Vault News

How To Fix Your Business If It Has Negative Cashflow

How To Fix Your Business If It Has Negative Cashflow

Cash flow is one of the most important elements of any business, this is because it determines the likelihood that a business has of meeting both its short-term and long-term financial obligations. Having healthy cash flow is crucial to ensure the growth and...

How To Create a Budget?

How To Create a Budget?

When you have a well-established budget, it becomes a lot easier for you to keep track of where your money is going and how it is being spent. When you have a budget, it also makes it easier to put aside money to pay for your bills and any additional expense and also...

How To Become a More Resilient Business Owner?

How To Become a More Resilient Business Owner?

Becoming a resilient person is a skill that will help business owners survive when things get tough. Ultimately when you are running a business you can’t rely on good luck all the time, you need to have good ideas and know how to adapt to change. When your business is...

Closing Down a Small Business in Australia

Closing Down a Small Business in Australia

Business owners are required to put huge amounts of time and energy into running their business. Unfortunately, it is a grim reality that not every business will succeed and the majority of businesses will close within their first 5 years of operating. It is important...

How To Deal with An Insolvent Company

How To Deal with An Insolvent Company

A company becomes insolvent when it is unable to pay any debts that are due. There is plenty of important information that you need to be aware of if you are an employee, a customer, shareholder, investor or creditor of an insolvent company. The company’s director or...

Important Information About Tax Returns

Important Information About Tax Returns

Submitting a tax return is a compulsory task for the large majority of Australian workers. It is common for taxpayers to make many mistakes when submitting their tax return, it is therefore important that you educate yourself and seek professional advice from an...

Important Information About Setting Up A New Business

Important Information About Setting Up A New Business

Many Australians dream of working for themselves and running their own business but without a solid plan that dream will never eventuate into a reality. Here are list of things to do to help you set up your new business. Know Your Numbers Before launching your...

A Beginners Guide To SMSF’s

A Beginners Guide To SMSF’s

A Self-Managed Superannuation Fund (SMSF) can be described as a do-it-yourself super fund for anywhere between one and four members where each of the members is designated as a trustee of the fund. All in all, every trustee must be a member and every member must be a...

Working On Your Business Vs Working in Your Business

Working On Your Business Vs Working in Your Business

It is common for business owners to burn out quickly when they start a new business. One of the reasons why business owners get burnt out is because they believe that they can do everything by themselves without getting help from other people. The situation becomes...

Business Trends in A Post-Covid World

Business Trends in A Post-Covid World

Pretty much every business on the planet has in some way been impacted by the covid-19 pandemic. Whether it be the loss of staff to covid-19 isolation, being forced to close their business due to lockdowns, forcing their staff to work from home, being unable to get...

A Beginners Guide to Xero Software 

A Beginners Guide to Xero Software 

Xero is a software that runs via the cloud which means that to use it there is nothing that needs to be installed and on top of this everything will be backed up automatically. Having access to the internet is the only thing you need to use the Xero software along...

Signs That Your Client Is in Trouble

Signs That Your Client Is in Trouble

Running a business that offers a service to help others is a fulfilling thing to do. However, sometimes you may experience a difficult client who is hard to communicate with and hard to help them achieve their goals and business aspirations. Sometimes there will be...

Common Mistakes That New Business Owners Often Make

Common Mistakes That New Business Owners Often Make

Starting a new business can be full of many highs and lows. It can bring plenty of disappointment and by not being strategic and organised you can often make some expensive mistakes. Here is a list of common mistakes that new business owners make. Not Having a...

Tips To Help Reduce Your Cryptocurrency Tax Bill

Tips To Help Reduce Your Cryptocurrency Tax Bill

Although the recent losses within the crypto market have caused huge amounts of pain on crypto investors there are still plenty of things an investor can do to reduce their crypto related tax bill. Cryptocurrency has the potential to generate huge gains, and big...

How To Improve The Management of Your Franchise

How To Improve The Management of Your Franchise

If you are a franchise business owner you will be used to leading both staff and franchisees. You will find yourself constantly re-evaluating processes, changing procedures and learning from others. You can use those franchise management skills to demonstrate your...

How Cryptocurrency Regulated in Australia

How Cryptocurrency Regulated in Australia

Cryptocurrency is currently legal in Australia. In a 2013 interview the governor of the Reserve Bank of Australia (RBA) stated “There would be nothing to stop people in this country deciding to transact in some other currency in a shop if they wanted to. There’s no...

