Payroll tax and contractors: are they exempt?Do you have to pay payroll tax for contractors? Learn all about the requirements & exemptions & what you can do to avoid getting caught out in an audit. Read More |
The lure of the Hunter: a business + recruiting opportunityNewcastle + the Hunter is a great place to live, work and play - and this presents business ops, incl. attracting skilled talent. Includes free video resource Read More |
New hire not returned their super choice form? What to doNot received a super choice form from a new hire? You still need to make payments. Learn what to do to ensure you meet your obligations Read More |
Q&A: What is an advisory board and what are the benefits?Want to know more about business advisory boards? We’ve answered all of the questions you might have in this handy Q&A guide. Read More |
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 Read More |
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. Read More |
Wage setting: working out salary levels for your businessWage 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 Read More |
How to Get New Customers and Keep Existing Ones| Advice + StrategiesGetting new customers and keeping your existing ones is crucial to business success, but what’s the secret to doing this successfully? Read More |
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 Read More |
Another year, another chance to work on our businessRead 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. Read More |
FBT and motor vehicles: ATO crackdown increases compliance riskThe ATO is currently undertaking more frequent FBT audits, and one area of focus is FBT and motor vehicles. Learn more and manage your risk Read More |
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 Read More |
How current interest rates are impacting borrowing abilityMany of us are feeling the pressure of high interest rates, including when it comes to borrowing. See 2024 predictions + explore finance alternatives. Read More |
How to successfully document your succession planDiscover what documents you need to create to formalise your succession plan and what you should consider before putting it to paper Read More |
2024 federal budget overviewLast 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. Read More |
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 Read More |
Maximise Your Benefits: End-of-Year Tax Planning Tips | 2023-2430 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. Read More |
Estate Planning: Q&As for Small Business OwnersGot questions about estate planning and wills? Get all your questions answered in this quick-read Q&A that covers all of the essentials. Read More |
Unplanned or emergency succession: how to protect yourselfWhat would happen if something serious suddenly impacted you and/or your business and ability to run it? Get expert advice and tips. Read More |
Changes to super contributions from 1 July 2024Due to recent wage rises, superannuation contributions caps are set to increase for the 2024-2025 period. See the new figures and learn more Read More |
How to get your business ready for saleHow 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 Read More |
Planned Succession: Why You Need an Exit StrategyWhat 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 Read 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 Read More |
How Division 296 Tax May Impact SMSF Property InvestmentThe proposed Division 296 tax may negatively impact those involved in self-managed super fund property investing in several ways. Learn more Read More |
Cyberattacks on small businesses: how to protect yourselfThe risk of cyberattacks on small to medium businesses is increasing. Learn some helpful techniques and best practices to keep yourself protected. Read More |
What is succession planning and why is it so importantIf you own a business, succession planning is critical to ensure smooth transition of ownership and leadership. Learn more and see example scenarios. Read More |
Succession Planning IntroKeen to know more about succession planning? Explore our blog series covering the whats, whys + hows of this important part of strategy. Read More |
What is an accountant? What is a business advisor? Here’s the differenceThe line between accountants and business advisors can be blurred, but they are two distinct roles. Learn the difference and which to engage. Read More |
Kickstart your business resetMany 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 Read More |
2023 Christmas message2023 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. Read More |
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 Read More |
Business financing: What you need to considerConsidering taking out a loan or other finance for your business? Find out what you need to consider first + what to do when circumstances change Read More |
Interest rate rise impact on SMEs a reminder to stay resilientMOYB data shows a link between interest rate rises + a drop in consumer spending, resulting in fewer cash deposits. Learn more + be proactive Read More |
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. Read More |
Protection from customer insolvency: How to prevent lossesIn 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. Read More |
How to Work on Your Business, Not in itStepping 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. Read More |
Strategy: your responsibility and accountability action planA strategic plan without effective implementation won’t come to fruition. A big part of this is having a responsibility & accountability action plan. Learn more Read 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. Read More |
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 Read More |
