Australian Election 2019: Impact on the Economy

By Sky Accountants

PM Scott Morrison has secured his third term in office for the Coalition with an unexpected victory after voters rejected the Opposition’s policy agenda. Australian stocks have risen to their highest levels since 2007 because of gains in financial services and consumer-focused sectors. Investors and CEOs are relieved from Labor’s plans to cut tax incentives. Developers …

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Improve your business by understanding your figures at a glance with the help of hospitality accountants

By Sky Accountants

There are plenty of figures in bookkeeping, POS and other business systems and it could be helpful to have the most important ones in a dashboard. With the help of hospitality accountants, create a weekly set to quickly measure results and manage them. Find out what figures can truly influence on improving results and add …

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Business accounting service: Tax planning in time for the EOFY 2019

By Sky Accountants

It’s good to have a tax plan before the end of financial year comes as this will help you make sound decisions and maximise business returns. By now you should be looking at your expected taxable income for the 2018-19 financial year and your expected taxable income for the coming financial year. Seeking the assistance …

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Xero bookkeepers give tips on inventory management

By Sky Accountants

Inventory management can be challenging for restaurant, café, pub and club owners but they cannot escape it. Keeping accurate inventory records is important as it impacts the business’ ability to offer a high-quality product, a small error can have a big impact in the food industry. It would be ideal to consult with Xero bookkeepers to …

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Help your restaurant thrive by outsourcing hospitality bookkeeping services

By Sky Accountants

Running a restaurant can be challenging but still rewarding. To help your restaurant thrive, you should avoid some restaurant bookkeeping mistakes and know the importance of organised bookkeeping in order to help you make informed decisions. Bookkeeping is important because it is critical to record your business’ financial transactions. If you keep it accurate, you can …

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Staff public holiday penalty rates and entitlements

By Sky Accountants

Payroll can get very tricky and confusing but it gets even more complex when you consider public holiday pay rates. Public holidays are part of Australia’s employment standards and workers have the right to be absent from work during these days. If your staff work on these days, you should know the public holiday penalty …

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How to deal with public holiday surcharge

By Sky Accountants

Do you think restaurants and cafes should charge a holiday surcharge? Customers often complain to businesses when a public holiday rolls by and they implement a surcharge even when it is common practice in the food industry. Businesses explain that Sunday and public holiday surcharges go to the additional operating costs that come with public …

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Sky Update – April 2019

By Sky Accountants

In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest.   Federal Election Called On the 11th of April the Federal Election was called for Saturday the 18th of May 2019. A consequence of the election being called is that the House of …

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Avoid these FBT mistakes to avoid attracting the ATO’s attention

By Sky Accountants

It is important for business owners to know what to report to the ATO so they can avoid making costly mistakes. Here are some fringe tax benefit related items that often attract the ATO’s attention. The ATO is flagged when there is failure to report motor vehicle fringe benefits, incorrect application of exemptions for vehicles …

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Budget Update – Instant Asset Write-off Changes Now Law

By Sky Accountants

In our recent wrap up of the Federal Budget, we flagged the Government’s intention to make changes to the small business instant asset write-off. On 6 April, Treasury Laws Amendment (Increasing the Instant Asset Write-off) Bill 2019 received Royal Assent. This Bill makes law the announced changes, being: To increase the write-off threshold for small …

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