Q&A: What is an advisory board and what are the benefits?

New hire not returned super choice form? What to do

Not received a super choice form a new hire? You still need to make payments. Learn what to do to ensure you meet your obligations

Commercial & industrial property market update [October 24]

What does the commercial and industry property market look like in Newcastle and the Hunter right now? Guest post by Commercial Collective

Is it time to break up with your accountant?

Are you happy with your current accountant? If not, it might be astute to find a new one. Discover the key signs it’s time to move on and how to do it.

Wage setting: working out salary levels for your business

Wage setting is a critical aspect of managing a business and ensuring success. Learn what you need to do to come up with the perfect salary range

How to Get New Customers and Keep Existing Ones| Advice + Strategies

Getting new customers and keeping your existing ones is crucial to business success, but what’s the secret to doing this successfully?

Q&A: How do I protect assets bequeathed to beneficiaries?

Protect assets bequeathed to beneficiaries in wills with our comprehensive Q&A guide. Learn about legal tools, strategies and get practical tips

Another year, another chance to work on our business

Read about our latest director’s business strategy session in Melbourne and learn why working on your business (not in it) is crucial + how to do it.

FBT and motor vehicles: ATO crackdown increases compliance risk

The ATO is currently undertaking more frequent FBT audits, and one area of focus is FBT and motor vehicles. Learn more and manage your risk

Turning your rental into your home? Keep recording those holding costs!

Did you know that if you turn your rental property into your home, the holding costs while you live in it can reduce CGT when you sell? Learn how

How current interest rates are impacting borrowing ability

Many of us are feeling the pressure of high interest rates, including when it comes to borrowing. See 2024 predictions + explore finance alternatives.

How to successfully document your succession plan

Discover what documents you need to create to formalise your succession plan and what you should consider before putting it to paper

2024 federal budget overview

Last night’s Budget was very much focused on providing Australians with relief from cost of living pressures rather than focusing on tax reform. Find out more on our key take-aways from the 2024 budget. 

Think you won’t get caught by a myGov Scam?

Today’s clever scamming schemes can dupe anyone. See how two of our clients got phished + had money stolen, and learn how to protect yourself

Maximise Your Benefits: End-of-Year Tax Planning Tips | 2023-24

30 June isn’t far away, which means it’s tax planning time. Discover how to minimise your liabilities this year, including taking advantage of upcoming income tax cuts.

Estate Planning: Q&As for Small Business Owners

Got questions about estate planning and wills? Get all your questions answered in this quick-read Q&A that covers all of the essentials.

Unplanned or emergency succession: how to protect yourself

What would happen if something serious suddenly impacted you and/or your business and ability to run it? Get expert advice and tips.

Changes to super contributions from 1 July 2024

Due to recent wage rises, superannuation contributions caps are set to increase for the 2024-2025 period. See the new figures and learn more

How to get your business ready for sale

How can you build the value to get your business ready for sale? It involves looking at two key aspects: financial and non-financial. Learn more

Planned Succession: Why You Need an Exit Strategy

What will happen to your business when you leave? If you’re not planning for business succession, it’s time to make it a priority. Learn more

Are you meeting your fringe benefits tax obligations?

Are you meeting your fringe benefits tax obligations? If you’re an employer offering employee benefits outside of salary, you need to be. Learn more

How Division 296 Tax May Impact SMSF Property Investment

The proposed Division 296 tax may negatively impact those involved in self-managed super fund property investing in several ways. Learn more

Cyberattacks on small businesses: how to protect yourself

The risk of cyberattacks on small to medium businesses is increasing. Learn some helpful techniques and best practices to keep yourself protected.

What is succession planning and why is it so important

If you own a business, succession planning is critical to ensure smooth transition of ownership and leadership. Learn more and see example scenarios.

Succession Planning Intro

Keen to know more about succession planning? Explore our blog series covering the whats, whys + hows of this important part of strategy.