3 steps to client/customer strategy successWithout 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 Read More |
Mastering the art of resource planningDoes 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 Read More |
Unlock Value and Growth with Sale-leasebacksWith 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 Read More |
Additional tax deductions for eligible expenditure on training and digital technologyYesterday 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 Read More |
Aligning business and personal goals for successIs 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 Read More |
Finding Business Clarity: The Pre-strategy QuestionsStrategic 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. Read More |
Strategic PlanningStrategic planning involves mapping out your long-term mission and goals for your company’s success & developing a roadmap to get there. Explore key areas. Read More |
Monitoring business performance: the whats, whys and howsMonitoring business performance is crucial if you want to drive excellence. But what does performance monitoring involve, and how do you go about it? Read More |
Financial Projections 101: Profit and cash flowLearn all about financial projections, including profit & cash flow forecasting, in this quick guide designed for SMEs. Why do them, how to do them & more Read More |
End-of-year tax planning advice 22/2330 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. Read More |
2023 Federal Budget OverviewLast 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. Read More |
The Essential 8: cybersecurity for small businessHow well protected is your business from cybersecurity threats? Learn more about the risks and the Essential 8 framework you can implement for better defence Read More |
Beware: ATO debt collection activity increasingOver the past year, ATO debt collection activity has significantly increased, including for smaller amounts. Learn about the risks and what you need to do Read More |
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 Read More |
How to balance the scales of demand and capacityWhen 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. Read More |
Temporary full expensing rules ending 30 JuneAfter 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. Read More |
Understanding business expenses and pricingBusiness expenses and pricing are financials that go hand in hand. Knowing your expenses helps you set your pricing. Learn more and how to price Read 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 Read More |
Financial management reports—what to look atThe better you understand your financial management reports, the deeper the insights you can access to inform strategy. Learn more about what to look for Read More |
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 Read More |
Financial Management ReportingFinancial 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. Read More |
It’s time to transition to STP Phase 2 in Xero PayrollXero 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 Read More |
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. Read More |
Start 2023 the Right Way with a Business ResetMany 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. Read More |
ATO superannuation compliance activity increasingRecently we’ve seen a sharp rise in superannuation compliance activity around late and non-payment of employee super. Read More |
How to achieve business owner work/life balance in 2023Is 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 Read More |
Thanks and Merry Christmas from MaximAs we head into the festive season, we’d like to take the opportunity to wish you and your families a very Merry Christmas. Read More |
Changes to Work from Home Tax Deductions 22/23If 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. Read More |
Don’t forget about FBT this festive seasonWhat have you spent on your staff this Christmas? Have a read of our latest blog to see whether you’re tax-exempt this year Read More |
Do you understand your Land Tax obligations?What is Land Tax and how do I know if it applies to me? Read More |
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. Read More |
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. Read More |
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. Read More |
Everything you need to know about paying SuperannuationSuperannuation is, and has been for a number of years, a key mechanism in ensuring employees are financially prepared for retirement. Read More |
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. Read More |
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? Read More |
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? Read More |
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. Read More |
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. Read More |
Federal Budget Update 2022As the COVID economic landscape continues to take shape, Australian Federal Treasurer Josh Frydenberg has handed down the 2022-23 Federal Budget. Read More |
Maxim and Forsythes Advisors Merger Delivers Competitive EdgeTwo 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. Read More |
Maxim Office - Covid-19 UpdateAs announced over the weekend, NSW will be in lockdown for a further week... Read More |
Maxim Economic Update Breakfast - 30 April 2021Steve Roxby caught up with Stephen Koukalas after our recent event to get his key points on the economy, the recovery and the upcoming budget. Read More |
Markets buoyed by lower cases and vaccine newsBoth local and global stocks rose this week buoyed by positive vaccine news, declining virus cases, and potential US fiscal stimulus. Read More |
A Christmas Message from MaximWe write to wish you all a relaxing and peaceful Christmas. Read More |
