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Month: December 2020

Tips to create a holiday budget for your small business

Posted on by Glance Consultants

 

If you still haven’t worked on your holiday budget, it’s not too late to get started. The trickiest part of planning for the holiday season is making sure you’re not just focusing on the potential revenue that the holiday brings.

Here are some things to look into when setting a holiday budget.

Inventory and Production

Inventory planning is vital, especially if you’re looking into having an end-of-year sale. It’s crucial to have enough inventory to get you through the shopping season. You wouldn’t want to run out of stock a week or two leading to Christmas, would you?

Managing your inventory can significantly affect your holiday revenue. If you have a list sitting on your shelf when the holidays are over, you may have overspent on your merchandise. Look into last year’s holiday sales, inventory and your trend for the past months. This could help you determine the budget to set for your holiday stock.

Marketing

Marketing your holiday campaigns does not always mean spending a fortune on ads. Make the most of your online assets, such as your social media profiles, email newsletter list, and website. All these channels could help you inform everyone about your upcoming offers. Want to supplement these assets with an ad campaign? You could set a reasonable budget as you do not only depend on the ads to promote your business and reach your target customers.

Holiday Miscellaneous Expenses

You would be surprised at how much you are spending when you add up all your minor expenses. Be sure to consider them when planning your budget, so you do not overspend.

These costs include holiday décor, packing materials, postage and shipping, utilities, and office supplies.

Tax Deductible items

As you enter the busy holiday season, be sure to monitor all your holiday expenses. Ensure you keep an accurate record-keeping system to ensure these tax-deductible expenses are captured for income tax purposes.

The holiday season is an exciting time. We may be amid a pandemic, but there is still reason to spread some cheer and make the most of this season’s growth opportunities.

Need help with budgeting, bookkeeping and forecasting? Get in touch with our team at Glance Consultants. We can help ensure your books are in order and your budget is on point so you can have a worry-free holiday season.

Please fill out our contact form or call 03 9885 9793 for more information on our services.

What you need to know about the VIC Budget 2020-21 announcements

Posted on by Glance Consultants

 

 

 

 

 

 

 

 

 

 

“This budget is about repair, recovery, and making us stronger than before. This is a budget that puts people first.” — Daniel Andrews, Premier of Victoria

VIC budget has recently been announced and just as the Premier has said, the budget focuses on rebuilding the economy and helping people recover.

Here are some important things you have to know about it.

Payroll Tax Measures

There will be an increase in the yearly reporting threshold for businesses that are registered for payroll tax in the state. From $40,000, the threshold will increase to $100,000 on July 1st, 2021.

Did your taxable wage increase this year? Is your payroll less than $10 million? Your business may qualify for a payroll tax credit for the tax year 2020-21. Additionally, if you meet this threshold in 2021 to 2022, you could apply for the same tax credit for the same payroll tax year. This move hopes to encourage business owners to create new jobs, rehire workers, and restore or increase their hours.

Land Transfer Duty Measures 

There will be a 50 per cent land transfer duty concession for contracts made on or after January 2021 for industrial and commercial properties in Victoria.

Additionally, all residential purchases in the state with a dutiable value of up to $1 million will have a 50 per cent land transfer waiver. This waiver applies for contracts made between November 25th of this year and before July 1st of 2021. However, you may still have to pay Foreign Purchaser Additional Duty if it applies to you.

Land Tax Measures 

Land occupied and owned by not-for-profit clubs will be exempted from the absentee owner surcharge. However, to be eligible for the exemption, the clubs should have been offering cultural, educational, literary, recreational, and social interests to their members. Racecourses do not qualify for this exemption and they maintain their current concessional rate.

From land tax year 2022 until January 2040, eligible build-to-rent developments will receive a 50 per cent land tax discount. Furthermore, they will be exempted from the absentee owner surcharge.

Additional COVID-19 Tax Relief Measures 

Those who are building or buying new residential properties in Victoria could be eligible for a $20,000 First Home Owner Grant. To qualify, your contracts must be made by June 30th, 2021. There will also be a full waiver of vacant residential land tax liabilities in 2021 caused by 2020 property vacancies.

Are you confused with all these adjustments and changes? Glance Consultants can help. Our team provides personalised services to meet your needs. We offer individual and business taxation services, bookkeeping, business advisory and more.

Call us at 03 9885 9793 or email enquiries@glanceconsultants.com.au to learn more about our services and how we can help your business.

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