid Parental Leave Scheme offers eligible parents up to 20 weeks of pay at minimum wage ($882. 75/week) to support time off after a birth or adoption. It’s inclusive of biological, adoptive, and same-sex parents, and can be shared between partners. How It Affects Small Businesses: Payments come from the government, not the employer, easing the financial load on small businesses. Employers simply process the payments and can offer top-ups. Planning ahead with temp staff or flexible return options helps maintain productivity. How to Prepare: Ensure eligibility, register via MyGov, and keep clear documentation. Use leave management tools and communicate policies clearly to staff. Employers who fail to comply may face penalties—so staying organised is key for a smooth process. What is the Paid Parental Leave Scheme?   Australia's Paid Parental Leave Scheme is a government initiative to support working parents by providing financial assistance... --- - Published: 2024-01-01 - Modified: 2023-12-07 - URL: https://futureadvisory.com.au/blog/annual-compliance-reminders-to-consider-this-month/ - Categories: Business Advice, Tax Accounting We hope that you’re reading this with a cold glass of something in your hand because while we applaud your business commitment, we also know you’ve earned a summer break.   For many business owners, this time of year is ideal for some reflection and to get your ducks in a row for the next 12 months. Whilst things are quieter on the client front, run through this list and make sure you’re aware of the key compliance requirements as an owner. Payroll Tax In a nutshell if your payroll is $58,333. 33 per month or more, you’re liable for payroll tax. Note that this is the Victorian figure and it does differ slightly state-to-state, all of which you can find here. This threshold amount includes wages, super, bonuses, commissions, leave and leave payments and payments made to certain contractors. This misunderstanding often trips people up and leads to an incorrect calculation. Payroll is self assessed and lodged (or your accountant will do it for you) so you can see how it’s easily forgotten by some business owners. If you should be registered for payroll tax and have failed to do so, you’ll likely be liable for penalties on top of your tax bill. If you think this tax might apply to you, feel free to reach out for clarification and next steps. If you’re not hitting that $58k figure yet but may this year, keep payroll tax on your radar. Workcover If you employ or train apprentices or have... --- - Published: 2023-11-20 - Modified: 2023-11-21 - URL: https://futureadvisory.com.au/blog/interview-the-memo/ - Categories: Interview If you ask most parents "have you heard of The Memo? " you'll get a resounding "Yes! ". A parenting and baby destination that started online and now has a flagship store in Melbourne's Armadale, Co Founders Kate Casey and Phoebe Simmonds have done something really special. There's a lot to learn from these powerhouses who have created an incredibly successful brand and business. Read on! Had you previously owned a business before The Memo? What did your careers look like beforehand? Phoebe: Yes! I also own a blow dry bar in Melbourne CBD, The Blow. Previous to that, I worked in brand and marketing for Benefit Cosmetics (LVMH). Kate: The Memo is my first business, however my background and passion is retail, having worked as a buyer previously at Myer, David Jones and Mecca. What is The Memo? The Memo is the feel good parenting and baby destination to help make big decisions easy. We offer a curation of the best baby brands on the planet from brands like Baby Bjorn, Leander, Stokke and more. You can literally get everything you need for parenting in one effortless shopping experience. We’re known for our essential lists (which is how The Memo was born), guiding you through pregnancy, postpartum and parenting You can find us online at www. thememo. com. au or visit us IRL at our flagship boutique on High Street, Armadale.   How did The Memo come to be? Why parenting and baby? Kate: I had the idea for... --- - Published: 2023-11-14 - Modified: 2025-04-10 - URL: https://futureadvisory.com.au/blog/what-meals-entertainment-and-travel-can-i-claim-this-christmas/ - Categories: Tax Accounting The silly season has arrived at a particularly alarm rate this year and whilst the end of the calendar year can bring on stress like no other – particularly for our retail clients – it also means an excuse to have *extra* amounts of fun. Christmas parties, wining and dining clients and gifting to various people is all part and parcel. We get asked what is and isn’t deductible a lot during this time of year, so here’s all your questions answered. Key Highlights What’s Deductible (and What’s Not): Christmas parties and entertainment are generally not tax-deductible, nor are meals or travel tied to entertainment. However, non-entertainment gifts under $300 (like hampers or gift cards) can be deductible if given for business purposes. Minimise FBT & Stay Compliant: To reduce Fringe Benefits Tax (FBT), host parties at your workplace and keep individual benefits under $300. Maintain clear records—receipts, expense purposes, and attendee lists—to stay compliant and maximise deductions. Get Pro Help for Peace of Mind: ATO rules can get tricky during the festive season. A tax advisor can help you plan smarter, avoid FBT traps, and structure spending to keep your celebrations festive and tax-friendly. The general rules around what’s tax deductible and what’s not when it comes to... Meals and entertainment You can’t claim the cost of attending functions or participating in entertainment involving food, drink or recreation. If you’re splurging on a lavish Christmas lunch with colleagues or clients, that’s coming out of your pocket. When expenditure is... --- - Published: 2023-11-14 - Modified: 2023-11-21 - URL: https://futureadvisory.com.au/blog/the-2023-future-advisory-gift-guide/ - Categories: Culture It’s time for one of our favourite yearly blogs – the Gift Guide! Either this or the Federal Budget blog, we aren’t sure what’s more exciting?   Via our clients and wider community we’re lucky enough to know incredible owners and makers who mean that filling those Christmas stockings isn’t arduous, it’s fun! We’ve got something for everyone this year so have a scroll and shop with your local small businesses who do a little Christmas jig every time they see an order come through. If you click on these quick enough, we reckon you might snag a sale item or four! Discrepancy Records For the music lovers in your life – stop scrolling. This is every Beatles, Stones or Beyonce fan’s dream with the biggest collections of LPs in Australia. Find every genre you can think of and if the recipient doesn’t have a record player yet... they sell those too. Frankie and Coco This Hampton mainstay has remained a Bayside favourite for a reason. The team selects a beautiful array of clothing, accessories and homewares and puts it in one place for you to shop. You can’t go wrong with their candles, vases or cocktail sets! The Memo Ask any current or to-be parent “have you heard of The Memo? ” and you’ll hear a resounding yes. They’re a one-stop-shop for everything baby and you’ll find perfect stocking fillers all the way through to generous bigger presents both online and in their Armadale flagship store. Their ‘shop by... --- - Published: 2023-11-01 - Modified: 2024-10-22 - URL: https://futureadvisory.com.au/blog/what-is-salary-sacrificing/ - Categories: Books, Tax Accounting It’s a term familiar to most of us... and the main thought that comes to mind when you hear salary sacrifice is something like “I know that’s a good tax thing”. You’re right, it can be a great tax strategy for employees! Here’s what you need to know. In a nutshell, salary sacrificing (also known as salary packaging or total remuneration) is when you take home less income in return for certain benefits. Less income means less taxable income... means less tax liability. Hooray! But what other considerations are there? Key Insights Salary sacrificing, also known as salary packaging, allows employees to forgo part of their pre-tax salary in exchange for non-cash benefits, reducing taxable income and potentially offering significant tax savings. Common Benefits: Includes additional superannuation contributions, car leasing, and other fringe benefits, with unique offerings for different industries such as healthcare and non-profits. Employer and Employee Benefits: Employers can improve employee retention and manage operational costs, while employees gain through improved financial planning and increased retirement funds. What kind of benefits can you receive from salary sacrificing?   Common examples: Additional superannuation contributions A car Mobile phone Laptop Gym memberships Car parking Less common examples (and usually only offered by big businesses, non-for-profits and some other particular industries like public hospitals): Payment of your expenses like loan repayments, childcare costs or school fees Living away from home benefits such as rental payment or public transport payment It’s important to remember that salary sacrificing usually pertains to items that... --- - Published: 2023-10-16 - Modified: 2023-12-20 - URL: https://futureadvisory.com.au/blog/interview-domantay-legal/ - Categories: Business Advice, Interview Bringing you another ripper interview today with Jan Domantay, Founder of Domantay Legal. As any business owner knows, finding like minded people to refer work to, chat through the ups and downs of ownership and maintain relationships with is invaluable. The Domantay Group is incredibly ambitious, growing to a team of 30 in a relatively short period, opening multiple firms around the country. There’s a lot to learn from Jan, read on! How did Domantay come to be? Domantay Legal got off the ground with just myself as a sole-practitioner. I had the goal (and still do) of helping as many people and businesses as I could. Despite having over a decade of experience exclusively in criminal law, I completed over 65 hours of further legal training in various practice areas including commercial, business, property, migration and estate planning in under 6 months. This left me with a greater breadth of knowledge and able to provide legal solutions to many more clients.   DL opened its doors on 19th September 2016 and we now have five law firms across three states, with each firm having strengths in various practice areas including commercial, insurance law, estate planning, family and property. Our headcount is around 30 across the five firms, which includes three support staff based in Manila, Philippines.   What’s been the hardest thing about being in business so far? And the biggest lesson learnt? The most difficult part so far has been onboarding and retaining quality staff over the years.... --- - Published: 2023-10-02 - Modified: 2024-03-20 - URL: https://futureadvisory.com.au/blog/5-legal-reponsibilities-business-owners-often-forget/ - Categories: Business Advice, Tax Accounting As accountants to hundreds of business owners, it’s easy for us to notice common threads between you all – no matter your business size, industry or how long you’ve been in the game for. There are five legal responsibilities we’re reminding clients of more often than not so considering this your reminder to get the following in your calendars/workflow/project management tools – whatever floats your boat!   Here are the five things business owners often forget.   Workcover In a nutshell, workcover is an insurance that pays for income loss and medical expenses as a result of injury or harm acquired in the workplace. Workcover isn’t a ‘nice to have’, it’s a must-have for any business that has employees paid more than $7,500 p/year, apprentices or trainees.   Each state has its own workcover authority that you can get insured through – or we can organise it for you. It’s a yearly premium you must pay for continued coverage and just to be clear, it’s a legal requirement!   We’ve written a blog on everything you need to know about workcover for more information. Payroll Tax This tax often rubs people the wrong way (we get it) and as such, it’s a nice one to try and ignore... but unfortunately the ATO just doesn’t work like that ;) If you are not registered for payroll tax but should be – or if you are registered and haven’t paid on time or at all, you will be issued interest and penalties... --- - Published: 2023-10-01 - Modified: 2023-09-07 - URL: https://futureadvisory.com.au/blog/everything-you-need-to-know-about-work-cover/ - Categories: Tax Accounting A short and sweet one today, covering a topic we get asked about all the time: work cover. A surprising number of business owners don’t realise that this is an absolutely *essential* piece of compliance that you must follow. Here are your questions answered to clear the whole thing up! What is work cover? It’s insurance that pays for medical costs and income replacement costs when an employee is injured in the workplace. Who needs work cover? Any business that employs trainees or apprentices, or if you have employees and pay more than $7,500 per financial year in remuneration (Victorian threshold). Although there are differences between inclusions and exclusions in each state, it is a required insurance throughout Australia. You can get state-by-state guidelines below. VIC WorkSafe QLD WorkSafe NSW WorkSafe NT WorkSafe WA WorkSafe TAS WorkSafe Why do I need work cover? It’s a legal requirement. If an employee gets injured on the job, you must provide payments which do things like cover any lost income and medical bills. Exactly what this looks like will vary case-by-case but the insurance covers you for any financial circumstance that may arise as a result of the incident. How do I get work cover? Each state has their own authority and the application is made online on the relevant WorkSafe website. During the application process you will potentially be required to choose the claims agent (businesses like Gallagher Bassett, EML Allianz, Zurich, DXC Claims), depending on the state. Head back to the... --- - Published: 2023-09-07 - Modified: 2025-04-10 - URL: https://futureadvisory.com.au/blog/what-are-the-tax-implications-of-moving-overseas/ - Categories: Tax Accounting Moving overseas brings excitement and adventure, but it also involves a multitude of practical and financial considerations. Let’s be honest – it’s a logistical nightmare. Among these, understanding the tax implications of your move is (unfortunately) an important note to make on the never-ending to-do list.   We’ve delved into two key scenarios: maintaining your Australian tax residency while moving overseas and transitioning to non-Australian tax residency if that’s what you choose to do. Whether you're aiming to retain your Australian ties or exploring life as a non-resident, here’s what you need to know. Key Highlights Know Your Tax Residency: Before moving overseas, confirm your tax residency. Australian residents are taxed on worldwide income; non-residents only on Aussie income, often at higher rates. Declare Foreign Income: Residents must report all global income and assets. Tax treaties and offsets can help avoid double taxation—so keep records and stay informed. Plan Before You Go: Ceasing residency changes your tax obligations. It may impact capital gains and super. Always speak to a tax advisor before you relocate. The Basics of Australian Tax Residency Tax residency sounds boring, but trust us—it’s worth figuring out before you pack your bags. The ATO has a few tests (like the 183-Day Test) to decide if you’re still on their tax radar. Get it right, and you’ll avoid nasty surprises like unexpected tax bills or overpaying! What defines Australian tax residency under ATO rules? Figuring out your tax residency is one of those “adulting” things you need to... --- - Published: 2023-09-01 - Modified: 2024-05-10 - URL: https://futureadvisory.com.au/blog/what-is-payroll-tax-and-what-changes-are-coming-our-way/ - Categories: Books, Tax Accounting - Tags: accountant melbourne, payroll, tax planning Out of all the taxes that Australian businesses have to keep track of... payroll tax is a particularly pesky one. It’s something that trips a lot of people up, and we get frequent questions about it. Here’s what you need to know. Payroll tax is a state tax levied on wages paid by an employer (or a group of employers) that exceeds the threshold amount. Let’s break that up a bit... The definition of wages under payroll tax legislation has a broader definition than what most employers are used to. This definition includes wages, superannuation, bonuses, commissions, leave and leave loading, and payments made to certain contractors. Payroll tax is self assessed and lodged by the employer or their representative. Stay with us! Who has to pay payroll tax? This is dependant on which state you operate in. Here are the payroll tax thresholds for each state in Australia for the 2022/2023 financial year: Australian Capital Territory: $166,666. 67 per month for the first $2,000,000 per year of taxable wages 6. 85% on taxable wages above the threshold New South Wales: $100,000 per month for the first $1,200,000 per year of taxable wages 5. 45% on taxable wages above the threshold Northern Territory: $125,000 per month for the first $1,500,000 per year of taxable wages 5. 5% on taxable wages above the threshold Queensland: $25,000 per week for the first $1,300,000 per year of taxable wages 4. 75% if your group Australian taxable wages are less than $6,500,000 and 4.... --- - Published: 2023-08-16 - Modified: 2023-08-21 - URL: https://futureadvisory.com.au/blog/why-isnt-my-tax-refund-as-big-this-year/ - Categories: Books, Tax Accounting How many times can you say LMITO fast? Well, the discontinuation of it – the Low Middle Income Tax Offset – is largely to blame for the currently most commonly asked question in our inboxes: why isn’t my tax refund as big this year? The fact that lower refunds has coincided with our cost of living crisis is rubbing some serious salt into the wound and (rightfully so) resulting in some pretty unhappy Australians.   Here’s why your refund wasn’t what you were expecting. The discontinuation of the low middle income tax offset The LMITO was a temporary tax cut for Australians earning up to $126,000. In the 21/22 year, people earning between $48-90k enjoyed an additional $1500 chunk of cash in their tax returns. It was really nice while it lasted – but the tax cut ended last year.   Good news for those earning up to $66,667 though; the low income tax offset is still in operation. Here’s what that might look like for you: Source: 9 News Changes to work from home taxation Whilst WFH very much became the norm throughout covid, the ATO pivoted (remember that word? ) and allowed for an easier and more lenient way to claim related tax deductions, using an 80 cents per hour ‘shortcut method’. This has now been scrapped in lieu of the revised fix rate method, or existing actual cost method. Here’s a calculator from the ATO which can give you an accurate indication of what your WFH deductions... --- - Published: 2023-08-14 - Modified: 2023-08-14 - URL: https://futureadvisory.com.au/blog/interview-co-founders-of-trace-cat-long-and-joanna-auburn/ - Categories: Interview Trace helps businesses to measure their emissions and reach net zero by funding essential climate projects around the world. We’re proud partners of the initiative and continue to be impressed with the team’s innovative approach to the impossibly large issue at hand – saving the planet.   Founders Cat and Joanna have combined tech and a whole lot of passion. It’s easy to see why they’re making waves in their industry (and why they were such a great match for us). What did your careers look like prior to Trace?   Cat: My first job was on the ‘entrepreneur development programme’ at a scaleup in London! Since then I spent 10 years in management consulting across the financial services and energy sectors. At Macquarie my work focussed on human-centred design – a skillset that shapes my insight-first ethos as a founder.   Joanna: Technology and sustainability have underpinned my career since I first completed my engineering degree. Building products that drive sustainable business is the common theme linking my work at Ovo Energy, Finder and then finally co-founding Trace with Cat.   What sparked the idea for Trace? Cat: Before we founded Trace, Joanna and I launched a leather-goods consumer brand. Listening to our customers, we knew that sustainability was an emerging consideration when buying a handbag but we really struggled to find a solution for SMEs with a climate conscience. We didn’t have the budget for a consultant, and we couldn’t invest our time in researching the emissions intensity... --- - Published: 2023-07-24 - Modified: 2023-07-24 - URL: https://futureadvisory.com.au/blog/how-to-avoid-super-ato-audit-stress/ - Categories: Books, Tax Accounting There are many super stressful things that go hand in hand with being a business owner, but if you’re prepared and follow our handy best practice recommendations, Superannuation ATO audits don’t need to be one of them.   