Vault News
How To Manage Cashflow in A New Start Up Business
When you start a new business, managing the cash flow is one of the most crucial aspects associated with running a start-up business. Generally speaking, a new business has a limited number of resources and might not have a steady flow of revenue. Without having a...
Important Information About Claiming a Tax Deduction for A Personal Superannuation Contribution
There are a number of things Australian taxpayers need to be aware of if they are wanting to make a tax deduction for any super contributions that they are making. A tax-deductible super contribution is a fantastic way to boost your retirement savings. Generally...
It’s Time to Change to Single Touch Payroll Phase 2 In Xero
On Friday 31st March, Phase 2 of Single Touch Payroll (STP 2) will become mandatory for Australian businesses. This means that Xero Payroll users must ensure that they transition to Phase 2 reporting standard by this given date. To make sure that you are ready,...
2023 March Newsletter Vault Accountants
Welcome to Vault’s March newsletter, we cover buying a first home, an investment property and the changes to the work from home allowance.
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...
2023 February Newsletter
From Craig’s desk The Team at Vault welcome you to the February newsletter. This month we cover the 2023 tax return process, look at what you can (and can’t) claim, give you some pointers on starting a business and give you our thoughts on creating a realistic...
The Benefits Associated With Starting A Business
Starting a business and being your own boss is full of challenges but if it is done right, it can be extremely rewarding. Here are some of the many benefits associated with running a business. You Are Your Own Boss When you are the boss, you are the one...
How To Keep Your New Years Resolutions as A Business Owner
The start of 2023 gives everyone an opportunity to set some goals, reflect on the previous 12 months and plan for the future. It is often seen as a chance to reset and navigate your way towards a better future. Business owners especially will want to make sure that...
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...
Some Important Questions to Ask Yourself Before You Start a New Business
When you start your own business you most likely get to do what you love whilst working your own hours. When you run a business, you are also your own boss and this can be an exciting thing to think about. However, if you want to start your own business you need to...
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...
Important Information About Selling Your Business
Deciding to sell your business is a massive decision to make and one that should not be made lightly. It requires plenty of planning and thinking about why you want to sell your business? How selling your business will impact your life? And what things do you need to...
2023 January Newsletter
Welcome to Vault’s first newsletter for 2023. This month we are covering tax planning, checking your business, some basics on Xero and what is restructuring.
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
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...
How Outsourcing Can Help Fix Australia’s Work Shortage
Countries across the developed world are struggling with serious labour shortages. Many businesses admit that they are finding it difficult to hire new staff who are qualified and skilled enough to do the jobs that are hiring them to do. The covid-19 pandemic is...
Things To Consider When You Start a New Business
Starting a new business is a very exciting endeavour and can be extremely rewarding if it becomes a success. It can be extremely stressful but there are plenty of things a person can do to ensure that they are prepared and ready to become their own boss. Here is a...
Why Having a Good Marketing Strategy Is Important If You Want Your Business to Succeed
It doesn’t matter how great your business idea is if people don’t know it exists there is no point in it being available to the general public. If you want more people to be aware of your business and the products and services it provides marketing is a highly...
The Importance of Reviewing Your Business to Ensure Future Success
It is important to understand that even if your business is established and flourishing you should still make some effort to review your business to find new ways that it could become even more successful. It is advised that you regularly review your progress. You...
Important Information About Business Succession Plans
If you put in the effort to develop a successful business succession plan your business can continue to thrive long after you have left the business. The purpose of a business succession plan is to help you successfully transfer your business to your designated...
The Types of Taxes Associated with a BAS Statement
It is a requirement for pretty much every business in Australia to submit a Business Activity Statement (BAS) to the Australian Tax Office (ATO). A BAS is a reporting which contains information about the types of taxes a business might need to pay. There are also...
How To Prepare Your Business for The Christmas Break Closure Period
If your business is set to close for a couple of weeks over the Christmas period there are number of things you need to do to prepare yourself for this closure. Here are some tips to help you prepare for the closure so you can enjoy your break and get ready for the...
The Mistakes You Need to Avoid Making When Starting a New Business
Starting a new business is exciting and has the potential to be hugely rewarding. However, whether or not your business succeeds will be determined by a number of factors. Mistakes can in many cases be very costly but in saying this you shouldn’t fear taking risks you...
Common Tax Deductions Available to Australian Taxpayers
There are plenty of valuable tax deductions available to Australian taxpayers who are willing to put in some extra effort to find out what can be claimed. The more you are able to claim the more money you will back on your tax return. “There are a lot of tax...
Common Budgeting Related Mistakes People Often Make
There are plenty of mistakes people make when trying to design an appropriate budget that suits their financial goals and lifestyle aspirations. If you’ve blown your budget before, you might end up thinking that budgeting just isn’t for you. There are common budgeting...