What is an accountant? What is a business advisor? Here’s the difference

The line between accountants and business advisors can be blurred, but they are two distinct roles. Learn the difference and which to engage.

Kickstart your business reset

Many experts say that the beginning of the year is for setting goals and target. We don't disagree, but believe reflection, review and business reset come first

2023 Christmas message

2023 wrap-up and a very Merry Christmas from Maxim

What a busy year 2023 has been. We’re not sure how it’s nearly Christmas, but here we are. 

AusPsych – Psychosocial risks: Does your workplace meet requirements?

Is your workplace a mentally healthy place to be? In this guest post, AusPsych outlines the risks, your obligations and discusses EAPs

Business financing: What you need to consider

Considering taking out a loan or other finance for your business?  Find out what you need to consider first + what to do when circumstances change

Interest rate rise impact on SMEs a reminder to stay resilient

MOYB data shows a link between interest rate rises + a drop in consumer spending, resulting in fewer cash deposits. Learn more + be proactive

Are you aware of the current ute ATO crackdown?

The ATO has begun cracking down on UTE FBT deductions. Learn more and find out what you can do as an employer to avoid any consequences.

Protection from customer insolvency: How to prevent losses

In the current economy, corporate insolvency is rising. It may not hit you directly, but it could get your customers. So what can you do to protect yourself? Learn more in our latest guest post from Jeff Shute at regional insolvency and business recovery firm Shaw Gidley.

How to Work on Your Business, Not in it

Stepping out of your business is often the only way to identify its strengths, weaknesses, opportunities and threats—and figure out how to overcome or use them to your advantage.

Strategy: your responsibility and accountability action plan

A strategic plan without effective implementation won’t come to fruition. A big part of this is having a responsibility & accountability action plan. Learn more

Business development and marketing: are you nurturing growth?

What is business development? What is marketing? Learn more about what business development and marketing involve and put our practical tips into action.

Achieving small business owner wellbeing (data-led advice)

According to a recent report, the wellbeing of small business owners lags behind everyone else. Learn more about the findings & what you can do to improve yours

3 steps to client/customer strategy success

Without clients, you don’t have a business. With them, management is crucial. Learn how to attract & keep the right clients with our customer strategy insights

Mastering the art of resource planning

Does your business have the right balance of resources to operate and profit-generate at its best? Resource planning is the key to success. Learn more

Unlock Value and Growth with Sale-leasebacks

With the costs of running a business seemingly increasing in all areas, sale-leasebacks can be a viable solution for unlocking cash and capital. Learn more in our latest guest post from local commercial and industrial real estate specialists, Commercial Collective

Additional tax deductions for eligible expenditure on training and digital technology

Yesterday the Federal Government passed legislation providing businesses with an additional tax deduction for eligible expenditure on training and digital technology. The details of the legislation have not changed from when it was announced in March 2022 and the Government has not extended the timeframe, meaning for technology investments, taxpayers only have another 7 days to spend money on technology

Aligning business and personal goals for success

Is your business leaving you feeling frustrated, overworked & underpaid? If so, your goals might be out of sync. Find out how to align them and the benefits

Finding Business Clarity: The Pre-strategy Questions

Strategic planning is crucial to business success. But before diving into it, you need clarity on where you want to be and how to get there. In our latest blog, the first in a new six-part series on strategic planning, we take a look at the key questions you need to ask yourself at the start of the process.

Strategic Planning

Strategic planning involves mapping out your long-term mission and goals for your company’s success & developing a roadmap to get there. Explore key areas.

Monitoring business performance: the whats, whys and hows

Monitoring business performance is crucial if you want to drive excellence. But what does performance monitoring involve, and how do you go about it?

Financial Projections 101: Profit and cash flow

Learn all about financial projections, including profit & cash flow forecasting, in this quick guide designed for SMEs. Why do them, how to do them & more

End-of-year tax planning advice 22/23

30 June isn’t far away, which means it’s tax planning time. Discover how to minimise your liabilities this year and swot up on the latest compliance rules.