Read on below to find out more about what Super Guarantee Charge statements are, the costs involved if super isn’t paid on time, how to ensure you’re ahead of your super payments and how this can play out for businesses.   What are Super Guarantee Charge (SGC) statements? Super Guarantee Charge statements are critical financial documents for any Australian business. They outline any superannuation contributions due for employees that haven't been paid into their super funds by the mandatory due date. These statements are more than just paperwork. In fact, they are a legal obligation: businesses must complete and lodge these to the Australian Tax Office (ATO) within one calendar month after the super due date. Failure to do so can result in penalties, which can significantly impact a business's financial health. Understanding the costs when super isn't paid by the due date When super payments aren't made on time, the costs to a business can be substantial. Some of the potential consequences include: Loss of Tax Deduction:  Superannuation contributions are typically tax deductible, but only when paid on time. When super payments are late, this important deduction is forfeited, resulting in a higher overall tax bill. Administration Fees:  The ATO levies an administration fee for late super payments. This can be... --- - Published: 2023-06-27 - Modified: 2023-06-27 - URL: https://futureadvisory.com.au/blog/what-are-business-strategy-sessions/ - Categories: Business Advice Most businesses foray into outsourcing their accounting by utilizing us for tax compliance, accounting support, bookkeeping and other bits and pieces that pop up throughout the year. When the business has really hit their stride, taking that support to the next level makes sense. Business advisory is one of our forte’s and often the most enjoyable part of our jobs – it leaves clients with actionable insights and measurable goals that lead to growth and ongoing success. Everyone’s a winner! Whether the business advisory piece is ongoing (often in the form of using us as a VCFO), a once-off, or once-a-year service, is up to the owner and how much support they need and can afford to invest in. Business strategy sessions are the perfect way to dip your toe into the advisory water. Once the session is completed and you have the forecasting, budgets, action and management plans in your hands, you can choose to implement them across the year yourself – or, you can engage us for ongoing support to keep you accountable. What does business strategy planning actually mean? It's your game plan, your secret sauce, your roadmap to success. It outlines your business's overall direction from setting your mission, vision, and values to identifying your short, medium, and long-term goals. Why is a business strategy planning so important? Imagine setting off on a road trip without a map. You might have a vague idea of your destination, but without a clear route, you could end up... --- - Published: 2023-06-27 - Modified: 2023-06-28 - URL: https://futureadvisory.com.au/blog/comprehensive-individual-tax-return-checklist/ - Categories: Tax Accounting We’re already at the EOFY and with that comes a scramble for individual tax return appointments with everyone understandably keen to see that return hit their bank account. Tax Return Checklists Bookings are now open – but before your appointment, here are the checklists you need to read and action: Individual tax return checklist Motor vehicle checklist Rental property checklist Sole trader checklist If you work from home, here are two more resources to be across. The WFH diary is non-negotiable and must be filled out before we see each other. WFH expenses fact sheet WFH diary template Appointment process to address your tax return Now you’re across the admin bits, here’s what you need to know about booking the appointment: Book an appointment: Jump on our website to secure your Tax Appointment - it’s a quick & simple process Check out your email: Once you’ve booked your appointment, you’ll receive a confirmation email which will contain links to our Tax Return checklists (the same as above). Please take the time to review the checklists, as applicable to you, so you can prepare everything necessary prior to your appointment Accept our Terms of Engagement: Please ensure you follow the link contained within your Appointment confirmation email to read and accept our terms. This is a MUST prior to your appointment Email us your documents: Compile any relevant information and documents and email them through to our A-Team (admin@futureadvisory. com. au). We will then ensure everything is on your file ready... --- - Published: 2023-06-26 - Modified: 2023-06-26 - URL: https://futureadvisory.com.au/blog/trusted-accountant-in-narre-warren/ - Categories: Tax Accounting Accounting is a critical component of any business or individual’s financial management. It involves the recording, summarising, and analyzing of financial transactions to produce financial statements that provide a snapshot of an entity’s financial health. Accounting is a critical component of any business or individual's financial management. It involves the recording, summarising, and analyzing of financial transactions to produce financial statements that provide a snapshot of an entity's financial health. When it comes to businesses, having a reliable tax accountant in Narre Warren is crucial. A skilled accountant can help owners review business structure, manage their finances, create a budget, and make informed decisions about investments and expansions. Additionally, a reliable accountant can ensure compliance with tax regulations and help businesses avoid costly penalties for non-compliance. For individuals, a trusted accountant in Narre Warren can assist in managing personal finances and provide advice on investments, retirement planning, and tax compliance. They can help individuals create a budget, track expenses and income, and make informed decisions about their finances. A skilled tax accountant Narre Warren can also ensure that individuals are filing their tax returns accurately and avoid penalties for non-compliance. About Us Looking for an award-winning accounting firm that can take your financial management to the next level? Look no further than us!   At Future Advisory, we are a friendly bunch of number-loving, future-thinking accountants dedicated to putting you and your financial needs first. Our team of expert Xero accountants in Narre Warren has been recognized for our exceptional service and innovative solutions that help businesses and individuals alike achieve their financial goals. Meet our team Case study  2M Creative  2M Creative is a Melbourne-based design practice known for delivering creative, detailed, and high-quality... --- - Published: 2023-05-15 - Modified: 2023-05-17 - URL: https://futureadvisory.com.au/blog/2023-federal-budget-recap/ - Categories: Business Advice, Finance, Tax Accounting - Tags: accountant melbourne, accountant richmond, accountants south yarra, xero accounting As always you can delve into the ins and outs of the federal budget for hours – we’ve put together the key areas that were addressed on Tuesday night so you can get an overview in five minnies. Read on! It feels more often than annually that we write this blog but alas we’re in May already and it’s Jim Chalmers’ time to shine. As always you can delve into the ins and outs of the federal budget for hours – we’ve put together the key areas that were addressed on Tuesday night so you can get an overview in five minnies. Read on! Cost of Living Crisis The hottest topic in households and media at the moment is the astronomical costs of living in Australia right now. Something has to give. It was a big focus last night, here are the ways in which Labour plan on addressing it: Low income renters: the commonwealth rent assistance program is getting a boost with the maximum rate increasing by 15% as of September (subject to being passed in parliament). The fortnightly payment would increase from $157. 20 to $180. 80  Jobseeker, Youth Allowance, Austudy and the partnered parenting payment will see a $40 increase in fortnightly payments Direct bill relief: Up to $500 will be up for grabs by people who are on government support payments, veterans, pensioners and concession card holders and $650 for small businesses to offset soaring electricity bills Single parents: previously, single parent payments stopped when the youngest child reached eight years of age – that is now being lifted to 14. This will mean a $176. 90 fortnightly increase which will affect around 57,000 people – primarily women. Small Business Until the end of the current... --- > A Self Managed Superannuation Fund (SMSF) is a private super fund where you can choose & manage the type of investments you hold for your retirement. Read more - Published: 2023-05-12 - Modified: 2023-05-12 - URL: https://futureadvisory.com.au/blog/what-to-know-about-self-managed-super-funds/ - Categories: Finance, Tax Accounting Say SMSF ten times fast... it’s a tongue twister and often a point of confusion for many when considering their superannuation options. Self managed super funds are worth knowing about – here are the basics to get across. What is a Self Managed Super Fund? A Self Managed Superannuation Fund (SMSF) is a private super fund where you can choose and manage the type of investments you hold for your retirement (within the rules). The fund must be set up for the sole purpose of providing retirement benefits for its members. What are the benefits of an SMSF? Put simply, the benefit of an SMSF is being able to have more control over the choice of investments you make – it’s the primary reason that people choose to establish an SMSF. For example, some people may choose to set up an SMSF as part of their overall business structure and make use of the potential to hold commercial property in their SMSF and rent it to their trading entity. With greater control however comes greater responsibility, and the SMSF Trustee must have a strong understanding of the rules and regulations that are relevant to superannuation in general, as well as the rules that are specific to SMSFs. There are restrictions around borrowing in an SMSF for example, as well as particular rules on what type of investments can be held in the fund, how transactions need to be treated between any related entities, as well as annual compliance and documentation... --- - Published: 2023-05-05 - Modified: 2023-05-05 - URL: https://futureadvisory.com.au/blog/how-to-create-a-business-budget/ - Categories: Books, Business Advice, Finance, Tax Accounting A business budget isn’t necessarily the most thrilling part of starting a business, but it’s certainly one of the most important. A surprising number of business owners forego this step altogether when embarking on a new venture and we think it’s safe to say that no budget is a big catalyst for the one in three businesses that fail within the first 12 months. If you don’t know how much you’re spending and how much you’re earning, how can you possibly be making smart business decisions? We’re here to break down the key areas of thought that should go into a business budget. If numbers aren’t your forte, we love working on these with our clients too. Reason #305 that getting an excellent accountant from the get-go is a vital business decision ;) Why is a business budget so important? A budget allows you to prepare, plan and predict where you think the business will be in one, two, six months... a year and beyond. It means you can foresee cashflow issues, understand where you should start when creating a budget plan for the business, where you may need to cut costs and be prepared for decisions to come.   A business budget also allows you to create goals and visualise what it would need to look like for you to achieve your ideal profit or turnover milestones – which can be incredibly motivating, especially when you’re in the trenches of start-up life.   What are the key areas to... --- - Published: 2023-04-05 - Modified: 2023-04-11 - URL: https://futureadvisory.com.au/blog/interview-martha-kourtidou-boda-hair-boutique/ - Categories: Interview - Tags: accountant melbourne, xero accounting Owning a business means putting in the hard yards – and when your business is in a seemingly crowded industry, it can be even harder. Martha has not only made her own hair boutique happen, but Boda is one of the most successful and recognised names in the industry. Here’s how she did it... Tell us about the backstory of how you became a hair boutique owner? I actually started my undergraduate degree in psychology because I just had a thirst to talk to and help people. When the lecturer outlined it could take eight years before I actually practiced one-on-one therapy I knew I had to find a faster way. Tuning into my creative side meant that I decided to try hairdressing back in 2008 – which quenched that thirst to connect with people beautifully.   What I love about hairdressing is that it’s turned out to be more than a psychologist appointment for the client – they get to spend more than 60 minutes with me talking about their feelings, and leave looking amazing too. I took a chance at the end of 2016 to buy my first salon. I was previously freelancing and felt trapped by my lack of growth. I’d just finished my apprenticeship and my boss was thinking of closing her salon because she was exhausted from running it and working in it. I offered to become her business partner, terrified of the idea at only 22 years old. However, she agreed and we went... --- - Published: 2023-03-31 - Modified: 2023-03-31 - URL: https://futureadvisory.com.au/blog/how-to-make-sure-youre-payroll-compliant/ - Categories: Books - Tags: accountant melbourne, accountant narre warren, accountants south yarra, xero accounting The Purpose of Payroll and Its Key Functions Payroll involves calculating employee wages and salaries, deducting taxes, and paying employees on time. Payroll involves several key functions, including: Calculating gross pay and deducting taxes: Gross pay is the total amount an employee earns before any deductions are made. Payroll involves calculating gross pay and then deducting taxes such as income tax (which is then put aside and paid to the ATO at the end of the quarter or in PAYGI). Withholding and reporting taxes: Employers are required to withhold and report taxes to the Australian Taxation Office (ATO). These taxes include PAYG withholding, superannuation, and fringe benefits tax. Superannuation payments: Employers are also required to make superannuation payments to their employees' chosen super funds. Common Areas Where Mistakes Occur in Payroll Forgetting to pay super: Superannuation is a legal requirement, and employers are required to pay a minimum of 10. 5% of their employees' earnings into a complying super fund. Note this amount is increasing to 11% as of July 2023. Not sending payslips to employees: Employers are required to provide payslips to their employees within one working day of pay day, even if an employee is on leave. Not including leave in the initial employee set up: Employers need to ensure that leave entitlements are set up correctly in their payroll system, including annual leave, sick leave, and long service leave. Tax withheld from wages is not saved and set aside to be paid to the ATO on a... --- - Published: 2023-03-31 - Modified: 2023-03-31 - URL: https://futureadvisory.com.au/blog/what-is-tax-planning-and-why-is-it-important/ - Categories: Tax Accounting - Tags: accountant melbourne, accountant narre warren, accountant richmond, tax planning, xero accounting Tax planning for a proactive accountant can sometimes be a year long process. Strategies are often implemented at the beginning of the financial year with your progress tracked each quarter (which normally coincides with the preparation of your BAS). You may notice that your PAYG Tax Instalments vary each quarter – this is not a result of the ATO being unable to decide on how much tax you should pre-pay, but likely your accountant varying your instalments based on your current tax position – so you are only paying what you need to pay. Tax planning meetings are usually held between April and June each financial year. This is where your accountant assesses your current tax position and looks for ways to minimise your tax liability, maximise your after-tax position and even boost your cash flow.   What do accountants consider during tax planning? There are a few great tax minimisation strategies that accountants will investigate, based on your circumstances. These can include, but are not limited to, the following: Instant asset write-off The ATO’s temporary full expensing measures allows businesses to claim an immediate deduction for the costs of new assets that are acquired and installed ready for use. If you are eligible for temporary full expensing, you can continue to utilise this tax deduction up to the 30th June 2023 – as long as your assets are in your possession and ready for use. If you are considering the purchase of new equipment, vehicles or whatever it is... --- - Published: 2023-03-29 - Modified: 2023-03-29 - URL: https://futureadvisory.com.au/blog/why-should-you-lodge-an-fbt-return/ - Categories: Tax Accounting - Tags: accountant melbourne, accountant narre warren, accountant richmond, fringe benefits tax, xero accounting If you're an employer, you might wonder why you should lodge a Fringe Benefits Tax return when no FBT is payable. After all, the tax is designed to capture benefits enjoyed by employees, but it's levied on the employer. There's a simple reason why you should file a return: it turns on a three-year deadline for the ATO to commence audit activities. If you don't lodge an FBT return, the ATO can launch an audit into your activities as far back as the time your business has had employees. Without evidence that FBT was not payable in each year, the ATO is likely to raise FBT liabilities, even if the employee who enjoyed the benefit no longer works for the business. This makes it impossible for the business to recoup anything from the past employee. Even if you believe that you've done everything in accordance with legislation, mistakes can happen. For instance, a common one that occurs is when an employee is provided with a car, and the private use is worked out using the operating cost (logbook) method. If you overlook the deemed depreciation each year, it can give rise to an FBT liability where the calculated employee contribution is insufficient to remove the car's taxable value. If such a mistake is identified, the ATO is likely to review the entire period that the car was owned by the business. Lodging an FBT return would limit the length of time the ATO can audit to three years. Another common... --- - Published: 2023-03-29 - Modified: 2023-03-29 - URL: https://futureadvisory.com.au/blog/what-is-a-car-fringe-benefit/ - Categories: Tax Accounting - Tags: accountant melbourne, accountant narre warren, accountant richmond, Car Fringe Benefit It’s FBT season and the most common fringe benefit we see are cars – so let’s talk about it! If an employer offers an employee a company car for private use, that's considered a car fringe benefit. Essentially it means that the car is a perk of being an employee, and the taxman is gonna want a slice of that. So, how is FBT on vehicles calculated?   There are two ways to do it: the statutory formula method and the operating cost method. Here’s what they both mean... The statutory formula method.   This is where we take a percentage of the car's base value cost at the time of purchase or lease, andthat's your taxable value. You can deduct any days the car wasn't available for private use, and any contributions you made towards running costs. Easy peasy! Base Value: if you’ve owned the car for less than four years when the FBT year began, the base value is the original cost price of the car, or two thirds of the cost price if owned for more than four full years. A car first owned prior to 1 April 2018 (and on or after 1 April 2017) will be eligible to the two thirds base value.   Cost price: the original purchase price including GST and luxury car tax but excluding stamp duty, registration, acquisition costs such as delivery and non-business accessories like paint, fabric and rust protection or window tinting.   