synergy-accountants

Small Business CGT Concessions in Australia: How to Reduce Your Tax Liability

brendanp@synergyconsolidated.com.au (Brendan Philp) — Wed, 26 Mar 2025 01:31:22 GMT

For small business owners in Australia, selling a business or business asset can trigger a hefty Capital Gains Tax (CGT) liability. However, the Australian Taxation Office (ATO) provides Small Business CGT Concessions, which can significantly reduce or even eliminate your tax liability. These concessions are powerful tools, but many business owners either aren’t aware of them or don’t fully understand how to apply them correctly.

This article explains the key small business CGT concessions, eligibility requirements, and how you can leverage them to legally minimise your tax liability when selling your business or its assets.

What Are Small Business CGT Concessions?

Small Business CGT Concessions are tax relief measures that help business owners reduce their capital gains tax when selling an eligible business asset. If you meet the criteria, you could significantly lower the amount of CGT payable – or even avoid paying it altogether.

The four main CGT concessions are:

15-Year Exemption – If you’re 55 or older and retiring (or permanently incapacitated), and you’ve owned an active business asset for at least 15 years, you may be able to sell it without paying any CGT.
50% Active Asset Reduction – This allows you to reduce your capital gain by 50%, lowering your CGT liability.
Retirement Exemption – You can exempt up to $500,000 of capital gains from tax. If you’re under 55, the exempt amount must be paid into a complying superannuation fund.
Rollover Relief – If you sell an active asset, you can defer the capital gain for up to two years and offset the capital gain against the purchase of a replacement asset.

Each of these concessions has its own eligibility requirements and can be applied in a specific order to maximise tax savings.

Who Qualifies for Small Business CGT Concessions?

To access these concessions, your business must meet at least one of the following basic eligibility tests:

Small Business Entity Test – Your business has an aggregated annual turnover of less than $2 million.
Maximum Net Asset Value Test – The net value of all you and all your associate's business and personal assets (excluding your home, personal use assets, and superannuation) is less than $6 million.

Additionally, the asset you are selling must pass the Active Asset Test, meaning it was actively used in your business for at least half of the ownership period or a minimum of 7.5 years if you’ve owned it for more than 15 years.

Suppose you are selling shares in a company or an interest in a trust. In that case, further conditions apply, including the requirement that you were a significant individual (holding at least 20% of shares) in the business.

How to Apply Small Business CGT Concessions to Reduce Your Tax

Step 1: Determine Your Eligibility

Before you start applying concessions, ensure you meet the basic eligibility requirements (turnover test or net asset test) and that the asset qualifies as an active asset.

Step 2: Consider the 15-Year Exemption

If you qualify, you can eliminate the capital gain entirely.

Step 3: Apply Capital Losses

If you have any capital losses (from previous years or other investments), offset these against your capital gain to reduce the taxable amount.

Step 4: Apply the CGT Discount

If you’ve owned the asset for more than 12 months, individuals and trusts can apply a 50% CGT discount, reducing the capital gain by half.

Step 5: Apply the 50% Active Asset Reduction

If eligible, you can reduce the remaining capital gain by another 50%.

Step 6: Apply the Retirement Exemption

If applicable, you can exempt up to $500,000 from tax. If you’re under 55, you must contribute the exempt amount into your superannuation.

Step 7: Use Rollover Relief

If you’re reinvesting in another business asset, you may be able to defer your capital gain for up to two years and ultimately offset the capital gain against the purchase of a new active asset.

The order in which you apply these concessions is crucial, as it can significantly impact your final tax liability.

Example: How the CGT Concessions Work in Practice

Let’s break it down with an example:

You sell an active business asset for $800,000.
Your original purchase price (cost base) was $200,000.
Your capital gain is, therefore, $600,000.

Now, let’s apply the concessions in order:

50% CGT Discount → Reduces taxable capital gain to $300,000.
50% Active Asset Reduction → Further reduces taxable gain to $150,000.
Retirement Exemption (if eligible) → Exempts $150,000, bringing taxable gain to $0.

Result: No CGT is payable!

By correctly applying the available CGT concessions, the business owner in this example legally avoids paying any tax on the sale.

Common Mistakes to Avoid

Many business owners miss out on tax savings due to simple mistakes. Here are some pitfalls to avoid:

Misunderstanding eligibility criteria – Ensure your business meets the asset and turnover tests.
Failing the Active Asset Test – The asset must have been used in the business for the required period.
Applying concessions in the wrong order – The sequence in which you apply these matters.
Not consulting an accountant – A tax professional can help you maximise savings and ensure compliance.

Why You Should Plan Ahead

Tax planning is crucial when considering the sale of a business or an asset. By planning ahead, you can structure your sale to take full advantage of CGT concessions, ensuring you pay the least amount of tax legally possible.

Key actions to take:

Maintain accurate financial records – Track asset purchases, improvements, and business use.
Structure your business correctly – Ensure your setup allows you to access CGT concessions.
Consult a tax professional – An accountant can help you apply these concessions strategically.
Consider superannuation contributions – If you are under 55, rolling tax-free gains into super can be beneficial.

Final Thoughts

At Synergy Accountants, we know how overwhelming it can feel trying to navigate small business CGT concessions on your own. But with the right guidance and a clear strategy, you could reduce — or even eliminate — the capital gains tax you owe when selling your business or its assets.

We’re here to help you make sense of the rules, apply the concessions correctly, and structure your sale in a way that works in your favour. If you're thinking about selling, let's chat about how we can help you maximise your tax benefits and keep more of your hard-earned profit.

Get in touch

Investment Property Tax Deductions in Australia: What You Can and Can’t Claim

brendanp@synergyconsolidated.com.au (Brendan Philp) — Wed, 12 Feb 2025 03:42:55 GMT

Investing in property can be a lucrative way to build wealth, but it also comes with various tax implications . Understanding which expenses are tax-deductible for Australian property investors can significantly impact profitability and compliance with the Australian Taxation Office (ATO) regulations.

In this article, we explore the key investment property tax deductions you can claim, as well as those you cannot.

What You Can Claim: Investment Property Tax Deductions

1. Interest on Loans

Interest on loans taken out to purchase, maintain, or improve a rental property is generally tax-deductible. This includes:

Interest paid on the mortgage.
Interest on loans for property-related expenses such as renovations.

However, if part of the loan is used for private purposes, only the portion directly related to the rental property is deductible.

2. Rental Advertising Costs

If you advertise your property to attract tenants through online platforms, newspapers, or real estate agencies, these costs are deductible.

3. Property Management Fees

Real estate agent fees for managing the property, including finding tenants, collecting rent, and overseeing maintenance, are fully tax-deductible.

4. Council Rates & Water Charges

Any council rates and water service charges that are paid by the landlord can be claimed as deductions.

5. Land Tax

Land tax is deductible if the property is rented out or genuinely available for rent.

6. Body Corporate Fees & Strata Levies

If your property is in a strata complex, you can claim body corporate fees that cover shared property maintenance costs, management, and insurance.

7. Repairs & Maintenance

You can claim deductions for immediate repairs that restore an item to its original condition due to wear and tear from renting. Examples include:

Fixing broken appliances.
Replacing damaged carpets.
Repairing leaks or plumbing issues.

Important: Improvements or upgrades, such as installing a new kitchen, are considered capital expenses and must be depreciated over time.

8. Insurance Costs

Landlord insurance, building insurance, and contents insurance (for furnished rentals) are deductible expenses.

9. Depreciation on Assets & Capital Works Deductions

Property investors can claim depreciation on eligible assets such as:

Furniture, appliances, and carpets(Except those which are acquired second hand with the property purchase)
Structural improvements and renovations under capital works deductions (e.g., extensions, flooring, and built-in wardrobes). These can be deducted over 25 to 40 years.

A quantity surveyor can prepare a tax depreciation schedule to maximise claims and provide details on the original structure costs which you may claim a capital works deduction for.

10. Professional Services

If you hire an accountant, property advisor, or solicitor to assist with tax-related matters, their fees are tax-deductible.

11. Stationery, Phone, and Internet Costs

Any administrative expenses related to managing the property, such as postage, phone calls, or internet costs, can be claimed however you will need supporting evidence to confirm the portion of the costs that relate specifically to managing the property.

12. Pest Control

If you engage a pest control service for the rental property, the cost is deductible.

13. Gardening & Lawn Maintenance

If your rental property has a garden, expenses for mowing, weeding, and landscaping are tax-deductible.

14. Borrowing Expenses

Loan application fees, mortgage registration fees, and lender’s mortgage insurance (LMI) can be deducted over five years or the loan term (whichever is shorter).

What You Can’t Claim: Non-Deductible Expenses

While there are many deductible expenses, some costs cannot be claimed, including:

1. Purchase Costs

The cost of acquiring a property is not tax-deductible. This includes:

Stamp duty.
Legal and conveyancing fees.
Initial building inspections.
Buyer’s agent fees.

However, these costs may be factored into the capital gains tax (CGT) calculation when selling the property.

2. Travel Expenses

From 1 July 2017, travel costs related to inspecting, maintaining, or collecting rent for a residential investment property are generally not deductible unless you are carrying on a business of letting rental properties.

3. Renovations & Capital Improvements

Major upgrades, such as adding an extra room, replacing an entire roof, or significant bathroom renovations, cannot be immediately deducted. These costs are still deductible but must be claimed over time under capital works deductions.

4. Expenses Paid by Tenants

If your tenants pay for services or maintenance (e.g., water bills and repairs), you cannot claim these expenses.

5. Private Expenses

Any expense that is not directly related to renting the property, such as:

Personal use of a rental property.
Expenses for non-income-generating properties.
Loan repayments (only the interest portion is deductible).

6. Initial Repairs & Defects

Repairs for issues that existed when you purchased the property (e.g., fixing a leaking roof discovered upon purchase) cannot be immediately claimed. These are considered capital costs.

7. Principal Loan Repayments

While the interest on a loan is deductible, the principal repayment portion is not deductible.

Maximising Your Investment Property Tax Deductions

1. Keep Detailed Records

Maintain receipts, invoices, and statements for all expenses.
Use a spreadsheet, accounting software or hire a professional accountant to help track deductions.

2. Obtain a Depreciation Schedule

A quantity surveyor can assess your property and provide a detailed depreciation report, maximising allowable claims.

3. Seek Professional Advice

Tax laws change frequently, so working with an accountant or tax professional ensures compliance and helps optimise deductions.

Final Thoughts

Understanding what you can and can’t claim on your investment property can significantly impact your tax return and overall profitability. Keeping meticulous records, obtaining a depreciation schedule, and consulting with a tax professional are essential steps to ensure compliance with ATO regulations while maximising deductions.

If you need assistance with your investment property tax strategy, our team at Synergy Accountants is here to help. Contact us today to ensure you’re getting the most from your investment while staying compliant with Australian tax laws.

Get in touch .

Strategies for Effective Business Succession Planning

info@synergyconsolidated.com.au (Info Synergy Consolidated) — Fri, 24 Jan 2025 04:27:28 GMT

Strategies for Effective Business Succession Planning

Business succession planning often stays on tomorrow's to-do list until a crisis demands quick action. This reactive approach can get pricey with major business disruptions that effective succession planning could prevent.

Whether you’re preparing to retire, transition leadership, or sell your business, a well-thought-out succession plan protects your company’s future and safeguards its value. At Synergy Accountants, we specialise in guiding businesses through this complex yet important process.

This article will walk you through our top 8 strategies to create an effective business succession plan that aligns with your goals and secures your legacy.

8 Succession Planning Strategies

1. Start Planning Early

Succession planning isn’t a task to leave until the last minute. Starting early gives you the time to:

Identify potential successors.
Train and mentor the next generation of leaders.
Resolve any financial or legal challenges that may arise.

By beginning the planning process years in advance, you can ensure a seamless transition and avoid unnecessary disruptions.

2. Define Your Objectives

Before developing a succession plan, clearly outline your long-term goals. Consider:

Transfer of ownership: Do you plan to sell the business, pass it on to a family member, or transfer it to a current employee?
Business legacy preservation: How can you ensure the company’s values and culture remain intact?
Financial security: Will the succession plan provide the financial outcomes you need for retirement or other personal goals?

These objectives serve as the foundation for your entire strategy.

3. Identify and Assess Successors

Choosing the right successor is, of course, important for the continued success of your business. Evaluate potential candidates based on the following:

Skills and qualifications: Do they have the necessary expertise to lead?
Cultural fit: Will they uphold the company’s mission and values?
Commitment: Are they genuinely invested in the business’s future?

For family-owned businesses, balancing family relationships and business needs is key when deciding on a successor. Take a moment to reflect: Are you choosing based on their skills and qualifications, or are emotions and personal connections playing a bigger role?