2023 Federal Budget Overview

Last night’s Budget was a bit of a mixed bag. It delivered the first surplus since before the Global Financial Crisis but was more focused on easing the cost-of-living pressures then making any meaningful reform to the taxation system. 

Detailed are some of the highlights of items that were either announced last night or have been previously announced by the Government and now will form part of policies they will try to get through Parliament.

The Essential 8: cybersecurity for small business

How well protected is your business from cybersecurity threats? Learn more about the risks and the Essential 8 framework you can implement for better defence

Beware: ATO debt collection activity increasing

Over the past year, ATO debt collection activity has significantly increased, including for smaller amounts. Learn about the risks and what you need to do

Why is cash flow important and how can I increase it?

How freely does your cash flow river run? Learn why cash flow is important in business & discover strategies to increase the flow

How to balance the scales of demand and capacity

When capacity cannot meet demand, you’ll have a shortage of goods or services and won’t be able to meet your customers' needs. This can result in lost sales and reduced satisfaction. When demand outstrips capacity, it can lead to wasted resources, increased costs and lower profitability. 

Temporary full expensing rules ending 30 June

After temporary full expensing ends, businesses can no longer claim an immediate deduction for the full cost of eligible depreciable assets. Learn what happens next and what you need to do in our latest blog.

Understanding business expenses and pricing

Business expenses and pricing are financials that go hand in hand. Knowing your expenses helps you set your pricing. Learn more and how to price

Are you meeting your fringe benefits tax obligations?

Are you meeting your fringe benefits tax obligations? If you’re an employer offering employee benefits outside of salary, you need to be. Learn more

Financial management reports—what to look at

The better you understand your financial management reports, the deeper the insights you can access to inform strategy. Learn more about what to look for

What is Business Advisory?

Business advisory is one of the key services we offer. But what is business advisory? What does it involve? And who can benefit from it? Learn more

Financial Management Reporting

Financial Management and Reporting forms a large part of our business advisory offering. It involves generating and presenting financial information to provide a clear and accurate view of a business’s health, performance and prospects.

Australian financing and property market outlook (2023)

There's been a lot of talk about interest rates and inflation on the news recently. We've also covered these topics in some of our recent blogs.

It’s time to transition to STP Phase 2 in Xero Payroll

Xero has announced that partners and customers can now enrol in Single Touch Payroll (STP) Phase 2. Learn more, including what action you need to take today

Start 2023 the Right Way with a Business Reset

Many experts say that the beginning of the year is for setting goals and targets. We don’t disagree but believe reflection, review & business reset come first.

ATO superannuation compliance activity increasing

Recently we’ve seen a sharp rise in superannuation compliance activity around late and non-payment of employee super.

How to achieve business owner work/life balance in 2023

Is your work-life balance swinging in favour of the former? Learn more about the importance of work-life balance as a business owner and how to achieve it

Thanks and Merry Christmas from Maxim

As we head into the festive season, we’d like to take the opportunity to wish you and your families a very Merry Christmas.  

Changes to Work from Home Tax Deductions 22/23

If you or some of your employees are still working from home on a regular basis, read our latest blog to learn more about the new methods for claiming deductions for the 22/23 tax year. 

Don’t forget about FBT this festive season

What have you spent on your staff this Christmas? Have a read of our latest blog to see whether you’re tax-exempt this year

Do you understand your Land Tax obligations?

What is Land Tax and how do I know if it applies to me? 

What is the difference between profit and cashflow? Why are they both so important?

There is a common misconception that cashflow and profit are the same thing. Whilst this is not the case, one cannot exist without the other, and it’s important to understand what they are respectively, and how they sit into the overall financial plan of your business. In knowing this, you will be much more prepared to be a sustainably operated business, especially in the event of unexpected financial hurdles.

