MJJ Accounting and Business Solutions Blog
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Get the latest MJJ updates on accounting and business solutions. MJJ is often referred to by our clients as one of the Sunshine Coasts best kept secrets. We are a team of professional accountants, delivering the full suite of accounting services for established businesses in a wide variety of industries.
MJJ Accounting and Business Solutions Blog
2w ago
Many taxpayers are seeing their tax refunds reduced or worst still they have a tax bill this year, resulting in a large number of people feeling disappointed. Our team at MJJ have identified several factors that could be contributing to a diminishing return, this year and in future.
Employer withholding rates now adjusted to avoid excess tax being taken out.
When asking any question about a potential tax return it is important to first acknowledge that it is your money that is being refunded. The amount that most taxpayers call a refund is simply the excess money that has been withheld from th ..read more
MJJ Accounting and Business Solutions Blog
2w ago
Overhead costs are often referred to as the fixed or indirect expenses associated with running a business. To put it simply it’s the expenses of a business that do not directly contribute to the production processes of the product or service. Examples of these costs include administrative expenditures, professional fees, insurance, permits and licences, property taxes, rent payments, utilities, and office equipment. These costs are relevant to a small business as they are essential financial obligations necessary to in day-to-day operations.
Although the majority of these costs are necessary ..read more
MJJ Accounting and Business Solutions Blog
2w ago
Estate planning is more than having a standard Will – it’s about having a plan for what you want to happen with your assets after you die and who you will give control to.
The team at Pacific Law have extensive experience in complex Estate Planning matters and have shared with us below some common factors which are often overlooked, causing undesired outcomes, or later resulting in estate disputes.
What happens if my executors can’t agree?
An important part of your estate plan is deciding who takes control of your affairs after your death or if you are incapacitated. This article focusse ..read more
MJJ Accounting and Business Solutions Blog
2w ago
As we enter the final quarter of this financial year, it is crucial to deliberate on planning strategies for the upcoming year. Tax planning sessions offer an excellent opportunity to analyse your business’s current financial situation and engage in discussions about future planning, cashflow management, and preparation for tax liabilities. These sessions also assess the timing of income and purchases, planning for both large and small expenditures and investments, while also revisiting the basics and evaluating your business goals. At MJJ Accounting, we can provide a comprehensive review of y ..read more
MJJ Accounting and Business Solutions Blog
2M ago
Accounting software programs are often viewed as a necessary means to track financial data to enable a business to report their affairs to the Taxation Office. Often the overlooked value is in the reporting you can extract from Xero that enables business owners to make good business decisions.
Below is a summary of the reports we recommend all business owners review regularly.
Profit and Loss
The profit and loss statement is a report that all business owners should be using regularly to track the profitability of the business. From the profit and loss, you will be able to see the total i ..read more
MJJ Accounting and Business Solutions Blog
2M ago
Marketing strategy for small business owners can be overwhelming, the market place is very noisy and knowing what works best for your business can sometime be difficult to ascertain. What we often see is business owners investing a lot of money into marketing activities but not having any data to understand how effective their marketing spend is, or where to further invest to get the best return.
Value of measuring where your leads are coming from.
In Australia a small business is described to be an organisation that employees less than 20 people. The unique characteristics of a small bu ..read more
MJJ Accounting and Business Solutions Blog
2M ago
The proposed tax legislation, Div 296, aims to reduce tax concessions for individuals whose total superannuation balance (TSB) exceeds $3 million. The Australian government introduced this drafted proposal to achieve a more equitable Australian Superannuation system. The Div 296 Tax will be inserted into the existing ITAA 1997 which, together with the Imposition Bill, will increase the tax rate by 15%. If implemented, from July 1st, 2025, the projected 15% additional tax will be enforced on superannuation earnings, bringing the overall percentage to 30% to Australians with a superannuation bal ..read more
MJJ Accounting and Business Solutions Blog
2M ago
Our cyber security insurance expert, Amanda Croasdale from Ace Insurance Advisors, has provided valuable guidance for small business owners. It is imperative businesses are well educated on cyber security in order to protect their business.
WHAT TYPES OF BUSINESS NEED CYBER INSURANCE?
In today’s digital age, the threat of cybercrime is expanding, making Cyber Insurance a crucial consideration for businesses. This insurance covers the business for financial losses resulting from cyber-attacks or cyber-crime, as well as legal liability due to due to loss of customers personal data or confidentia ..read more
MJJ Accounting and Business Solutions Blog
5M ago
As we start the countdown the days until Christmas to ensure that you start 2024 with a healthy cashflow position there are a few actions that business owners can be taking now:
a. Management of customer invoicing and payment
With many businesses closing over the Christmas period or having a decline in cashflow in January (due to the closure) it is important as a business that you time your invoicing effectively as it may leave you short if you are awaiting payment until February.
2 Simple actions to take are:
Invoice work during the month as soon as possible. Don’t wait until the last workda ..read more
MJJ Accounting and Business Solutions Blog
5M ago
If you’re a business in Queensland and you employ workers, you must insure them against work-related injury or illness with an accident insurance policy.
With Christmas almost upon us we often get lots of questions around Entertainment and Gift related expenses and the tax deductibility of Christmas parties. To assist in dispelling some of the myths on what you can and can’t claim we have provided below a brief overview.
Entertainment Related Expenses
One area that causes a lot of confusion for small businesses is whether the cost of meals, drinks and coffees for both staff and potential ..read more