The operating cost method. If you want... --- - Published: 2023-03-29 - Modified: 2023-03-29 - URL: https://futureadvisory.com.au/blog/whats-the-deal-with-entertaining-meals-and-fringe-benefit-tax/ - Categories: Tax Accounting - Tags: accountant melbourne, accountant richmond, fringe benefits tax, xero accounting Let's talk about everyone's favourite topic – food! Specifically, meals that you provide to your clients or employees. We all know that treating your clients or rewarding your employees with a nice meal can go a long way in building business relationships and boosting morale. But, have you ever wondered if the cost of these meals is tax deductible? We bet yes. What falls under Meal Entertainment? The answer to the above depends on whether the meal falls under the category of "Meal Entertainment". This includes providing entertainment by way of food or drink, accommodation or travel related to such entertainment, or reimbursing expenses incurred by employees for the above. So, if you're taking your employees out for an elaborate lunch or meeting clients at a restaurant, these costs are considered Meal Entertainment. The catch? If you want to claim a tax deduction and GST credit, you'll need to pay the appropriate amount of Fringe Benefits Tax (FBT). Otherwise, no deduction is allowed, and the GST cannot be claimed. What falls under Sustenance? But don't worry, not all food-related expenses fall under Meal Entertainment. Sustenance, which is food or drink that is not in the nature of entertainment, is tax deductible and GST credits are claimable. This includes things like morning and afternoon teas, meals on premises provided during meetings or training, or meals consumed while on overnight travel. Any other food and entertainment FBT exemptions? There are also some exemptions available that can reduce or eliminate the FBT liability.... --- > Bad debt is not a term business owners love to hear but it’s familiar. What happens when this occurs and how can you avoid it from happening to your business? - Published: 2023-02-28 - Modified: 2025-04-10 - URL: https://futureadvisory.com.au/blog/what-happens-when-a-business-gets-into-significant-debt/ - Categories: Books, Business Advice, Finance Bad business debt is not a term business owners love to hear but it’s often a familiar one. Sometimes it’s necessary to start a business with debt in tow – a bank loan that allows you to get things off the ground. In Australia there are thousands of businesses that are currently in debt, some of which can make ends meet and others who won’t be so fortunate. The ATO currently has an estimated $66 billion of uncollected tax payments which gives you a good idea of how common it is for a business to find themselves in debt. So, what happens when this occurs and how can you avoid it from happening to your business? Key Highlights Causes of Business Debt: Businesses often fall into debt due to poor cash flow, extended credit terms, unexpected costs, and inefficiencies. Key warning signs include overdue tax, high-interest loans, and rising stress. Getting Out of Debt: Tackle debt by negotiating with creditors, consolidating or refinancing loans, and cutting costs. A good accountant can guide recovery. Staying Debt-Free: Avoid debt by monitoring cash flow, maintaining reserves, enforcing payment terms, and keeping fixed costs low. Plan ahead for slow periods and know your break-even point. The most common ways businesses get into debt Poor cash flow management Number one is always poor cash flow management. Keeping track of income and expenses, timing or payments, setting a budget... the list goes on. These are all common mistakes that we see with business clients. Often it’s... --- > Here’s why being a good leader is so important to business success, the traits a good leader possesses and ways to improve your leadership skills. - Published: 2023-02-08 - Modified: 2023-02-08 - URL: https://futureadvisory.com.au/blog/what-makes-a-good-leader/ - Categories: Business Advice, Culture Leadership and business owning go hand in hand, particularly when the business grows enough to start hiring. Making the transition from business owner to manager can be a tricky one to navigate, particularly if you’ve never held a leadership position before. Here’s why being a good leader is so important to business success, the traits a good leader possesses and ways to improve your leadership skills. Why is being a good leader so important as a business owner? Strong leadership as a business owner directly influences the success, growth and longevity of the business. Here are a few reasons why... Employee engagement and motivation: hiring the right people and then retaining them arguably has the biggest impact on business success, and it’s ofcourse one of the hardest things to master. A good leader motivates their employees and creates a positive environment that people want to work in. Happy employees are productive employees! Good decision making: being able to weigh up options and then make confident decisions within the business is a hallmark of a strong leader. Indecisiveness and being too slow to move has a trickle down effect that will often mean your competitors stay ahead of you. Culture: we’ve all worked for excellent and poor managers and know the stress and uncertainty of being ‘led’ by someone who’s erratic, a micromanager or a poor communicator. On the other hand, a great leader will embrace healthy workplace habits, be a supportive and positive role model and encourage innovation and collaboration.... --- > We’ve touched on areas we think are of particular importance for 2023 that are worth considering before you decide on your business path for the next 12 months. - Published: 2023-01-24 - Modified: 2023-02-06 - URL: https://futureadvisory.com.au/blog/5-business-resolutions-for-2023/ - Categories: Business Advice, Culture New year, new you... new year, new goals... etc, etc. This isn’t groundbreaking stuff ;) Whilst the personal resolution content continues to go off chops this month, we’re here to remind you that considering your business resolutions is an important January activity too. For many small businesses it’s a slow time of year and you’re likely to have a bit more time up your sleeve. If you’ve been reading our blogs for a while, you’ll know how important we believe planning and goal setting is to the success of your business. Before you get stuck into updating your business plan (which should outline higher level strategy and aims for the year), we’ve touched on some areas we think are of particular importance for 2023 that are worth considering before you decide on your business path for the next 12 months. Develop a comprehensive digital marketing strategy  This isn’t news – digital marketing has played an integral role in reaching and engaging with target audiences for most businesses, for years now. It still surprises us how many people don’t have a strategy in place though. Once upon a time, chucking some posts up and interacting a couple of times a month cut it. That hasn’t been the case for a long while now. Covid highlighted digital’s importance more than ever – and if you’re not doing it well, you can bet at least some of your competitors are. And that means one simple thing: you’re losing business. Consider a comprehensive digital marketing strategy... --- > The latter is 2022’s current buzzword which is the bearer of unfortunate news for our back pockets. Read more in our article! - Published: 2022-11-15 - Modified: 2023-01-24 - URL: https://futureadvisory.com.au/blog/how-inflation-affects-you-and-your-business/ - Categories: Finance We aren’t sure what’s worse: ‘pandemic’ or ‘inflation’? Either way, the latter is 2022’s current buzzword which is the bearer of unfortunate news for our back pockets. Whilst there’s a lot of chatter about the price of lettuce going up, there’s not so much about what inflation actually is and how it may affect your business. Here’s what you need to know. What does inflation mean, and why does it happen? Essentially inflation is when there’s a price increase on goods and services and a fall in the purchasing value of your money.   A simple example is that your usual grocery shop may have been in the ballpark of $200 and all of a sudden you can’t get the same basket of veggies and vegemite for less than $220 – the price of goods has gone up and the value of your money doesn’t give you the same purchasing power.   There are several factors that can influence and cause inflation including: Increased money supply (remember all the money the government was handing out during the pandemic? That adds to it! ) Devaluation (decrease in economy exchange rate – anyone who’s been to Europe or the US lately will feel that pain) Rising wages (again influenced by a serious lack of labour supply since the pandemic)  Demand-pull inflation (this happens when the demand for goods and services is greater than the ability for an economy to provide) Cost-push inflation (increase in prices when wages and materials go up)  Policies... --- > Did you know there are both corporate and individual trustees? It’s a point of confusion for many, and we wanted to clear up the difference between the two. - Published: 2022-10-01 - Modified: 2025-04-08 - URL: https://futureadvisory.com.au/blog/the-difference-between-corporate-and-individual-trustees/ - Categories: Business Advice, Tax Accounting Corporate trustees Many of our clients have a trust – they hold many benefits and it’s a structure that can work for a variety of reasons. Did you know there are both corporate and individual trustees? It’s a point of confusion for many, and we wanted to clear up the difference between the two. We think someone said knowledge is power? Read on ;) Top Highlights Individual Trustees: Offer a straightforward and cost-effective setup but come with personal liability risks and potential complications in distinguishing between personal and trust assets. Corporate Trustees: Provide limited liability, clearer asset separation, and simplified succession planning, though they involve higher setup costs and additional administrative responsibilities. Choosing the Right Trustee: The decision between individual and corporate trustees impacts asset protection, legal liability, and administrative complexity, making it crucial to align the choice with the trust's objectives and the beneficiaries' needs. What is a trust?   A trust is actually a legal arrangement. Trusts are not separate legal entities; they are however treated as a separate entity for taxation purposes. Generally, trusts are used for asset protection purposes and can provide tax benefits. The tax benefits are due to the distributions of the income distribution which allows money to be allocated to those in different marginal tax brackets, allowing lower average rate of tax across a family group. What is a trustee?   Trusts can have one or more Trustees. A Trustee manages and holds assets for the benefit of one or more beneficiaries under the trust... --- > A motor vehicle logbook records all your vehicle use for 12 consecutive weeks, tracking all personal & business trips. Check out our article for more information! - Published: 2022-09-13 - Modified: 2025-04-10 - URL: https://futureadvisory.com.au/blog/everything-you-need-to-know-about-vehicle-logbooks/ - Categories: Books, Tax Accounting Here’s everything you need to know about logbooks: what they are, why you need one, and the easiest ways to keep one. Often, one of the biggest perks of owning a business, or being an employee that has to use your vehicle for work, is being able to write off your car and its seemingly never-ending costs as tax deductions. Whilst this is largely true – there’s a misconception that you can either claim 100% of the expenses (unless your industry specifically demands it, this isn’t correct) or that you don’t need to keep records.   Logbooks are at the top of our nagging list pre and post-tax return meetings. They’re something that most people still don’t keep. Still, with recent ATO changes, logbooks are necessary to complete your end-of-year returns (whether you’re a business owner or an individual looking to claim car expenses as a tax write-off).   Here’s everything you need to know about logbooks: what they are, why you need one, and the easiest ways to keep one. What is a vehicle logbook? What is a logbook? A motor vehicle logbook records all your vehicle use for 12 consecutive weeks, tracking all personal and business trips. This information is required to claim tax deductions for your motor vehicle using the Logbook Method rather than the Cents Per Kilometer Method, which requires diary entries and no receipts. Read on to understand why it’s beneficial to go to the extra effort of a vehicle logbook... Why do I need to keep a logbook vehicle? If you use your car for business or work purposes, you need a logbook to maximise your... --- > All kinds of situations can arise between BAS payments or end of year tax bills. Here’s everything you need to know about ATO payment plan. - Published: 2022-09-12 - Modified: 2025-05-22 - URL: https://futureadvisory.com.au/blog/how-do-i-organise-an-ato-payment-plan/ - Categories: Tax Accounting An ATO payment plan is a financial assistance arrangement allowing repayment of any existing debt with the ATO over a period of time in instalments rather than upfront in one hit. A payment plan has a set amount that is to be paid weekly, fortnightly or monthly. Key highlights: Flexible Repayment to Ease Financial Stress: ATO payment plans allow taxpayers to repay their tax debt over time in manageable instalments, helping to avoid large upfront payments and reducing financial pressure. Eligibility and Documentation Requirements: Anyone with an ATO debt can apply, but those with larger debts or past defaults may need to provide detailed financial information, including income, expenses, and assets. Maintaining Good Financial Standing: Regular payments help avoid additional penalties and protect credit ratings while monitoring progress and staying in contact with the ATO ensures the plan remains effective. Payment plans are a very common way of meeting tax obligations. All kinds of situations can arise between BAS payments or end of year tax bills that make it hard to hard over thousands in one hit. Here’s everything you need to know about ATO payment plans... What is an ATO payment plan? An ATO payment plan is a financial assistance arrangement allowing repayment of any existing debt with the ATO over a period of time in instalments rather than upfront in one hit. A payment plan has a set amount that is to be paid weekly, fortnightly or monthly. Organising an ATO payment plan is essential for maintaining your financial health. By setting up a payment plan, you can avoid penalties and interest charges that accrue on unpaid taxes. Furthermore, by opting for an ATO instalment plan, you can alleviate financial stress and avoid potential penalties and interest charges. Who is eligible for an ATO payment... --- > Estate planning is the process of creating a plan for what will happen to your assets once you’re gone. This is not a close-to-retirement-problem. Learn more! - Published: 2022-09-09 - Modified: 2024-03-20 - URL: https://futureadvisory.com.au/blog/what-you-need-to-know-about-estate-planning/ - Categories: Business Advice, Finance It might seem like a morbid topic, but pondering your estate planning well before you’re at retirement age is crucial for a number of reasons. There are two certainties in life: death and taxes. Estate planning is an umbrella term that encompasses lots of different areas that need your consideration. We’ve listed them and explained the importance of each. You need a will A will is a document that determines how your assets will be distributed upon your death. It can also name guardians for any minor children you may have, and assign power of attorney to someone who will manage your financial and/or medical affairs if you become incapacitated. A living trust can be included in a will, with instructions on when the trust should begin after your death, who should serve as trustee (the person responsible for managing the assets), and what conditions need to be met before distributing them to beneficiaries. Leaving family members in the lurch (we all have a horrible story over will disputes) isn’t something any of us want to do. If you own a business and/or property, a will is a non negotiable. If you’ve got dependents, it’s particularly important. Enlist the help of a lawyer and get it done properly. Powers of attorney A power of attorney is a legal document that authorises a trusted individual to act on your behalf. You can grant them the authority to make financial decisions, manage property and other assets, collect any income or benefit you... --- > All business owners are required to keep records of their income and expenses for five years. But how to do it? Let's read our article! - Published: 2022-09-05 - Modified: 2022-09-05 - URL: https://futureadvisory.com.au/blog/how-and-why-should-you-record-keep-properly/ - Categories: Books, Business Advice, Tax Accounting Unless you’re a Type A organisational genius (if yes, we already have a crush on you... ), then record keeping is a big old pain in the butt for business owners. It’s something our team spend a lot of time chasing up and we get it – we’re the first to dob Jase in for his poor record keeping ;)  Here’s an explainer as to why we have to nag you for those pesky receipts and ways that tech can make it much easier. Why are all business owners required to keep records? All business owners are required to keep records of their income and expenses for five years, from the date of the relevant tax returns lodgement date. These records also include other documents such as elections, determinations and calculations relating to your business affairs.   If you’ve amended any of your tax lodgements (BAS, Tax Returns, FBT Returns) at a future date, the record keeping requirement starts again from the date the amendment was lodged.   The ATO can request copies of any documents relating to running your business if they choose to review your lodged returns, and not having those documents isn’t exactly a rabbit hole you (and we) want to go down. Protect yourself and your business... and make your life a lot easier than the alternative. More on that below. What records do business owners need to keep? All income and expenses related to running your business must be recorded. Think bank statements, physical receipts, electronic... --- > Every holiday is a chance to relax, but it can also be a time to plan ahead for your taxes. So, How can I make a holiday a tax deduction? Learn more! - Published: 2022-08-10 - Modified: 2025-04-10 - URL: https://futureadvisory.com.au/blog/how-can-i-make-a-holiday-a-tax-deduction/ - Categories: Tax Accounting Not sure about you... but it seems every person and their dog are either soaking up some QLD sun or sipping on an aperol in Italy at the moment. It’s got that travel bug flying around and we know a lot of you are wondering whether those flights can go on the business card, or if holidays are a strictly personal expense. Here’s the answer to those questions!   Key Highlights Business vs. Holiday Travel: Travel is tax-deductible only if it's primarily for business—like meetings or conferences. Holidays or remote work from the beach don’t count. Split costs clearly if combining both. What You Can Claim: You can claim flights, transport, accommodation, and meals for the business portion only. Leisure activities, family expenses, and personal add-ons are not deductible. Keep Records: Track everything—receipts, itineraries, and proof of business purpose. Mistakes or missing records can lead to penalties, so check with your accountant before booking. What is a tax deduction? A tax deduction is a reduction in income that is allowed or sanctioned under the tax laws. Deductions reduce the base amount of income on which an individual is taxed. Certain expenses, sometimes called itemized deductions, have been known as deductions for many years. However, tax law changes have broadened the term "deduction" to include eliminated income, such as credits and exemptions; these create revenue offsets for government bills. When you claim deductions, it directly impacts your taxable income, ultimately lowering your overall tax liability. The ATO guidelines on tax deductions... --- > What does a financial advisor do? Here are 7 things that a financial advisor can help you with. Contact Future Advisory today for more information. - Published: 2022-07-14 - Modified: 2024-11-19 - URL: https://futureadvisory.com.au/blog/what-does-a-financial-advisor-do/ - Categories: Finance For most people, financial advisors are synonymous with having a bit of cash in your pocket. Whilst advisory is certainly a great way (we’d argue the *best* way) to build your wealth, it’s also a service for those who are just starting to venture into the very big, wide, sometimes intimidating world of money – whether you’re a student, someone experiencing their first full time wage or a low income earner. Financial advisory is for anyone wanting to make the most of their hard earned. To explain why a financial advisor is so beneficial, we need to start with the what. Here’s what you can expect from working with (a good) one. Key highlights: Comprehensive Support Beyond Investments: Financial advisors provide tailored advice covering everything from retirement and tax planning to risk management, helping beginners and seasoned investors alike. Building Financial Confidence: Advisors fill in the gaps in financial know-how, from budgeting to superannuation, setting clear goals, and making financial literacy accessible. Ongoing Adjustments to Fit Life Changes: Advisors regularly review and adapt plans as life and financial situations change, ensuring a steady path toward financial security. What Is a Financial Advisor?   