How do I increase the value of my business?

There are a number of reasons to want to increase the value of your business, and knowing how is a question we often hear from our clients. So, what does the value of a business really mean? How do you measure it? And what areas of value are truly important for the goals you want to achieve? Here’s how Maxim works with the idea of value, and how that can apply to the future growth of your business.

I can't pay my tax obligation, what happens next?

We all strive to meet our tax obligations on time. However, it’s not uncommon for individuals and businesses to experience difficulty in meeting their tax obligations at least once. 

Everything you need to know about paying Superannuation

Superannuation is, and has been for a number of years, a key mechanism in ensuring employees are financially prepared for retirement.  

Why do I have to pay payroll tax?

As we sit well and truly in the thick of tax season, one of the terms we get asked about a lot is ‘payroll tax’; it’s not quite what many assume it is, and it’s worth your while to be aware of what it is, and when you have to pay it, to ensure you’re not caught up in any unnecessary red tape down the line. 

Am I getting the most out of my business financing?

Whatever stage you are with your business, from start up to seasoned, financing can be the staple of a sustainable model. So, what is it? And how does it benefit business? 

How to manage staff retention and labour costs?

Losing valuable staff can be financially detrimental if it affects productivity or customer loss. In the current climate of seeming instability for a lot of businesses, how do you manage staff retention and labour costs confidently?

What does the rising interest rate and inflation mean for businesses?

Everytime a new headline appears about interest rates and inflation, it seems dire and can be scary for anyone, let alone business owners who have themselves and a team to take care of.

What to expect when working with Maxim?

Maxim has had a clear concept that underpins everything we do: create an experience of support, understanding and genuine advice for clients who need more than just their taxes done. 

Federal Budget Update 2022

As the COVID economic landscape continues to take shape, Australian Federal Treasurer Josh Frydenberg has handed down the 2022-23 Federal Budget.

Maxim and Forsythes Advisors Merger Delivers Competitive Edge

Two of Newcastle’s leading accounting, financial and business advisory firms have joined forces to create one of city’s largest locally owned accounting and advisory firms.

Maxim Office - Covid-19 Update

As announced over the weekend, NSW will be in lockdown for a further week...

Maxim Economic Update Breakfast - 30 April 2021

Steve Roxby caught up with Stephen Koukalas after our recent event to get his key points on the economy, the recovery and the upcoming budget.

Markets buoyed by lower cases and vaccine news

Both local and global stocks rose this week buoyed by positive vaccine news, declining virus cases, and potential US fiscal stimulus.

A Christmas Message from Maxim

We write to wish you all a relaxing and peaceful Christmas.

2020 Federal Budget

The Government is spending - here’s how it might affect you:

Maxim Virtual Breakfast - Economic and Property Update

Global, national and local economic update presented by Greg McKenna and current state of the commercial, industrial and residential apartment markets in Newcastle and the Hunter presented by the team at Commercial Collective. 

What's happening now and what happens next...

Welcome to Spring where the weather becomes warmer, the days get longer, and there is increasing discussion about what happens after JobKeeper.

New employees potentially eligible for JobKeeper NOW!

While we wait for clarity over key aspects of the extension of JobKeeper past 27 September, an announcement by the Government on 7 August included changes to employee eligibility effective now in relation to the current JobKeeper program.

Learnings and Actions during Covid-19 that can Shape your Future

Most business owners have experienced the impact of Covid-19. We provide an outline of key matters to consider, current learnings from this pandemic and issues you may wish to take action moving forward

Maxim Virtual Economic Breakfast - May 2020

Maxim Director, Chris Sneddon, recently chatted with CEO of Police Bank Greg McKenna and former Newcastle Permanent & Aussie Home Loans CEO Stephen Porges. 

Your Personal Finances with Scott Norrish

Scott recently partnered with The Travel Hub Industry to discuss managing your personal finances in the current economic environment. 

