Carbon Accounting

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29-Nov-2023 YBM

Carbon Accounting – YBM’s Chosen Solution

Discover YBM’s exciting adoption of Sumday, a cutting-edge Carbon Accounting platform, for proactive GHG reporting compliance. Continue reading

The GHG Protocol

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29-Nov-2023 YBM

Carbon Accounting – Who And How?

Explains the nuts and bolts of reporting on GHG emissions, also referred to as Carbon accounting. Continue reading

Carbon Footprint

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29-Nov-2023 YBM

Are You Ready To Report On Your Carbon Footprint?

To keep clients ahead of the game, YBM are working on a number of strategies in order to provide assistance in this rapidly-evolving space. Continue reading

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08-Nov-2023 YBM

How much should I draw from my pension?

Many retirees use their superannuation to commence a pension that pays income at regular intervals. The most common type of pension is an account-based pension. These are also sometimes referred to by their former name – allocated pensions. Account-based pensions … Continue reading

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25-Oct-2023 YBM

Understanding Sales Tax for Small Businesses

The Australian Taxation Office (ATO) applies sales tax to businesses turning over a certain amount. Government bodies reinvest taxed funds into the country’s education, defence, maintenance, healthcare, aged care, and transportation sectors. As a small business owner, understanding your sales … Continue reading

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11-Oct-2023 YBM

Small Business Tax Tips for Independent Contractors

Over 1 million independent contractors in Australia thrive on the benefits of this employment type, including enhanced flexibility and autonomy. With the freedom of being your own boss comes the responsibility of managing your tax commitments effectively.  If you’re new … Continue reading

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27-Sep-2023 YBM

Small Business Tax Penalties: What You Need to Know

Businesses and individuals are legally obliged to pay taxes to contribute to Australia’s welfare. Funding supports vital societal attributes like healthcare, education, transport, and defence.  Missed payments could yield serious consequences, like penalties, that hit your business financially and reputationally. … Continue reading

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13-Sep-2023 YBM

Understanding Sales Tax for Small Businesses

When you’re running a business, sales tax, more commonly referred to as the Goods and Services Tax (GST), is a key concept you’ll need to  be familiar with – both for financial stability and to stay compliant with the Australian … Continue reading

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11-Sep-2023 YBM

How to Use Accounting Software to Manage Your Small Business Finances

Small business owners need to consider many things, and effectively managing your finances will likely be high on your list. Accounting software is a valuable and highly efficient tool that can lead to more effective business management.  In this guide, … Continue reading

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30-Aug-2023 YBM

Small Business Tax Implications of Hiring Independent Contractors

Independent contractors provide services like consultancy, maintenance, or cleaning under their own payment terms and work arrangements.  Contractors’ tax obligations differ quite significantly from those of employees, and their responsibilities extend into documentation and filing additional financial documents to the … Continue reading

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18-Aug-2023 YBM

YBM Newsletter – August 2023

Why is my tax refund so small? The tax refund many Australians expect has dramatically reduced. We show you why. There is a psychology to tax refunds that successive Governments have been reticent to tamper with. As a nation, Australia … Continue reading

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28-Jul-2023 YBM

The Benefits of Cloud-Based Accounting for Small Business Owners

Using cloud-based software solutions may sound intimidating if you’ve always stuck to older, more traditional accounting means. However, cloud-based accounting is valuable software to invest in and could make your life as a small business owner much more manageable.  In … Continue reading

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14-Jul-2023 YBM

Small Business Taxes: What You Need to Know

As a small business, you must stay on top of your taxes and abide by the law as your business grows. Whilst organising your taxes can be daunting initially, it’ll become easier each time and is essential to running a … Continue reading

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30-Jun-2023 YBM

How to Create a Balance Sheet for Your Small Business

Creating a balance sheet is one of the best ways to provide accountants and lenders with an overview of your company’s critical financial data, detailing liabilities, assets, and equity to measure your business’s financial health. Creating a balance sheet will … Continue reading

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16-Jun-2023 YBM

Small business skill & training and investment boost

Recently during the 2022-23 budget announcement two boosts related to small business, which were announced last year, were flagged again. While not legislated at the time of writing this article, this is great news for the small businesses looking to invest in … Continue reading