4. Develop a Training and Transition Plan

Once you’ve identified your business successor, focus on preparing them for their new role. A structured training and transition plan might include:

Hands-on experience in different departments.
Formal leadership training and professional career development.
Opportunities to build business relationships with key stakeholders, like clients, suppliers, and employees.

A gradual handover process allows the successor to gain confidence and ensures continuity in daily operations.

5. Conduct a Business Valuation

A professional business valuation is very important as it determines the true value of your business, which is critical for:

Negotiating a fair sale price.
Facilitating tax-efficient wealth transfer.
Informing financial decisions during the succession process.

Engaging an accountant or valuation expert ensures accuracy and provides valuable insights for your plan.

6. Address Tax and Legal Considerations

Business succession often involves complex tax and legal implications. Key areas to address include:

Capital Gains Tax (CGT): Understanding potential liabilities and exploring tax minimisation strategies.
Estate planning: Ensuring your succession plan aligns with your broader estate plans.
Legal agreements: Drafting buy-sell agreements, shareholder agreements, and other contracts to formalise the transition.

Tax Advisory Services

7. Communicate with Stakeholders

Transparency is key to the success of your succession plan. Communicate your intentions and plans to:

Key employees: Reassure them about the company’s stability.
Family members: Clarify roles and manage expectations.
Key clients and suppliers: Strengthen relationships and maintain trust.

Regular updates ensure all relevant stakeholders feel involved and supported throughout the transition process.

8. Plan for Contingencies

A robust succession plan includes provisions for unexpected events, such as:

Sudden illness or death of the current owner.
Economic downturns affecting business value.
Changes in the successor’s circumstances.

Creating a contingency plan ensures your business remains resilient in the face of unforeseen challenges.

How Synergy Accountants Can Help with Business Succession Planning

At Synergy Accountants, we understand that every business is unique, and so is every succession plan. Our team offers a personalised approach to help you navigate this process with confidence.

How we can assist:

Retirement planning: We assist in strategising your retirement, ensuring your business continues to thrive as you step back.
Selling a business: Our team guides you through selling your business, from valuation to finalising the sale, ensuring you achieve optimal outcomes.
Family transition: We facilitate smooth transitions within family-owned businesses, addressing unique challenges to maintain harmony and business continuity.
Strategic business advisory: Our proactive approach helps you define business goals and develop strategic plans for successful succession.
Tax Advisory Services: We provide expert tax advice to minimise liabilities and solve complex tax issues during the succession process.

With Synergy Accountants by your side, you can confidently plan for the future while preserving the legacy you’ve worked so hard to build. Contact us today to discuss how we can support your business succession planning journey.

Get in touch .

Instant Asset Write-Off 2025: Maximise Small Business Support

Fri, 29 Nov 2024 00:50:07 GMT

The Australian Government has extended the Instant Asset Write-Off (IAWO) into the 2024–25 financial year, continuing its role in supporting small businesses and primary producers. This program allows eligible entities to claim immediate tax deductions for the purchase of qualifying assets, providing a valuable tool to improve cash flow and encourage business investment.

In this article, we’ll cover the current rules for 2024–25, highlight special provisions for primary producers, and offer tips on leveraging this incentive effectively.

What Is the Instant Asset Write-Off?

The Instant Asset Write-Off enables eligible businesses to immediately deduct the full cost of new or second-hand assets rather than depreciating them over several years. For the 2024–25 financial year , the key threshold remains at $20,000 (net of GST) per asset , allowing businesses to claim deductions on multiple qualifying purchases under this limit.

This program forms part of the government’s strategy to reduce compliance burdens and support growth across Australia’s small business sector.

Key Rules for 2024–25

To take full advantage of the Instant Asset Write-Off this financial year, businesses must comply with the following requirements:

1. Eligibility

Businesses with an aggregated annual turnover of less than $10 million can claim the write-off.
Assets must be purchased and installed ready for use between 1 July 2024 and 30 June 2025 .

2. Asset Threshold

The write-off applies to assets costing less than $20,000 (GST Ex clusive)
Items exceeding $20,000 cannot be claimed under the IAWO but may be eligible for small business pooling.

3. Eligible Assets

Both new and second-hand assets qualify, including machinery, tools, office equipment, and vehicles.
Specific exclusions apply, such as assets leased to others or assets not primarily used for business purposes.

Special Considerations for Primary Producers

The primary production sector continues to enjoy additional depreciation concessions specific to Fencing, Fodder Storage and Water Facilities Providing additional tax relief for businesses in agriculture.. For many clients of Synergy Accountants , these provisions offer substantial savings and opportunities:

Fencing Assets: Immediate deductions are available for fencing-related expenses, such as installation and repairs, with no cost threshold .
Fodder Storage Assets: Similarly, the cost of building or upgrading fodder storage assets (e.g. Fodder storage sheds, silos, tanks) is fully deductible, promoting better resource management on farms.
Water Facilities: Investments in water facilities, such as bores, irrigation systems, and tanks, also qualify for immediate deductions.

How to Leverage the Instant Asset Write-Off in 2024–25

Plan Purchases Wisely

Identify essential assets your business needs and ensure they are purchased and installed ready for use before 30 June 2025 .

Consult Tax Professionals

Work with a qualified accountant to ensure compliance with eligibility criteria and maximise your deductions.

Combine with Other Incentives

Where applicable, combine the IAWO with other tax incentives like the Energy Incentive Scheme , particularly if your business invests in energy-efficient equipment.

Benefits of the Instant Asset Write-Off

The Instant Asset Write-Off offers several advantages for small businesses and primary producers:

Improved Cash Flow: Immediate deductions reduce taxable income, leaving businesses with more cash on hand.
Simplified Tax Reporting: The IAWO eliminates the need for complex depreciation schedules for qualifying assets.
Encouragement to Invest: The write-off incentivises businesses to upgrade equipment, adopt new technology, and improve operational efficiency.

Why Choose Synergy Accountants?

Going through the complexities of tax incentives like the Instant Asset Write-Off requires expert guidance. At Synergy Accountants, we specialise in tailoring tax strategies to the unique needs of small businesses and primary producers. Let us help you maximise your deductions and achieve financial success.

For more details, get in touch with our team today!

Frequently Asked Questions

What are the rules for the Instant Asset Write-Off in 2024–25?

Eligible businesses can claim an immediate deduction for assets costing less than $20,000, provided the assets are purchased and installed ready for use between 1 July 2024 and 30 June 2025 .

What is the write-off for vehicles in 2024–25?

Vehicles used primarily for business purposes are eligible for the write-off if their cost is below $20,000. Vehicles with a cost over $20,000 may be eligible for small business pool depreciation (For luxury vehicles, the car limit for depreciation may apply).

Is temporary full expensing available in 2024–25?

No, temporary full expensing concluded on 30 June 2023. The Instant Asset Write-Off is now the main small business depreciation incentive.

How does the $150,000 Instant Asset Write-Off work?

The $150,000 threshold applied temporarily during the pandemic. For 2024–25, the standard $20,000 threshold applies.

Small Business Cash Flow Management: Importance & Top Tips

Mon, 21 Oct 2024 23:37:50 GMT

"Cash flow, not reported earnings, is what determines long-term value" - William Thorndike

The better you manage your cash flow (especially if you're a small business), the more your business will thrive. This is because by managing your cash flow, you would be able to better plan for the future (manage large expenses or expand your business).

Follow the tip we've outlined below to manage the way that money moves through your business to set yourself up for success.

9 Tips to Managing Your Cash Flow

1. Monitor Your Cash Flow Consistently

A solid understanding of your business's cash flow is the foundation of effective cash flow management. Develop annual, quarterly, and monthly cash flow projection to anticipate future cash flow needs. By closely monitoring your operating expenses, stock levels, debt collections, and profit margins, you'll be better positioned to avoid cash flow shortages.

Pro Tip: Working with an accountant can provide an external perspective on your financial situation, helping you identify trends or cash flow improvement strategies that might not be obvious. If you're unsure about managing your business's finances, it's worth seeking help from trusted accountants, or business advisors like our team at Synergy Accountants.

GET IN TOUCH

2. Build a Cash Buffer for Emergencies

We cannot overstate the importance of setting up an emergency cash reserve for your business. In the same way you might have this "rainy day fund" for personal expenses, a business emergency fund will help you be prepared got any unexpected expenses, cost increases, or temporary dips in sales.

Opening a seperate business savings account can help you earn interest on your reserve fund while keeping them accessible when needed. Generally, we recommend having between 3-6 months worth of expenses saved even though in certain industries where fluctuations are more prevalent, like hospitality, more would be advisable due to the fluctuating nature of income streams.

3. Leverage Financial Tools and Credit Options

Businesses often rely on external financing such as lines of credit , overdrafts, or business loans to maintain cash flow. It is a good idea to evaluate your financial products regularly to ensure they're still meeting your business needs. Consider the cost-effectiveness of borrowing options while exploring new financial tools that could help you better manage your cash flow.

For example:

Overdrafts can provide flexible short-term funding, allowing you to cover operating expenses without tapping into long-term reserves.
Revolving credit facilities allow you to borrow, repay, and re-borrow funds as needed, providing you with more flexibility compared to term loans.
Invoice financing can give you access to funds tied up in unpaid invoices, helping to reduce cash flow gaps.

Pro tip: If your business is experiencing fast growth, speak to your accountant or finance broker about reviewing and increasing your credit facilities (usually, it’s easier to negotiate terms in advance rather than during a cash flow crisis).

4. Encourage Faster Customer Payments

As simple as it might sound, boosting your incoming cash flow often starts with receiving payments faster. To do this, shorten payment terms where possible and issue invoices immediately after delivering goods or services. You can also introduce automated invoicing systems to streamline the billing process and send out reminders when invoices are overdue.

Additional strategies:

Implement incentives such as early payment discounts to encourage faster payment.
Offer on-the-spot payment options using mobile payment solutions or EFTPOS systems, reducing the delay between service delivery and payment.
For B2B businesses, consider offering payment plans to make larger orders more accessible while ensuring regular incoming payments.

Pro tip: Regularly review customer payment histories to identify clients who consistently delay payments. Set firmer terms with these customers or consider stricter penalties for overdue accounts.

5. Optimise Payment Terms with Suppliers

While receiving payments promptly is important, holding off on paying your suppliers until the due date (or negotiating longer payment terms) can also help preserve your cash flow. Avoid paying invoices earlier than necessary unless you’re offered an early payment discount, and use the time between receiving and paying invoices to your advantage.

Additional strategies:

Negotiating extended payment terms with suppliers can give you more breathing room to manage your cash outflows.
Using a business credit card for supplier payments can help you take advantage of interest-free payment periods, giving you additional flexibility as long as you repay the balance each month.

6. Seperate Personal and Business Finances

Keeping your personal and business finances separate is important for clarity and financial control; this will help you monitor your cash flow and make tax time easier, saving you both time and money. Consider setting up separate business accounts for daily transactions and an additional savings account to manage cash reserves and accrue interest.

Pro tip: When using personal funds to support business activities, make sure to document these as formal loans or capital injections, ensuring that everything remains clear for tax and accounting purposes.

7. Speed Up Inventory Turnover

Regularly reviewing your inventory levels ensures that you’re not tying up cash in excess stock. Carry only what you need to meet current demand. Overstocking can unnecessarily tie up funds and increase storage or insurance costs, which can negatively impact your cash flow.

Additional strategies:

Perform regular inventory audits to identify slow-moving products and consider discounts or promotions to clear them out.
Adopt just-in-time inventory management techniques, where you only order stock as needed, reducing the amount of cash tied up in inventory.
Build relationships with your suppliers to ensure you can receive stock quickly and without delay when necessary.

Pro tip: Invest in inventory management software that integrates with your accounting system to provide real-time updates on stock levels, sales, and cash flow implications.

8. Create a Budget and Stick to It

We've seen it happen time and time again; if you're a startup, it is more tempting to overspend as you're trying to grow your business or make a bigger impact. However, this can all be eliminated by creating a comprehensive budget.

Plan out your expected income and expenses on a monthly or quarterly basis, and regularly review this plan to make sure you’re staying on track. A well-managed budget helps prevent overspending and ensures that your cash flow remains healthy, giving you the flexibility to invest back into your business when necessary. Moreover, you'll now regularly review your budget, which will motivate you to ensure your spending is as efficient as possible.

9. Leverage Expertise from Synergy Accountants

While it's important for small business owners to understand their cash flow, collaborating with our team at Synergy Accountants can further improve your cash flow management. Our experts bring business planning and management knowledge to help optimise your cash flow and support sustainable business growth.