NSW Land Tax Relief

Following the NSW Government announcement of land tax relief for commercial and residential landowners they have now opened the application process.

ATO announces blanket lodgement deferrals

The Australian Taxation Office has announced blanket lodgement deferrals for the 2018-19 tax year due to the current COVID-19 pandemic. 

Small Business COVID-19 Support Grant for up to $10,000

The State Government has introduced small business COVID-19 support grant for small business that have experienced a significant decline in revenue as a result of COVID-19. You may be eligible for the small business support grant of up to $10,000.

It's time to prepare your business to receive the JobKeeper Payments

By now every business owner and employee in the country will have heard something about the JobKeeper stimulus announced by Prime Minister Scott Morrison and Treasurer Josh Frydenberg just over a fortnight ago, with entitlements for payments of $1,500 per employee, to be provided as subsidies for eligible businesses commencing effectively 30 March 2020.

JobKeeper Update

While the legislation was passed overnight, there is still not much clarification over the mechanics of the JobKeeper payment. 

Webinar: Financial strategies for your business during the COVID-19 pandemic

Maxim CEO, Scott Norrish, in collaboration with The Travel Industry Hub, have hosted a Webinar discussing the issues currently affecting businesses as a result of the COVID-19 pandemic.

COVID-19 Information and Resource Support

The COVID-19 pandemic has presented, and will continue to present, unprecedented challenges for businesses and individuals alike.

Covid-19 Update - Federal Government Third Stimulus - 4:40PM 30 March

Prime Minister Scott Morrison and Treasurer Josh Frydenberg announced the third round of Federal government stimulus measures, in response to the ongoing coronavirus pandemic.

COVID-19 UPDATE: Federal Goverment Second Stimulus

Earlier today (Sunday 22^nd March 2020), Prime Minister Scott Morrison announced a second round of Federal government stimulus measures, in response to the ongoing coronavirus pandemic.

COVID-19 - Support for You and Your Business in These Tough Time

Like you, we have been closely following the events of the Coronavirus (COVID-19) pandemic as it continues to disrupt health systems, economies and financial markets across the globe. 

Economic Stimulus Package

In the wake of the current economic environment, the Australian Government has announced a $17.6 billion economic plan to assist the Australian economy, part of which will be allocated to support small to medium sized businesses.

The role of a trusted advisor

So what does a trusted advisor mean?

2020 Vision

Are you clear on where your business is headed? As we approach year 2020, it is a great opportunity to consider what you really want for you and your business.  

Maxim Economic Breakfast with Philip Gardner

We invite you to attend our upcoming breakfast with guest speakers, Wests Group and Newcastle Knights CEO, Philip Gardner and Maxim's resident economist, Greg McKenna.  

Why is succession planning so important?

We don’t always get the chance to decide exactly when we leave our business. It may come as a result of sickness, illness, a relationship break-down, or many other reasons. If we don’t have a plan we may need to make one on the fly, or worse still, be dictated by someone else making one for us.

5 steps to not only survive, but thrive!

One of the best pieces of advice I have received is “If nothing changes, nothing changes”. If businesses become complacent and just continue to do what they did yesterday, it is only a matter of time before they lose their competitive edge, technology takes over, or they just simply become complacent.

Maxim Events

Maxim prides itself on delivering quality information and events to our clients. We have created a significant network of like-minded people including our clients, referral partners and prominent individuals in the Newcastle area with which is valued amongst those involved. 

Every business owner needs to know - the difference between profit and cash

If I had collected “2 bob” from every good customer who has posed the question; “where has my profit gone?” …well, I’d have quite a few extra dollars.

Maxim Economic Insights - June 2019

In the space of a few months Australia’s financial regulators – APRA and the RBA – have reacted aggressively to the economic slowdown and housing market falls which were threatening to derail Australia’s almost three decade run of economic growth without recession. 

5 ways to make your life more simple!