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08-Jun-2023 YBM

Electric cars – FBT exemption

The ATO has put in place a fringe benefits tax (FBT) exemption for employers providing electric vehicles for staff to use, where the vehicle is available for private use. This is great news to many buyers considering an electric car and should … Continue reading

2023-24 Federal Budget update

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18-May-2023 YBM

2023-24 Federal Budget Analysis

A summary of the 2023-2024 Federal Budget Continue reading

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13-May-2023 YBM

The Top 10 Accounting Mistakes Small Businesses Make

As a small business owner, making mistakes along the way is bound to happen, but avoiding unnecessary errors will give you a better chance of staying on the right track and not falling into risky accounting situations that could jeopardise … Continue reading

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28-Apr-2023 YBM

5 Ways to Streamline Your Small Business Accounting

Accounting is a procedure that requires time and patience, which can cause issues for small businesses fighting against the clock. If this struggle sounds familiar, you may be wondering how to optimise your accounting processes to reduce the time you … Continue reading

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14-Apr-2023 YBM

How to Choose a Small Business Accountant

Finding the time to run your business and remain compliant with accounting requirements can feel like an impossible juggling act, which is why many business owners turn to an accountant for support. However, putting your trust in someone else can … Continue reading

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31-Mar-2023 YBM

The Difference Between Bookkeeping and Accounting for Small Businesses

Bookkeeping and accounting have many similarities that may lead you to struggle with differentiating between them. They are both essential functions in managing the financial aspects of your business, however, they have several differences that set them apart.  In this … Continue reading

Temporary full expensing

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30-Mar-2023 YBM

Last chance to take advantage of Temporary Full Expensing

The temporary full expensing rule is in effect for Australian businesses until 30 June 2023. Continue reading

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17-Mar-2023 YBM

How to Create Financial Projections for Your Small Business

Financial projections are vital to your business plan, but devising them can be challenging if it’s your first time. To aid you in this, we’ve compiled a guide on creating financial projections with all the essential information and tips and … Continue reading

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03-Mar-2023 YBM

Understanding The Difference Between Sole Trader, Partnership, And Company

Choosing the right business structure is one of the most crucial decisions you’ll make when starting your business. Many factors must be considered when making this decision, such as your growth plan, business size, and circumstances. As a small or … Continue reading

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17-Feb-2023 YBM

How To Claim Deductions for Employees’ Salary and Wages

An inevitable part of running a business is paying your employees salaries, commissions, bonuses, wages, and superannuation. But did you know these can be tax-deductive if you comply with ATO’s rules and regulations? This guide details vital information business owners … Continue reading

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03-Feb-2023 YBM

How to Organise Your Small Business Accounting Documents

Efficient organisation is an essential part of running a small business. Although completing vast amounts of paperwork may feel daunting, staying on top of vital documentation will help you in the long run.  This guide will detail the best ways … Continue reading

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20-Jan-2023 YBM

How To Manage And Reduce Business Tax Debt

Managing business tax liabilities is a complicated task. However, it’s also one of your most important duties. Tax debts can incur serious consequences if left unpaid. Thus, it is important to be proactive when managing this debt.    Prioritising Your … Continue reading

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18-Jan-2023 YBM

Why aged care matters

With so much to know about this very important decision around how you, or someone you care about, will live out their final years, it’s important to get all the facts from a qualified Financial Adviser who understands the aged care system and can provide options and advice, giving consideration to your individual circumstances. Continue reading

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06-Jan-2023 YBM

How to Prepare for a Tax Audit

A tax audit is an examination that ensures your financial records and taxations are in compliance with Australia’s tax laws and regulations. Anyone can be contacted, so it’s always helpful to complete your paperwork and make sure you have receipts … Continue reading

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23-Dec-2022 YBM

MYOB vs. Xero vs. QuickBooks

When you’re running a business, you have to take care of everything, from finances to customer service. So, It’s always better to find tools that can help you save time and automate recurring accounting tasks that become tedious after a while. If … Continue reading

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09-Dec-2022 YBM

Will AI Affect Accountants? The Future of the Accounting Profession!