A financial advisor is a professional who offers personalised advice on managing your finances, from wealth management to portfolio management. Whether you're new to investing or looking to secure your retirement, a financial advisor can provide insights and strategies to help you meet your financial goals. A financial advisor’s role extends beyond just managing investments. They are... --- > To establish a director ID, you will need to verify your identity & ensure that this information matches the records held by the ATO. Learn more about it here. - Published: 2022-07-04 - Modified: 2022-08-25 - URL: https://futureadvisory.com.au/blog/how-to-establish-your-director-id/ - Categories: Tax Accounting To establish a director ID, you will need to verify your identity and ensure that this information matches the records held by the ATO. 1. Verify your identity If you establish your director ID online, and you have not already set up myGovID, you will need to download the app onto your phone or device and create an account. The myGovID does not create your director ID - the app’s only purpose is to validate your identity, and once validated, issue a code that can be used to identify you on government online services without going through the same verification process. myGovID uses your phone/device’s camera to scan your forms of identification such as your passport, driver’s licence and/ or visa to validate who you say you are. Be careful when you are scanning your documentation as the system does not always read the scan correctly. You can check the documentation requirements here. 2. Apply for your director ID through ABRS Once you have set up your myGovID, you need to apply to the ABRS for your director ID. Use the email you used to create your myGovID to start the process here. In addition to your myGovID, you will need to have on hand documentation that matches the information held by the ATO. If you have a myGov account linked to the ATO, you can find the details on your profile. You will need:- Your tax file number- The residential address held on file by the ATO; and- Two... --- > Here are the key things you need to know about the small business restructure regime, & how the recent changes may affect you. Contact Future Advisory today. - Published: 2022-06-23 - Modified: 2024-11-19 - URL: https://futureadvisory.com.au/blog/the-small-business-restructure-regime/ - Categories: Business Advice, Tax Accounting Sounds like a boring title but we promise you, this is worth a read if you find yourself in significant tax (or other creditors like suppliers) debt. Bringing you some news from the ATO/government/treasury/whoever else decides these things that may be the difference between liquidation and keeping your head above water. Huge, relieving changes for those finding themselves in a bit of post-covid (or are we still saying mid? ) strife. Key highlights: Debt Relief While Staying in Control: The Small Business Restructure (SBR) Regime allows small business owners to restructure and manage debts while continuing to operate their business, offering an alternative to liquidation. Cost-Effective and Streamlined Compliance: The SBR regime simplifies reporting, reduces administrative burdens, and lowers compliance costs through automation, making it a more efficient choice compared to traditional methods. Three-Step Restructuring Process: The SBR process includes submitting a proposal, a 15-day creditor approval period, and the rollout of the debt repayment plan, overseen by a restructuring practitioner to ensure compliance and successful implementation. What is the SBR regime? Introduced in Jan 2020, the SBR regime was designed to give business owners a way to restructure debts whilst remaining in control of the business (rather than having to liquidate). The reforms came into action last year – well timed with the amount of small businesses struggling to meet various payments on the back of covid. Industries like hospitality and gyms were particularly hard hit, or those that were impacted on rising costs of materials and other companies... --- > Once you've booked your individual tax return appointment, your next step is to complete this tax return checklist. This will make your tax appointment run smoothly. - Published: 2022-06-14 - Modified: 2022-09-15 - URL: https://futureadvisory.com.au/blog/individual-tax-return-checklist-2022/ - Categories: Tax Accounting If you've booked your individual tax return appointment, your next step is to complete this checklist. Come to your appointment organised and it'll be a seamless process – with that return finding it's way into your bank account ASAP! INCOME Please provide evidence that is relevant for you: Salary or Wages (PAYG Payment Summary / Group Certificate)Allowances, Tips, Earnings, Directors FeesEmployer Lump Sum Payments, Employment Termination Payments (ETP)Government. Allowances including Youth Allowances, Newstart and AustudyAustralian Government Pensions and/or Superannuation Income StreamsAustralian Superannuation Lump Sum Payments Gross Interest for each accountDividends received on Shares and Managed Fund StatementsEmployee Share SchemeDistributions from Trusts and/or PartnershipsCapital Gains (include the sales proceeds and all the costs related to acquiring the asset)Foreign Source IncomeRental Property Income (please provide your annual summary from the real estate agent if available)Any other income Individual Tax Return DEDUCTIONS Please provide evidence that is relevant for you: Work Related Car Expenses (Cents per km up to 5000 business km’s or Log book method)Work Related Travel ExpensesWork Related Uniform Expenses (including protective clothing)Work related Self-Education Expenses (travel to course, course fees, books & stationery)Work related Expenses (telephone, union fees, tools and equipment, computer, subscriptions, printing & stationery, internet cost, sun protection and any other work related deductions incurred)Costs incurred if you received income from interest and/or dividends eg, interest paidDonations (where receipts were given for donations over $2)Last Year Tax Agent Fee Income Protection OTHER INFORMATION For Individual Tax Return, please provide evidence that is relevant for you: Private Health Insurance... --- > Tax time is coming, so check our comprehensive checklist of things you need to consider this tax season, from personal tax to business tax. - Published: 2022-06-10 - Modified: 2022-08-22 - URL: https://futureadvisory.com.au/blog/pre-gaming-for-tax-time/ - Categories: Tax Accounting Sound the alarm because TAX TIME is just around the corner, and while many may be slowly reclining into winter hibernation, we accountants are just firing up.   One of the secrets to an easy breezy EOFY is being prepared so we’ve armed you with our comprehensive checklist of what you need to do before your 21/22 personal or business tax meeting with one of us. Personal tax Tally up your taxable income Your taxable income includes all of the income streams that you have to pay tax on. These include:  Salary and wages from your employerInterest from bank accountsDividends and other income from investments. These definitely include cryptocurrency! Any bonuses or commissions PensionsRental income Work our your tax deductions We love a deduction and encourage you to think about these before your tax meeting.   Add up your phone and internet bills and work out what percentage of these you used for work purposes. Did you have to buy rat tests for work? These are deductible! If you work from home there are lots of potential deductions including electricity expenses for heating or cooling and lighting, even toilet paper. If you’ve undertaken study or a course that relates to your current employment activities and you’ve paid for it yourself, this is deductible. You can claim transport and travel expenses if you have needed to travel while performing your work duties. This includes ubers and taxis, flights, public transport and driving your car, but more on that next! Update your log... --- > How to value a business? There are numerous methods to do and the option usually depends on your industry. Explore factors that can influence business evaluations. - Published: 2022-05-17 - Modified: 2024-10-22 - URL: https://futureadvisory.com.au/blog/how-to-value-a-business/ - Categories: Interview Pondering what your blood, sweat and tears might literally be worth can be a pretty fun daydream as a business owner. There are lots of reasons to value a business with the most obvious one being you want to sell up shop – whether that’s for retirement or to move onto the next venture. Valuing businesses is far from straight forward. There are numerous ways to do it and the option usually depends on your industry.   Here are the basics to know about valuing a business.   Key Insights Importance of Business Valuation: Valuing a business is crucial for various reasons, including selling, restructuring, succession planning, bringing in new partners, and attracting investors. Factors Influencing Valuation: Several factors influence business valuations, such as the impact of external events like COVID-19, individual circumstances, intangible assets like intellectual property (IP), the length of time in business, and tangible assets. Valuation Methods: Various methods can be used to value a business, depending on the industry and specific circumstances. Reasons To Value A Business If you’re selling a business, you need to know it’s worth. If you’re buying a business... you need to know what the investment looks like. In this scenario, the seller would have the business valued, with the documents then provided to potential buyers. This is a starting point for negotiations and there’s usually then room for movement either up or down according to who’s interested If you’re selling an asset If you’re restructuring a business (and the reasons to... --- > One of our favourite clients, Tarts Anon, are here to dish out their best business advice for small business owners. Here’s Catherine, co-founder of Tarts Anon. - Published: 2022-04-05 - Modified: 2023-03-04 - URL: https://futureadvisory.com.au/blog/interview-tarts-anon/ - Categories: Interview One of our favourite – and certainly our most delicious – clients, Tarts Anon, are here to dish out their best business advice for those considering taking the plunge, or owners who are already in the thick of it but could always use another tip or three. Here’s Catherine, co-founder of Tarts Anon... How did Tarts Anon come to be? Why tarts? Tarts Anon started out of our small apartment during Melbourne’s lockdown, mostly out of boredom. Gareth (who does the baking) was making various pastries at home and (over time! ) I convinced him they would be good enough to sell. I have always had an interest in photography, so started up the Tarts Anon Instagram and did a flyer drop in our apartment building. From there, everything escalated pretty quickly! What’s been the hardest thing about being in business so far? And the hardest lesson learnt? I think the hardest thing has been knowing when to take a risk and when to be patient. We’ve been really fortunate in that Tarts Anon started as a passion project and we didn’t really have any long-term projections for the business, so we were able to make it work for us in and around our existing jobs and lifestyle. As we’ve grown, though, we’ve needed to really work out systems and processes so that the business can grow sustainably. The hardest lesson has been knowing when to outsource some of the work! It’s hard to let your business go into other... --- > We’ve got you covered with our wrap up of the best bits of Treasurer Josh Frydenberg’s 2022/23 federal budget. - Published: 2022-03-30 - Modified: 2022-09-15 - URL: https://futureadvisory.com.au/blog/unpacking-the-2022-23-federal-budget/ - Categories: Interview If the end of the financial year is accountant’s Christmas, then budget night is New Year’s Eve, and with just weeks until the federal election, a war in Europe, a pandemic and natural disasters front of mind for Australians and for the government, this was an interesting one.   If you forgot to tune in with your popcorn last night (you missed out! ) we’ve got you covered with our wrap up of the best bits of Treasurer Josh Frydenberg’s 2022/23 federal budget.   Sweet relief! If trips to the petrol bowser have been leaving you in tears over the last few weeks and months, you’ll be glad to know help is on its way. The libs have decided to slash the tax levy on fuel in half for the next six months - saving us a cool 22 cents a litre. Pensioners, carers, veterans, job seekers and other eligible concession cardholders will receive a one-off $250 payment to assist with the rising costs of living. This payment will be made to eligible recipients automatically in April 2022. Low and middle income earners will receive a once-off extra $420 back in their 2021/22 tax returns on top of the existing low and middle tax offset, which means some can expect a healthy $1500 back at tax time.   Getting down to business We were stoked to find out there were a bunch of wins for business owners in this year’s budget.   It was music to our tech loving ears... --- > Here are 3 new tech platforms that we’ve just learnt about, that talk to Xero, and that we think you might find very handy. Contact us today for more information. - Published: 2022-03-25 - Modified: 2022-09-13 - URL: https://futureadvisory.com.au/blog/three-new-tech-platforms-business-owners-need-to-know-about/ - Categories: Interview If you’ve been here for more than five minutes, you know we are some of Xero’s biggest fans – and we love a bit of business tech in general. Apps and software form a big part of our business advisory services because we know the difference perfectly suited technology can make to processes and cashflow. It’s about finding the right fit.   Here are three new apps that we’ve just learnt about, that talk to Xero, and that we think you might find very handy. Airwallex If your business knows no borders, Airwallex is for you. Airwallex is a multi-currency platform that allows businesses of all sizes to trade internationally without the long transaction processing times, hefty conversion fees and mega confusion.   With the Airwallex app, you can collect and hold funds in more than 11 currencies with zero transaction fees (win! ). The team at Airwallex also claims to offer exchange rates up to 90 per cent cheaper than banks, which is a big deal if you’re regularly trading overseas.   If you sell services or products internationally, Airwallex allows you to accept local payment methods from all over the world and settle them in whichever currency suits you. You can also pay international bills and create international bank accounts, all in this globe-trotting app. Another cool feature is free access to “borderless” multi-currency visa cards that can be added straight to your Apple wallet and ready to use in a flash.   Airwallex has some pretty cool... --- > Pay as you go installment is one of 2 ways in pay business tax. We will help to explain what PAYGI is & the pros and cons of it. Check it out! - Published: 2022-03-23 - Modified: 2022-09-15 - URL: https://futureadvisory.com.au/blog/payg-installments-explained/ - Categories: Finance, Tax Accounting - Tags: accountant melbourne, accountant narre warren, accountants perth, income tax, PAYGI The tax implications of owning a business are many and keeping track of what you owe and why can be hard. Even harder when you’re growing and your structure is evolving, the tax requirements evolving with it.   There are two ways to pay business tax: in one lump sum at the EOFY, or in pay as you go installments across the year so you don’t end up with a large amount in one go. The ATO will either automatically opt you in for PAYGI, or your accountant will do so on your behalf before this happens. Here’s what you need to know... What is a Pay As You Go Installment (PAYGI)? They are quarterly prepayments of the tax on your business income according to your predicted tax billThe installments avoid one big bill at the end of the year, which people often don’t have the money to payThis is different to PAYG withholding, which is the tax employers deduct from payments to their employees. An important distinction! How Do You Enter PAYGI? It can happen automatically via the ATO according to your latest tax returnIf you’re an individual (sole trader) or trust, you’ll automatically find yourself entering PAYGI if:installment income from your latest tax return is $4,000 or moretax payable on your latest notice of assessment of $1,000 or more, andestimated (notional) tax of $500 or moreSometimes, accountants will make the decision to enter you into PAYGI before it’s enforced by the ATO because... it’s a great way to... --- > You can hold your own CFO meeting yearly, every six months or even quarterly. Here are 8 things to know about holding your own CFO meetings - Published: 2022-03-09 - Modified: 2025-06-17 - URL: https://futureadvisory.com.au/blog/8-things-to-know-about-holding-your-own-cfo-meetings/ - Categories: Business Advice, Finance Our VCFO service has gone off with a bang and it’s not hard to understand why – small to medium businesses get all the perks of a CFO but with a bigger team and a much (much) smaller expense. However! Not all of you are quite there yet, and that’s absolutely okay.   VCFO meetings are a key part of our service and are incredibly valuable, for numerous reasons. They allow you to reflect, plan and problem solve, all through the lens of your numbers – which means smart decision making and future proofing. You can hold your own CFO meeting yearly, every six months or even quarterly. Here’s some of what we run through in ours: Where are the problems, what are you trying to fix? Be *honest* with yourself. As business owners it’s easy to let pride get in the way and giving and receiving truthful feedback can be hard to hear, and even harder to come up with yourself. For a business to succeed, (we’ll be blunt) this is something you have to get over. If you take a step back and look at it not only from an owner’s perspective but also from an employees, a stakeholders or a client’s perspective, where are the issues in your business? What needs to change? This could be something obvious like profit, or something more detailed like the conversion rate of your add to cart vs sale ratio online. Financial results vs budget. If you don’t have a budget, you... --- > Learn about Fringe Benefit Tax and what you can claim as FBT. Its also important to note why you should claim, and what has changed in 2022. - Published: 2022-02-22 - Modified: 2025-06-17 - URL: https://futureadvisory.com.au/blog/what-you-need-to-know-about-fringe-benefits-tax-fbt/ - Categories: Interview This one doesn’t go on the commonly asked questions list because most of our clients forget about it, and many don’t know what it is or if it applies to them. With the technicalities changing regularly and the definition wordy, we get it. Here’s a breakdown of what you need to know in simple terms. Key takeaway: if you’re a client, keep up to date with your emails! You’ll receive a form to complete, and we’ll take the rest from there. What is Fringe Benefit Tax? Fringe benefits tax (FBT). A fringe benefit is a benefit provided to an employee or their associate (eg/ family). This includes directors who own their business and aren’t necessarily paid a wage.   What are examples of fringe benefit tax? A work car which is also used as a private car Giving the employee a loan Private health insurance as part of a remuneration package Tickets to sporting events or other entertainment Meal entertainment expenses Gym membership What’s changed with Fringe Benefit Tax? The days of being fast and loose around FBT are gone. We are now registering everyone who has employees for FBT, unless you contact us to say otherwise. Even if you don’t have an FBT expense this year, but you do have employees – you’re still better off registering now... more on that later. The Commissioner is targeting FBT this financial year so it’s time to get our collective heads around it! How is Fringe Benefit Tax charged? The amount of... --- > Looking after our mental health is an ongoing commitment that you need to invest time & energy into. Here are five ways you can use to look after yourself. - Published: 2022-01-17 - Modified: 2025-06-17 - URL: https://futureadvisory.com.au/blog/reset-your-mental-health/ - Categories: Business Advice - Tags: accountant melbourne, accountants brisbane, accountants perth, Coronavirus, holiday, mental health To say that our mental health pivoted last year is an understatement. It was a messy rollercoaster ride with hardly any opportunity to switch off. Thankfully it’s a new dawn, it’s a new day, it’s 2022 so it’s basically a new life (hopefully free from further lockdowns). The start of a new year means you can reflect, reset your mental health and set some new goals.   