When Can You Access Super Early?
Superannuation is a crucial part of retirement planning, designed to provide financial security in your later years. However, life can sometimes present unforeseen financial challenges that may lead you to consider accessing your superannuation early. Here’s a guide on how you may be able to access your super in severe [...]
Term Deposits & Your Savings
Term deposits are a popular savings option in Australia, offering a secure and straightforward way to grow your money. Whether you’re looking to save for a short-term goal or seeking a stable investment, term deposits can be an excellent addition to your financial strategy. Here’s a comprehensive guide to help [...]
Key Tools For Business: Operations Checklists
Running a successful business requires meticulous planning, consistency, and efficient operations. One critical tool that can help achieve these goals is the use of operations checklists. These checklists are essential for streamlining processes, ensuring consistency, and facilitating effective onboarding of new employees. Here’s why creating operations checklists is vital for [...]
How To Form Good Habits To Help Manage Your Work Priorities
Managing work priorities effectively is crucial for success in today’s fast-paced world. Forming good habits can be a game-changer, leading to increased productivity, better time management, and reduced stress. Here’s how you can cultivate habits that will help you excel in your work life. Understanding the Importance of Good Habits [...]
A How-To On Boosting Spousal Superannuation
Boosting retirement savings is a priority for many Australian couples. One effective strategy is co-contributing to your spouse’s superannuation account, which can balance super balances between partners and offer tax benefits. What Can Co-Contributing To My Spouse’s Super Do? Increased Retirement Savings: Helps ensure both partners have sufficient funds for [...]
Don’t Lend Money To Family – But If You Did, Here’s How To Work It Out If It Went Badly
Financial disagreements with loved ones can be stressful and challenging, often straining relationships and causing misunderstandings. However, addressing these conflicts constructively can strengthen relationships and lead to better financial decisions. Understanding the Root Causes Before diving into solutions, it’s important to understand why financial disagreements occur. Common root causes include: [...]
7 Mistakes Often Made At EOFY You Can Rectify
Finding yourself increasingly more busy as the EOFY approaches, particularly with meeting your tax obligations? It’s coming on tax time, so it’s time to ensure you’re prepared for your tax returns. This period can be stressful and complicated, leading to common mistakes that can result in financial penalties or missed [...]
Checklist: Complete Your Payroll Year End in Xero!
It’s that time of year again – let's make sure your payroll year-end in Xero is smooth and hassle-free! Follow this fun and easy checklist to get everything in order. Ready? Let’s go! Check Your Settings Reconcile Payroll Transactions Finalise Single Touch Payroll Data Process Adjustments Superannuation Payments Download [...]
NSW 2024-25 Budget Highlights
The 2024-25 Budget has been released, forecasting significant challenges ahead. With a $3.6 billion deficit, rising unemployment, and a subdued economic outlook, the budget outlines measures to address these issues while also highlighting the fiscal shock of an unfair GST carve-up, where $11.9 billion in GST grant revenue was [...]
Privacy For Australian Businesses: An Explainer Of The Act
In an era where data is currency and privacy breaches can have significant consequences, understanding and complying with privacy law is crucial for Australian businesses. With the introduction of the Privacy Act 1988 (Cth) and subsequent amendments, businesses are required to manage personal information responsibly to protect individuals’ privacy rights. [...]
Need Access To Your Super? Here Are The Circumstances That You May Be Able To Get It
Certain conditions and criteria may enable someone to access their superannuation. Let’s examine the circumstances that a superannuation fund can be accessed: Preservation Age and Retirement The preservation age is the earliest point at which you can access your superannuation. As of 2023, this age ranges from 60 to 65, [...]
7 Strategies For Digitally Transforming Your Business
Digital transformation has become imperative for businesses seeking to thrive and remain competitive. Embracing digital methods and strategies is no longer a choice but necessary for businesses looking to streamline operations, enhance customer experiences, and drive growth. It’s time to explore the importance of digital transformation and discover actionable strategies [...]
2024-25 FY Thresholds For Cars Newly Announced
The 2024-25 financial year is in sight, and significant changes have been made to car thresholds, which are crucial for business owners to understand for tax purposes. Here’s a detailed overview of what’s new and how it might affect your business. Income Tax: Car Limit Increase The car limit for [...]