Artificial intelligence, artificial neural networks, deep learning, and robots only seemed part of science fiction only a few decades ago. But today, these types of technologies are used in every industry. Industries like medicine, agriculture, healthcare centers, and customer service have … Continue reading

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25-Nov-2022 YBM

Do I still need an Accountant if I use Xero?

Companies like Xero invest millions in persuading users about their easy-to-use software because it’s far more user-friendly and beneficial than old-school bulky accounting software. Plus, Xero saves small-medium-businesses (SMBs) time they can spend on other, more important tasks like business scaling, increasing … Continue reading

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11-Nov-2022 YBM

How Do I Choose Good Accounting Software?

A good accounting software has the ability to forecast sales, predict revenue for a given period, and manage inventory. As a result, it helps to exponentially reduce the chances of human error and allows you to access critical information in … Continue reading

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28-Oct-2022 YBM

How to dodge rapidly evolving scams for your property in Australia

Scammers are always searching for new techniques to get what they want. Keeping yourself updated and conscious of any anomaly helps you safeguard your personal information and finances. The Changing Scams Scams don’t look like scams anymore. Their sophistication continues … Continue reading

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14-Oct-2022 YBM

Employee Share Schemes could be the solution to attracting and retaining the right people

If you’re interested in boosting company performance and are keen to attract and retain valuable staff, then an Employee Share Scheme (ESS) is a potential option that is worth considering.  Fewer than 1% are using the scheme, yet they are … Continue reading

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29-Sep-2022 YBM

The risk of not declaring cash sales

ATO’s tracing technology is getting better and better each year when it comes to detecting any off-the-book transactions and side hustles that you may have thought were slipping past the radar.  Cash is making a comeback post-COVID, with plenty of … Continue reading

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15-Sep-2022 YBM

Pandemic has blurred the line between personal and work expenses

The past few years have seen lockdowns, uncertainty for business owners and their employees and the reliance on support packages from the government designed to keep the economy going.  The pandemic has completely shifted the way that we needed to … Continue reading

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30-Aug-2022 YBM

Why is estate planning so important?

Many people wrongly believe that creating a will and planning their estate is the same thing.  Sure, a will is a key component, but estate planning encompasses a lot more to ensure that your wealth is distributed according to your … Continue reading

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18-Aug-2022 YBM

Environmental report delivers shake up to Australian businesses

The 2021 State of the Environment report was dire in regards to our ecosystem, and CPA Australia are imploring Australian businesses to step up and do more, starting with ‘Integrated reporting’, through which business owners can measure their individual impacts. … Continue reading

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02-Aug-2022 YBM

The frequently forgotten income streams that need to be included

The ATO has recently reminded tax payers, both business owners and wage earners, of a number of forgotten income streams that need to be included in assessments.  Otherwise be prepared to face their wrath! Tips, compensation payouts, investment earnings, interest … Continue reading

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06-Jul-2022 YBM

Raising costs = raising prices

The latest Australian Bureau of Statistics has found that at least a third of businesses are expecting to impose larger than usual price hikes over the next three months.  Most of these businesses, 92% of those surveyed, place the blame … Continue reading

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24-Jun-2022 YBM

GST fraud crackdown could hit legitimate claims

Tony Greco of the Australian Institute of Public Affairs (IPA) has stated that the crackdown on GST fraud by the ATO is going to hurt legitimate businesses that get caught in the crossfire.  The $850 million of fraudulent refunds that … Continue reading

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10-Jun-2022 YBM

Is it a yeah, or a nah?

Are you tossing up whether to claim for doggie day care, Tim Tams and pot plants as a working from home expense this tax year? Although it might sound tempting and can be argued as a possibility, it can lead … Continue reading

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26-May-2022 YBM

Should there be levies on EV vehicles?

Statistically speaking, it is a safe bet that you said ‘yes’ to that question. A staggering 92% of those asked in a recent online poll believed that EV owners should be contributing to the infrastructure of Australian roads. CPA Australia … Continue reading

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13-May-2022 YBM

The big crypto crackdown

Don’t fool yourself into believing that your cryptocurrency transactions are going unnoticed by the ATO. Even if you are just dabbling in the world of crypto, it is important that you acknowledge the tax implications that it might have. You … Continue reading

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04-May-2022 YBM

First Home Super Saver scheme – how does it work?