How To Improve The Cashflow Of Your Business

How To Improve The Cashflow Of Your Business

Improving the cashflow of your business is essential if you want to remain open and continue to find new customers who are willing to spend money to purchase your products and services.Aspiring to improve the financial position of your business should always be seen...

Important Information About Cashflow Forecasts

Important Information About Cashflow Forecasts

A cashflow forecast is a very useful tool that helps business owners plan for the rises and falls in their cash availability. A cashflow forecast will help business owners measure and manage the timing of payments and receipts to ensure that they have sufficient cash...

Important Information About The Medicare Levy Surcharge

Important Information About The Medicare Levy Surcharge

The Australian Tax Office (ATO) defines the Medicare Levy Surcharge (MLS) as an additional tax that is placed onto top of a person’s income. Taxpayers are required to pay the MLS if their income is above a certain level and you don’t have an appropriate level of...

The Basics of Financial Accounting

The Basics of Financial Accounting

Financial accounting can be best described as the recordation of information about money. This includes important information about issuing an invoice to someone, as well as the payment of that invoice. Here is an overview of important information about financial...

Important Information About Income Tax in Australia for Beginners

Important Information About Income Tax in Australia for Beginners

Income tax is something that must be paid for anyone earning money in Australia and for most people the process of putting in a tax return has become a pretty straightforward once a year habit. But what if you're new to the tax system? Maybe you're starting your first...

The Four Main Types of Financial Statements

The Four Main Types of Financial Statements

Financial statements are super important. They contain valuable information about a company's financial position. They can also help individuals to decide whether to invest in the company or not. Financial statements are important pieces of information for banks that...

The Benefits of Undertaking a Cashflow Forecast

The Benefits of Undertaking a Cashflow Forecast

A business cannot survive without having any money flowing into its revenue streams. The amount of cash flow a business has will have a huge impact on the longevity and performance of a business. Many businesses that fail often cite poor cash flow management as one of...

A Beginners Guide to Cash Flow Planning

A Beginners Guide to Cash Flow Planning

Cash flow can be best described as the amount of cash and cash equivalents that a business has generated or spent over a specific period of time. Cash on hand determines a company’s runway the more cash on hand and the lower the cash burn rate. The more cash on hand a...

The Major Differences Between Cashflow And Profit

The Major Differences Between Cashflow And Profit

Cashflow and profit are two very different things and if you are a business owner it is crucial for you the understand the differences. Mistaking cash flow for profit, and vice versa, could lead to serious problems; a business can be highly profitable while having a...

FAQ’s About Tax Deductions and What Can Be Claimed

FAQ’s About Tax Deductions and What Can Be Claimed

Most Australian workers will be required to lodge a tax return each year. If you've had income tax taken from your wage or salary during the financial year, you will be required to lodge an income tax return. Anyone earning more than the tax-free threshold, which...

Frequently Asked Questions About Completing Tax Returns

Frequently Asked Questions About Completing Tax Returns

Completing your tax return can be a confusing process for many Australians. Here are some answers to some of the most common questions that taxpayers often have in regards to completing their tax return. When Can I Lodge My Tax Return? Taxpayers are able to lodge...

More Construction Firms Are Set to Collapse

More Construction Firms Are Set to Collapse

Recently published figures have shown that the cost of building a home has increased by an alarming $76,000 which means more construction firms across Australia are unfortunately going to collapse. The cost of building a house skyrocketed by a record $76,715 in April...

Unique Ways To Reduce Your Spending

Unique Ways To Reduce Your Spending

In recent months Australians have been forced to be more strategic in how they spend their money due to the rise in the cost of living. Here are some examples of some unique ways that you can reduce your spending. Put Less Petrol In Your Car A unique way to spend less...

The Biggest Mistakes Small Business Owners Make

The Biggest Mistakes Small Business Owners Make

Everyone makes mistakes at some point in their life and sometimes the negative impact of some of your mistakes can be significantly damaging for both the long term and short term. The best way to learn from a mistake without making one is to learn from the mistakes of...

Tips For Starting an Online Business

Tips For Starting an Online Business

If you are thinking about starting an online business there are a number of financial and legal foundations you must be aware of if you want your business to become successful. Here are some important things to be aware of when you are going through the process of...

