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
Carbon Accounting – Who And How?
Explains the nuts and bolts of reporting on GHG emissions, also referred to as Carbon accounting. Continue reading
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
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
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
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
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
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
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
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
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
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
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
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
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
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 Analysis
A summary of the 2023-2024 Federal Budget Continue reading
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
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
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
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
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
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
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
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
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
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
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
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
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