Looking after our mental health is an ongoing commitment that you need to invest time and energy into. Let’s make these new year resolutions the ones you follow through with.   Here are five ways you can reset your wellbeing equilibrium:  1. REALLY take time off work  We know how it goes. You check your phone, open that email from a client, and now you can’t stop thinking about it until you reply. Next thing you know you’re knee-deep in emails. Let your clients know your leave dates, put them up on your social media channels and stick to them.   Set up the vacation responder, turn the notifications off, put your phone down and don’t think about your business. On iPhone you can set up a new Focus function, limiting who or the apps you receive notifications from. Turn this function on if it helps.   If you’re struggling to do so, have a think about the why. Are there urgent things on the list you need to tick to get your ducks in a row? Do you need to set up... --- > If you don’t have a business plan, then you definitely need to read on. If you do have a plan, it’s time to update it, as you should every 6 - 12 months! - Published: 2022-01-03 - Modified: 2025-06-17 - URL: https://futureadvisory.com.au/blog/its-time-to-revisit-your-business-plan/ - Categories: Business Advice, Tax Accounting New year, new goals, new resolutions to forget by Feb ;) We love the few weeks post-Christmas where everyone takes a breather and often, we’re lucky enough to ease back into work without the usual hustle that the rest of the year holds. It’s the perfect time to do some ‘what’s next’ thinking for your business. If you don’t have a business plan, then you definitely need to read on. If you do have a plan, it’s time to update it. They’re meant to be evolving documents that get a brush up every 6 - 12 months!   What’s the purpose of a business plan? Putting pen to paper (or keyboard to screen) does a lot of good things for your business but in our opinion, the most important purpose is that it allows you to make good decisions. Business owners make decisions – big and small – constantly throughout the day. The big ones can have even bigger implications on business success and having a great accountant *cough* to help you get across the numbers when considering options and having a plan that outlines goals and vision and where you want to be in the future means that decision making is significantly easier. Making big calls on a whim spells disaster and the approach you take can be the difference between a short lived or a future proofed business.   What should be in a business plan? A business plan should encompass the key areas that will help you... --- > We had a chat with Julian Grasso from 30XY about their unique industry & some insights into what it’s like to work with your nearest & dearest. Read more here. - Published: 2021-12-23 - Modified: 2022-08-22 - URL: https://futureadvisory.com.au/blog/interview-30xy-group/ - Categories: Interview - Tags: accountant melbourne, accountants brisbane, accountants perth, xero accounting Genuine care for their clients, high quality of service and a positive impact on the environment – all the values we share with our client 30XY Group. We had a chat with Julian Grasso from 30XY about their unique industry and some insights into what it’s like to work with your nearest and dearest. Who is 30XY Group?   Family owned and operated, we are a boutique-sized waste management company that targets two main areas: bulk liquid waste collection and environmental services to the Greater Melbourne area. We collect and dispose of millions of litres of liquid waste such as sewer/septic, oil and grease trap waste. These are considered Reportable Priority Wastes in Victoria and have a transport code that must be tracked with the EPA. We’re EPA Licenced to carry and legally dispose of almost all waste types, so we have the capacity to cover a wide spread of jobs. We also offer environmental services such as Non-Destructive Digging, Drain Cleaning and CCTV pipeline inspections to name a few. Why waste management?   It’s a niche industry dominated by publicly listed companies such as Cleanaway, Veolia and Suez, so there are great opportunities to enter the space as a family business. One of the considerations was the barrier of entry into this industry due to demand, high upfront capital cost and long waiting periods. The equipment costs between half a million to a million depending on the fit-out and the wait times can be up to 12 months. Specifically... --- > 2021 has been a long road but the biggest light at the end of this tunnel is a holiday! We’ve selected a few places in Victoria & WA to check out this summer. - Published: 2021-12-21 - Modified: 2025-06-18 - URL: https://futureadvisory.com.au/blog/were-on-holidays-here-are-our-melbourne-perth-getaway-suggestions/ - Categories: Culture 2021 has been a long road but the biggest light at the end of this particular tunnel is... a holiday! (Most) borders are open and those airbnb’s haven’t been cancelled (fifth time lucky? ). If you’re anything like us, a getaway has literally never sounded better. We’ve rounded up a few places to add to your growing summer list because we reckon you’ve had enough accounting content for this year. Melbourne getaways  Mackenzie Falls The Grampians is a must-do for any Melbournian with hikes and wineries and other attractions coming out of it’s very pretty landscape left right and centre. Mackenzie Falls is one of its main drawcards – the water thunders to the below pool so loudly that you’ll hear it before you see it. Bring your bathers for a dip on a hot day. If you’re a foodie, you can’t visit the area without dining at The Royal Mail Hotel. It’s one of the state's best restaurants. Flinders Rockpools Or more specifically, Mushroom Reef Marine Park. Whether you like to snorkel or walk or enjoy a relaxing dip, this part of the coast is spectacular. You might find starfish, weedy seadragons (trivia fact: they’re Victoria’s marine fauna emblem) or even a small shark. Lunch at Pt Leo Estate and a massage at Jackalope wouldn’t go down badly either... The NGV pink pool This is a great one for the kids. This year’s Architecture Commission for the gallery is a 21 metre pink paddling pool. Pick a sunny day... --- > Director Identification Numbers (DINs) has come into play and if you’re a business owner, you have to know about it. We’ve summarised the bits worth remembering. - Published: 2021-11-30 - Modified: 2022-11-25 - URL: https://futureadvisory.com.au/blog/dins-what-are-they-and-do-you-need-one/ - Categories: Business Advice - Tags: accountant melbourne, accountant narre warren, accountant richmond, accountants perth, ATO, DIN We’re bringing you a truly boring accounting article today – but for good reason, we promise. Director Identification Numbers have come into play and if you’re a business owner, you have to know about it. We’ve summarised the bits worth remembering. What is a DINs (Director Identification Numbers)? It’s a 15-digit identifier that is assigned to every director of a company. Once you’re assigned a DIN, it’s yours for life. The main reason ATO deemed this necessary is to stop dodgy behaviour – like someone making you a director of another company without your knowledge, or illegal phoenix activity (ending one company that’s in financial trouble just to start up another company without any of the liability). If you’re a sole trader or are in a partnership, this doesn’t apply to you. How to apply for director identification number (DINs)? No one can apply for a DIN on your behalf – it must be done by the director themselves. So our job is to pass this information on to you, nag you a bit, and make sure you’ve done it by the due date.   How to check director identification number (DINs)? To check your DIN, you need to know the following items: The name of the company The name of the director The PAN number of the director. The date of birth of the director. How to get a Director Identification Number (DINs)?   The process of getting a DINs is quite simple. All you need to do is... --- > We’ve come out of what we hope is the last ever lockdown. It’s been a tough year for everyone but some of our clients have copped it the hardest. - Published: 2021-11-10 - Modified: 2022-08-22 - URL: https://futureadvisory.com.au/blog/celebrating-our-clients-reopening-post-lockdown/ - Categories: Culture - Tags: accountant melbourne, accountant narre warren, accountant richmond, accountants brisbane, accountants perth, Clients We’ve come out of what we hope is the last ever lockdown and have taken a breath of fresh air. It’s been a tough year for everyone but some of our clients have copped it the hardest. Now that they’re allowed to (literally) open their doors and welcome you with open arms, we’re here to give them a shoutout and celebrate their post lockdown re-opening!   Beauty/Skin treatments DermaMedica innovative Skin CareWillow Skin & Beauty Hair salons/Hairdressing BODA Hair and BeautyMadam Frou frouHairko StudioBella Vena Gyms The Queen of Lean Cafes The Volt CafeSugar Buns Bakery CafeLukumades Windsor Clothing Augie and MayFrankie and CoCoDutchess Martha Retail Hardware HubRaw Decor Massage therapy Spine ConsultantsHealthify Services SmartshotsVidpodFull Stack FilmsMint Tours (Travel! ) Venues Australian MountainboardersThe Royal Hotel West Wyalong Wedding Suppliers  NudoCreme De La CakesMusic With MemoriesOne Day Your WayMiss Ladybird CakesZephyr and BloomThe Photobooth Girl Alcohol  Recreation BrewingDeath Gin Ms Rona no doubt continues to affect us in our everyday lives, regardless of lockdown. If your business needs pivoting, resetting new financial goals or analysing the numbers in depth for a good understanding of how C-19 has affected your business, get in touch! Management and analysis of financials is not everyone’s forte, so if your business is looking for further support, we also have a VCFO service. --- > To celebrate our first year of business, we recap the wins, the losses and the lessons that our three directors have made so far. Read more here. - Published: 2021-10-29 - Modified: 2025-06-17 - URL: https://futureadvisory.com.au/blog/what-we-have-learnt-in-the-first-year-of-business/ - Categories: Business Advice, Interview Being a business owner is one huge, ongoing lesson. Although Future Advisory wasn’t Jase, Greg and Shelley’s first rodeo, there are always new mistakes to be made and sometimes we can’t help but do things the hard way. Often, we do get it right and give ourselves a well deserved pat on the back. To celebrate our first year in business, we’re recapping the wins, the losses and the lessons that our three directors have made so far. Greg Lessons learnt the hard way: Rapid growth almost always puts you in treacherous waters. What you think would work to scale a business quickly... doesn’t. Having the correct procedures (technology, processes, software, systems, guided support, education and dedicated time to the team) is so vital to seeing the business through a high growth phase.   We’re good at adapting and pivoting but in hindsight, we should’ve moved even faster on these fronts. Evolving programs and processes and showing off Future as a workplace that amazing talent want to join was done a bit too slowly. We got there eventually though! Another common mistake that we made was not enough cashflow planning to fund and allow all our new team members to find their feet. As any business owner knows, this is often the biggest point of stress. What you’d do differently next time: Planning the next hire earlier and making sure they are the right hire! Easier said than done but enough resources need to be dedicated here because hiring the... --- > Xero is a user-friendly, cloud accounting software that makes business owners’ (& their accountants) lives easier! Here are 10 steps to get started with Xero. - Published: 2021-10-15 - Modified: 2022-08-22 - URL: https://futureadvisory.com.au/blog/10-steps-to-set-up-your-xero/ - Categories: Business Advice, Finance - Tags: xero accounting You’ve heard us harp on about it for years now, but if you’re still not a part of the cloud accounting revolution that is Xero, this is your sign to jump on board! In fact, *humble brag incoming* we’ve just been named Xero’s accounting partner of the year! So there really has never been a better time.   Xero is a super user-friendly, cloud accounting software that makes business owners’ (and their accountants) lives easier! Can you tell we’re big fans? Trust us, we think you will be too. Xero helps business owners to cut down on time spent doing tedious tasks (hello data entry! ) and sweating over keeping on top of their books, by using automation and clever tech to streamline those time consuming tasks and make doing business, beautiful*. (*this may even be their tagline. ) Ready to get started? The good news is your Xero set up could not be easier, so without further ado, here are our top 10 steps to get you on your way. 1. Choosing the right Xero accounting subscription for you Firstly, it’s important to choose the right Xero subscription for you. There are Xero accounting subscription options for sole traders, small businesses or more established businesses and it’s important to read through what each of these subscription options mean and choose the appropriate option for your business. Xero accountants, like us, can also provide guidance on which subscription option to choose. There is also an option for a payroll only... --- > Is your business set up under the right structure? Read about the different business structures & learn which one is most suitable for you. Contact us today. - Published: 2021-10-06 - Modified: 2025-06-17 - URL: https://futureadvisory.com.au/blog/is-your-business-set-up-under-the-right-structure/ - Categories: Business Advice, Finance Are you starting a new business? Are you looking at changing your current business structure to fit your growth?   Setting up your business under the right structure is in our top three most important tasks when you’re starting out. The other two are having a business plan and getting an accountant ? ? ? ? . There are four business structures that you can choose from, each with their own advantages and disadvantages. They are sole trader, partnership, company and trust. We’ll go through each one so you can make the most informed choice, but we strongly recommend discussing it with your accountant who can assist you with this process.   Sole trader  If you’re riding solo, this is the simplest and cheapest business structure to set up. It doesn’t have a lot of legal and tax regulations and the profits are recorded on your individual tax returns. Freelancers who earn under $18k often adopt this business model to take advantage of the tax-free threshold. You have the option to hire others but you cannot employ yourself. Your tax brackets and obligations are exactly the same as those for individuals, unless you’re earning 75k+, which means you’ll have to register for GST and pay BAS statements too.   Sole trader Set up costsNone, other than registration for a business name (if applicable) – $37 (1 year) or $88 (3 years). Business bank account establishment – bank fees if any. Licence and registrationRegister for an Australian Business Number (ABN). Register a... --- > Future Advisory are finalists for the Xero Awards: Xero Accounting Partner of the Year & Cloud Champion of the Year (the only firm to be up for two awards). Learn more! - Published: 2021-09-03 - Modified: 2022-08-19 - URL: https://futureadvisory.com.au/blog/we-are-xero-awards-finalists-heres-why-you-should-apply-for-awards-too/ - Categories: Business Advice, Culture Firstly, we’ll toot our own horn for a minute and let you know that we’re finalists for the Xero Accounting Partner of the Year (woohoo! ) and the Cloud Champion of the Year (the only firm to be up for two awards). The cherry on top all finalists then go into the running for the People’s Choice Award. To win the latter, we need a hand! You can vote for us here. Register, confirm your email, vote for us, get a free stubby holder from us. Thank you! If you’ve been here for more than five minutes, you’ll know we fangirl/boy over Xero accounting software (we even have an entire website page dedicated to them). Their yearly awards are prestigious within the accounting community for numerous reasons; largely because the name Xero is synonymous with innovation and beautiful business. Name a firm that doesn’t want to be associated with those lovely adjectives... This year, Xero are focussing their awards on accounting businesses that have made positive change, despite ‘rona. It’s the feel-good content we need people. The reason we get so excited about awards is that recognition from someone other than your closest community that says we’re doing a bloody good job just feels great. We work our futuristic brains very hard and okay yes, we love looking at the award shelf every now and again! They look pretty. It’s more than an ego boost though.   Should your business apply for industry awards? Yes. And here are some reasons... --- > We have just moved into a co-working space in South Yarra and are enjoying a number of benefits. See our top 5 reasons why a co-working space can benefit you. - Published: 2021-08-27 - Modified: 2022-09-15 - URL: https://futureadvisory.com.au/blog/south-yarra-accountants-and-is-a-co-working-space-right-for-you/ - Categories: Business Advice, Culture - Tags: accountant melbourne, accountant narre warren, accountant richmond, accountants brisbane, accountants perth, accountants south yarra, coworking, coworking space The future is here and we’ve left the good old traditional office spaces behind us, moving into another co-working space in South Yarra (adding to our existing Narre Warren and Perth locations). Co-working is a membership-based workplace where individuals or businesses can work together in a shared setting. We aren’t the only ones who’ve cottoned onto it – co-working spaces are the fastest growing office solution on the market right now; as future-thinking accountants, we’ve been all aboard this particular train for years, but as soon as we took a tour of our new South Yarra space, we knew we’d found our next location.   The COVID-19 pandemic changed the way we work and increased the demand for flexible office spaces, especially for small to medium sized businesses. From the flexibility to community engagement and networking opportunities, there’s a lot of incentive to jump on the coworking bandwagon. Introducing our homebase – The Commons.   The Commons have seven locations across Australia, but we settled on Melbourne’s vibrant cultural hub – South Yarra, right next to Chapel Street. As unconventional accountants in every way that matters, we were thrilled to move into a coworking space that shares many of our values and offers our team an alternative to a conventional office, and a much needed escape from WFH if they need it.   