Here's how we can help:

Cash Flow Analysis

At Synergy Accountants, we specialise in analysing the financial patterns of your business to identify opportunities for improvement.

Through comprehensive cash flow analysis, we can:

Identify inefficient spending : Our team reviews your expenses to pinpoint areas where your business may be overspending or where costs could be reduced without compromising operational efficiency.
Spot seasonal trends : By examining your cash flow history, we can identify seasonal highs and lows, helping you prepare for slower periods by advising on savings strategies or securing lines of credit in advance.
Optimise payment cycles : We provide insights into improving payment terms with suppliers and clients, ensuring you’re not paying suppliers too early or facing long delays in receiving customer payments.

By consistently reviewing your cash flow statements, we recommend tailored strategies to balance income and expenses, ensuring cash is available when needed.

Financial Health Assessments

Our accountants thoroughly assess your business’s overall financial health, focusing on profitability, solvency, and liquidity.

These assessments enable us to:

Pinpoint weaknesses : We generate detailed reports that highlight specific weaknesses or risks in your current cash flow strategy. For example, we may identify overly aggressive payment terms with suppliers that deplete cash reserves too quickly or recurring late payments from customers that necessitate stricter credit policies.
Forecast future cash flow challenges : Our team uses cash flow projections to predict periods when cash flow might be tight due to upcoming expenses, giving you the foresight to make adjustments before potential issues arise.
Set financial goals : We help you establish realistic financial goals based on your cash flow, such as when to reinvest in the business, hire new staff, or expand operations.

Ongoing Advisory Services

Cash flow management is an ongoing process, and at Synergy Accountants, we offer continuous advisory services to guide you through:

Tax advisory : We ensure you know about upcoming tax obligations, preventing unexpected cash drains when payments are due.
Debt restructuring : If cash flow is particularly tight, we can assist in negotiating new terms for debt repayments or suggest restructuring options to free up cash for immediate use.

TALK TO OUR EXPERTS

Line of Credit: Smart Usage Strategies & When to Steer Clear

Mon, 09 Sep 2024 01:57:08 GMT

Navigating business finance can be tricky, especially when choosing the right tools to manage your cash flow. A line of credit offers flexibility and quick access to funds, but without a clear strategy , it can lead to unexpected tax pitfalls and financial headaches. In this article, we'll explore smart usage strategies for a line of credit and highlight when it might be best to steer clear.

What is a Line of Credit?

Many financial institutions offer all in one or line of credit finance facilities. Simply put, a line of credit is a flexible loan from a bank or financial institution that acts as a loan and transaction account in one facility. These facilities allow businesses to draw funds as needed and repay them as cash flow allows, making it an ideal solution for fluctuating income or sudden financial needs.

Common uses include:

Quick Access to Working Capital: Businesses often need quick access to cash to cover unexpected expenses or invest in opportunities requiring immediate funding.
Managing Income Fluctuations: For businesses with seasonal or unpredictable income streams, a line of credit allows for reducing debt during high-income periods and redrawing funds when income dips.
Financing Asset Purchases: Instead of going through the lengthy process of securing a new loan, businesses can use available funds from their line of credit to purchase additional assets quickly.

Case Study: A Lesson in Caution

While a line of credit can be a powerful financial tool if used for the right purposes and circumstances, we've often seen clients caught out where the use of their line of credit has been to their detriment for tax deductibility.

Consider the following example:

A farming couple, Mum and Dad, who operate a successful cotton farming business, recently purchased a broadacre cotton property for $10 million, financed entirely through an all in one facility. Over the next few years, they had profitable seasons and reduced their debt to $2 million by using profits to pay down the facility.

However, when they decided to purchase a coastal home for $5 million, they used their available line of credit funds, raising their debt back to $7 million. They didn’t realise that the interest on the $5 million drawn for their private property would not be tax-deductible. This is because the interest deductibility is tied to the purpose of the borrowed funds—only debt incurred for income-producing purposes qualifies for a tax deduction.

This misstep highlighted a critical issue: When using a line of credit, the tax implications of how the funds are utilised can be significant.

Considerations for Smart Usage

To avoid falling into similar traps, businesses should keep the following in mind:

Purpose Matters: Interest is only deductible if the borrowed funds are used to generate assessable income. Always ensure that any funds drawn from a line of credit are for business or investment purposes if you wish to claim a tax deduction.
Avoid Commingling Funds: One of the most common mistakes is using a line of credit for both business and personal expenses. This can taint the deductibility of the interest, making it partly non-deductible. To preserve full deductibility, keep personal expenses completely separate.
Understand the Terms: Before committing to a line of credit, fully understand how it works. Not all lines of credit are created equal, and some may not suit your business needs as well as others.
Seek Professional Advice: Navigating the complexities of a line of credit and its tax implications can be challenging. Every business's financial situation is unique, and the rules surrounding tax deductibility can be intricate. To avoid costly mistakes, seeking advice from a qualified financial advisor or accountant like our accounting team at Synergy, who understands your circumstances, is paramount. We can help you structure your line of credit appropriately and ensure you maximise its benefits while complying with tax regulations .

Get In Touch

When to Steer Clear

While a line of credit can be a powerful financial tool, it's not the right choice for everyone. Before committing, consider these potential drawbacks:

1. High Interest Rates and Fees

Lines of credit, especially unsecured ones, often come with higher interest rates than other loan products. Additionally, some financial institutions charge maintenance fees and transaction fees each time you draw money, even if you don’t use the line of credit. The cumulative cost of these fees, combined with the interest that starts accruing immediately upon borrowing, can quickly add up, making this a costly option if not managed carefully.

2. Complicated Interest Calculations

The flexible nature of lines of credit allows for unscheduled borrowing and repayment, but this can make interest calculations more complex. If you're not vigilant, you might be surprised by how much interest you're ultimately paying. This unpredictability can be risky for those not financially disciplined or lack a thorough understanding of how interest on lines of credit is calculated.

3. Credit Score Requirements

Usually, securing a line of credit requires a good credit score. If your credit is less than stellar, you may struggle to get approved, or you might only qualify for less favourable terms, including higher interest rates. This could make repayment more challenging and more expensive in the long run.

4. Risk of Debt Spiral

Lines of credit offer easy access to funds, which can be tempting to use for non-essential expenses. Without a stable cash flow or a clear repayment plan, this can lead to a debt spiral, where the balance continues to grow, making it increasingly difficult to repay. If your business lacks the financial discipline to responsibly manage this type of credit, it might be better to explore more structured loan options.

Final Thoughts

When used correctly, a line of credit can be a strategic financial tool for businesses. However, it’s essential to approach it with a clear understanding of the potential risks and tax implications. By keeping personal and business expenses separate and ensuring that all drawn funds are used for income-producing activities, you can maximise the benefits while minimising the pitfalls.

If you have questions about effectively using a line of credit or need advice on whether it’s the right choice for your business, don’t hesitate to contact our office . We’re here to help you make informed financial decisions.

Selling a Business? 10 Steps To Get a Business Ready for Sale

brendanp@synergyconsolidated.com.au (Brendan Philp) — Tue, 27 Aug 2024 01:56:31 GMT

If you're thinking about selling your business, there are a couple of things you can do in order to make the sales process less stressful, ensure business continuity, and maximise your financial return from the business sale.

In this guide, you'll learn more about the different steps you need to take and the considerations to ensure a smooth handover of your business. Let's dive in!

10 Actionable Steps to Ease The Selling Process

1. Ensure That Selling Is the Best Choice

If you haven't already, ask yourself the following question: "What is the true reason behind wanting to sell this business?" By establishing the true reason for wanting to advertise your business for sale, you get to make sure this is the right choice for you . Furthermore, the question of why your business is for sale is one of the first questions potential buyers will ask.

Oftentimes, business owners want to sell their business due to being burnt out or stressed out and, this can make it hard to attract qualified buyers. Along with your primary reason for wanting to sell, think about whether the current state of your business will attract potential buyers, considering your timing and state of readiness. So, how do you know if your business is ready to sell? Let's find out.

What Makes Your Business a Valuable Opportunity?

Essentially, your business would be an attractive opportunity for prospective buyers when it offers a strong value proposition. This could include:

A proven track record of profitability
A loyal customer base
You're a well-established brand
Growth potential (increasing profits)
A major contract spanning a few years.

Additionally, having unique assets such as intellectual property, strong supplier relationships, or a prime location can significantly enhance your business’s appeal. If your business is well-structured, with efficient processes and a skilled team in place, it further increases its desirability to prospective buyers.

Is it the Right Time?

As you've made the decision to sell, start thinking about the timing of the sale to ensure a smooth transition for both you and the buyer. As timing is everything, it's important to prepare for the business sale as early as possible (we recommend a year or two ahead of time).

The preparation and timing of this includes having time to improve your financial records, customer base, and business structure to make your business more profitable, and, effectively, a transaction more attractive.

Furthermore, you will want to consider the impact of timing of the sale for capital gains tax purposes, eligibility for Small Business Entity Capital Gains Tax Concessions and other tax liabilities which may arise in the current and future tax years.

2. Leverage Professional Advice

Business sales involve legal and financial strategies and factors, among others, which buyers and sellers need to fulfill. For this reason, you may have to look for credible experts in the field for help in the process. Professional accountants and lawyers can offer their knowledge and advice and can guide you away from problems you may encounter.

At Synergy, our accounting team can help you get your financial records in order, ensuring they accurately reflect the health of your business as well as helping you to review your internal structures and ensure that you make yourself redundant from the business, which is essential for attracting ideal buyers.

Are you preparing to sell your business and get the highest possible return? Work with us: learn from our team of specialists and let us lead you through the process.

Get In Touch

3. Establish What's for Sale

Before you list your business for sale, determine exactly what will be included in the sale (this will help you accurately value your business). Here are some key considerations:

Tangible Assets

Tangible assets are physical assets with a clear monetary value. These might include property, equipment, and accounts receivable. When deciding which tangible assets to include in the sale, consider the following:

Business Premises: If you own the building where your business operates (freehold), decide whether it will be part of the business sale or if you will retain ownership and lease it to the new owner.
Equipment and Inventory: identify any equipment or inventory which you may wish to exclude from the sale and ensure that all equipment essential to the business operation is in good working order to make for an easy transition for a potential buyer.
Debtors and Accounts Receivable: Determine the outstanding balance, if any, which is due to your business and if these are receivables that will be passed on to the new owner.
Rental Bonds: Consider any rental bonds on the business premises and whether they will be paid out or transferred to the buyer.

Intangible Assets

Intangible assets are non-physical but can significantly enhance the value of your business. These assets include intellectual property (IP), brand recognition, goodwill, and customer databases. When deciding which intangible assets to include, ask yourself:

Intellectual Property: Would you sell your business’s patents, trademarks or/and copyrights? Just note that selling these assets means that you will not be able to provide service using the exact IP again.
Customer Database: Is it legal to transfer the database containing the list of customers or members? Also, make sure you look at the terms and conditions and other issues related to privacy.
Goodwill and Brand Value: Consider the value of your brand and the goodwill you've built. These can be significant factors in determining your asking price.
Contracts: Do you have any contracts with remaining terms that represent monetary value?

4. Valuing Your Business

Valuing your business is an important step when selling, as you'll need to work out its worth to ensure a fair and competitive price. If you use financial professionals , they can help you decide which valuation method is best for your business. There are various ways to value your business; however, here are three common methods to do so:

1. Market Analysis

Analyse the market by comparing your business to similar ones currently for sale or recently sold. While this method doesn't provide a formal valuation, it offers a realistic guide to your potential market price. By looking at businesses in your industry with similar size, revenue, and growth potential, you can gauge what buyers are willing to pay.

2. Net Worth Calculation

Another method is calculating your business’s net worth. This involves assessing the difference between what your business owns (assets) and what it owes (liabilities). You'll need to consider tangible assets, such as property, machinery, and inventory, are straightforward to value. However, don't overlook the importance of intangible assets like goodwill, brand recognition, and IP.

3. Return on Investment (ROI)

A more financially focused method is to use ROI to value your business. This approach calculates the value based on your business’s net profit. Potential buyers often look at how much profit they can expect from their investment, making this a key consideration in setting your asking price. Demonstrating strong, consistent profits and a solid ROI can justify a higher valuation and attract serious buyers.

We have worked with many small business owners over the years and helped them to prepare their businesses for sale. We always encourage the business owners to deep dive into the structure/policies and processes to ensure that they have simplified and documented the systems which makes their business successful and therefore most valuable. We believe that one of the key elements of realising maximum value in a business sale is to ensure that the business is not reliant on the owner. We have found time and time again that putting in place the systems to start making the owner redundant from the business will lead to a greater return or they may even decide to keep it.

