The Australian Government has released the 2025–2026 Federal Budget, focusing on easing cost-of-living pressures, supporting small businesses, and investing in critical infrastructure. Here’s a clear and simple breakdown of the key points. Cost of Living Relief One of the main priorities of this budget is to provide relief to Australian households struggling with rising expenses. […]
Keeping up with the latest updates in accounting software helps businesses manage their finances more efficiently. Xero, our preferred accounting software, has introduced several new features in January 2025 that aim to make invoicing, reporting, and inventory management easier for users. Improved Invoicing with Tracking Options Xero now lets you add new tracking options while […]
As a business owner or taxpayer, it’s essential to understand your tax obligations. Two key terms you may encounter are PAYG withholding and PAYG installments. While they might sound similar, they serve different purposes and affect different groups. Here’s a breakdown to help you navigate these systems confidently. What is PAYG Withholding? PAYG withholding is […]
As February rolls around, it’s a crucial time for businesses to focus on their financial obligations and plan ahead. This month marks the midpoint of the Australian financial year, making it the perfect time to review your financial position and prepare for upcoming deadlines. At Oculus Group, we’ve outlined the key areas to focus on […]
In the era of digital transformation, the method of file management has shifted significantly, ushering in the age of electronic storage. Gone are the days of cumbersome paper files and bulky cabinets; electronic storage has revolutionised the way we organise, access, and safeguard information. Efficiency and Accessibility One of the primary advantages of electronic storage […]
With the festive season upon us, we at Oculus would like to let our clients know about our holiday closure dates. Our office in Tweed Heads will be closed from noon Thursday 19 December and will reopen on Monday 6 January 2025. Get in touch for Pre-Christmas assistance We understand that many businesses and individuals […]
When it comes to entertainment and gifts for both staff and clients many businesses are confused about what is deductible and what is not. Client Entertainment and Gifts If you take a client out for lunch it is generally classified as entertainment and is not tax-deductible. This non-deductibility also means businesses can’t claim input tax […]
Improving cash flow is a crucial aspect of managing any business, regardless of its size or industry. Cash flow represents the net amount of cash being transferred into and out of a business, and maintaining a healthy cash flow ensures that a business can meet its obligations, reinvest in itself, and weather financial challenges. Here […]
When running a business in Australia, you’ll encounter various tax obligations that require regular reporting to the Australian Taxation Office (ATO). Two of the most common forms are the Business Activity Statement (BAS) and the Instalment Activity Statement (IAS). While both are essential for compliance, they serve different purposes. Understanding these differences is crucial for […]
Filing tax returns is a crucial part of financial management, and in Australia, you have the choice of either doing it yourself online or engaging a professional accountant. Both options have their advantages and are suitable for different situations. Doing It Yourself Online Advantages: Best For: Considerations: Engaging a Professional Accountant Advantages: Best For: Considerations: […]
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