2022 December Newsletter
Welcome to the final newsletter for 2022 from Vault Accountants and Business Advisors, we thank you for your support during 2022 and look forward to assisting you in 2023.
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...
Things To Take into Consideration Before Buying a Franchise
There are plenty of pros and cons associated with buying a franchise that must be taken into consideration before making a decision about whether or not you should buy a franchise licence. Here is a list of things you should take into consideration before you embark...
Important Information About Analysing the Performance of Your Business
Every business owner needs to make sure that they are aware of how their business is progressing and therefore needs to make sure that they constantly reviewing the performance of their business. This is important as it allows you to plan for the future and also learn...
Tax Deductions for Owners of Investment Properties
Everyone dreams of one day achieving financial freedom and there are many ways a person can achieve this dream. Owning an investment property is one example of a way that has the potential to help a person achieve financial freedom particularly when you take into...
Important Information About Spotlight Reporting
There are plenty of benefits that can be obtained from undertaking a Spotlight report if you are business owner who is wanting to know more information about the financial reporting, financial forecasting and KPI tracking elements of your business. Tyler Bisgrove from...
The Benefits of Using Xero for Your Small Business
Xero is an incredibly powerful tool for businesses who are wanting to make it easier for them to manage the finances of their business. The features available to use on Xero are extremely easy to use and can be accessed at anytime and anywhere in the world. Here is a...
Important Information About Rural Succession Planning
Rural succession planning can be defined as the inter-generational transfer of a farm and the planning process of preparing for when the next generation inherits the family farm business. Craig Dangar from Vault Accountants explains that “farming enterprises are...
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 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
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...
The Best Features on Xero and How They Can Help Small Businesses
Xero can be best described as a cloud-based accounting software product that is highly valuable to small business owners who need help with managing their finances anywhere or anytime and it can also be integrated into over 1 thousand apps. Because Xero runs on...
2022 November Newsletter
It’s coming to the end of 2022, it has been an interesting year, with less than 2 months to go, now is the time to start planning 2023.
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
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
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
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...
The Benefits Associated With A Complimentary Client Review
For business owners who are looking to broaden their horizons and obtain expert advice to help them achieve their business-related goals attending a complimentary client review with the team at Vault Accountants is an excellent place to start. Craig Dangar explains...
2022 October Newsletter
It’s coming to the end of 2022 and there have been a lot of changes in the Vault Orbit. Welcome to our newsletter from all the team at Vault.
Tax Related Information for Crypto Traders and Crypto Businesses
The Australia Tax Office (ATO) will view the large majority of people who are engaged with cryptocurrency as investors. However, if you are currently running an explicitly crypto-oriented business, for example; a mining farm, or are operating as a trader rather than...
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...
The ATO Is Closely Monitoring Investors Who Have Made Crypto Losses
There are plenty of things taxpayers with recent losses need to be aware of before they complete their tax return. This year crypto investors and trader with big losses will be closely monitored by the Australian Tax Office (ATO) to make sure that they are making...
Should You Pay The Medicare Levy Surcharge or Sign Up For Private Health Insurance?
It is important to be aware that there are some major differences between public and private health in Australia. Who treats you, when and where you are treated and how quickly you receive treatment for non-life threatening health problems will often be determined by...
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
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
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...
Does The ATO Know How Much Money You Have Made from Crypto Transactions?
Crypto investors often wonder how much information the ATO knows about their crypto related investments. Thinking that you can omit your crypto gains from your tax return is not a wise thing to do and will most likely get you into trouble with the ATO. It would be...
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
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
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
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...
What Happens If The ATO Contacts You About Your Cryptocurrency Related Tax Obligations
The ATO has made it very clear that they have the power to track crypto and will not hesitate to contact taxpayers who are not following the rules. The ATO has made it clear that Australians who have sold, traded or earned cryptocurrency will need to report that in...
2022 September Newsletter
It’s coming to the end of 2022 and there have been a lot of changes in the Vault Orbit. Welcome to our newsletter from all the team at Vault.
Important Information and FAQ’s About How to Do a Tax Return in Australia
Completing your tax return for the first time might seem like a daunting task but once you grasp the basic information needed to understand the process it will seem less scary in reality. Ultimately, if you do it right, you can see a huge amount of your hard-earned...
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
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...
The Importance of Cash Flow Planning for Business Owners
One of the most common questions accountants receive from their clients is “how do I prepare a cash flow forecast”. Cash flow planning is highly important for any business that wants to achieve long term success. Cash flow planning is crucial because as a...
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
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...
