Business Advice | Geraldton Wealth Pty Ltd

More on Budget 2023

Last week we looked at the recent Budget’s ‘big picture’ – the unexpected surplus of $4 billion. This week, we take a closer look at some of the specific announcements. There were no really ‘big’ announcements (other than the surplus); rather there were a suite of smaller changes.

Lamingtons and Second Handers

Last week we discussed changes to superannuation that were announced in this month’s Federal Budget. This week, we look at changes that have been announced regarding tax, especially for individuals and small business.

Jobkeeper Is Ending

This Sunday marks a pivotal date in Australia’s journey out of the ‘economic troubles caused by Coronavirus. The Commonwealth Government’s main economic response to the pandemic, it’s ‘Jobkeeper’ payment, will not continue beyond March the 28th. If the end of the program affects you, please get in touch.

Commonwealth Stimulus, Phase Two

Last week, we discussed the stimulus package that had been announced but not yet passed through Parliament. As we forecast, the Commonwealth Government then announced a second round of stimulus measures. Both packages were passed by Federal Parliament earlier this week.

A Time for Stimulation

Next week, the Commonwealth Parliament is expected to pass an emergency $17.6 billion stimulus package. The package is designed to boost the Australian economy – a boost that is needed due to the current and expected future impact of the Coronavirus. This article discusses the stimulus package.

You and your business: time is your scarcest resource

Entrepreneur Elon musk spent his first month in the United States living on $1 a day. He was 17 years old. Obviously, this discipline did wonders for his personal financial planning. Other people have taken on a similar challenge and report much the same thing. This article shows what we can learn from their experience.

Your own business should be your most important investment

If you run a small business, or if you are thinking about doing so, then that business needs to be the foundation of all of your financial planning. After all, get the business right and you make all the other parts of your financial plan – your investing, your debt management, your super, your insurances – much more likely to succeed. This article gives you a little illustration of the powerful impact that effective business planning can have.

2017 Budget – Winners and Losers

Compared to previous years, the 2017 Budget was a bit of an anti-climax. In previous years, there have been a number of big-ticket changes - such as the big changes to superannuation that we have been discussing in recent articles. But this year there have simply been a whole lot of small changes, some of which will be of benefit and others will represent a small loss.

Insurance that you never knew you had

Many working Australians – or Australians who used to work – have insurance of which they are unaware. This can be a huge relief if ever something goes wrong and you cannot work. If you or someone you know has become unable to work, then this article is a must-read. And if you think you might need help with a claim, please make sure you contact us.

Business Owners and Deductible Overseas and Interstate Travel

This article is a must-read for any business owner thinking about travel. Claiming a tax deduction for travel costs can make a huge difference to the effective cost of that travel. The Australian Taxation Office’s general position is that the cost of travel is tax deductible to the extent that the travel relates to the business' purpose of deriving assessable income from an existing business activity. A business can't claim costs for travel related to speculative business activities that you have not yet entered. But travel that relates to work that your business is already doing will usually be fine.