Articles

October 1, 2020

Victorian Government Support for Business: Announcement

On Sunday 13 September 2020, the Victorian Government has announced a new support package of $3 billion, in “cash grants, tax relief and cashflow support delivered to Victorian Businesses.”Read the Victorian Government Announcement here. While there are almost no details on the support package for Businesses as yet, we wanted to put together what we […]

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October 1, 2020

Preventing a Tsunami of Insolvencies

The Government has stepped in to prevent a wave of insolvencies when the COVID-19 support measures run their course in December 2020. Temporary insolvency and bankruptcy protections are in place until 31 December 2020 to enable businesses to trade through the pandemic. The measures provide: A temporary increase in the threshold at which creditors can […]

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October 1, 2020

JobKeeper: The next steps

The first tranche of JobKeeper ended on 27 September 2020. We look at the issues for those seeking to qualify for the second tranche of JobKeeper and for those no longer eligible. As we have discussed, we will be contacting you to discuss JobKeeper 2.1. If you do not hear from us by next Friday, […]

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September 28, 2020

5 Steps to Growing your look at College and Professional Services Firm

This focuses on the elements we think need to be in place before you grow your professional service firm…but firstly, a diversion. Have you seen the movie, The Founder, with Michael Keaton? The Founder is the story of Ray Kroc and McDonald’s. The opening scene (about 2 mins) of this movie draws some fantastic parallels […]

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September 28, 2020

Taking Financial Control of your Professional Services Firm

If you are a partner or owner of a professional service firm, and you: Don’t take regular profit distributions Run the business from your bank account Have no idea how the business is performing Don’t know what the capacity of the firm is and if you do, if you are under or overachieving Don’t receive […]

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September 28, 2020

An introduction to Division 293 tax

As a reminder, when concessional contributions are made into your super fund, commonly being amounts paid by your employer from your before-tax income or a personal contribution that you are claiming a tax deduction for in your personal tax return, they are generally taxed at a reduced rate of 15% – which can be a […]

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September 22, 2020

The Black Hole between Billings a Capacity in your Professional Services Firm

Once we have an understanding on the capacity of your professional services firm, we then work to understand the ‘gap’ between the capacity in your professional service firm, against what it is actually billing. We call this gap the ‘black hole’ in a professional service firm. You need to calculate the billing capacity of your […]

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September 22, 2020

Calculating Capacity in your Professional Services Firm

The first thing we do when working with a professional service firm is to calculate the billing capacity of that firm. In this guide, we will explore these so you can apply to your business, but note, every professional service firm is different and these should be used as a guide only. Fees Generated per […]

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September 1, 2020

New JobKeeper Alert

With the employee test date for JobKeeper moved to 1 July 2020, some additional employees might have become eligible. The August JobKeeper monthly business declaration is due by 14 September and is different to the previous form as it covers three JobKeeper fortnights. Employers need to ensure that they identify all additional employees who could […]

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September 1, 2020

Question of the month

My business received a grant from the State Government. Do I pay tax on it? Short answer; probably. Income tax Grants are likely to be taxable unless they are specifically excluded from tax. If the grant relates to your continuing business activities, then it is likely to be included in assessable income for income tax […]

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Contact

Suite 13, 241 Blackburn Road Mount Waverley VIC 3149

Phone: (03) 9802 2533

Fax: (03) 9802 0590

Postal Address: PO Box 323, Mount Waverley, Victoria 3149

Email: mail@rogersonkenny.com.au

ABN: 29 545 604 022