From 1 July 2022, if you’re a first home buyer you can release up to
$50,000 (up from $30,000) from your voluntary super contributions
to help you buy your first home. Continue reading

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29-Apr-2022 YBM

Do you feel stronger post pandemic? You’re not alone!

A MYOB survey of 500 SME owners and operators in Australia has shown that 52% of those interviewed have higher business confidence than they did before the pandemic. An incredible 78% report to have the same or an increased appetite … Continue reading

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13-Apr-2022 YBM

Your tax planning guide for 2022

It can all get a little overwhelming when it rolls around to tax time. Paying tax happens every year, without fail, so perhaps it is time to adopt a few small strategies to make the process a whole lot less … Continue reading

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30-Mar-2022 YBM

Federal Budget 2022-23 Summary

There is certainly something for everyone in this 2022-23 budget. Continue reading

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25-Mar-2022 YBM

Reminders issued for late lodgements and payments

It’s a new year, we are all back to work and settled in now after what we hope has been a relaxing and joyful summer period for all.  Now that you’re back on track and feeling fresh, it is a … Continue reading

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23-Mar-2022 YBM

Why does insurance matter?

The unexpected events of the past few years, have made financial protection a front of mind matter for most Australians. Continue reading

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18-Mar-2022 YBM

Record high job vacancies

In November of 2021, a record number of job vacancies were listed, according to the Australian Bureau of Statistics (ABS).  A promising post-pandemic situation for employees, the number of job vacancies is 74% higher than they were at the start … Continue reading

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03-Mar-2022 YBM

Anxiety taking its toll on SMEs

With over 1000 SMEs surveyed in December 2021 through MYOB’s Business Monitor, we have found that mental health is of a significant concern to Australian business owners, with anxiety and depression having a serious impact.  In fact, 45% of all … Continue reading

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23-Feb-2022 YBM

We are open for the new year and taking appointments

Over the last two years many people have taken stock of their life and have had a chance work out what is most important. So now is a great time to review your financial situation to ensure it still fits with your plans for your future. Continue reading

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23-Feb-2022 YBM

A new year is a chance for a fresh start

New year is a great time for making lifestyle changes, however, for goals and changes affecting your financial health, there’s often no better time than when starting a new job. Continue reading

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16-Feb-2022 YBM

Why is it so difficult to find employees?

If you’re a business owner and have been struggling to find talent for your business lately, you’re not alone. You have to have been living under a rock to have not heard of the Great Resignation that is plaguing businesses … Continue reading

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08-Feb-2022 YBM

How ethical is your accountant?

The sixth annual Ethics Index has been released by the Governance Institute of Australia. This is a survey that gauges what Australians think of the ethical standpoint of the professionals in many sectors of business in society.  We are proud … Continue reading

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03-Feb-2022 YBM

Long term unemployment cause for concern

The Australian Council of Social Services (ACOSS) has recently reported some distressing figures. The levels of long-term unemployment in this country are at an all-time high, with as many as 826,000 individuals needing income support over the past year.  This … Continue reading

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31-Jan-2022 YBM

Hard work by accountants are paying off with SME trust skyrocketing

We understand that running a business can be hard work. It is oftentimes lonely, isolating and extremely stressful. Recent years have done nothing to improve business owner’s sense of wellbeing. Interestingly, it seems as if this compassion has filtered through. … Continue reading

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31-Jan-2022 YBM

NSW Business Support 2022

The NSW Government has announced a $1bn support package for struggling NSW small businesses. Acknowledging the difficulty that business operators have faced, the NSW Treasurer Matt Kean has announced a package of measures to support small businesses impacted by COVID-19 … Continue reading

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13-Jan-2022 YBM

Set yourself up for success for 2022

It’s been another year of turmoil for business owners. You wouldn’t be wrong in wondering if this is your reality now, that going back to ‘normal’ isn’t going to be entirely possible.  If your business has survived into 2022, chances … Continue reading

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05-Dec-2021 YBM

Help is available for residents and businesses impacted by current and recent flooding….