5. Find Potential Buyers

There are various routes you can take to advertise your business to buyers, which include:

Use Professionals: Business brokers can connect you with qualified buyers and handle the negotiation process.
Advertise Widely: Use both digital platforms and traditional media to reach a broad audience. Tailor your strategy to your industry.
Leverage Networks: Inform family, friends, employees, and customers that your business is for sale to generate interest through word of mouth.
Qualify Buyers: Pre-qualify potential buyers for financing before sharing sensitive information.
Negotiate and Protect: Keep a few buyers in the pipeline, stand firm on your price, and ensure all agreements are in writing. Use nondisclosure agreements to protect your business information.

6. Negotiation Process

The negotiation process of selling your business involves an agreement that has to be reached by both you and the buyer. To avoid any future claims of misleading or deceptive behaviour, do your best to only provide accurate information. Here are a few things you can focus on when negotiating:

Agree on the Sale Price: As outlined in the steps above, determine a fair price that reflects the value of your business.
Set the Deposit Amount: Typically, the deposit is around 10% of the sale price. This shows the buyer’s commitment and secures the deal.
Decide on the Settlement Period: This is the time between signing the sale agreement and completing the transfer. Agree on a timeline that works for both parties.
Handover Training: If needed, offer training to help the buyer take over smoothly. Agree on the duration and scope of this support.
Staff Arrangements: Discuss and finalise the future of existing staff, ensuring a smooth transition and maintaining business continuity.

DID YOU KNOW

Normally, a business broker will charge about 10% for businesses under $1 million. Even though this may seem like a hefty price to pay, keep in mind that a broker may be able to negotiate a better deal than you can on your own (based on contacts, skill, and training)

7. Preparing the Contract of Sale

This contract's purpose is to outline the terms and conditions of your business sale. Oftentimes, an intermediary will draw up this contract for you; however, going through the following points is important to ensure your contract covers all the necessary details and complies with any state-specific requirements. Here’s what to consider:

Include All Relevant Assets and Liabilities: The contract should list all transferred assets, such as property, equipment, stock, and intellectual property. It should also specify any liabilities, including creditors and lease agreements.
Employee Arrangements: Ensure the contract addresses what will happen to existing employees, including whether they will be transferred with the sale and how their entitlements will be handled.
Contingency Clauses: These clauses help protect both parties by including statements about what will happen if issues arise, such as the buyer withdrawing or mistakes being found in the contract.
Non-Compete Clauses: Be aware of any clauses restricting you from trading in your profession after the sale. These are often included to prevent you from competing directly with your sold business.
Legal Review: Have a solicitor review the contract to ensure it’s accurate and legally sound. They can confirm that the contract contains no false statements and covers all aspects of the sale.

8. Current Employee Contracts & Communication

Understandably, a change like transferring business ownership can be stressful for employees, which is why we can't emphasise enough that communication is key. Here are a few tips to manage this challenging process effectively:

Communicate Early: Let your employees know (as early as possible) whether they’ll transfer to the new owner or if their employment will end due to the sale.
Provide Notice or Payment in Lieu: The successful sale of your business will result in their termination of employment with you, which is why you must give your employees proper notice or offer payment in lieu of notice, as this ensures compliance with employment laws while maintaining good relationships.
Transfer of Employees: If employees are transferring with the business, you’ll need to provide the new owner with all relevant employee information. This includes details on contracts, entitlements, and employment history.
Employee Entitlements: Some entitlements, such as accrued leave, must be recognised by the new owner, while others may not be. It’s important to clarify which entitlements will carry over and ensure everything is documented in the sale agreement.

9. Tax & Legal Considerations

When addressing tax and legal considerations, you will need to determine if Capital Gains Tax (CGT) and Goods and Services Tax (GST) apply to the sale. If your business is GST-registered, you may need to include GST in the sale price of individual assets or repay GST credits. There are some very generous Small Business Entity Capital Gains Tax Concessions which would substantially reduce the tax liability on the sale, but it important to ensure that you meet all the relevant conditions prior to the sale contract date.Planning for these tax obligations will help prevent unexpected liabilities and manage them effectively to maximise your after tax business sale outcome.

You will also want to review any insurance requirements, such as run-off cover, which protects against legal claims made after the sale. This coverage protects you from potential issues arising once you no longer own the business. For more detailed guidance on tax and legal considerations, refer to the ATO website or contact your trusted advisers .

10. Transfer the Business to the New Business Owner

After the sale of your business, follow these steps to ensure a smooth transfer to the new owner:

Transfer Leases, Licenses, and Permits: Ensure that all business-related leases, licenses, and permits are officially transferred to the new owner. Some transfers, such as licenses, can take up to 12 months, so initiate these processes early.
Finalise Tax Returns and Statements: Complete and submit any outstanding tax returns, activity statements, and instalment notices. This ensures that all tax obligations are settled and up to date.
Cancel ABN and Business Name: Cancel your Australian Business Number (ABN) and either transfer or cancel your business name. This step is essential to prevent any future liabilities or confusion regarding the business’s identity.

FAQs

Can You Sell a Business Privately?

Yes, you can sell a business privately. This often involves finding a buyer through personal networks, business brokers, or direct marketing without listing the business publicly. Ensure confidentiality by using non-disclosure agreements and working with legal and financial advisors to handle the sale.

How to Sell a Business Idea

To sell a business idea, conduct thorough research and prepare a compelling presentation. Identify potential companies or investors who may be interested and approach them with your idea, ensuring that you protect your concept with a non-disclosure agreement or patent if necessary.

Navigating Drought: QDIRA Drought Preparedness Grants for Primary Producers

Tue, 24 Oct 2023 03:00:02 GMT

In the unpredictable world of agriculture, where nature can be both friend and foe, drought preparedness is paramount for primary producers.

The Queensland Department of Industry Resources and Development (QRIDA) recognises the challenges faced by farmers and has introduced the Drought Preparedness Grant to provide essential assistance. This grant is designed to help primary producers bolster their farm's resilience against drought conditions and ensure their long-term sustainability.

Angie Barnard, Managing Director of Synergy Consolidated, emphasises the significance of drought preparedness: "Agriculture is the backbone of our communities, and our primary producers need support to weather these challenging times. The Drought Preparedness Grant is a lifeline for those who feed our nation."

What Assistance Is Available?

Primary producers can now access a grant that covers 25 percent of the cost of purchasing new permanent capital infrastructure. This grant offers a cumulative amount of up to $50,000 over five years, providing financial relief to producers facing the challenges of drought.

"This grant is more than financial support; it's a vote of confidence in our primary producers. It's a recognition of their resilience and a helping hand to ensure they can continue producing food for our communities” Angie added.

The grant aims to support primary producers in implementing new permanent capital improvements and conducting drought preparedness activities outlined in their Farm Business Resilience Plan. These activities include:

Water Infrastructure: This covers a wide range of improvements, from pipes and water tanks to new dam construction and water conservation infrastructure.
Storage and Equipment: Producers can invest in storage, mixing, and feeding equipment for grain, fodder, molasses, and other supplements. Grain storage and equipment that enhances drought management are also eligible.
Freight Costs: Reasonable freight components for purchasing and installing equipment or infrastructure are included.
Consumables: This category covers costs like fuel for machinery used in drought preparedness projects and contractor expenses directly associated with implementation.

A QRIDA Sustainability Loan can be used as a co-contribution to the Drought Preparedness Grant for project implementation.

Eligibility Criteria

To be eligible for a Drought Preparedness Grant, applicants must meet certain criteria, including:

Primary Producer Status: At least one person in the primary production business must meet the definition of a primary producer.
Contribution Ability: Applicants must demonstrate the ability to provide the remaining contribution to the grant requested.
Regulatory Approvals: Necessary regulatory approvals for the project must be obtained.
Farm Business Resilience Plan: Applicants must present a Farm Business Resilience Plan that aligns with the guidelines provided by QRIDA.

Applicants should not have applied for certain other forms of assistance in the past six months, and they must not have previously received a Drought Preparedness Grant for the same project activity.

Example

Consider Jamie, a primary producer facing the challenge of drought. By creating a comprehensive Farm Business Resilience Plan, Jamie identifies that installing three large feed storage sheds will significantly enhance their farm's resilience.

After obtaining quotes for the sheds, Jamie discovers that the total cost is $230,000. To alleviate some of the financial burden, Jamie applies for a Drought Preparedness Grant, seeking to cover up to 25 percent of the construction cost, with a maximum grant amount of $50,000.

Jamie submits their quotes and Farm Business Resilience Plan to QRIDA for review. Meeting all eligibility criteria, Jamie is approved for the Drought Preparedness Grant, receiving $50,000, as it does not exceed 25 percent of the capital infrastructure cost.

This financial support empowers Jamie to proceed with the construction of the feed storage sheds, fortifying their farm against drought.

Drought preparedness is not just a wise investment; it's a necessity for primary producers. The QDIRA Drought Preparedness Grant is a lifeline, offering financial support to implement vital infrastructure and resilience-building measures.

To safeguard your farm's future in the face of drought, explore the opportunities provided by this grant and take the first step towards a more resilient agricultural enterprise.

Synergy Consolidated is here to assist you throughout the application process and help you secure the support you need to thrive even in challenging times.

Superannuation Rates and Dates

Tue, 24 Oct 2023 02:24:19 GMT

Superannuation is a crucial aspect of any business, and keeping up with the latest updates is vital. In the September 2023 quarter, there are two key changes that you need to be aware of:

1. Superannuation Guarantee Percentage Increase

Starting from 1st July 2023, the Superannuation Guarantee (SG) percentage was raised from 10.5% to 11%. This adjustment affects the rate of superannuation guarantee all ordinary times earnings (OTE) for payments made on or after 1 ^st July 2023 (regardless of when they were accrued). To ensure compliance, it's crucial that your payroll system is configured to reflect this change before finalising and processing the September Quarter Superannuation Guarantee payments.

2. Important Dates for the September 2023 Quarter

A date that demands your attention is the 28th of October 2023. On this day, your superannuation liabilities for the September 2023 quarter must be paid and received by your employees' super funds.

If you pay after the due date, the superannuation payment is no longer tax deductible to the business and further you are also obligated to lodge Superannuation Guarantee Charge Statements with the ATO which include admin fees and shortfall interest charges. These costs are unavoidable and non-refundable on late paid superannuation guarantee payments, making timely payments a non-negotiable responsibility.

We encourage you to stay informed, stay compliant, and ensure that your employer commitments are spot on this quarter.

Stay informed, stay compliant, and ensure a bright financial future for your employees. If you have any questions or need assistance with your superannuation calculations, we're here to help.

QBCC Financial Reporting Requirements: A Guide for Construction Businesses

Tue, 26 Sep 2023 06:09:54 GMT

For construction and building businesses operating in Queensland, understanding and meeting the annual financial reporting requirements set by the Queensland Building and Construction Commission (QBCC) is crucial.

These requirements are designed to ensure the financial health of businesses in the industry, reduce the risk of failure, and guarantee that payments to individuals and businesses are made on time.

Reporting Timelines

The reporting timelines for QBCC financial reporting depend on the category and turnover of your business. Here's a breakdown:

Categories 1-7 (Turnover above $800,000):

Due by: 31st December

SC1 and SC2 Categories (Turnover below $800,000):

Due by: 31st March

Minimum Financial Requirements

To maintain your QBCC license, it's essential to not only know the minimum financial requirements for your business but also ensure that you meet these standards. The following financial ratios must be maintained:

Current Ratio

A licensee must maintain a current ratio of at least 1:1. This means that for every $1 in current liabilities, you should have at least $1 in current assets. It's important to note that some assets are excluded from the current asset calculation, for example trade debtors outstanding for 12 months.

Net Tangible Assets

Licensees must maintain a minimum amount of working capital, not only to run their business but also to keep their QBCC license. The net tangible asset amount determines your annual allowable turnover with QBCC. Breaching this requirement occurs when your net tangible asset position decreases by more than 30%. Keep in mind that some assets are excluded from the net tangible asset calculation, for example goodwill and collectibles.

To help with these calculations, QBCC provides a Maximum Revenue/Net Tangible Asset Calculator, which can be found here.

Maximum Revenue

This is the maximum amount of revenue your business can earn in the financial year based on your net tangible assets and QBCC's approved allowable annual turnover. You must ensure that you don't exceed this maximum revenue by more than 10%.

If your business needs to increase its maximum revenue, you should complete a Minimum Financial Requirements (MFR) report. This report demonstrates that your business has enough net tangible assets to support an increase in turnover.