Why we love working at The Commons South Yarra Flexible working arrangement: Work-life balance is very important to us. We want our superstar team to have a... --- --- ## Service > We make carbon accounting easy for Aussie small businesses. Track emissions, meet compliance, and grow sustainably, with help from expert carbon accountants. - Published: 2023-10-16 - Modified: 2025-06-18 - URL: https://futureadvisory.com.au/services/accounting-and-tax/carbon-accounting/ We make carbon accounting easy for Aussie small businesses. Track emissions, meet compliance, and grow sustainably, with help from expert carbon accountants. Working with Trace We connect Xero with Trace’s platform which means your accounting data is used to accurately access your carbon footprint with Trace’s incredible software. From there we can help you take steps to both offset your emissions but to also reduce them in general. You’ll know what emissions are coming from which specific source and using the numbers, we can help to advise on where you may be able to make different choices, leaving the planet a better place. --- > Choosing the right service business structure isn’t one-size-fits-all. We help Aussie businesses get it right, from sole traders to companies, with expert guidance. - Published: 2022-05-19 - Modified: 2025-06-18 - URL: https://futureadvisory.com.au/services/accounting-and-tax/business-structure/ Choosing the right service business structure isn’t one-size-fits-all. We help Aussie businesses get it right, from sole traders to companies, with expert guidance. The *most* important takeaway to remember is that choosing a structure is on a case-by-case basis and involves a plethora of variables. They’re a complicated piece of the business puzzle and affect your tax in a big way. Chat to us before making any decisions. --- > Simplify tax and accounting compliance with expert support tailored to Aussie small businesses. No jargon, just clear, practical help you can count on. - Published: 2022-05-19 - Modified: 2025-06-18 - URL: https://futureadvisory.com.au/services/accounting-and-tax/compliance/ Simplify tax and accounting compliance with expert support tailored to Aussie small businesses. No jargon, just clear, practical help you can count on. We provide compliance and taxation services for the following structures: Corporate taxation (including sole traders, partnerships, trusts, companies)Individual taxationTaxation of trustsSuperannuation taxationPartnership taxationFringe benefits taxationWithholding taxes and operational taxesFinancial statement preparationPayroll servicesFuel tax credit claimsTax file number applications and other tax compliance matters Book An Appointment --- --- ## Offices > Future Advisory offers bookkeeping, tax, Xero accounting, mortgage broking & financial learning — right here in the heart of Melbourne CBD. - Published: 2024-07-26 - Modified: 2025-06-18 - URL: https://futureadvisory.com.au/office/melbourne-cbd/ If you work in the Melbourne CBD, live in the area or love spending time in the city's streets and laneways, you can catch up with us here, right in the heart of Melbourne. Please note that a face-to-face meeting at this location is by appointment only. --- > Future Advisory’s Cremorne team offers expert bookkeeping, tax, Xero accounting, mortgage broking and financial learning, all tailored to your goals. - Published: 2021-05-25 - Modified: 2025-06-18 - URL: https://futureadvisory.com.au/office/cremorne/ - States: Victoria Professional accountants in Cremorne. A popular hub for inner-city suburbanites, our Cremorne accountant office is where creativity and culture meet. Surrounded by Victorian architecture, we're just a hop, skip and a jump to the Yarra River, with delicious coffee and diverse cuisine close by. --- > Expert tax, bookkeeping & Xero accountants in Mooloolaba & Sunshine Coast QLD. We help small businesses grow with proactive advice & smart strategies. - Published: 2020-08-31 - Modified: 2025-06-18 - URL: https://futureadvisory.com.au/office/sunshine-coast/ - States: Queensland The latest Future Advisory office is perched in the heart of Mooloolaba – this prime location provides a front-row seat to the azure waters of the Coral Sea and the golden sands of Mooloolaba Beach. Wait... is this a tourism ad or an accounting and advisory firm? We love both our city and our work so, play on? Our Mooloolaba address is more than just a workspace; it's where ambition meets relaxation. Come in for a chat about anything from starting a business, to the implications of various structures and whether you need to revisit your forecast and budget (or anything in between). The view is on us. --- > Future Advisory’s Narre Warren team offers bookkeeping, tax, Xero accounting, mortgage broking and financial learning, tailored to your goals. - Published: 2020-08-27 - Modified: 2025-06-18 - URL: https://futureadvisory.com.au/office/narre-warren/ - States: Victoria Innovation and style come together in our Narre Warren office, where we service clients in the south eastern suburbs of Melbourne. Skip the CBD commute and find your community south side with our amazing Narre Warren team. --- --- ## Members --- ## FAQs - Published: 2025-06-10 - Modified: 2025-06-10 - URL: https://futureadvisory.com.au/faq/what-accounting-services-do-you-offer-in-mooloolaba-and-the-sunshine-coast/ - FAQ Categories: General We offer a full range of accounting and advisory services to individuals and businesses across the Sunshine Coast. This includes tax returns, BAS lodgements, bookkeeping, payroll, and Xero cloud accounting support. We also provide financial coaching and strategic business advice to help you make smarter money moves and feel more in control of your finances. --- - Published: 2025-06-10 - Modified: 2025-06-10 - URL: https://futureadvisory.com.au/faq/do-you-have-accountants-based-in-mooloolaba/ - FAQ Categories: General Yes, we work with clients right across Mooloolaba and the surrounding area. Whether you're a local business owner, a sole trader, or running a growing team, we offer hands-on support with practical advice that suits your day-to-day operations. Think of us as your go-to finance crew with local insight and big-picture thinking. --- - Published: 2025-06-10 - Modified: 2025-06-10 - URL: https://futureadvisory.com.au/faq/can-you-help-small-businesses-with-accounting-and-tax/ - FAQ Categories: General Absolutely. We specialise in helping small businesses manage their finances with confidence. From choosing the right business structure to handling tax planning, payroll, and compliance, our team supports you with advice that’s easy to understand and genuinely useful. No suits, no jargon, just clear guidance to help your business grow. --- - Published: 2025-06-10 - Modified: 2025-06-10 - URL: https://futureadvisory.com.au/faq/what-makes-future-advisory-one-of-the-best-accounting-firms-on-the-sunshine-coast/ - FAQ Categories: General We’re not your typical accounting firm. At Future Advisory, we bring together top-tier expertise with a relaxed, friendly approach that actually makes sense to real people. We’re all about building relationships, solving problems, and delivering advice that leads to real results. Whether you need support with tax or strategy, we’re here to help without the stress. --- - Published: 2025-06-10 - Modified: 2025-06-10 - URL: https://futureadvisory.com.au/faq/are-you-a-certified-xero-accountant-on-the-sunshine-coast/ - FAQ Categories: General Yes, we are proud to be certified Xero accountants. We can help you get set up with Xero, train your team, and provide ongoing support to make your accounting smoother and more efficient. With cloud accounting, you get real-time access to your financials, which means better decisions and less paperwork. --- - Published: 2025-06-10 - Modified: 2025-06-10 - URL: https://futureadvisory.com.au/faq/how-can-i-find-the-best-tax-accountant-in-sunshine-coast-qld/ - FAQ Categories: General A great tax accountant understands both the rules and your personal or business situation. At Future Advisory, we take the time to get to know you so we can offer tailored advice that actually works. If you're looking for trustworthy support and a team that speaks your language, you're in the right place. --- - Published: 2025-06-10 - Modified: 2025-06-10 - URL: https://futureadvisory.com.au/faq/how-do-you-support-business-owners-on-the-sunshine-coast/ - FAQ Categories: General We help business owners take control of their finances with smart advice, clear planning, and regular check-ins. Whether you’re launching something new, scaling up, or just trying to get a better handle on your cash flow, our Sunshine Coast team offers the tools and support to make it happen. --- - Published: 2025-06-10 - Modified: 2025-06-10 - URL: https://futureadvisory.com.au/faq/how-do-i-get-started-with-your-sunshine-coast-accounting-team/ - FAQ Categories: General It’s simple. Just book a free chat through our website and one of our team members will get in touch. We’ll listen, learn about your goals, and map out a plan that fits your needs. No pressure, just good advice and support from people who genuinely want to help. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-is-e-commerce-accounting/ - FAQ Categories: E-commerce E-commerce accounting involves managing the financial aspects of online businesses, including sales tracking, inventory management, and tax compliance. It requires a deep understanding of e-commerce platforms and their financial implications. At Future Advisory, we help e-commerce businesses navigate these complexities to ensure financial stability and growth. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/why-do-small-businesses-need-an-e-commerce-accountant/ - FAQ Categories: E-commerce Small businesses need an e-commerce accountant to ensure accurate financial reporting, manage cash flow effectively, and comply with tax laws. An accountant can help optimise financial strategies, reduce administrative burdens, and provide insights that inform business decisions. Our team at Future Advisory is dedicated to helping small e-commerce businesses achieve financial clarity and success --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-accounting-software-is-best-for-e-commerce/ - FAQ Categories: E-commerce For e-commerce businesses, Xero is often the preferred accounting software due to its ease of use, cloud-based accessibility, and seamless integrations with platforms like Shopify and WooCommerce. It provides real-time financial insights, automates tasks, and supports multi-channel sales tracking. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-the-benefits-of-outsourcing-e-commerce-accounting/ - FAQ Categories: E-commerce Outsourcing e-commerce accounting offers several benefits, including access to specialised expertise, reduced administrative costs, and enhanced financial accuracy. It allows businesses to focus on core operations while ensuring compliance with complex tax regulations and financial reporting requirements. At Future Advisory, we provide personalised accounting services tailored to the unique needs of e-commerce businesses. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-common-challenges-in-e-commerce-accounting/ - FAQ Categories: E-commerce Common challenges include managing transactions from multiple sales channels, tracking inventory accurately, and ensuring compliance with sales tax laws across different jurisdictions. Additionally, handling returns, refunds, and chargebacks can be complex without the right accounting systems in place. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-the-key-financial-reports-for-e-commerce-businesses/ - FAQ Categories: E-commerce Key financial reports for e-commerce businesses include: Cash Flow Statements: Essential for managing liquidity and ensuring timely payments. Balance Sheets: Provide a snapshot of the business's financial position at a given time. Income Statements: Help track profitability and identify areas for cost reduction. Inventory Reports: Crucial for managing stock levels and optimising supply chains. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/how-can-i-ensure-accurate-tax-compliance-with-xero-integrations/ - FAQ Categories: E-commerce To ensure accurate tax compliance with Xero integrations, ensure that tax rates in your e-commerce platform match those in Xero. Use integration tools that handle different tax scenarios accurately, and regularly review financial reports to catch any discrepancies. Our team can guide you through this process to ensure compliance. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/how-do-i-set-up-the-shopify-to-xero-integration/ - FAQ Categories: E-commerce Setting up the Shopify to Xero integration typically involves using a third-party app like Amaka or A2X. These tools guide you through connecting your Shopify store to Xero, automating the sync of sales data, payments, and inventory levels. Our experts can assist with this setup to ensure a seamless integration. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/how-do-i-set-up-the-shopify-to-xero-integration-2/ - FAQ Categories: E-commerce To set up the Shopify to Xero integration, you can use plugins like Xero for Shopify or third-party apps. These tools help connect your Shopify store to Xero, syncing orders, customer details, and payment information. We recommend using a plugin or app that supports multiple Shopify stores if needed. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/how-is-ecommerce-accounting-superior-to-traditional-bookkeeping/ - FAQ Categories: E-commerce Imagine trying to navigate Melbourne’s hook turns with a map from the 1950s. That’s what using traditional bookkeeping for an eCommerce business feels like. eCommerce accounting offers: Real-time data: No more waiting for month-end to know how your business is doing. Multi-channel integration: It can handle data from various sales platforms seamlessly. Automated processes: Less manual data entry means fewer errors and more time for you to focus on growing your business. Scalability: As your business grows, your accounting system can grow with you. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-is-retail-accounting/ - FAQ Categories: Retail Retail accounting involves managing financial transactions specific to the retail industry, including sales tracking, inventory management, and tax compliance. It's crucial for ensuring accurate financial reporting and making informed business decisions. At Future Advisory, we help retailers navigate these complexities to achieve financial clarity and stability. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-the-key-financial-statements-in-retail-accounting/ - FAQ Categories: Retail Key financial statements include the income statement, balance sheet, and cash flow statement. These provide insights into profitability, financial position, and liquidity, helping retailers assess performance and plan for growth. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-inventory-valuation-methods-are-used-in-retail-accounting/ - FAQ Categories: Retail Common inventory valuation methods in retail include First In, First Out (FIFO), Last In, First Out (LIFO), and the Weighted Average Method. Each method affects how the cost of goods sold is calculated, impacting financial reporting and tax obligations. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/why-is-accurate-inventory-tracking-important-in-retail/ - FAQ Categories: Retail Accurate inventory tracking is vital for preventing stockouts and overstocking, ensuring efficient cash flow management, and reducing waste. It also helps in maintaining accurate financial records and making informed decisions about inventory levels and supply chains. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-accounting-software-is-best-for-retail-businesses/ - FAQ Categories: Retail Popular accounting software for retail includes QuickBooks Online, Xero, and Zoho Books. These platforms offer features like inventory management, sales tracking, and financial reporting, helping retailers streamline operations and improve financial accuracy. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/how-do-retailers-ensure-compliance-with-tax-regulations/ - FAQ Categories: Retail Retailers can ensure compliance by staying updated on tax laws, using accounting software that supports tax compliance, and consulting with accounting professionals. At Future Advisory, we help retailers navigate complex tax regulations to avoid penalties and ensure timely tax filings. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/how-can-an-accountant-help-retail-businesses/ - FAQ Categories: Retail An accountant can assist with setting up and managing accounting systems, providing financial insights, and ensuring compliance with tax laws. They also help with cash flow management, budgeting, and strategic financial planning, enabling retailers to make informed decisions and achieve financial stability. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/why-should-retail-businesses-outsource-accounting-functions/ - FAQ Categories: Retail Outsourcing accounting functions allows retailers to access specialised expertise, reduce administrative costs, and improve financial accuracy. It also enables businesses to focus on core operations while ensuring compliance with complex financial regulations. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-common-challenges-in-retail-accounting/ - FAQ Categories: Retail Common challenges include managing transactions from multiple sales channels, tracking inventory accurately, and ensuring compliance with tax laws. Additionally, handling returns, refunds, and chargebacks can be complex without the right accounting systems in place. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-role-does-technology-play-in-retail-accounting/ - FAQ Categories: Retail Technology plays a crucial role in retail accounting by streamlining financial processes, automating tasks like invoicing and inventory tracking, and providing real-time financial data. Advanced accounting software helps retailers make informed decisions, improve efficiency, and enhance financial accuracy. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-is-hospitality-accounting/ - FAQ Categories: Hospitality Hospitality accounting involves managing financial transactions specific to hotels, restaurants, and resorts. It includes tracking income, expenses, assets, and liabilities; ensuring compliance with tax regulations; and providing accurate financial reports. At Future Advisory, we help hospitality businesses navigate these complexities to achieve financial clarity and stability. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-the-key-financial-statements-in-hospitality-accounting/ - FAQ Categories: Hospitality Key financial statements include the income statement, balance sheet, and cash flow statement. These provide insights into profitability, financial position, and liquidity, helping hospitality businesses assess performance and plan for growth. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-common-challenges-in-hospitality-accounting/ - FAQ Categories: Hospitality Common challenges include managing high-volume transactions, tracking cash transactions accurately, and navigating complex tax laws. Additionally, managing inventory and recognising revenue correctly can be complex. Our team at Future Advisory is experienced in addressing these challenges and providing tailored solutions. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-accounting-software-is-best-for-hospitality-businesses/ - FAQ Categories: Hospitality Popular accounting software for hospitality includes Xero and others. These platforms offer features like inventory management, payroll tracking, and financial reporting tailored to hospitality needs. We recommend choosing software that integrates well with your hotel management system. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/how-do-hospitality-businesses-ensure-compliance-with-tax-regulations/ - FAQ Categories: Hospitality Hospitality businesses ensure compliance by staying updated on tax laws, using accounting software that supports tax compliance, and consulting with accounting professionals. Regular audits also help identify any discrepancies and ensure timely tax filings. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/how-can-an-accountant-help-hospitality-businesses/ - FAQ Categories: Hospitality An accountant can assist with setting up and managing accounting systems, providing financial insights, and ensuring compliance with tax laws. They also help with cash flow management, budgeting, and strategic financial planning, enabling hospitality businesses to make informed decisions and achieve financial stability. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/why-should-hospitality-businesses-outsource-accounting-functions/ - FAQ Categories: Hospitality Outsourcing accounting functions allows hospitality businesses to access specialised expertise, reduce administrative costs, and improve financial accuracy. It also enables them to focus on core operations while ensuring compliance with complex financial regulations. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-the-benefits-of-regular-audits-in-hospitality-accounting/ - FAQ Categories: Hospitality Regular audits ensure accuracy and transparency in financial reporting, identify areas for improvement, and help maintain compliance with financial regulations. They also provide an opportunity to review internal controls and optimise financial processes. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-the-benefits-of-integrating-hotel-management-systems-with-xero/ - FAQ Categories: Hospitality Integrating hotel management systems with Xero offers several benefits, including automated invoicing, streamlined financial reporting, and reduced manual data entry. This integration helps hoteliers manage bookings, accounts, and financial data in one place, saving time and minimising errors --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/can-i-use-xero-for-large-hotel-chains/ - FAQ Categories: Hospitality Yes, Xero can support large hotel chains by tailoring accounting functionalities to their established financial workflows. It offers centralised visibility and control, making it suitable for businesses of all sizes. However, larger chains may require additional customisation and support to ensure seamless integration with multiple properties. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-is-construction-accounting/ - FAQ Categories: Trades and Construction Construction accounting involves managing financial transactions specific to the construction industry, including job costing, revenue recognition, and compliance with tax regulations. It's crucial for tracking project expenses, managing cash flow, and ensuring accurate financial reporting. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-the-key-financial-statements-in-construction-accounting/ - FAQ Categories: Trades and Construction Key financial statements include the income statement, balance sheet, and cash flow statement. These provide insights into profitability, financial position, and liquidity, helping construction businesses assess performance and plan for growth. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-the-key-construction-accounting-methods/ - FAQ Categories: Trades and Construction Common methods include the cash method, accrual method, fixed price method, time and materials method, completed contract method, and percentage of completion method. Each method has its advantages and disadvantages, and choosing the right one depends on the project's nature and requirements. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/how-can-an-accountant-help-construction-businesses/ - FAQ Categories: Trades and Construction An accountant can assist with setting up and managing accounting systems, providing financial insights, and ensuring compliance with tax laws. They also help with cash flow management, budgeting, and strategic financial planning, enabling construction businesses to make informed decisions and achieve financial stability. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-accounting-software-is-best-for-trades-and-construction-businesses/ - FAQ Categories: Trades and Construction Popular options include Xero and others. These platforms offer features like job costing, progress billing, and financial reporting tailored to the needs of both trades and construction businesses. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-the-unique-accounting-challenges-for-trades-businesses/ - FAQ Categories: Trades and Construction Trades businesses face challenges like managing cash flow, tracking job costs, and ensuring compliance with GST, BAS, and PAYG obligations. Additionally, managing motor vehicle expenses and tool depreciation can be complex. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/how-do-trades-businesses-ensure-compliance-with-tax-regulations/ - FAQ Categories: Trades and Construction Trades businesses ensure compliance by staying updated on tax laws, using accounting software that supports tax compliance, and consulting with accounting professionals. Regular audits also help identify any discrepancies and ensure timely tax filings. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/how-can-an-accountant-help-trades-businesses/ - FAQ Categories: Trades and Construction An accountant can assist with setting up and managing accounting systems, providing financial insights, and ensuring compliance with tax laws. They also help with cash flow management, budgeting, and strategic financial planning, enabling trades businesses to make informed decisions and achieve financial stability. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/why-should-trades-businesses-outsource-accounting-functions/ - FAQ Categories: Trades and Construction Outsourcing accounting allows trades businesses to access specialised expertise, reduce administrative costs, and improve financial accuracy. It also enables them to focus on core operations while ensuring compliance with complex financial regulations. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-is-fitness-accounting/ - FAQ Categories: Health and Fitness Fitness accounting involves managing financial transactions specific to the fitness industry, including gyms, personal trainers, and wellness coaches. It includes tracking income and expenses and ensuring compliance with tax regulations. At Future Advisory, we help fitness businesses navigate these complexities to achieve financial clarity and stability. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-the-key-financial-statements-in-fitness-accounting/ - FAQ Categories: Health and Fitness Key financial statements include the income statement, balance sheet, and cash flow statement. These provide insights into profitability, financial position, and liquidity, helping fitness businesses assess performance and plan for growth. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/how-can-a-personal-trainer-accountant-help-your-business/ - FAQ Categories: Health and Fitness A personal trainer accountant can assist with tax planning, expense tracking, and financial reporting tailored to the fitness industry. They help ensure compliance with GST and PAYG obligations, maximising tax deductions and minimising liabilities. Our team at Future Advisory provides personalised accounting services to help personal trainers achieve financial stability and focus on their core business. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-common-challenges-in-gym-accounting/ - FAQ Categories: Health and Fitness Common challenges include managing seasonal revenue fluctuations, tracking membership fees, and ensuring compliance with GST and PAYG obligations. Additionally, managing equipment expenses and staff payments can be complex. Our expertise helps gyms overcome these challenges by implementing efficient accounting systems and providing strategic financial advice --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-accounting-software-is-best-for-gyms-and-personal-trainers/ - FAQ Categories: Health and Fitness Popular options include Xero and others. These platforms offer features like automated invoicing, expense tracking, and financial reporting tailored to fitness needs. We recommend choosing software that integrates well with your existing systems to streamline operations. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/how-can-fitness-accountants-help-with-financial-planning/ - FAQ Categories: Health and Fitness Fitness accountants can assist with budgeting, cash flow forecasting, and strategic financial planning. They provide insights to help gyms and personal trainers optimise operations, reduce costs, and enhance profitability. Our team at Future Advisory works closely with clients to develop personalised financial plans that align with their business goals --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-the-benefits-of-outsourcing-accounting-functions-for-fitness-businesses/ - FAQ Categories: Health and Fitness Outsourcing accounting functions allows fitness businesses to access specialised expertise, reduce administrative costs, and improve financial accuracy. It also enables them to focus on core operations while ensuring compliance with complex financial regulations. By outsourcing accounting, businesses can achieve financial clarity, reduce stress, and make informed decisions to drive growth. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-professional-services-in-australia/ - FAQ Categories: Professional Services Professional services in Australia encompass a wide range of industries that provide specialised advice and guidance to businesses and individuals. This includes IT services, legal services, medical practices, architecture, marketing, consulting, and more. These services are characterised by their expertise and advisory nature, often requiring high levels of education and expertise. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-does-accounting-for-professional-services-offer/ - FAQ Categories: Professional Services Accounting for professional services offers specialised financial management tailored to the unique needs of each industry. This includes managing project-based billing, tracking time and expenses, ensuring compliance with tax regulations, and providing strategic financial planning to enhance profitability and efficiency. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/how-can-an-accountant-help-it-businesses/ - FAQ Categories: Professional Services An accountant can assist IT businesses by managing cash flow, optimising tax strategies, and providing financial insights to inform business decisions. They also help with budgeting, financial forecasting, and ensuring compliance with financial regulations, which is crucial for IT companies with complex billing cycles and project-based revenue. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-the-unique-accounting-challenges-for-law-firms/ - FAQ Categories: Professional Services Law firms face unique accounting challenges such as managing trust accounts, differentiating between income and revenue, and avoiding data entry errors when syncing legal billing and accounting systems. These challenges require specialised accounting practices to ensure compliance and maintain accurate financial records. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/how-do-medical-practices-track-revenue-and-expenses/ - FAQ Categories: Professional Services Medical practices track revenue by recording patient charges and insurance reimbursements while managing expenses like salaries and supplies. They use specialized accounting software to monitor financial performance, track key performance indicators (KPIs) like days in accounts receivable, and ensure compliance with healthcare regulations --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-the-unique-accounting-challenges-for-architecture-firms/ - FAQ Categories: Professional Services Architecture firms face challenges like managing accrual accounting and revenue recognition, choosing the right accounting software, and tracking time accurately. They must also manage cash flow effectively due to the accrual-based accounting system, which can create a discrepancy between recorded revenue and actual cash on hand. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-accounting-software-is-best-for-architecture-firms/ - FAQ Categories: Professional Services Popular accounting software for architecture firms includes Xero. These platforms offer features like project tracking, time billing, and financial reporting, which are essential for managing project-based financials and ensuring accurate revenue recognition. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-the-key-financial-challenges-for-marketing-agencies/ - FAQ Categories: Professional Services Marketing agencies face financial challenges like managing cash flow, aligning cost structures with revenue, and navigating economic fluctuations. They must also manage fixed costs effectively to maintain profitability during periods of reduced client spending. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/how-do-marketing-agencies-manage-cash-flow/ - FAQ Categories: Professional Services Marketing agencies manage cash flow by implementing efficient invoicing systems, tracking expenses accurately, and forecasting revenue based on historical data and market trends. They also focus on reducing fixed costs and improving payment terms with clients to enhance liquidity. --- - Published: 2025-03-27 - Modified: 2025-03-27 - URL: https://futureadvisory.com.au/faq/what-are-the-unique-accounting-challenges-for-consulting-firms/ - FAQ Categories: Professional Services Consulting firms face challenges like managing project-based billing, tracking time and expenses, and ensuring compliance with tax regulations. They must also manage cash flow effectively due to the project-based nature of their work, which can lead to variability in income and expenses. --- - Published: 2024-09-17 - Modified: 2024-09-17 - URL: https://futureadvisory.com.au/faq/what-specific-xero-features-are-particularly-beneficial-for-small-businesses/ Specific Xero features that are particularly beneficial for small businesses include: Invoicing: Create and send customised invoices, set automatic payment reminders, and track invoice statuses in real time. Expense Tracking: Monitor and categorise expenses effortlessly to keep tabs on spending. Payroll Management: Automate payroll processes, calculate taxes, and ensure compliance with local regulations. Cash Flow Forecasting: Xero Analytics Plus provides insights into cash flow and profitability, helping small businesses manage their finances more effectively. Online Payments: Integrate with payment gateways like Stripe and PayPal to expedite customer payments and improve cash flow. --- - Published: 2024-09-17 - Modified: 2025-04-11 - URL: https://futureadvisory.com.au/faq/3575-2/ - FAQ Categories: Xero Accounting How can Xero improve my business's financial management? Xero simplifies financial management by automating bookkeeping tasks, providing real-time financial insights, streamlining invoicing and payments, and offering tools for better cash flow management. --- - Published: 2024-09-17 - Modified: 2024-09-17 - URL: https://futureadvisory.com.au/faq/what-is-the-benefit-of-using-xeros-online-payment-integration/ The online payment integration allows businesses to receive payments faster, improves cash flow, reduces manual entry errors through automatic reconciliation, and offers a more streamlined and professional payment experience for customers. --- - Published: 2024-09-17 - Modified: 2025-04-11 - URL: https://futureadvisory.com.au/faq/can-xero-help-me-with-tax-preparation/ - FAQ Categories: Xero Accounting Yes, Xero can help with tax preparation by automating tax calculations, generating accurate financial reports, and ensuring compliance with local tax laws. It integrates with various tax software to simplify the tax filing process. --- - Published: 2024-09-17 - Modified: 2024-09-17 - URL: https://futureadvisory.com.au/faq/what-types-of-businesses-benefit-most-from-using-xero/ Xero is highly beneficial for small and medium-sized businesses, startups, freelancers, and service-based businesses looking for easy-to-use, scalable accounting software that can handle their growing financial needs. --- - Published: 2024-08-27 - Modified: 2024-08-27 - URL: https://futureadvisory.com.au/faq/where-can-i-find-professional-accounting-services-in-melbourne/ If you’re looking for expert accounting services, our team of qualified accountants in Melbourne CBD, South Yarra and Naure Warren can help. We offer a range of financial services tailored to the unique needs of small and medium-sized enterprises (SMEs) --- - Published: 2024-08-26 - Modified: 2025-04-11 - URL: https://futureadvisory.com.au/faq/what-are-the-types-of-director-penalty-notices/ - FAQ Categories: General The two types of DPNs are Non-Lockdown DPNs, which provide a 21-day period to take corrective action and avoid personal liability, and Lockdown DPNs, which result in automatic personal liability for the company’s debt due to failure to report obligations within required timeframes. --- - Published: 2024-08-26 - Modified: 2025-04-11 - URL: https://futureadvisory.com.au/faq/how-do-i-respond-to-a-director-penalty-notice-dpn/ - FAQ Categories: Tax Accounting To respond to a DPN, seek professional advice immediately, take the necessary action within the specified period (usually 21 days for a Non-Lockdown DPN), and communicate with the ATO to discuss possible payment plans or arrangements. --- - Published: 2024-08-26 - Modified: 2025-04-11 - URL: https://futureadvisory.com.au/faq/how-can-i-avoid-receiving-a-director-penalty-notice/ - FAQ Categories: Tax Accounting To avoid receiving a DPN, ensure timely reporting of PAYG withholding and SGC obligations, monitor your company’s financial health regularly, and seek professional advice early if financial difficulties arise. --- - Published: 2024-08-26 - Modified: 2025-04-11 - URL: https://futureadvisory.com.au/faq/what-happens-if-i-ignore-a-director-penalty-notice/ - FAQ Categories: General Ignoring a DPN can lead to severe consequences, including personal liability for the unpaid debt, legal proceedings by the ATO, personal bankruptcy, asset seizures, and long-term damage to your professional reputation. --- - Published: 2024-08-26 - Modified: 2025-04-11 - URL: https://futureadvisory.com.au/faq/can-resigning-as-a-director-protect-me-from-a-dpn/ - FAQ Categories: Tax Accounting Resigning as a director will not protect you from liability if the tax debt accrued during your tenure. Directors can still be held personally liable for unpaid debts incurred while they were in office. --- - Published: 2024-08-08 - Modified: 2024-08-19 - URL: https://futureadvisory.com.au/faq/why-choose-future-advisory-as-your-trusted-melbourne-accountant/ Certification and Professionalism At Future Advisory, we’re not just number crunchers – we’re financial wizards with the credentials to prove it. Our team boasts CPAs (Certified Public Accountants) who have undergone rigorous training and adhere to the highest professional standards. Client Success Stories Don't just take our word for it – our clients' success stories speak volumes. We've received rave reviews praising our professionalism, accuracy, and top-notch customer service. From untangling complex financial webs to providing game-changing insights, we've helped Melbourne SMEs of all sizes thrive. Comprehensive Accounting Services in Melbourne At Future Advisory, we offer a comprehensive range of accounting services tailored to satisfy your business's financial appetite: Bookkeeping and Financial Reporting: We'll keep your financial records as neat as a pin and provide valuable insights to support informed business decisions Tax Preparation and Compliance: We'll navigate the tax maze for you, minimising your liabilities while keeping you on the right side of the ATO. No more tax season stress! Audit and Assurance Services: We'll ensure your financial statements are as transparent as a freshly cleaned window, boosting your credibility with stakeholders. Business Advisory Services: Whether you're a startup or planning for growth, we'll be your financial GPS, guiding you from funding to optimising operations. The Future Advisory Advantage When you partner with us, you're not just getting an accountant – you're gaining a financial ally. Here's what sets us apart: Expertise and Knowledge: Our team stays on top of the latest accounting practices and regulations so you don't... --- - Published: 2024-08-08 - Modified: 2025-04-11 - URL: https://futureadvisory.com.au/faq/how-to-choose-the-right-accountant-for-your-business/ - FAQ Categories: Tax Accounting Selecting the right accountant is a crucial decision that can significantly impact your business’s financial health. Here are some tips to help you make the right choice: #1 Assess Your Needs: Determine the specific accounting services your business requires, whether it’s tax preparation, auditing, bookkeeping, or business advisory. This will help you find an accountant with the right expertise. #2 Check Credentials: Ensure that the accountant is certified, such as a CPA, and has a solid track record. Professional certifications indicate a higher level of expertise and commitment to ethical standards. #3 Evaluate Experience: Look for an accountant with experience in your industry. An accountant familiar with industry-specific regulations and challenges will be better equipped to provide relevant advice and solutions. #4 Consider Technology Proficiency: In today’s digital age, an accountant should be proficient in using modern accounting software and tools. Their ability to leverage technology can enhance efficiency and provide valuable insights into your financial data. #5 Read Reviews and Testimonials: Client reviews and testimonials can provide insight into the accountant’s reliability and quality of service. Look for reviews that highlight their professionalism, expertise, and customer satisfaction. --- - Published: 2024-07-30 - Modified: 2025-04-11 - URL: https://futureadvisory.com.au/faq/how-to-change-if-you-choose-the-wrong-structure/ - FAQ Categories: Tax Accounting We’ve written a guide on how to change your business structure. --- - Published: 2024-07-30 - Modified: 2024-07-30 - URL: https://futureadvisory.com.au/faq/what-is-the-easiest-business-structure-to-start/ A sole trader is the easiest business structure to start because it requires very little administration and low cost to do so. --- - Published: 2024-07-30 - Modified: 2024-07-30 - URL: https://futureadvisory.com.au/faq/which-business-structure-is-best-for-tax-purposes/ The business structure that is best for tax purposes is entirely dependent on your individual circumstances. Factors such as profit and how you plan to take money out of the business will dictate which structure is the most tax effective. --- - Published: 2024-07-30 - Modified: 2025-04-11 - URL: https://futureadvisory.com.au/faq/what-are-the-most-common-business-structures/ - FAQ Categories: Tax Accounting The most common business structures in Australia are sole trader, partnership, trust, and company. --- - Published: 2024-07-25 - Modified: 2024-07-25 - URL: https://futureadvisory.com.au/faq/what-is-the-50-30-20-rule-in-budgeting/ The 50/30/20 rule is a simple budgeting framework that allocates 50% of your income to needs (essentials like housing and groceries), 30% to wants (discretionary spending), and 20% to savings and debt repayment. --- - Published: 2024-07-25 - Modified: 2025-04-11 - URL: https://futureadvisory.com.au/faq/what-are-the-7-key-components-of-financial-planning/ - FAQ Categories: Financial Planning The 7 key components of financial planning typically include: Budgeting and cash flow management Debt management Savings and emergency fund planning Investment planning Insurance and risk management Tax planning Retirement and estate planning --- - Published: 2024-07-25 - Modified: 2024-07-25 - URL: https://futureadvisory.com.au/faq/what-should-i-consider-for-compliance-and-risk-management/ Stay updated on laws and regulations relevant to your industry. Ensure compliance with employee obligations, such as the superannuation rate change and single touch payroll process. Seeking advice in uncertain areas can prevent costly non-compliance issues. --- - Published: 2024-07-08 - Modified: 2025-04-11 - URL: https://futureadvisory.com.au/faq/how-many-types-of-registrable-trade-marks-are-there-in-australia/ - FAQ Categories: General In Australia, there are 8 main kinds of trade mark: words, shapes, images/logos, sounds, colours, moving images, aspects of packaging and combinations of any of these. Each type serves to protect different aspects of your brand identity, allowing you to safeguard various elements associated with your goods and services. --- - Published: 2024-07-08 - Modified: 2025-04-11 - URL: https://futureadvisory.com.au/faq/how-much-does-a-trade-mark-cost-in-australia/ - FAQ Categories: General The cost of registering a trade mark in Australia starts at AUD 250 per class for a standard online application, and can go up depending on the number of classes and specific services required. Additional fees may apply for professional assistance or legal advice, and renewal fees are required every 10 years. --- - Published: 2024-07-08 - Modified: 2025-04-11 - URL: https://futureadvisory.com.au/faq/do-i-need-to-trade-mark-my-logo-in-australia/ - FAQ Categories: General Yes, registering a trade mark for your logo in Australia is crucial for protecting your brand identity and preventing others from using a similar graphic to identify their business. Registering your logo as a trade mark gives you exclusive legal rights to use it and helps you build and maintain a unique brand in the marketplace. --- - Published: 2021-09-06 - Modified: 2021-09-06 - URL: https://futureadvisory.com.au/faq/what-services-do-accountants-provide/ Future Advisory goes further than your standard accountant. Our accounting services go beyond the books and we don’t just run the numbers – we take a look at your overall business goals and pave the path to get you there. Our services include Accounting and Tax, Bookkeeping, Financial Planning, Mortgage Broking and Xero Accounting. --- - Published: 2021-09-06 - Modified: 2021-09-06 - URL: https://futureadvisory.com.au/faq/what-is-the-difference-between-a-cpa-and-an-accountant/ Both Accountants and CPAs (Certified Public Accountants) are highly qualified. However, a CPA has a broader focus on accounting and business management, emphasising the technical aspects of accounting and complex tax matters. Overall, a CPA is better qualified to perform accounting duties than an accountant and recognised by the government as someone credible and an expert in the field. --- - Published: 2021-09-06 - Modified: 2025-06-10 - URL: https://futureadvisory.com.au/faq/why-outsource-accounting-and-tax-preparation-services/ - FAQ Categories: General When you work with your accounting and tax preparation services, you have access to highly skilled professionals who are up to date with tax and regulatory changes and best practices, with experience in a range of fields. Future Advisory provides invaluable advice to its clients to enable business owners to make informed and data-driven decisions. --- - Published: 2021-09-06 - Modified: 2025-04-11 - URL: https://futureadvisory.com.au/faq/what-is-a-tax-accountant/ - FAQ Categories: Tax Accounting A tax accountant focuses on tax returns and payments rather than preparing public financial statements and determines strategies for you or your business to defer, minimise or eliminate tax payments. They can advise you on how to finance your future tax payments and which accounting methods work best for your business. --- - Published: 2021-09-06 - Modified: 2025-06-10 - URL: https://futureadvisory.com.au/faq/what-makes-a-good-accountant/ - FAQ Categories: General A good accountant is ethical, personable, trustworthy and diplomatic. At Future Advisory, we aim to exceed 'good' accounting, opting instead to be great. We use our integrity to foster collaborative environments with our clients, acting with respect and honesty to achieve the best results. --- - Published: 2021-09-06 - Modified: 2025-04-11 - URL: https://futureadvisory.com.au/faq/what-does-future-advisory-charge-for-accounting-tax/ - FAQ Categories: Tax Accounting We tailor fixed-price packages to suit businesses of all sizes! Book a free 30 minute discovery session with a no obligation quote for help with your accounting and tax here! http://futureadvisory. com. au/contact/ --- - Published: 2021-09-06 - Modified: 2021-09-06 - URL: https://futureadvisory.com.au/faq/what-is-a-business-advisory/ A business advisory analyses the problems and potential risks your business faces and helps to provide advice in overcoming these. --- - Published: 2021-09-06 - Modified: 2021-09-06 - URL: https://futureadvisory.com.au/faq/what-does-a-business-advisory-do/ A business advisory provides reporting on performance and advises your business on strategic plans, risk assessment, and succession plans. --- - Published: 2021-09-06 - Modified: 2025-04-01 - URL: https://futureadvisory.com.au/faq/are-business-advisories-worth-it/ - FAQ Categories: Professional Services In short, YES! Hiring a business advisory will help your businesses improve performance and guide you on necessary changes to achieve success. Our purpose as your business advisory is to assist you in overcoming challenges, increasing revenue and overall growth. --- - Published: 2021-09-06 - Modified: 2021-09-06 - URL: https://futureadvisory.com.au/faq/what-should-i-look-for-in-a-business-advisory/ It would be best if you looked for a Business Advisory with a solid awareness of your field of business and the ability to work under tight deadlines. They should show strong communication and interpersonal skills as well as problem-solving and risk management skills. Your Business Advisory should take the time to understand your business needs and wants profoundly and sincerely. --- - Published: 2021-09-06 - Modified: 2021-09-06 - URL: https://futureadvisory.com.au/faq/what-services-does-future-advisory-provide/ Future Advisory provides services across business advisory, tax, financial planning, bookkeeping and mortgage broking, so you can focus your efforts on the things that matter most! --- - Published: 2021-09-06 - Modified: 2021-09-06 - URL: https://futureadvisory.com.au/faq/what-is-difference-between-accounting-and-bookkeeping/ Bookkeeping is one segment of the whole accounting system, and Accounting uses the information provided by bookkeeping to prepare financial reports and statements. Accounting and Bookkeeping work hand in hand, with Bookkeeping focusing on recording and organising financial data and Accounting interpreting and presenting the data to business owners. --- - Published: 2021-09-06 - Modified: 2021-09-06 - URL: https://futureadvisory.com.au/faq/what-is-the-easiest-payroll-software-to-use-for-bookkeeping/ Reach out to the experts at Future Advisory for assistance in payroll software for bookkeeping! http://futureadvisory. com. au/contact/ --- - Published: 2021-09-06 - Modified: 2021-09-06 - URL: https://futureadvisory.com.au/faq/what-is-a-bookkeeper/ A Bookkeeper is responsible for providing accurate and up-to-date financial information about your business. More simply, bookkeeping is more transactional and administrative, mostly concerned with recording financial transactions. --- --- ## Case Studies > Ven is an SEO, web design & development agency based in Melbourne, and we had a chance to sit down with Ven team to help them with their financial decision. - Published: 2020-10-30 - Modified: 2021-06-15 - URL: https://futureadvisory.com.au/case-study/ven/ - Case Study Categories: Business Advisory, Financial Planning, Tax Planning Who they are: Ven was founded in 2015 and has evolved in leaps and bounds since then. Co-director Steve’s background was in design for multimedia systems which set him up perfectly to then do further study in web-specific fields and digital marketing. Andy, Ven’s other Director was experienced in communications and SEO. The combination of their skillset meant that founding Ven just made sense. What they do: Web design, development and SEO. Website hosting and maintenance also go hand in hand with their offering. Ven are involved from the concept creation of a website, to building it and bringing it to life, and then making sure it’s found via SEO. It’s their belief that everyone has an idea of what makes a good website but past that, people don’t realise that separate to a new website, there’s work to do to in having it found, and then further work to ensure those leads turn into conversions. This is where Ven’s strengths come into play – their speciality is marrying good design with even better strategy.   Why they’re different: Ven don’t claim to do everything, they stick to their guns, know what they’re good at, partnering with the right companies for complementary services. Ven work very closely with clients and ensure that goals and needs are met, without outsourcing to other companies. They have a global team with Andy being Vietnamese, and an office in Ho Chi Minh. This means Ven can service businesses around the world while maintaining top notch quality... --- > Check out our case study for WLKR Digital - a marketing agency that we've helped them to ensure healthy & sustainable growth. Learn more below. - Published: 2020-10-30 - Modified: 2021-06-15 - URL: https://futureadvisory.com.au/case-study/wlkr-digital/ - Case Study Categories: Business Advisory, Financial Planning, Tax Planning Why they’re different: The usual agency model tends to do either or both of the following: focus on sales and then outsourcing a lot of the work to other agencies or overseas, or giving the work in-house to junior account managers who are often looking after 20 businesses at a time. Where’s the value in that? WLKR Digital keep the team small and agile deliberately. They work with clients in all kinds of industries that have one common thread: they think outside the box and love to do things differently (take Future Advisory for example). The traditional account manager role doesn’t exist at WLKR – whilst clients do have one point of contact, the entire team will weigh in on each business to ensure all their strengths are being utilised to full capacity. Roadblocks: As a first time business owner, Victoria’s biggest knowledge gap was around the numbers. Cashflow management and forecasting. Understanding how to grow the business in a healthy way. Road Map: Getting WLKR Digital onto the cloud. Encouraging to hire based off the numbers and education around how to use those numbers to make information decision. Polish internal processes to ensure healthy and sustainable growth. Roll Out: Xero and Practice Ignition were the first port of call. Future Advisory implemented them for Victoria and she was trained in how to use both softwares too. Monthly business advisory meetings begun and in these sessions, the ins and outs of cashflow was covered. WLKR Digital was restructured to include... --- > 2M Creative is a Melbourne based design practice known for delivering creative, detailed and high-quality solutions. Learn more about 2M Creative here. - Published: 2020-10-30 - Modified: 2023-10-13 - URL: https://futureadvisory.com.au/case-study/2m-creative/ - Case Study Categories: Financial Planning, Tax Planning Who they are: 2M Creative is a Melbourne based design practice known for delivering creative, detailed and high-quality solutions. Working primarily within the retail and hospitality industries, 2M are proficient in delivering successful commercial projects of varying scale and budget. The team have been directly involved in the design, construction and operational delivery of various retail, hospitality and commercial office refurbishments and fit-outs. The Cellar Door, Eastland Piaget Store, Chadstone Fashion Capital What they do: 2M offer a range of services including: Management of projects from design conception through to completed build to ensure the project runs on time, within scope and within budget. Determining the objectives and constraints of a design brief through consultation with clients and relevant stakeholders. Research and analysis of current design trends, as well as functional, spatial, safety and operational requirements. Creative design generation and communication of concepts through 3D computer-generated renders, sketches, plans and mood boards. Producing detailed design documentation for approval and construction. Coordinating the tendering process, including briefing and appointment of required builders, trades and suppliers. The appointment and management of relevant consultants, including engineers and building surveyors. Quality control throughout the build process to ensure the project is delivered as specified and at the highest quality. Why they’re different: Consisting of a diverse team of individuals, 2M Creative’s clients benefit from a broad range of skills and experience encompassing interior design and architecture, industrial design, graphic design, styling, project and event management. The team embrace a collaborative approach to design, drawing... --- --- ## Jobs - Published: 2022-04-27 - Modified: 2024-11-12 - URL: https://futureadvisory.com.au/jobs/junior-admin/ Key responsibilities include... Appointments follow up & Managing Meeting Room Bookings ATO mail management Hard mail management Scanning of documents Client system management & updating of details Assisting with workflow management Managing inbound contact from current clients, potential new clients – whether via phone, online enquiry or email Supporting Accounting team by liaising with the ATO for any payment arrangements, GIC & Penalty remission, Responsible from start to finish for client onboarding process Preparation of Accountants Letters Manage back end of website and online booking system Send daily reminders to the team for birthdays Correspond with marketing team re new team members, provide monthly birthday report and client report Assist management with Project Work --- - Published: 2021-11-16 - Modified: 2024-11-12 - URL: https://futureadvisory.com.au/jobs/graduate-accountant/ Position Overview: The ideal position for a graduate looking to get experience in private practice accounting, learn about business advisory and get a feel for working in a team that champions its people. The Graduate Accountant is responsible for focusing on the lower level/administrative tasks, working with the team to deliver client outcomes. They will take direction from the Senior Accountants and the Manager – however, as with everything we do, it's a two way street. We love hearing ideas no-matter what your role and are on the hunt for someone who has ambition and always includes the adjective "proactive" on their cover letter (hint hint). Your role: Be responsible for running own individual work/job report Support Senior Accountant and Manager by completing required tasks Communicate with ATO in order to follow up on current/outstanding issues Draft response to client queries for Senior Accountant approval Liaise with Bookkeepers for client transactional queries Manage and track weekly utilisation (Workflow Capacity Spreadsheet) If under-utilised, proactively communicate with manager for more work If over-utilised, proactively communicate with managers to assess client work Meeting preparation for Snr Accountant/Accountant manager Scribe for Director/client meetings Assist in the preparation of Financials and Workpapers Assist in the preparation of Tax Returns and Workpapers Assist in the preparation of BAS and Workpapers Assist in tax planning preparations Assist in meetings with clients for individual tax return preparation --- > Managers not only have an incredible grasp on the numbers, but have a number (pun intended) of additional managerial responsibilities. - Published: 2021-11-16 - Modified: 2024-11-12 - URL: https://futureadvisory.com.au/jobs/manager-accountant/ Position Overview: Managers not only have an incredible grasp on the numbers, but have a number (pun intended) of additional managerial responsibilities: directing your team to deliver accounting outcomes for our wonderful clients, work with our team utilisation metrics and financial targets as well as packing as much value as we can to each client in a timely manner and finally to deliver high level accounting personally whilst reviewing junior team member's work. We're asking for that elusive mixture of a people *and* numbers person. It's a lot, but if you can confidently tick the below list off, we're sure you've got the skills to pull this role off. Your role: Oversee the onboarding of new clients as per our existing process Manage the distribution of workload to the team Ensure your clients are happy campers! Forecasting team workload at least 2 weeks ahead Making sure that each team member produces and reviews appropriate levels of work Identify the need for new resources with understanding of utilisation and work with Directors to find best fit Weekly team meetings to determine workflow Weekly SLT meetings around any deadline issues, team issues or operational problems Monthly one on one meetings with all team members to seek feedback and assist in development Approval of annual / personal / study leave in conjunction with Directors Monthly reporting on individual team member performance and KPIs Monthly reporting on utilisation of both individuals of the team and overall Monthly reporting on actual vs financial target of... --- - Published: 2021-11-16 - Modified: 2024-11-12 - URL: https://futureadvisory.com.au/jobs/senior-accountant/ About Us : We are for the future - here for you now, so you can enjoy the later. We're here to help with your tax, financial planning, bookkeeping and mortgage broking, so you can focus your efforts on the things that matter most. About You : Bachelor degree in Commerce/Business with an emphasis in Accounting CA or CPA completed or near completion Position Summary : The Senior Accountant is responsible for the management, development and administration of a portfolio of clients under the direction of their Manager. This involves maintaining an appropriate level of service to clients and producing a high standard of work. The Senior Accountant will be responsible for delegating and reviewing work undertaken by junior team members. The Senior Accountant must be technically proficient and up to date with developments in taxation law and accounting standards, systems and processes and they will readily share their expertise with staff and colleagues. The Senior Accountant is also responsible for meeting productivity and client budgets, providing feedback and guidance to junior staff members and providing value-added services to clients. The Senior Accountant will take full responsibility and ownership of the completion of allocated jobs and is effectively responsible for managing their own workflow under the direction of their Manager. This involves the planning, delegation and review of this work, the expectation is that they will be capable of passing on a completed assignment back to their Manager for review. Key Requirements : Advanced understanding of the Corporations Act, relevant... --- - Published: 2021-10-25 - Modified: 2024-11-12 - URL: https://futureadvisory.com.au/jobs/client-services-coordinator/ Position Overview: The Client Services Coordinator is a Type A organisational genius who maintains relationships with our clients and ensures that the rest of the team is on-top of whatever they need to be on-top of. They will take direction from the accounting team to achieve the tasks accordingly. Your role: Duties include but are not limited to: Managing calendars for appointments and follow up ATO mail management Hard mail management ATO reporting ASIC compliance and changes to shareholdings, members and address Set up of new entities through NI and preparation of bank kits Apply for certificate of duty for new trusts Apply for new entities registrations through ABR Business Name Registrations and Transfers Use ASIC Connect to obtain historical ASIC extracts Use ChangeGPS to create organisational charts Workcover Applications Government Grant Applications Manage team incoming phone calls Respond to queries of Accounting Team and Clients within required time Manage accountability of team members and follow up on tasks required (FYI Docs) Managing inbound contact from current clients, potential new clients – whether via phone, online enquiry or email XPM management, archive clients who have left XPM Reporting Set up of new Xero files and chart of accounts, contact client to explain bank feed process Supporting Accounting team by liaising with the ATO for any payment arrangements, GIC remission, STP, issuing of AS when required, lodgement issues or other correspondence Attending to ATO lodgements Packaging of Annual Financial Statements and Tax Returns for clients Responsible from start to finish for... --- ---