While we cannot undo the damage Mother Nature has thrown our way, YBM are pleased that there are a number of assistance measures in place for individuals and businesses. Disaster Declarations have been issued for a number of local LGAs, … Continue reading

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22-Nov-2021 YBM

A snapshot of the taxable Australians

With the economy again opening up post Covid-19 disruptions, a 2022 election looming and the threat of inflation all on our heels, a repair of the budget is in order, with a focus on who pays the bills and who … Continue reading

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18-Nov-2021 YBM

Tax for Christmas?

So, you’re looking to purchase a few staff gifts for the holiday season and perhaps throw a small party in honour of the silly season after yet another, anything but silly year? It’s best you’re equipped with the information that … Continue reading

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03-Nov-2021 YBM

New requirements for all company Directors

As part of a strategy to reduce illegal phoenix activity and improve traceability of company directors over time, all directors will soon be required to hold a ‘Director Identification Number’. This is a single, unique 15-digit identifier. It will not change and will be attached to the individual forever. Continue reading

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28-Oct-2021 YBM

Black Dog Institute’s One Foot Forward challenge 2021

YBM is participating in the Black Dog Institute’s One Foot Forward challenge in October 2021 to walk as much as we can and raise funds. We have set a goal of $1000. We also have two staff members who are Mental Health First Aid qualified. Continue reading

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28-Oct-2021 YBM

Mentally healthy workplaces – a NSW Government edition

Mental health at work matters. Mentally healthy workplaces are more productive and profitable businesses where everyone feels supported. Find out how mentally healthy your workplace is by taking the NSW Government’s Workplace Pulse Check. Continue reading

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13-Oct-2021 YBM

Here is how to make sure your business is a success

Business ownership is not for the faint hearted. If you have an idea for a business that you are eager to transform into reality, then there are a few concepts that you may find useful to ensure that your business has the best possible chances of becoming a success.
Continue reading

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20-Sep-2021 YBM

When and how to retire from your own business

Retirement as a business owner is something that will likely sneak up on you because business owners are so focused on the here and now for management success.  Although you have undoubtedly considered the prospect of retirement in coming years, … Continue reading

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06-Sep-2021 YBM

COVID-19 FINANCIAL ASSISTANCE MEASURES

Many of you may be confused about the current Covid Financial Assistance that is available as lockdown dates and eligibility rules change. To assist you we have compiled a basic summary of the main assistance measures currently available. Please note … Continue reading

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27-Aug-2021 YBM

Important ATO rulings for SMSFs

We kindly urge you to speak with us about your superannuation goals and current plans to ensure that the best possible outcome is achieved for your financial future. Continue reading

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15-Aug-2021 YBM

All things Cryptocurrency

Cryptocurrency is a $1-2 trillion USD market, and it is certainly a concept that is drawing the attention of investors everywhere. With the ability to trade crypto for real estate or businesses or sell it for cash, your options are extensive when focusing on the potentials available. Continue reading

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05-Aug-2021 YBM

Home office expenses – the ‘how’ and ‘how much’

It is no surprise that there is increased interest in what, how and how much of additional office expenses can be claimed in tax returns for last year. Many were forced to work from home, some for lengthy periods. The … Continue reading

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29-Jul-2021 YBM

Applications now open for the JobSaver Payment

As the name would imply, the JobSaver scheme is designed to help NSW businesses maintain their employee headcount while impacted by the latest COVID-19 restrictions. Continue reading

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27-Jul-2021 YBM

The 2021 covid 19 business grant

As we write this, it is a month since stay-at-home restrictions were placed on Greater Sydney, impacting businesses far and wide, and further compacted by restricted freedom of movement throughout the school holidays. Continue reading

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22-Jun-2021 YBM

Superannuation changes

Superannuation changes…there’s quite a few of them and they will impact both employers and employees. Here’s what you need to know! Continue reading

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17-Jun-2021 YBM

Single Touch Payroll and the end to exemptions – the nitty gritty!

Changes are due to come into effect shortly, but what does it mean from a practical perspective? Continue reading

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16-Jun-2021 YBM

Four easy tips to get your tax right

On the road for work? Deductions for transport and logistic employees may include travel and self-education expenses. Continue reading

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10-Jun-2021 YBM

Keep your finger on the pulse this tax time.