Net Tangible Assets and Maximum Revenue Requirements

Here are the net tangible asset requirements and maximum revenue for each financial category:

"Understanding and meeting these QBCC financial reporting requirements is essential for the continued success and compliance of your construction or building business. For more information and assistance with your financial reporting obligations, don't hesitate to contact Synergy Consolidated. We're here to support your business every step of the way." Synergy Consolidated Director Dan Chappel added.

Unlocking Growth with the Business Boost Grants Program

Wed, 06 Sep 2023 06:08:11 GMT

Are you a small business owner in Queensland looking to enhance efficiency, productivity, and growth prospects? If so, you're in for some exciting news!

The Business Boost Grants program, administered by the Department of Youth Justice, Employment, Small Business, and Training (DYJESBT), is here to provide valuable support for your business aspirations. Synergy Consolidated Director Ross Grieve breaks down the key details below for you.

What Is the Business Boost Grants Program?

The Business Boost Grants program is designed to assist small businesses with 2-19 employees in Queensland. It aims to empower businesses by boosting their efficiency, productivity, and overall success.

The program focuses on three priority areas:

Future Planning: Strategic business planning for innovation, growth, and diversification.
Specialised and Automated Software: Implementation of advanced software solutions, including AI systems, CRM systems, cybersecurity tools, and more.
Planning and Systems for Staff Management and Development: Enhancing human resource management, skills development, and employee performance management.

The Benefits of Participating

Funded businesses under this program are expected to experience several key advantages:

Boost in Turnover, Profit, and Employment: The program aims to drive growth in your business, resulting in increased revenue and employment opportunities.
Enhanced Business Confidence and Skills: By providing support in critical areas, the program helps improve your confidence and skills as a business owner.
Improved Business Resilience: The investments made through this program will contribute to your business's long-term survivability and resilience.

Key Program Details

Here are some key details about the Business Boost Grants program:

Business Size: Small businesses with 2-19 employees.
Application Process: The application process involves three stages: Registration of Interest (ROI), Full Application, and submission of a registered accountant’s letter.
Grant Type: Competitive – not all applications will be funded.
Available Funding: Grants range from $10,000 to $20,000 (excluding GST).
Equal Co-contribution: Applicants are required to contribute at least 50% of the funding requested from DYJESBT.
Suppliers: A maximum of two suppliers can be involved, with a preference for Queensland-based Australian companies.
Project Length: Projects have a duration of 12 months.
Payment: Funding is provided upon acquittal after project completion (12 months).

Eligibility Criteria

To be eligible for this grant, your business must meet the following criteria:

Have between 2 and 19 employees (by headcount).
Possess an active Australian Business Number (ABN) and be registered for GST.
Have its headquarters in Queensland.
Be financially sound, experiencing growth, and have a minimum turnover of $300,000 in the last financial year (2022-23).
Maintain a publicly accessible web presence (e.g., business website, social media pages).
Not have been approved for funding under Round 1 or 2 of Business Boost.
Not be insolvent or have owners/directors who are undischarged bankrupts.

*Note: Your business must maintain this eligibility throughout the grant-funded activity.

Eligible Activities

DYJESBT will fund project activities that fall within the three priority areas mentioned earlier. These activities are designed to empower your business in various ways, depending on your specific needs and goals.

Ineligible Activities

While the program supports a wide range of activities, there are certain types of expenses that are not eligible for funding. These include computer hardware, delivery fees, franchise fees, general business operating costs, salaries and wages, travel, and more.

Application Process

The application process consists of two main stages:

Stage 1: Registration of Interest (ROI): This stage collects essential business details to confirm eligibility. After Stage 1, eligible ROIs enter a ballot process, with selected applicants invited to submit a Stage 2 Full Application.

Dates of importance for Stage 1:

Stage 1 will open for registrations of interest at 9am, 6 September 2023.
Stage 1 will close for registrations of Interest at 5pm, 12 September 2023.

Stage 2: Full Application: If your Stage 1 ROI application is selected, you will receive an invitation to submit a full application.

Dates of importance for Stage 2:

Stage 2 will open for applications at 9am, 20 September 2023.
Stage 2 will close for applications at 5pm, 10 October 2023.

Final Stage of Assessment

Applicants who have passed the assessment will be asked to provide an accountant’s letter verifying the business's turnover, gross profit, and headcount for the year 2022/23.

Funding Agreement and Payment

Grant recipients will enter into a funding agreement with DYJESBT to receive funding of up to $20,000 (excluding GST). Funding is paid upon acquittal at 12 months.

Reporting and Audit

Recipients must complete a three-month project report and a final acquittal report upon completing the project. They may also be subject to an audit.

Survey

DYJESBT may conduct surveys of recipients within six months of completing the grant round.

If you're a small business owner in Queensland seeking to boost your business's efficiency, productivity, and growth prospects, the Business Boost Grants program could be your ticket to success. Don't miss this opportunity to take your business to new heights with the support of DYJESBT.

If your business is ready to seize the benefits of the Business Boost Grants program, see the website to submit your Expression of Interest today!

Navigating Financial Success: Mastering Cashflow Management

Tue, 05 Sep 2023 02:03:39 GMT

Managing cashflow is like tending to a ship's sails. It's a vital aspect of business success that requires foresight and strategic planning.

We understand that cashflow isn't just numbers on a spreadsheet – it's the lifeblood of your business which takes regular strategic direction to manage appropriately.

Setting Sail with Cashflow Budgets

Cashflow budgets are more than just financial plans; they're your personalised blueprints for financial stability. Just as an architect plans meticulously before construction begins, crafting a cashflow budget is an art we specialize in. This blueprint anticipates your income and expenses, revealing insights that empower you to make informed decisions.

"A cashflow budget helps you navigate uncertainties and make informed decisions for your business's journey." - Kathy Wockner, Director at Synergy Accountants added.

The Power of Proactive Planning

Strategic planning acts as a guide that assists with your financial decisions, helping you stay on course towards your goals. Our experts collaborate closely with you to understand your aspirations, both personal and professional. We then create a strategic plan that aligns your financial resources with your objectives, ensuring every move you make contributes to your journey's success.

Reviewing your cashflow regularly allows you to spot trends, identify potential issues, and adjust your financials accordingly.

"Proactive planning ensures that you're prepared for any financial fluctuations that come your way. It's the key to staying ahead in the ever-changing business landscape," Kathy said.

Weathering the Storms

The aim of cashflow planning is to ensure that you have the finance facilities in place to operate effectively and efficiently especially during times of business growth when cashflow pains are the greatest. However even with great planning, sometimes unexpected expenses hit and having a security is crucial. That's where our partnership with Synergy Business Finance adds huge benefit for our clients. Finding short-term credit options that can provide relief during tight times is a quicker process with our finance team.

"When finances become turbulent, having access to a supportive and knowledgeable finance team can be a lifesaver. Our Synergy Business Finance colleagues have pulled rabbits out of the hat at times to secure quick, short-term cashflow for businesses, but they specialise in having the right commercial finance facilities in place to make short term increases a seamless process." Kathy added.

Just as an experienced navigator takes care of plotting the course, we are here to ensure your financial journey is smooth and well-guided from the outset.

Synergy Consolidated are your partners in equipping you with the necessary tools and expert insights to confidently navigate the complexities of your businesses finance. Don't hesitate to get in touch with us if you believe your business could benefit from our expertise in managing cashflow and providing strategic advice.

Maximising Returns: A Comprehensive Guide to Depreciation and Agribusiness Investment

Tue, 08 Aug 2023 02:11:19 GMT

Let’s delve into the world of depreciation, agribusiness investments, and how Synergy Accountants and Synergy Business Finance add significant value to our clients' bottom line.

As experts in both finance and accounting, we understand the importance of recognising the return on investment versus the investment made, especially in light of recent changes to the temporary fully expensing/instant asset write-off scheme. Today, we focus on the benefits of accelerated depreciation for agribusiness assets and how it can help our clients weather the challenges of uncertain & challenging seasons.

The Impact of Reduced Temporary Fully Expensing/Instant Asset Write-Off Scheme

The new financial year has brought significant changes to the way in which entities are able to claim depreciation from what was accustom over the last few years, which may pose challenges for businesses in various sectors, including agribusiness. However, at Synergy, we believe in turning challenges into opportunities. Our team is well-versed in navigating these changes and assisting our clients in maximising their returns through alternate options for depreciation.

"We understand the unique challenges faced by agribusinesses. Our team is committed to helping clients navigate complex depreciation rules and leverage strategic investments that drive long-term growth and resilience” Angie Barnard, Synergy Accountants Managing Director added.

Accelerated Depreciation for Agribusiness Assets

For our agribusiness clients, we understand the importance of accelerated depreciation for assets such as silos, bores, dams, irrigators, centre pivots, fencing, and water & fodder storage assets.

These investments can play a vital role in building drought resilience, optimising crop yields, and ensuring sustainable farming practices. Synergy Business Finance is dedicated to helping our clients recognise the long-term benefits of these investments and the potential eligibility for primary production grants as they become available.

Navigating Seasonal Challenges

As farmers facing a potential of below average rainfall, it becomes crucial to plan ahead and make informed financial decisions. Synergy is here to guide our clients through these conversations, ensuring they have a comprehensive drought plan in place. By leveraging our expertise and industry knowledge, our clients can be better prepared for the seasonal challenges they may encounter.

“We support our agribusiness clients in achieving their financial goals. From optimising tax planning to identifying eligible grants, our goal is to ensure that clients make informed decisions that positively impact their bottom line” Marcus Barnard, Managing Director of Synergy Business Finance said.

Interest Rate Savings on Green Investments

We’re witnessing more of our clients benefiting from interest rate savings on green investment loans, including solar and water-saving initiatives. Our team helps clients make the most of these cost-effective and environmentally friendly measures. By embracing preventative strategies, our clients can enhance their overall financial position and contribute to a more sustainable future.

We believe in empowering our clients with knowledge and tailored financial solutions. Depreciation strategies, agribusiness investments, and drought resilience planning are just some of the ways we add significant value to our clients' businesses. As drought continues to challenge farmers, we stand ready to assist and guide our clients towards prosperous and sustainable outcomes.

Reach out to our expert team today and let us help you make the most of your investments and financial decisions.

Maximising Tax Benefits: Immediate Deductions for Fencing and Fodder Storage Assets

Thu, 13 Jul 2023 04:37:13 GMT

As the new financial year approaches, it's crucial for primary production businesses to be aware of the tax minimisation opportunities available to them.

While changes to depreciating assets were announced in the recent Federal Budget, primary producers still have the advantage of claiming immediate deductions for specific assets. Let's dive into the details.

“We understand the unique needs of primary production businesses when it comes to tax planning and asset management. The immediate deductions available for fencing and fodder storage assets present a valuable opportunity for our clients to optimise their financial position” Ross Grieve, Director at Synergy Accountants said. Let’s explore these opportunities more in the article below.

Fencing Assets: Building Strong Boundaries

For primary producers, fencing assets play a vital role in securing fields and paddocks. These assets encompass various components, including posts, rails, wire, droppers, gates, fittings, and anchor assemblies. The immediate deduction applies to structural improvements, repairs of a capital nature, alterations, additions, or extensions to the fence. By claiming an immediate deduction, primary producers can enhance their financial position and grow their farming capabilities.

“The ability to claim an immediate deduction for fencing expenses provides our clients with greater financial flexibility and the ability to make strategic investments in their operations," Kathy Wockner, Director at Synergy Accountants added.

Fodder Storage Assets: Safeguarding Livestock's Nutrition

Fodder storage assets are essential for storing livestock feed, such as grain, hay, silage, liquid feed, supplements, and other feed classified as fodder. Silos, liquid feed supplement storage tanks, bins for dried grain storage, hay sheds, grain storage sheds, and above-ground bunkers are considered fodder storage assets. To qualify for an immediate deduction, these assets must be primarily and principally used for storing fodder. This deduction empowers primary producers to reduce their tax liability while ensuring their livestock's nutritional needs are met.

"The ability to immediately deduct the cost of fodder storage assets is a significant advantage for primary producers. It allows them to efficiently manage their livestock's nutritional needs while optimising their tax position," Ross added.

Meeting the Criteria: Consult Your Accountant

To fully benefit from the immediate deductions for fencing and fodder storage assets, it's crucial to consult with your accountant. They can assess whether you meet the relevant criteria and guide you through the process.

Remember, the assets must be new, not second-hand, to qualify for the immediate deduction. By working closely with your accountant, you can make informed decisions, optimise tax benefits, and accelerate your farming business's growth.