A Checklist For Your Business’s EOFY Obligations
As the End of the Financial Year (EOFY) approaches in Australia, businesses must gear up to meet their tax obligations efficiently and accurately. This period can be hectic, but with careful preparation, you can ensure compliance with Australian Taxation Office (ATO) requirements and optimise your financial outcomes. Here’s a comprehensive [...]
Confrontation Strategies To Navigate Without Conflict
Conflict in the workplace is inevitable. Differences in opinions, work styles, and personalities can lead to disagreements. However, confrontation doesn't have to be negative; it can lead to growth, innovation, and stronger relationships when handled effectively. Here are some strategies to navigate workplace confrontations constructively. Understanding the Importance of Confrontation [...]
Working Out Capital Gains Tax On Shares Can Be Tricky – That’s Why We’re Here To Help
If you're involved in shares, particularly on the selling side, you need to be aware of your tax obligations. Capital Gains Tax (CGT) is a crucial aspect of investing in shares and units in managed funds. It applies to various transactions beyond merely selling your shares. Let’s examine when CGT [...]
Thrive Advice Year End Strategy Guide
Snapshot Overview: Key Updates for Your Business in 2024-2025 Welcome to Thrive Advice’s essential guide for navigating the new financial year. Here's a brief look at what you'll find in our comprehensive update: Legal Changes You Need to Know Closing The Loopholes Act: Major amendments impacting casual employment, right [...]
Achieving Financial Wellness: Budgeting & Spending
Financial wellness is a crucial aspect of overall well-being, impacting your bank account and your mental and physical health. Effective budgeting and smart spending are essential skills that can help you achieve financial stability and peace of mind. Let’s look at some practical strategies for mastering finances, creating a budget [...]
If You Fail To Plan, You Plan To Fail – A Guide For Businesses At EOFY
Benjamin Franklin once famously said, “If you fail to plan, you are planning to fail.” While he may not have been specifically referring to businesses, his words are profoundly relevant to both individuals and businesses alike. Planning is essential, whether it’s for a simple holiday or the strategic development of [...]
Preparing For EOFY: The Superannuation Clearing House
As the End of the Financial Year (EOFY) approaches, employers and self-employed individuals must ensure their superannuation contributions are processed efficiently and on time. Utilising a superannuation clearing house can streamline this process, ensuring compliance and maximising the benefits of super contributions. Here’s a comprehensive guide on why and how [...]
Maintaining Mental Well-Being Amidst Adversity
As an employee, you may often face periods of heightened stress, pressure and uncertainty during your employment. Maintaining mental well-being amidst adversity is crucial for sustained performance and resilience, whether looming deadlines, organisational changes, or personal challenges. What can be done to navigate these rough waters and emerge stronger? Acknowledge [...]
The Latest From The Federal Budget On Superannuation, Pensions & More
The Federal Budget was handed down last week (14 May), with several announcements pertaining to the superannuation industry and pensioners. Social Security Deeming Rates The Social Security deeming rates, crucial components of the income assessment for Centrelink benefits such as the age pension, are slated to remain unchanged for the [...]
Regional Properties – Are The The Gateway To Owning Land?
Investing in regional property can offer attractive opportunities for growth, affordability, and lifestyle benefits. However, like any investment, it comes with its own set of challenges and considerations. Here are some crucial factors to keep in mind when exploring regional property investments. 1. Economic Stability and Growth Prospects Assess the [...]
What Did The Federal Budget Announce About Tax?
The Federal Budget dropped last week (14 May), with several key updates involving current measures, rebates and confirmation of the stage 3 tax cuts. Energy Bill Relief Fund: The Energy Bill Relief Fund is introducing a $300 rebate for households and a $325 rebate for eligible small businesses on their [...]
With EOFY Approaching, What Do Small Businesses Need To Know To Plan Their Cash Flow Management?
Effective cash flow management is essential for the success and growth of any small business. Proper budgeting, forecasting, and managing finances ensure that your business remains solvent and can seize growth opportunities when they arise. Here are key tips and strategies to help small businesses manage cash flow and plan [...]