2020 Federal BudgetThe Government is spending - here’s how it might affect you: Read More |
Maxim Virtual Breakfast - Economic and Property UpdateGlobal, 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. Read More |
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. Read More |
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. Read More |
Learnings and Actions during Covid-19 that can Shape your FutureMost 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 Read More |
Maxim Virtual Economic Breakfast - May 2020Maxim Director, Chris Sneddon, recently chatted with CEO of Police Bank Greg McKenna and former Newcastle Permanent & Aussie Home Loans CEO Stephen Porges. Read More |
Your Personal Finances with Scott NorrishScott recently partnered with The Travel Hub Industry to discuss managing your personal finances in the current economic environment. Read More |
NSW Land Tax ReliefFollowing the NSW Government announcement of land tax relief for commercial and residential landowners they have now opened the application process. Read More |
ATO announces blanket lodgement deferralsThe Australian Taxation Office has announced blanket lodgement deferrals for the 2018-19 tax year due to the current COVID-19 pandemic. Read More |
Small Business COVID-19 Support Grant for up to $10,000The 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. Read More |
It's time to prepare your business to receive the JobKeeper PaymentsBy 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. Read More |
JobKeeper UpdateWhile the legislation was passed overnight, there is still not much clarification over the mechanics of the JobKeeper payment. Read More |
Webinar: Financial strategies for your business during the COVID-19 pandemicMaxim 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. Read More |
COVID-19 Information and Resource SupportThe COVID-19 pandemic has presented, and will continue to present, unprecedented challenges for businesses and individuals alike. Read More |
Covid-19 Update - Federal Government Third Stimulus - 4:40PM 30 MarchPrime Minister Scott Morrison and Treasurer Josh Frydenberg announced the third round of Federal government stimulus measures, in response to the ongoing coronavirus pandemic. Read More |
COVID-19 UPDATE: Federal Goverment Second StimulusEarlier today (Sunday 22nd March 2020), Prime Minister Scott Morrison announced a second round of Federal government stimulus measures, in response to the ongoing coronavirus pandemic. Read More |
COVID-19 - Support for You and Your Business in These Tough TimeLike 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. Read More |
Economic Stimulus PackageIn 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. Read More |
The role of a trusted advisorSo what does a trusted advisor mean? Read More |
2020 VisionAre 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. Read More |
Maxim Economic Breakfast with Philip GardnerWe 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. Read More |
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. Read More |
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. Read More |
Maxim EventsMaxim 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. Read More |
Every business owner needs to know - the difference between profit and cashIf 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. Read More |
Maxim Economic Insights - June 2019In 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. Read More |
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. Read More |
Total & permanent disability insuranceTotal & 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. Read More |
Aliferous (Alfie) - Our girl with wingsThe Maxim team is currently racing a 3-year-old thoroughbred called Aliferous, affectionately named “Alfie” in the office. Read More |
Maxim Economic BreakfastWe invite you to attend our upcoming economic breakfast with guest speakers, Tony Brasier of PRDnationwide and Maxim's resident economist, Greg McKenna. Read More |
The importance of scaleBusinesses 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. Read More |
Tax planning: Being proactive will save youHave 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? Read More |
An interesting week for financialsNormally 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. Read More |
Life insuranceAs 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. Read More |
Don't risk losing your money machineImagine 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? Read More |
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? Read More |
Staff first, customers second, shareholders thirdSir 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? Read More |
CybercrimeCyber 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. Read More |
Maxim presents Matt HallMaxim presents Matt Hall from Matt Hall Racing Read More |
Key business lessons learned from the Smithink 'Young Guns' workshopEarlier 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 Read More |
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. Read More |
Common frustrations in business - Part 1The 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. Read More |
Common frustrations in business - Part 2In 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’. Read More |
Maxim presents Mark McCrindleMaxim Advisors, McCrindle Research and NAB Partners present Newcastle's 'Business Confidence Briefing' event Read More |
KPI's for Newcastle's cafe coming of ageWith 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? Read More |
Corporate structures - Does yours fit?Tax Efficient? Wealth Protection? Have you ever ordered something online that didn’t quite fit? Read More |
All the latest updates and insights in industry, market, economy, business and finance.