Don't Miss Out on Immediate Benefits

The ability to claim an immediate deduction for fencing and fodder storage assets offers significant advantages to primary producers. Rather than spreading depreciation over several years, you can immediately deduct the full cost of the asset. This approach not only strengthens your farming capabilities but also reduces your tax position for the year, allowing you to reinvest in your business and achieve long-term financial goals.

At Synergy Accountants, we specialise in assisting primary production businesses in maximising tax benefits and navigating complex financial matters. Our experienced team is well-versed in the intricacies of immediate deductions and can provide expert guidance tailored to your specific needs. Contact us today to ensure you meet the criteria and unlock the full immediate benefits of these asset purchases.

Key tips for the New Financial Year

Thu, 22 Jun 2023 02:26:20 GMT

Planning into the New Financial Year for your business? Here are some of the Synergy Accountants top tips for you to consider.

Review and update your business plan: Take the time to evaluate your business goals, strategies, and financial projections. Make any necessary adjustments or updates to ensure your plan aligns with your current objectives.

Review and update your budget: Evaluate your budget from the previous year and create a new budget for the upcoming year. Consider factors such as anticipated revenue, expenses, and investments. Regularly monitor and adjust your budget as needed.

Analyse market trends and competition: Stay informed about industry trends, changes in consumer behavior, and actions of your competitors. This knowledge will help you identify new opportunities, adapt your strategies, and stay ahead in the market this new financial year.

Enhance your financial management systems: Evaluate your accounting software and financial tools to ensure they meet your needs. Consider automating processes, implementing cloud-based solutions, or integrating systems to streamline operations.

Set SMART goals: Establish specific, measurable, achievable, relevant, and time-bound goals for the upcoming financial year. This will provide clear direction and help you track progress throughout the year.

Review contracts and agreements: Review and update contracts with suppliers, vendors, and clients. Ensure that terms and conditions are favorable and reflect your current business requirements.

We hope these simple tips help your business make the most of the next financial year! Of course, if we can assist you in anyway, please reach out to our Synergy Consolidated team .

Voluntary Superannuation contributions before EOFY

Tue, 20 Jun 2023 05:55:47 GMT

As the end of the financial year approaches, now is the perfect time to think about your superannuation.

According to Synergy Consolidated's Managing Director, Angie Barnard, making voluntary contributions to your super can have significant benefits.

"Voluntary contributions to your super can help you build a larger retirement nest egg, and potentially reduce your tax bill at the same time," says Barnard.

"By making after-tax contributions to your super, you can take advantage of the low tax rate that super funds offer, which could be lower than your marginal tax rate."

Angie also notes that making voluntary contributions can help you reach your retirement goals sooner.

"The earlier you start making contributions to your super, the longer your money has to grow, thanks to the power of compounding returns," she explains.

However, Angie also advises caution when it comes to making voluntary contributions.

"It's important to keep in mind that there are limits on the amount you can contribute towards your super, and exceeding these limits can result in penalties," she says.

"Before making any contributions, it's important to speak to a financial advisor to make sure you're making the most of your retirement savings while staying within the national guidelines."

At Synergy Consolidated, we can help you make the most of your superannuation and ensure that you're taking advantage of all the tax benefits available to you.

Instant Asset Write off

Wed, 15 Feb 2023 05:07:17 GMT

Instant Asset Write Off, coming to end 30 June 2023. Are you needing any plant & equipment before 30 June 2023?

A popular scheme since inception, the instant asset write-off comes to an end 30 June 2023.

The instant asset write-off allows eligible businesses to claim an immediate deduction for the business portion of the cost of an eligible asset in the year the asset is first used or installed ready for use.

“The incentive was very popular when it was legislated several years ago now.” Dan Chappel, Synergy Consolidated managing Director said.

With a growing finance arm, Synergy Business Finance have noted a number of clients purchasing assets for delivery and use by 30 June 2023, before the scheme will cease.

“Stock and supply can be a concern since COVID, with many businesses ordering plant and equipment with long lead times” Marcus Barnard, Synergy Business Finance Managing Director said.

Eligibility to use the instant asset write-off on an asset is dependent on a few key factors, including:

Your business aggregated turnover
The date the asset was purchased
The date the asset was first used or installed ready for use
Whether the asset is new or second hand

The instant asset write-off eligibility criteria and thresholds have changed over the years, so checking with your Accountant or Tax advisor to confirm eligibility will assist with your purchasing decisions and correct taxation treatment.

While, getting in now to secure stock to be delivered and ready for use before 30 June 2023 is paramount. Long lead times on plant and equipment are affecting supply chains, and delays could mean ineligibility for the instant asset write off. Therefore it is important to confirm timeframes and availability now before it is to late.

To discuss Instant Asset Write offs and your eligibility in further detail, you can contact your Synergy Consolidated Client Services Advisor of Accountant directly.

Or if you’re interested in a Plant or Equipment purchase, you can discuss options with our finance team at Synergy Business Finance .

Single Touch Payroll Stage 2

Tue, 17 Jan 2023 04:41:41 GMT

Single Touch Payroll (STP) was introduced as an Australian Government initiative to reduce employers’ reporting workloads to relevant government agencies regarding payroll information on:

Salaries and wages
Pay as you go (PAYG) withholding
Superannuation

An expansion of STP, referred to as STP phase 2 will look to further streamline reporting information about employees to government agencies, especially where employees need to report to multiple government agencies.

What are the benefits of STP Phase 2 for employers?

The ATO will use the STP Phase 2 information to streamline employer interactions. For example:

Employers no longer having to send employee tax file declarations to the ATO. Your employee will provide it to you, and you’ll need to keep it with your employee records.
If you’re using a concessional reporting option, such as for closely held payees or for inbound assignees, you’ll be able to tell the ATO through reporting income types.
If you make a Lump sum E payment, you won’t need to provide Lump sum E letters to your employees. You’ll have included the amount and the period it relates to.
If you change software or your employee’s payroll ID, you can tell the ATO in your STP report if your solution has this functionality. This will help fix issues with duplicate income statements for employees in ATO online services through myGov.
Payroll information you report to us will be shared in near real-time with Services Australia to be able to streamline requests:
For you to provide or confirm employment and payroll information about your employees
Businesses may also no longer need to provide separation certificates when their employees leave – with the date and reason an employee’s leave being in the STP report.
Businesses can also voluntarily report child support deductions or garnishees (or both) through STP. This reduces the need to send separate remittance advices to the Child Support Registrar.

STP phase 2 was to start from 1 January 2022 with many payroll software provides obtaining exemptions to the start date of STP phase 2 reporting which are now approaching. For example the following payroll software providers have obtained STP Phase 2 exemption start dates to the following start dates.

MYOB payroll users start date for STP phase 2 reporting is 1 January 2023
Xero payroll users have a start date of 31 ^st March 2023 for STP phase 2 reporting.
Reckon payroll users have a start date of 30 ^th June 2023 for STP phase 2 reporting.

You should ensure your payroll software is STP phase 2 compliant and you are reporting your STP information correctly as Single Touch Payroll reporting is compulsory. If you or your software provider has an exemption to a later start date to report using STP Phase 2 please be aware of the start date of Single Touch Payroll Phase 2 and ensure you are reporting correctly at this time.

If you have any questions or wish to discuss single touch payroll, you can contact the team at Synergy Consolidated directly.

Ross becomes Director at Synergy Consolidated

Tue, 10 Jan 2023 03:16:02 GMT

We’re thrilled to announce Ross Grieve has officially become a Director at Synergy Consolidated .

Ross has been a valued part of our team, joining us as a Senior Accountant in 2016, growing with our team and fostering the progression of his 14-year career further.

“Through consistent training, mentoring and opportunities, I have always said that I learned more about how to be a good, well-rounded accountant in my first year at Synergy than I had in my previous years in the industry” Ross said.

“When the opportunity to move to the Sunshine Coast to grow the team and business in a new location came about, I was supported by the teams in both locations to make the transition such a success. The move has been one of the most rewarding experiences of my life” Ross added.

Ross now heads up our Sunshine Coast office and brings a wealth of knowledge to the area, specialising in hospitality, disability support services, agribusiness and civil works industries.

“I’ve built some long-standing friendships with the Synergy team and Director’s, and have had the pleasure of working alongside some very successful, dedicated and above all friendly business owners already” Ross added.

Congratulations Ross!

Extraordinary Disaster Assistance Recovery Grants extended

admin@dddigital.com.au (Motifo Master) — Tue, 22 Nov 2022 02:33:33 GMT

undefined

The Queensland Government is continuing to show its support for the small business sector by extending the application deadline for the Extraordinary Disaster Assistance Recovery Grants.

Primary producers, businesses and non-profit organisations in south-east Queensland that have been impacted by rainfall and flooding between February and April 2022 now have more time to apply with the application deadline being extended to 10 March 2023.

Funding available

Grants of up to $75,000 are available for primary producers, and $50,000 for small businesses and not-for-profit organisations.

These grants are jointly funded by the Commonwealth and Queensland governments under the Disaster Recovery Funding Arrangements (DRFA), and are designed to assist with the cost of clean-up, and reinstatement of operations.

Eligibility

The application extension date was in response to feedback from affected communities, acknowledging the severe and ongoing challenges of recent weather events, and to ensure that every eligible Queenslander has access to the support they need as they continue to recover.

For the complete eligibility criteria and information on how to apply, you can visit www.qrida.qld.gov.au or call one of our Synergy Consolidated team members to discuss available grants for your situation.

Disclaimer: Whilst this publication has been carefully prepared it is written in general terms and is intended as general information and to provide commentary. It does not purport to be comprehensive or render any advice. No one should rely on information contained in this publication without first obtaining professional advice relevant to their specific situation.

REMINDER - Complete your Compulsory Director ID

Thu, 17 Nov 2022 04:50:06 GMT

Compulsory Director ID’s are required to be completed before November 30th, 2022.

Your Synergy support team will have been in touch regarding the application of your company Director ID number to date.

"Applications for a director ID are available through the Australian Business Registry Services (ABRS). Your myGovID will be required to process the online application." India Tonscheck, Synergy Consolidated 's Business Manager said.

"As a current director you will have until 30th November 2022 to apply for your ID, however we are encouraging our clients to complete this application as soon as possible to allow for additional processing time if changes or updates are required to current company structures or new applications" India added.

Before beginning the process of applying for your director ID you will need to ensure:

1. You have myGovID

2. You have the following information:

a. Your tax file number

b. Your residential address as listed with the ATO

c. Two (2) documents to verify your identity from the below list:

i. Bank account details (as listed with ATO)

ii. An ATO Notice of Assessment (date of issue & reference number)

iii. Super account details (as listed with ATO)

"If you have a myGov ID with at least a standard strength then we are able to assist with completing your application over the phone" India added.

Follow the below link and the step by step instructions to apply for your director ID online. Once you have completed your application, please email your unique identification number (UIN) to us to update our records accordingly.

October Federal Budget Recap by Synergy

Thu, 27 Oct 2022 04:06:43 GMT

Last night’s Federal Budget release from new Treasurer Jim Chalmers outlines the Labor Government’s priorities off the back of the May 2022 Federal election.

The priorities from this budget are trying to relieve cost of living expenses with inflation expected to peak at 7.75%, before reducing to 3.5% in the 2023-24 year. To help with the cost of living, the labor government focused on the areas of childcare, paid parental leave, medicines, housing and wage increases.

Below the Synergy Accountants and Synergy Business Finance team have recapped their key take aways from the 2022-23 October Federal Budget.

Individuals

The Government announced the ‘Stage 3 tax changes’ will commence from 1 July 2024, as previously legislated. While all other personal tax rates will remain unchanged for the 2022-23 financial year.

The 2022-23 tax rates and income thresholds for residents are:

Under the stage 3 personal income tax rate changes, the 32.5% marginal tax rate will be cut to 30% to form one tax bracket between $45,000 and $200,000. The 37% tax bracket will be removed at this time.

Meaning, from 1 July 2024 there will only be 3 personal marginal income tax rates – 19%, 30% and 45%.

The 2024-25 tax rates and income thresholds for residents are:

Below are the rates and thresholds summary:

“This budget didn’t extend the low and middle income tax offset (LMITO) for the 2022-23 income year and will now cease. This has now been replaced by the low-income tax offset (LITO). As a result, low-to-middle income earners may see their tax refunds reduce anywhere from $675-$1,500 in the 2023 financial year” Synergy Accountants Director Dan Chappel said.

To-be Parents

An expansion of the Paid Parental Leave (PPL) scheme was announced in the budget from 1 July 2023 – after which either parent will be able to claim the payment, as well as both birth parents and non-birth parents able to receive the payment if they meet eligibility criteria.