If managing life’s everyday complexities only seem achievable when you’re daydreaming about the chef, cleaner, personal assistant or nanny that you don’t have, you’re probably not alone.

Total & permanent disability insurance

Total & permanent disability insurance provides cover if you (as the name suggests) become permanently disabled from a serious accident or illness. Like life insurance, TPD cover pays out as a lump sum & can be held either personally or through your superannuation. Life & TPD insurance are generally provided together within superannuation funds by default, however like these covers may be smaller than required amounts that decrease with age.

Aliferous (Alfie) - Our girl with wings

The Maxim team is currently racing a 3-year-old thoroughbred called Aliferous, affectionately named “Alfie” in the office.

Maxim Economic Breakfast

We invite you to attend our upcoming economic breakfast with guest speakers, Tony Brasier of PRDnationwide and Maxim's resident economist, Greg McKenna. 

The importance of scale

Businesses that do not grow their revenues to achieve the appropriate “scale” will always struggle to provide the appropriate financial return to the business owner to reward the inherent risk of business.

Tax planning: Being proactive will save you

Have you done your homework? For those clients who've already had your 2018 tax planning meeting, or who are currently meeting your Maxim advisor, this is the time to refresh on those action plans. What do you need to do before 30 June, to lock in those tax savings?

An interesting week for financials

Normally the most important dates in the financial calendar for investors are the releases of their six-monthly profit results in February and August, but for most shareholders in Australian companies, the most important date for 2019 was not the announcement of their annual earnings this morning, but rather the release of the Hayne Report on Monday afternoon.

Life insurance

As the old saying goes, there are two certainties in life: death & taxes. If these things are certainties of life it makes sense that every person should have two things: a good accountant & life insurance. If you are reading this currently, odds are you already have a great accountant but what is less certain is you having the correct amount of life insurance.

Don't risk losing your money machine

Imagine a scenario where you went to the store and came across a machine that was able to produce income worth tens of thousands of dollars for 50+ years, how much do you think something like that would cost?

Success is what you make it!

Being a business owner is not easy and, in most cases, can be quite lonely. If you are a relatively new business owner you may be asking yourself, am I doing this right? What can I do better?

Staff first, customers second, shareholders third

Sir Richard Branson lives by the credo of “Put your staff first, your customers second and your shareholders third.” Like everything Branson, an interesting proposition, but what, how and when?

Cybercrime

Cyber Threats come in all varieties – and no two ever attack your business from the same angle or in the same way. Threats can occur directly from the outside, while others may have some insider help.

Maxim presents Matt Hall

Maxim presents Matt Hall from Matt Hall Racing 

Key business lessons learned from the Smithink 'Young Guns' workshop

Earlier in the year, I was given the opportunity to speak at the Smithink Young Guns Workshop, a two-day conference for young(ish) accounting professionals held at the Hilton, Surfers Paradise

Is mine as big as yours?

It’s human nature to compare ourselves to others. How we look, what we own, and how successful we are. The same applies to business.

Common frustrations in business - Part 1

The question I often ask business owners is…. Do you have any frustrations in business? Let’s explore this a little more and look at what actions can be taken to reduce any frustrations.

Common frustrations in business - Part 2

In Part 1, I mentioned two of the four common frustrations in business, namely cashflow and staff. The other two common frustrations I hear are ‘How do I grow my business’, and ‘Work/life balance’.

Maxim presents Mark McCrindle

Maxim Advisors, McCrindle Research and NAB Partners present Newcastle's 'Business Confidence Briefing' event

KPI's for Newcastle's cafe coming of age

With the revitalisation of Newcastle in recent years, we’ve seen a growing number of cafés opening their doors around town and our suburbs. Novocastrians have embraced the crema and aromas; some even say we’re coffee snobs. But what makes one café buzz long-term while another falls flat?

Corporate structures - Does yours fit?

Tax Efficient? Wealth Protection? Have you ever ordered something online that didn’t quite fit?