Are you a doctor, specialist, nurse, midwife or carer? Time for a check-up on the deductions you can claim this tax time! Continue reading

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03-Jun-2021 YBM

Get an A+ on your tax claims

Haven’t lodged your tax return yet? Tax time revision is made easy with the ATO’s top tips on what education professionals can and can’t claim. Continue reading

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27-May-2021 YBM

Making tax time stress free for builders and construction workers

It’s that time of year again when you need to start thinking about your tax. But before you rush to lodge your return, it’s important to double check what you can and can’t claim. Continue reading

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19-May-2021 YBM

Federal Budget Update

Got 5 minutes for a brilliant summary of the Federal Budget? Continue reading

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19-May-2021 YBM

How will the Federal Budget affect you?

During this year’s Federal Budget announcement Treasurer Josh Frydenberg stated
“Australia is back!”. The Budget proposes positive changes to superannuation, an extension
of the low and middle income tax offsets and a boost to aged care services. Continue reading

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05-May-2021 YBM

Tax Time Toolkit for Retail Workers

Find out what you can claim this year as a retail worker. Continue reading

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15-Apr-2021 YBM

Funding your retirement – the majority of Aussies cannot rely on Super alone

Around 1.7 million Australians over the age of 70 have no superannuation. Don’t be left short in your retirement. Come see us now. Continue reading

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23-Mar-2021 YBM

Single Touch Payroll changes from 1 July 2021

From 1 July 2021, small employers will commence to report for closely held payees, and the quarterly exemption for micro employers will generally cease. This article summarises the ATO guidance. Continue reading

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17-Mar-2021 YBM

Fight the flight

Even in volatile markets, the fundamental tenets of good investment remain unchanged: Quality assets, quality structures and quality management. Continue reading

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16-Mar-2021 Practiceplus

Tax planning for Australian accountants in 2021

Tax planning in 2021 will be a little different this year. As part of Xero’s Education Month, we are offering a webinar to give accountants and bookkeepers peace of mind as we head into April. Continue reading

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11-Mar-2021 Practiceplus

What’s Happening to Small Business Loans in Australia: Will 2020 Crisis Continue in 2021?

From better client relationships to faster data retrieval, we reveal the true strategic benefits of automated workflows – and why it’s so important. Continue reading

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11-Mar-2021 YBM

Ladies, make your money work harder!

Growing the money pot doesn’t mean you have to work harder – you can make your money work harder for you. Continue reading

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02-Mar-2021 Practiceplus

Latest product news – March 2021

This month, we’ve focused on enhancing our existing products on the Xero platform. Our teams use the ‘test, learn, refine’ principle to continuously improve the features you use every day, so you can streamline your accounting work and grow your business. Continue reading

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17-Feb-2021 Practiceplus

Three payroll changes and trends to prepare for in 2021

There are still many unknowns ahead, but there are some things small businesses can start to plan for – these include a number of developments set to impact payroll in 2021. Continue reading

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10-Feb-2021 YBM

AgriStarter loan offers support to new farm business owners.

Succession loans and first farmer loans are now available through the ArgiStarter loan to enable new and established farmers to achieve their agribusiness goals. Continue reading

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27-Jan-2021 Practiceplus

Five technology trends set to shape 2021

None of us can predict what 2021 will hold—but it’s guaranteed that digital adoption will continue to have a transformative role on the way we do business. Continue reading

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08-Jan-2021 Practiceplus

5 skills that should be a part of every manager’s training

A handbook, alone, won’t cut it. Ongoing training is key. Continue reading

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06-Jan-2021 YBM

One of our greatest strengths

Being a member firm of the Walker Wayland Australasia network connects YBM to other independent firms who are driven by similar values. Continue reading

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23-Dec-2020 YBM

YBM’s Christmas Message

YBM wishes all of our clients a happy and safe holiday period and are looking forward to seeing you all in 2021. Continue reading

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21-Dec-2020 YBM

The financial impact of a furry friend

There are over 29 million pets in Australia with approximately 61% of households owning one. Continue reading

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16-Dec-2020 YBM

Do you have more than one super account?

There are 10 million Australians with a super account, and more than 36% of those hold more than one. Continue reading