“From 1 July 2024, Paid Parental Leave will increase by two additional weeks a year until it reaches 26 weeks from 1 July 2026, an increase of an additional six weeks to current Paid Parental Leave rules. Both parents will be able to share the leave entitlement, while sole parents will be able to access the full 26 weeks” Dan said.

Further to this, from July 2023 both parents will be able to take Government-paid leave in blocks as small as a day at a time with periods of work in between to provide greater flexibility for new parents.

Eligibility will also be expanded through the introduction of a $350,000 family income test, which families can be assessed under if they do not meet the individual income test. Single parents will also be able to access the full entitlement each year.

Home Buyers

“The Government has announced that it will establish the ‘Regional First Home Buyers Guarantee’ to promote home ownership in regional locations. The guarantee will be for eligible citizens and permanent residents who have lived in a regional location for more than 12 months and looking to purchase their first home in that location with a minimum deposit of 5%” Synergy Business Finance Managing Director Marcus Barnard said.

“The Government will also invest $10 billion in the newly created ‘Housing Australia Future Fund’, to be managed by the Future Fund Management agency. The fund will be used to deliver 30,000 social and affordable homes over 5 years and allocate $330 million for acute housing needs” Marcus added.

Small to Medium Business

The Government will not proceed with the proposal to allow taxpayers to self-assess the effective life of intangible depreciating assets – after initially being announced in the 2021-22 Budget.

In addition, the 2018-19 Budget measure that proposed introducing a limit of $10,000 for cash payments made to businesses for goods and services (and for which a delayed start date was announced in 2018-19) has been abandoned.

Superannuation

The Government confirmed its election commitment that the minimum eligibility age for making superannuation downsizer contributions will be lowered from age 60 to age 55.

This will allow individuals aged 55 or over to make an additional non-concessional contribution of up to $300,000 from the proceeds of selling their main residence outside of the existing contribution caps.

The individual or spouse must have owned the home for 10 years & make the contribution within 90 days after the home is sold.

“The reduction in minimum age eligibility from 60 to 55 years of age is proposed to come into effect from the first quarter after royal assent” Dan said.

Join the Synergy Accounting team

Mon, 24 Oct 2022 23:43:08 GMT

We’re looking for Accountants to join our Toowoomba and Sunshine Coast team.

Tasks include:

Managing client relationships and communication
Tax Planning, advisory, strategy and compliance for client groups
Preparation of Income Tax Returns and Financial Statements for individuals, companies, partnerships, trusts and Self-Managed Superannuation Funds
Preparation of Activity Statements

Learn more about joining our team & submit your details via the link.

Kathy is recognised in the 2022 Women in Finance Awards

Thu, 29 Sep 2022 06:36:49 GMT

A huge congratulations to our Director Kathy Wockner on her nomination in the Mentoring category at the 2022 Women in Finance Awards !

We’re so happy your work is being recognised.

Compulsory Director ID's

Fri, 24 Jun 2022 03:21:01 GMT

From the 5th of April, 2022, it is now compulsory for company Directors in Australia to apply a unique identification number. Applying for a company will require the presentation of this UIN, of which when applied will keep forever.

Your Synergy support team will have been in touch regarding the application of your company Director ID number to date.

Before beginning the process of applying for your director ID you will need to ensure:

1. You have myGovID

2. You have the following information:

a. Your tax file number

b. Your residential address as listed with the ATO

c. Two (2) documents to verify your identity from the below list:

i. Bank account details (as listed with ATO)

ii. An ATO Notice of Assessment (date of issue & reference number)

iii. Super account details (as listed with ATO)

"Unfortunately, your authorised tax, or ASIC agent cannot apply for your director ID on your behalf as personal identification information is required for the process" India added.

Follow the below link and the step by step instructions to apply for your director ID online. Once you have completed your application, please email your unique identification number (UIN) to us to update our records accordingly.

Increase to super rate

Tue, 31 May 2022 06:37:41 GMT

From July 1, the super guarantee rate increases to 10.5% - meaning changes to payroll and the amount of super employers are expected to pay their employees.

The super guarantee (SG) rate has been 10% since 1 July, 2021. From 1 July 2022, the rate will increase to 10.5% and will increase by increments each year until it reaches 12% in 2025.

These increases have been legislated and are part of an aim to better support working Australians financially in retirement.

For an employee earning $60,000, super payments would rise by $300 a year under the 10.5% super guarantee.

“These increases will be an ongoing financial commitment for businesses, meaning adequate planning is essential to help guide businesses and their employees through these changes” Dan Chappel, Synergy Consolidated Director said.

Impacts on payroll

The new rate comes into effect from 1 July 2022, meaning impacts to payroll for business owners and managers.

“If you have a payroll cycle that crosses the period of rate change, it’s important businesses know that any payments are to be calculated based off the payment date – not the work completed date” Dan added.

For example, if an employee completed work in June 2022, but is paid in July 2022 than the new super guarantee rate of 10.5% is payable on that pay period.

To discuss your businesses superannuation requirements in more detail and what the general super guarantee could mean for you into the future, contact our team at Synergy Consolidated here.

The coffee's on us! In support of Protea Place Women's Support Centre

Wed, 27 Apr 2022 02:58:53 GMT

Please join us for free coffee's to celebrate our new office and to support local charity Protea Place Women's Support Centre.

On Easter Sunday in 2018, Maddox was involved in an accident at home where his hand was left severely severed in mower blades. He was flown to the QLD Children’s Hospital by LifeFlight where he commenced his journey with Dr Michael Wagels, Director of the Australian Centre for Complex Integrated Surgical Solutions – which would extend over 3 years and with countless surgeries performed to give Maddox the best possible outcome.

Maddox’s Mum, Shelley set out with a mission to help all children and their families at the QLD Children’s Hospital by establishing a foundation to support and advance patient care and research. Fast forward, Shelley partnered with ACCISS (Australian Centre for Complex Integrated Surgical Solutions) to create the Maddox’s Helping Hand Foundation to facilitate and support essential clinic services for the patients of the Queensland Children’s Hospital and the clinicians who care for them.

“Shelley is such an inspiration, creating the Maddox’s Helping Hands Foundation to shine a light on Maddox’s journey with the QLD Children’s Hospital and Dr Wagels incredible work” Managing Director of Synergy Consolidated Angie Barnard said.

“We have supported the Foundation for the last 4 years now since inception, with their first fundraising event in 2021 raising over $90,000!” Angie added.

All funds raised from the event go directly to the Foundation. The foundation partners with ACCISS to help make their specialist skills available to all families at the QLD Children’s Hospital. This service is now up and running.

ACCISS aim is to address complex medical challenges by leveraging its strong engineering, clinic and regulatory expertise to provide essential clinical services to patients of the QLD Children’s Hospital and the clinicians that care for them.

The support of Maddox’s Helping Hand will be a key feature of making these kinds of clinical services provided ACCISS a routine aspect of patient care now and into the future.

“We had the chance to meet Dr Wagels at the 2021 event. Shelley has mentioned that without Dr Wagels being on call the day of Maddox’s accident than he potentially wouldn’t have his hand today” Angie said.

“Surgeons like Dr Wagels and the ACCISS team provide world first, life changing surgeries for QLD families. It’s our absolute pleasure to support the Maddox’s Helping Hand Foundation each year” Angie concluded.

The annual sold out Maddox’s Helping Hand luncheon will be held at the Plainland Porters Hotel this May. While the Maddox’s Helping Hand Charity Golf Day will be held in November at Gatton. For more details, see the Maddox’s Helping Hand Foundation website, here.

Synergy continues support of Maddox's Helping Hand

Thu, 14 Apr 2022 01:53:13 GMT

For the last four years, Synergy Consolidated have supported the Maddox’s Helping Hand initiative, inspired by the journey of Synergy clients Michael and Shelley Porter and their son, Maddox.

“We have supported the Foundation for the last 4 years now since inception, with their first fundraising event in 2021 raising over $90,000!” Angie added.

The support of Maddox’s Helping Hand will be a key feature of making these kinds of clinical services provided ACCISS a routine aspect of patient care now and into the future.

Federal Budget recap by Synergy

Wed, 30 Mar 2022 23:18:37 GMT

Last night’s Federal Budget release saw a number of announcements for individuals and businesses. Below the Synergy Accountants and Synergy Business Finance team have recapped what the 2022 Federal Budget means to you.

Individuals

The Government announced a ‘cost of living tax offset‘ for the 2022 income year of $420, provided by an increase to the existing low & middle income tax offset. This will result in a maximum benefit of the low & medium income tax offset of $1,500 for individuals and $3,000 for couples – paid from July 2022 and on lodgement of the 2022 individual income tax returns.

“All low & middle income tax offset recipients will benefit from the full $420 increase, except for those who don’t need the full offset to reduce their tax liability” Synergy Accountants Director Dan Chappel said.

The proposed increases are broken down in the below table:

The Low & Medium Tax Offset is not available from the 2023 income year.

“Additionally, the Government will increase the Medicare levy low-income thresholds for singles, families, seniors and pensioners from 1 July 2021” Mr Chappel added.

Meaning the threshold for singles will increase from $23,226 to $23,365, while the threshold for families will be increased from $39,167 to $39,402.

For single seniors and pensioners, the threshold will increase from $36,705 to $36,925 and the family threshold for seniors and pensioners will increase from $51,094 to $51,401.

In addition to this the family income thresholds will also increase for each dependent child or student by a further $3,619, up from the previous figure of $3,597.

The costs of COVID-19 tests will be tax deductible when in relation to attending a place of work from 1 July 2021. The Government will also ensure Fringe Benefit Tax will not be incurred by businesses where COVID-19 tests are provided to employees for this purpose.

Small to Medium Business

A training boost to support small and medium businesses to upskill current employees will apply to eligible expenses from 29 March 2022 until 20 June 2024.

Businesses with aggregated annual turnover of less than $50 million will be able to deduct an additional 20% of the eligible expense (a total of 120% of the total expense amount) incurred on external employee training courses. While all courses must be provided to employees within Australia or online and be provided by entities registered in Australia.

Please note that in-house, on the job training and external training courses for non-employees will be excluded from the training boost.

For eligible expenditure incurred by 30 June 2022, the boost will be claimed in the 2023 year income tax return, while eligible expenditure incurred from 1 July 2022 – 30 June 2024, the boost will be claimed in the income year in which it is incurred.

Additionally, a technology investment boost to promote digital innovation for small and medium business was announced in this 2022/23 budget. The boost will apply for eligible expenses incurred from 7.30pm (AEDT) 29 March 2022 until 30 June 2023.

A deduction of an additional 20% (a total of 120% of the amount) on eligible business expenses and depreciating assets that support further digital adoption within a business environment will be available for small and medium businesses with an aggregated annual turnover of less than $50 million.

Like the training boost, eligible expenditure incurred by 30 June 2022 the technology investment boost will be claimed in the 2023 year income tax return. For eligible expenditure incurred from 1 July 2022 – 30 June 2023, the technology investment boost will be claimed in the income year in which it is incurred.

The technology investment boost could include expenses like portable payment devices, cyber security systems or subscriptions to cloud-based services with an annual cap of $100,000 per year.

Further to the budgets active COVID-19 responses, the Government have extended certain payments received under COVID-19 business support programs as non-assessable non-exempt income for income tax purposes until 30 June 2022.

“For Queensland clients, the 2021 COVID-19 Business Support Grant remains eligible” Dan added.

Superannuation

The Government will continue with the 50% reduction of superannuation minimum drawdown requirements for account-based pensions and similar products for another year through to 30 June 2023.

The minimum and reduced minimum percentage drawdowns are summarised below;

Cost of living

The Government recognises the increases in the cost of living expenses for Australians and introduced a number of initiatives to provide support, including the one-off $250 cost of living payment.

“This payment will be made from April 2022 to eligible Australian’s who receive certain government assistance payments and concession cardholders” Mr Chappel said.

The $250 cost of living payment will be exempt from tax and will not be regarded as income support for the purposes of any income support payments.

For a complete list of eligible receipts, please see the Budget 2022-23 link here.

“Finally, with the drastic increase in fuel prices, the government has announced that they will reduce the excise and excise-equivalent customs duty rate applicable to petrol, diesel and other fuel/petroleum based products by 50%, however aviation fuels are excluded.” Mr Chappel said.

The measure will commence from 12.01am on 20 March 2022.

Synergy Consolidated has arrived

Tue, 29 Mar 2022 00:32:10 GMT

2022 sees a number of changes ahead for Synergy, which without the support of our clients and broader business community wouldn’t be possible.

With a new home and new offerings for our clients portfolios meant we needed an all new look. A brand that represented who we as a whole – a hero brand that married together our service brands Synergy Accountants and Synergy Business Finance.

