Keep My Books Online

22/07/2025

Unless you lodge with a tax or BAS agent
They have extended due dates

28/06/2024

🥳🎈 Happy End of Financial Year 🎉🎊

Today is the last business day of the financial year. One final chance to transact/review:

1/ Close out all your necessary bank transfers before 3pm today to make sure payments go through the banking system to be reflected in this financial year.
2/ Make your last minute payments if you are on cash basis.
3/ Finalise your last payrun for employees, update the superannuation rate in your payroll software and start preparing for STP Finalisation
4/ Pay your month of June 24 suppliers early (they will appreciate it)
5/ Pay down debt and loans, make trust distributions, take drawings or declare dividends to reflect the organisations goals for the year.
6/ Thank a colleague for their outstanding efforts.
7/ Take a moment to reflect back on the year that was.

We thank you for working with us in 2024 and we look forward to supporting your businesses again in 2025.

Cheers 🍷

22/06/2024

Mark this important date in your calendar 👇

16/05/2024

📢 Budget Breakdown Alert 📢

From tax cuts and cheaper medicines, the 2024-25 Federal Budget was intended to make a difference to your "cost of living".
The budget is packed with initiatives on cost-of-living relief, housing, instant asset write-off's, education, and more.

A surplus of $9.3bn was delivered by the Treasurer this year, but has already been spent with deficits forecast for years to come; placing inflationary pressures on the economy ☹️

Get all the key details on what's in store for you and your business by reading our Budget Wrap:
🔗 https://www.lmsadvisory.com.au/knowledge/2024-25-federal-budget-wrap/ 🔗

What did you think of the budget? Give us a thumbs up or thumbs down in the comments

Federal Treasurer Jim Chalmers MP presented the Australian Labor Party's 2024-25 budget last night.

02/04/2024

31 March 2024 marked the end of the Fringe Benefits Tax (FBT) Year

Now is the time to take down your motor vehicle Odometer reading and store this safely in your logbook.

We'll need this information when we complete your 2024 FBT returns, which will be due by 21 May 2024

Unsure if you need to register for FBT? Contact us to discuss

01/04/2024

* ATO Lodgement Due Date Notification *
Did you know your return may be due 2nd April 2024 ?

19/03/2024

RBA - Rates on hold ✋ but leaves options open for cash rate 🤔

The Reserve Bank of Australia (RBA) has left the cash rate at 4.35%, while stressing it is uncertain about the outlook for inflation and therefore future interest rate movements.

The RBA is trying to reduce inflation (currently 3.4%) to its target range of 2-3%, and expects to get succeed by 2025, but has voiced concerns about conflicting signals:

* On the one hand, some signals are pointing to lower inflation – the economy is slowing, price growth for goods is slowing and household consumption growth remains weak.

* On the other hand, some signals are pointing to higher inflation – there's still too much demand in the economy, price growth for services remains elevated and household consumption might increase later in the year.

As a result, the RBA said it is “not ruling anything in or out” about whether the next move in the cash rate will be up or down, and when it will occur.

Our takeaway - Plan your investment decision making on the assumption that rates are at their peak but will not change for a while. If you can manage at this level it will only get better. To get an edge, can you find savings in your current budget to increase your balance to invest or save?

If you would like assistance, please reach out to us.

06/02/2024

RBA not rushing to cut rates ✋⏱️

The Reserve Bank of Australia (RBA) has left the cash rate at 4.35% and given notice that it will be some time before it thinks about reducing interest rates.

The key to what happens with the cash rate is inflation – which, at 4.1%, remains higher than the RBA's target range of 2-3%. In a statement, the RBA board said it “remains resolute in its determination to return inflation to target,” which suggests it won't make any rate cuts until it's sure inflation is back under control.

“The board needs to be confident that inflation is moving sustainably towards the target range. To date, medium-term inflation expectations have been consistent with the inflation target and it is important that this remains the case,” the board said.

“While recent data indicate that inflation is easing, it remains high. The board expects that it will be some time yet before inflation is sustainably in the target range. The path of interest rates that will best ensure that inflation returns to target in a reasonable timeframe will depend upon the data and the evolving assessment of risks, and a further increase in interest rates cannot be ruled out.”

07/01/2024

HAPPY NEW YEAR!

Our teams are back on deck. All the best for 2024!

Have you set your goals for 2024 yet? Do you have an action plan?

The best way forward is with a clear path and direction.

Reach out to us if you need assistance.

Lets get into it!

08/11/2023

RBA tightens monetary policy 🔩🪛

The Reserve Bank of Australia (RBA) has increased the cash rate from 4.10% to 4.35% (see graph), after previously leaving it on hold for four consecutive months.

In a statement announcing the decision, RBA governor Michele Bullock said the aim of the rate rise was to cool the economy, and thereby reduce inflation (currently 5.6%) to its target range of 2-3%.

Governor Bullock said that while inflation “has passed its peak” (after reaching 8.4% in December) it was “still too high and is proving more persistent than expected a few months ago”.

As a result, “an increase in interest rates was warranted today to be more assured that inflation would return to target in a reasonable timeframe”.

This will have a definite and immediate impact going into the holiday season. When planning to refinance or make changes to your budget, start early to give the process time. If you need help, get in touch with us.

03/10/2023

Interest rate update 📰✋

The Reserve Bank board has now left the cash rate at 4.10% for the fourth consecutive month, making it increasingly likely that interest rates have peaked.

But the Reserve Bank has not ruled out another rate hike, as it attempts to reduce inflation, currently 5.2%, to its target range of 2-3%.

“Some further tightening of monetary policy [i.e. rate rises] may be required to ensure that inflation returns to target in a reasonable timeframe, but that will continue to depend upon the data and the evolving assessment of risks,” Reserve Bank governor Michele Bullock said in a statement.

“In making its decisions, the board will continue to pay close attention to developments in the global economy, trends in household spending, and the outlook for inflation and the labour market.

“The board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that outcome.”