Changes Made to Stamp Duty Will Significantly Benefit Farming Families
New laws that have recently been passed through Parliament will see stamp duty exemptions extended on the transfer of primary production land to a company or other entity directed by a family. NSW Deputy Premier and Minister for Regional NSW Paul Toole has welcomed...
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...
What Will the RBA’s Latest Interest Rate Rise Mean for Property Prices?
Bud Streten - Streten Property Group The Reserve Bank met on Tuesday 2nd August to announce the news of another interest rate rise of 0.5 percent. With interest rates being raised for the fourth straight month it makes many ponder the question; What do the higher...
2022 August Newsletter
It’s coming to the end of 2022 and there have been a lot of changes in the Vault Orbit. Welcome to our newsletter from all the team at Vault.
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
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
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
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...
Entrepreneurial Strengths That Can Turn into Weaknesses When a Business Grows
A person’s strengths in certain situations can unfortunately become a weakness in other situations. Many of the qualities that make for a successful entrepreneur are qualities that are essential when someone is first building a business all on their own. However,...
Thousands Of Australian Businesses Are Seeking Guidance with Cyber Security Related Threats
It has been reported that over 20,000 struggling small businesses have sought after advice with cyber security related issues during the first few months of 2022. Small businesses are concerned as they are increasingly needing to protect their livelihood from online...
Consumer Trends That Are Becoming More Common In 2022
The covid-19 pandemic has changed the way millions of people do their shopping and how they consume products. Lockdowns and border closures have forced people to rethink the way they consume products. According to research conducted by PayPal Australia, 15 percent of...
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...
Australians Have Been Forced to Change Their Shopping Habits Admit Price Increases
In recent weeks Australian supermarket shoppers have been forced to adjust their spending habits admit the increase of grocery bills. A shopper survey conducted by consumer comparison company Canstar Blue found that, in the face of rising prices, shoppers had been...
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
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...
Changes That Are Associated with Single Touch Payroll Phase 2
Single Touch Payroll (STP) has been expanded to reduce the pressure on employers who are required to report employee information to a variety of government agencies. The first phase of STP has been a mandatory obligation for all business that withheld PAYG...
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
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
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...
Important Information About the Changes Made to Single Touch Payroll
On 1st January 2022, changes were introduced to Single Touch Payroll (STP). The changes mean that employers are now required to report to additional information on or before each payday. This is known as STP Phase 2. The additional information is designed to assist...
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
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
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...
Vault Accountants Is Ready to Serve the Communities of Moree and Bingara
In April 2022, Vault Accountants 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....
Vault Has Acquired An Accounting Firm In Moree And Bingara
Moree in Northern NSW has a small but upbeat population of just under 8,000. Moree is best known for being a major agricultural hub. Moree has a huge cotton-growing industry which has been operating since the early 1960s. Businesses in small towns have unique...
The ATO Reveals That There Is A Large Number of Unpaid Construction Tax Bills
The Australian Tax Office (ATO) has revealed that over the duration of the covid-19 pandemic, Construction-related businesses have built up a mountain of unpaid tax bills. This means that there is the potential for a huge number of business failures to occur in 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
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....
Xero Has Released a New Support Package Eligibility Calculator
Xero has recently released a new eligibility calculator to help small businesses apply for government support packages following the omicron covid outbreak. The update comes as the NSW, South Australian, Tasmanian and ACT governments have all recently announced...
Queensland Government Announces $50,000 Support Grant To Help Businesses Impacted By Recent Floods
Queensland Premier Annastacia Palaszczuk has announced a new $50,000 support grant to assist small businesses who have suffered as a result of the recent flooding. The announcement comes as the federal government has agreed to jointly fund a $558.5 million support...
Western Australian Government Announces New Covid-19 Support Package
Western Australian businesses have been handed a much needed $77 million support package by the state government. The funding announced by the McGowan Government aims to help businesses that were impacted by the delay of the states boarder re-opening which was...
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...
Australia Experiences Record Level Retail Sales for December Quarter
Retail sales across Australia have increased to 8.2 percent in the quarter of December, mainly due to the festive shopping season as cafes and restaurants reopened from Delta lockdowns in NSW and Victoria. Figures released by the Australian Bureau of Statistics (ABS),...
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...
Tips For Achieving Your Financial Goals in The New Year
Most Australia’s start the new year with a list of new years resolutions and changes that they intend to make so that their life is more fulfilling and organised. By the time February starts most people have already failed to stick to their resolutions. Some of the...
Retail Sales Increase Across Australia As Covid-19 Restrictions Ease
Retail sales across Australia increased by 4.6 percent during the month December 2021 when compared with the figures recorded in December 2020. According to the figures published via Mastercard SpendingPulse, household goods remained the most popular category for...