Our aim within these changes was to continue to innovate and strengthen our services offering, so that in doing business with us – yours becomes stronger with each tomorrow.

The inspiration

In workshopping what it was that made Synergy tick, we felt our greatest strengths were the sum of a few key parts – relationships, knowledge and trust.

The sum of these parts equated to a solid foundation for our clients across both the Synergy Accountants and Synergy Business Finance brands.

And from that, Synergy Consolidated was born.

The tag line

Our objective in all that we do is to achieve results. Whether that be within our client’s personal or professional accounting solutions, their business’ strategy or within their finance needs.

Which made the creation of our tagline fairly simple. Business today, stronger tomorrow.

Our aim is to ensure in that all business our client’s do with our team at Synergy Consolidated we make their financial future stronger than it was before.

To learn more about Synergy Consolidated, take a look at our new website here: www.synergyconsolidated.com.au

Or you can visit our new office in Toowoomba on Level 3, 482 Ruthven Street (Walton Stores) or our Sunshine Coast office Tower 2, Level 5 Suite 515, 55 Plaza Parade, Maroochydore.

Synergy as you know it, is getting a new look

Wed, 23 Mar 2022 01:01:34 GMT

2022 sees several changes unfolding for Synergy. Including a new home for our Toowoomba team at the Walton Stores precinct, as well as new service offerings for our clients to assist in strengthening their financial positioning… and soon, a new look.

Marrying our two service brands – Synergy Accountants and Synergy Business Finance , under our new hero brand.

At the end of 2021 we workshopped what it was that we felt our clients and broader community felt about us when they thought of the Synergy brand.

We’ve taken those findings and put together an all-new look and brand identity for our business. Yet, at the core of what we do well for our clients remains and is reflected in our new brand positioning.

Follow along as we reveal more about our new brand on our social media throughout March, here.

QRIDA Announcement – Flood Grants Now Available

admin@dddigital.com.au (Motifo Master) — Tue, 08 Mar 2022 01:40:55 GMT

The Queensland Rural and Industry Development Authority (QRIDA) has this morning released disaster recovery funding for the recent SEQ Rainfall and Flooding event. Small Businesses, Primary Producers and Non-Profit Organisations have access to the support ranging from $50,000 to $75,000.

Below is a brief outline of the criteria and further information for each Funding Grant. If you believe that you are eligible for the support, our Synergy team can assist you with the application process or any questions that you may have.

SMALL BUSINESS DISASTER RELIEF GRANT
Grants of up to $50,000 are available for affected small businesses following the South East Queensland Rainfall and Flooding to hire or purchase equipment and materials, clean up, remove debris, replace or repair damaged infrastructure and stock and other costs associated with the recovery process including additional labour incurred.

An initial amount of up to $15,000 is available to support an initial claim. Evidence of the direct damage such as photographs, quotations, tax invoices and official receipts is required.
A subsequent amount of up to $35,000 is available to support subsequent claims for which full evidence of payment is required.

Complete applications are assessed in order of receipt and QRIDA may request further information to help assess an application.

To learn more and check the eligibility criteria please follow the link below:
https://qrida.qld.gov.au/program/extraordinary-disaster-assistance-recovery-grants-south-east-queensland-rainfall-and-flooding#-Business

PRIMARY PRODUCER DISASTER RELIEF GRANT
Grants of up to $75,000 are available for affected producers following South East Queensland Rainfall and Flooding to hire or purchase equipment and materials, clean up, remove debris, replace fencing and other costs associated with the recovery process.

Producers need to show they are an eligible primary producer, within the declared disaster area and demonstrate they have suffered direct impact from the disaster.

The maximum grant amount is $75,000 and is available through two applications:

An initial amount of up to $15,000 is available to support an initial claim. Evidence of the direct damage such as photographs, quotations, tax invoices and official receipts is required.
A subsequent amount of up to $60,000 is available to support subsequent claims for which full evidence of payment is required.

Complete applications are assessed in order of receipt and QRIDA may request further information to help assess an application.

To learn more and check the eligibility criteria please follow the link below:
Extraordinary Disaster Assistance Recovery Grants – South East Queensland Rainfall and Flooding | Queensland Rural and Industry Development Authority (qrida.qld.gov.au)

NON PROFIT DISASTER RELIEF GRANT
Grants of up to $50,000 are available for affected non-profit organisations following South East Queensland Rainfall and Flooding to hire or purchase equipment and materials, clean up, remove debris, repair or replace damaged infrastructure or goods and other costs associated with the recovery process.

Applicants need to show they are an eligible non-profit organisation, within the declared disaster area and demonstrate they have suffered direct impact from the disaster.

The maximum grant amount is $50,000 and is available through two applications:

An initial amount of up to $15,000 is available to support an initial claim. Evidence of the direct damage such as photographs, quotations, tax invoices and official receipts is required.
A subsequent amount of up to $35,000 is available to support subsequent claims for which full evidence of payment is required.

Complete applications are assessed in order of receipt and QRIDA may request further information to help assess an application.

To learn more and check the eligibility criteria for disaster recovery funding please follow the link below, or contact our team:
Extraordinary Disaster Assistance Recovery Grants – South East Queensland Rainfall and Flooding | Queensland Rural and Industry Development Authority (qrida.qld.gov.au)

Make your tomorrow stronger, with Synergy Business Finance

admin@dddigital.com.au (Motifo Master) — Wed, 02 Mar 2022 01:40:07 GMT

In years gone by, broking and banking has been synonymous. In recent times, that’s no longer always the case – bringing an extensive number of benefits to clients in the long run.

More and more, financial professionals like accountants have seen success with the finance broker model. There’s several reasons why Synergy Accountants client’s are benefiting from the finance offering provided by Synergy Business Finance.

Accountants in broking

With an in-depth understanding of client’s business models thanks to an accounting background, putting the numbers and scenarios together for relevant finance applications is made easier and more strategic on all fronts – for the client and lender alike.

“Working with our accounting clients on finance applications allows me to bring my analytical thinking to pull the clients application together much more accurately” Synergy Business Finance Director Angie Barnard said.

“Our team are able to put together the best scenarios for our clients with an in-depth understanding of their personal and business situations” she added.

These technical skills provide a value-add for clients – saving both time and money.

“When we see clients and companies for finance requirements, we are able to instantly provide them general advice on how things can be done better from an accounting front as well. There’s a real connection between finance broking and accounting” Angie said.

A holistic approach

Giving advice for the best structure for a client’s personal finance requirements, or their business growth objectives brings the Synergy Accountants technical skills into the Synergy Business Finance division.

Angie and the business finance team bring a level of trust from a corporate accountant’s long term strategic approach to an industry that has traditionally been focused on getting the best deal on a single transaction.

Versus the approach taken by Synergy Business Finance whose key difference is looking at the long-term outcome for their clients and working holistically across both the accounting and finance outcomes.

Are you a current Synergy Accountants client with business or personal growth objectives? Our team can assist you with all your business and personal finance requirements. Making your tomorrow, stronger.

Here is what some of our finance clients have to say about working with our team..

“Working with the Synergy Business Finance team was incredibly beneficial for our business. We are in the hospitality sector and the Synergy team have successfully helped us secure both commercial and car finance in recent times.

Their processes were clear and concise, with frequent updates from the team. They worked with us from start to finish, with a clear understanding of how our business worked leading into the application process as a current accounting client of Synergy as well.

In our initial discussions their team always put forward the best structure advice for our business and personal circumstances, of which has paid dividends for us in the long run.

They really put in the ground work to ensure the best result for us, while making the process as stress free as possible. We highly recommend their team for all business finance matters.”

Shelley Porter, Porters Plainland Hotel

We’ve Moved! Our new Toowoomba home is now open.

admin@dddigital.com.au (Motifo Master) — Tue, 22 Feb 2022 23:08:59 GMT

undefined

We are excited to announce that we have moved into our new Toowoomba office space. You will now find us within the Walton Stores at Level 3, 482 Ruthven Street, Toowoomba.

We’re kicking off 2022 with a number of new initiatives for the Synergy brand, including a new home for our team. Our new space is central to the Toowoomba CBD and will allow our local and south-east Queensland clients a whole new experience.

Featuring stunning exposed brick accents, multi meeting rooms and all new open office areas for our entire team – we’re excited for new beginnings in the space.

We look forward to showing you our new space!

Find out how to contact our team to organise your catch up at our new Walton Stores location, here.

Available Farm Management Grants and the criteria

admin@dddigital.com.au (Motifo Master) — Mon, 07 Feb 2022 23:08:59 GMT

undefined

Further to our recent information around the available Drought Assistance Preparedness Grants , our team are pleased to advise our audience of the available Farm Management Grants for primary producers through the Queensland Rural and Industry Development Authority.

As part of the submission criteria for the Drought Assistance Preparedness Grants (contributing 25% of your costs up to a maximum of $50,000 for new permanent capital infrastructure to assist with future drought proofing) applicants are required to present a Farm Business Resilience Plan.

The grants available via the Queensland Rural and Industry Development Authority are designed to assist primary producers with the production of their Farm Business Resilience Plan for their property.

Farm Management Grants offer primary producers a 50% rebate on the cost of eligible professional advice up to a maximum $2,500 to produce a Farm Business Resilience Plan for their property.

Farm Business Resilience Plans are aimed to recognise risks associated with production, including climate and weather (such as drought), as well as biosecurity and natural resource management and business risks including financial and market factors.

To be eligible for assistance you must:

(a) be a primary producer;

(b) have paid for eligible professional advice;

(d) have received the eligible professional advice from a suitably qualified adviser(s) who:

is not the applicant;
does not have an actual or perceived conflict of interest with the applicant; and
is not employed by an entity owned or partially owned by the applicant.

For more information and to access the application forms, please visit Farm Management Grants (qrida.qld.gov.au).

As always, our Synergy team are available to discuss any questions you may have about the Farm Management Grants available.. Please contact us if you have any questions you wish to discuss.

The Drought Preparedness Grants and your eligibility

admin@dddigital.com.au (Motifo Master) — Fri, 14 Jan 2022 00:35:37 GMT

undefined

To kick off the 2022 year the Synergy Accountants team have recently been doing further research into the new Drought Preparedness Grants, and have compiled the detail below for your reference.

The Drought Preparedness Grants will contribute 25% of your costs up to a maximum contribution of $50,000 for new permanent capital infrastructure to assist with future drought proofing.

These grants are for Primary Producers looking to invest in permanent capital infrastructure to assist with the future drought proofing which could include:

pipes, water tanks and water troughs;
dam construction and/or expansion;
drilling a new working bore;
water conservation infrastructure and equipment including more efficient irrigation;
water pumps and power supply used to run water pumps;
storage, mixing and feeding out equipment for grain, fodder, molasses and other supplements;
grain storage and equipment that improves the ability of the business to manage drought;
reasonable freight components to purchase and install equipment or infrastructure;
consumables including fuel for own machinery used in relation to the drought preparedness project; and
contractor costs to install infrastructure.

If you have any capital infrastructure projects in the pipeline at the moment, please feel free to review the eligibility criteria and application requirements and let our team know if you have a project in mind that would be worthwhile for the application.

Key considerations include:

To be eligible for funding, the project will:
involve the purchase and installation of new permanent capital infrastructure;
improve the ability of the primary production business to prepare for; continue to operate in; or recover from, drought conditions;
be a drought preparedness activity listed in your Farm Business Resilience Plan for the primary production business; and
not have commenced the project before the assistance is approved
To be eligible for a Drought Preparedness Grant, applicants must also:
not have received either of the following in the financial year of application
a freight subsidy under the Drought Relief Assistance Scheme*
the Emergency Water Infrastructure Rebate under the Drought Relief Assistance Scheme*;
must not have previously received a Drought Preparedness Grant for the same project activity; and
must present a Farm Business Resilience Plan (as outlined in Section 6), satisfactory to QRIDA.
A Farm Business Resilience Plan, (or similar plan) should include content that addresses the following:
Production risks i. climate and weather ii. natural resource management iii. biosecurity
Business risks i. financial viability ii. market
Personal risks i. workplace health and safety ii. key people

A Farm Business Resilience Plan should identify if these risks need to be managed and if so, also include an Action and/or Implementation Plan for specific activities that have been identified to manage these risks.

A Farm Business Resilience Plan may reference other supplementary material that support the plan, for example, a current industry Best Management Practice (BMP) output, a Farm Biosecurity Plan and/or a Succession Plan.

For more information and to access the application forms and Farm Business Resilience Plan templates, please visit Drought Assistance Program (daf.qld.gov.au) .

As always, our Synergy team are available to discuss any questions you may have about the Drought Assistance Program. Please contact us if you have any questions you wish to discuss.