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How to make sense of the words your Accountant likes to use.

With the Australia Federal Budget having been delivered, we thought we’d help out with some of the terminology they used in the news cycles, and we thought how appropriate it might be that we define some common accounting terms that may be useful for you in your everyday business life, as well as when we […]

Tax Planning and Forecasting

In those good old days of accounting, keying in manual bank statements, reconciling cashbooks, printed workpapers all filed in a manilla folder; nice and neat, real old school. This generally meant that no matter how hard the Larkin Partner team worked, we were behind and struggled to get our client files done. It was a […]

It’s time to talk about cashflow and your debtors.

Many small business owners are finding it increasingly difficult to manage their debtors. With payment times in Australia being some of the longest in the world, it’s more important than ever for small business owners to take proactive steps to protect their cashflow. But, let’s be honest, no one likes making those phone calls. So, […]

Why Should You Lodge an FBT Return?

Why should you, as an employer, lodge an FBT return where no FBT is payable? For the simple reason that it turns on the three-year deadline for the ATO to commence audit activities on your business. Examples of fringe benefits include: allowing an employee to use a work car for private purposes giving an employee […]

5 Tips on Project Management

We’ve been supporting SMEs for over 25 years now and knowing the importance of having one eye on profitability at all times, we want to give our clients some strategies around where they’re making money – and where they may not be – with the following insights around project management. 1. Use your past data […]

Changes to the Self-Managed Super Fund Laws

Over the past little while, there have been numerous developments in the Self-Managed Super Fund (SMSF) space. The passing of legislation in the Parliament includes increasing the limit of SMSF members from 4 to 6 and extending the bring-forward age. There are other changes, as the legislation is broad, so we have placed a link […]

Crisis Management

Ignorance is rarely bliss, and in the case of business, it can be catastrophic. When you’re running an SME, it can be comforting to think that a business crisis won’t happen to you. After all, you’re too small to make too many headlines, right?….. And you’ve got insurance for everything else, right? However, crisis management […]

Latest Victorian Government Business Support

Just to give you all an updated outline of the weekend’s press conference: In view of the extension of the lockdown, the Victorian and Commonwealth governments have continued with their support of small and medium businesses (SMEs). Business Costs Assistance Program Recipients of the Business Costs Assistance Program Round Two or July Extension will continue […]

Strategies to Improve Small Business Profitability

Profitability is one of the essential number all small business owners need to track to generate cash buffers. Increase your profitability, cash flows in. Reduce your profitability and times are tougher for your business. Here are 7 strategies to improve your business’ profitability. Monthly Sales TargetsSo many business owners run their businesses blind. They just […]