The ATO Issues Warning Over Unpaid Crypto Related Taxes

The ATO Issues Warning Over Unpaid Crypto Related Taxes

The Australian Tax Office (ATO) is encouraging accounting professionals to engage with their clients on their cryptocurrency related activity. The ATO acting assistant commissioner, Sylvia Gallagher, confirmed that people as young as 18 years were getting involved in...

ATO Is Going After Taxpayers Who Make Dodgy Work-From-Home Claims

ATO Is Going After Taxpayers Who Make Dodgy Work-From-Home Claims

The ATO has outlined that it is pursuing taxpayers who are making work-from-home deductions for items such as for biscuits, toilet paper and doggy daycare and other items that are eligible for a refund at tax time. It was reported that by mid-February 2022the ATO had...

ATO Is Going After Taxpayers Who Make Dodgy Work-From-Home Claims

ATO Is Going After Taxpayers Who Make Dodgy Work-From-Home Claims

The ATO has outlined that it is pursuing taxpayers who are making work-from-home deductions for items such as for biscuits, toilet paper and doggy daycare and other items that are eligible for a refund at tax time. It was reported that by mid-February 2022the ATO had...

The Benefits of Single Touch Payroll Phase 2

The Benefits of Single Touch Payroll Phase 2

As part of the 2019–20 Budget, the Australian Government announced that Single Touch Payroll (STP) would be expanded to include additional information. The expansion of STP, also known as STP Phase 2, will decrease the reporting burden for employers who need to...

Inflation Has Caused Australian Workers To Be $600 Worse Off

Inflation Has Caused Australian Workers To Be $600 Worse Off

The average wage for an Australian worker is set to go backwards by the worrying amount of $600 in the first half of the year as a modest rise in forecast wages is unfortunately outpaced by soaring inflation. The Australian Council of Trade Unions has criticised the...

Inflation Has Caused Australian Workers To Be $600 Worse Off

Inflation Has Caused Australian Workers To Be $600 Worse Off

The average wage for an Australian worker is set to go backwards by the worrying amount of $600 in the first half of the year as a modest rise in forecast wages is unfortunately outpaced by soaring inflation.  The Australian Council of Trade Unions has criticised...

Calls For More Women To Work In The Construction Industry

Calls For More Women To Work In The Construction Industry

There has been a large number of female tradies using their social media platforms to encourage more women to pick up the tools and consider working in the male dominated construction industry. Roof plumber and tiny house builder Aimee Stanton reveals that she...

Tax Deductions for Constructions Workers and Tradies

Tax Deductions for Constructions Workers and Tradies

There are a number of tax deduction that can be claimed by Australians employed in the construction industry. When trying to determine if an item is tax deductible it is important to make sure that you have already spent money on the things you want to claim and that...

Job Ads In Australia Were At Record Levels For February 2022

Job Ads In Australia Were At Record Levels For February 2022

February 2022 was a record month for vacant job ads in Australia, with the amount of positions on offer over 41 percent higher than pre-pandemic levels. The latest figures revealed in the SEEK Employment Report showed that job ads grew 2.2 percent last month and 35.8...

Phil Maltby Has Joined The Team At Vault Accountants

Phil Maltby Has Joined The Team At Vault Accountants

Vault Group has recently acquired “Maltby Philip & Co” an accounting firm based in Moree and Bingara. The firm was originally established by Phil Maltby who is a veteran of the accounting industry having worked for over 40 years in regional New South Wales. Mr....

How Taxpayers Can Get $6.50 Back on Covid-19 Rapid Antigen Tests

How Taxpayers Can Get $6.50 Back on Covid-19 Rapid Antigen Tests

Federal Treasurer Josh Frydenberg has announced that the Australian Government will be offering tax breaks for individuals and business that use rapid antigen tests (RATs) in order for them to attend work. "Today, I'm announcing that we will ensure that Covid-19...

ATO Plans to Continue Their Focus on Late Lodgements In 2022

ATO Plans to Continue Their Focus on Late Lodgements In 2022

The Australian Tax Office (ATO) has announced that late lodgements will continue to be placed under heavy scrutiny during 2022. According to an SMSF auditor the ATO still looking to see further improvement in this area. In February 2021, the ATO established a new...