Will you benefit from a SMSF loan with an offset account?

The simple answer is: Yes. Depending on the loan structure arrangement, it is typically beneficial to have an offset account attached to a SMSF loan.

An offset account reduces the interest payable on your loan by offsetting the balance against the loan principal. This can lead to interest savings, thereby lowering your SMSF’s expenses.

Overall, where your SMSF has lower expenses and makes savings, there is the opportunity to generate higher net investment returns, potentially leading to a healthier SMSF outcome for your retirement.

Learn more about how we can help you by calling us on (02) 8383 4466 and requesting a callback or making an appointment with the YML Finance Team.

How can YML help?

Talk to our YML Finance Team today to see how YML Group can assist you with your SMSF loans. For more for more information, view, our website and contact us on (02) 8383 4466 or by using our Contact Us page on our website.

Outsourcing and Co-sourcing to increase Productivity in a shifting Economy

Post-pandemic Australian businesses are facing a shifting domestic economy. Fortunately, they are at the forefront of adopting businesses practices that can and do optimise their business operations. Outsourcing and co-sourcing are two such strategic approaches to strengthen your company’s competitiveness by increasing productivity, reducing costs, and readily adapting to changing market dynamics.

Co-sourcing is a hybrid model – blending your company’s established internal resources with partial outsourcing for greater specialised knowhow. It is a collaborative strategy, combining existing in-house resources with an external service provider to manage certain functions or processes, proving beneficial by ensuring an agile response to challenges your business confronts in its day-to-day undertaking.

A co-operative and mutual partnership is created through co-sourcing, enabling your company to maintain control and oversight over critical aspects of your business whilst leveraging external skilled talent and guidance that might be lacking. Think of it as gaining an additional employee within your staff structure.

In Australia, co-sourcing has gained prominence in recent years as Australian businesses emerge from the pandemic into a tightening labour market with a skills shortage. By taking advantage of co-sourcing, your business benefits from an access to a wealth of specialist knowledge and skillsets, specifically trained to work alongside Australian companies.

In the context of Australia’s current business economy:

• Outsourcing offers a deep understanding of Australia’s complex regulatory environment, helping businesses navigate legal and compliance challenges.
• Outsourcing can help businesses harness the latest technological advancements without the burden of large-scale technology investment.
• Outsourcing enables companies to stay competitive by accessing global talent and resources, helping Australian businesses to compete both domestically and internationally.

With careful planning and management to be successful, outsourcing and co-sourcing create opportunities for companies who thrive on performance metrics to meet their business objectives for the long-term.

Propel your business forward with YML Group’s own services in administration disciplines, dedicated and trained professionals who partner with businesses and who use cloud-based technology to work seamlessly with Australian businesses’ management and staff.

How can YML help?

Talk to our YML Business Services Team today to see how YML Group can assist you with our outsourcing and co-sourcing services. For more information, view, our website and contact us on (02) 8383 4455 or by using our Contact Us page on our website.

What is your EOFY accounting strategy? How will you finance your EOFY business asset acquisitions?

End-of-financial-year 2024 – 30th June – is looming and it is time to ensure your accounting strategies will improve your 2024 tax return. At YML Chartered Accountants we work in partnership with you to minimise your taxation obligations because taxation can be a major cost to your business. Let us put you in to prime position for taxation purposes, potentially resulting in a greater gain for your business as you start the new financial year on 1 July 2024.

We offer practical guidance and can help you by implementing accounting strategies for complex taxation matters. We update you on key changes and requirements that could afford you a better outcome on your annual tax return. And we have some pointers to get you started on your imminent 2024 tax return preparation:

What you can do NOW – before 30th June

• Start by reviewing your forecasted tax obligations, so you can avoid any surprises when preparing your 2024 tax return
• Check your accounting records are up-to-date as at 30th June 2024
• Scrutinise documentation and ensure you have receipts for all 2024 financial year transactions
• Write off bad debts by 30th June
• Defer income received-in-advance – for goods or services not yet provided – to the 2025 financial year
• Bring forward legitimate deductions to the 2024 financial year
• Prepay (qualifying) business expenses (in small businesses) that relate to a 12-month period or less
• Take advantage of the $20,000 instant asset write-off (in small businesses with an aggregated turnover of less than $10 million) for eligible purchases of assets (up to $20,000 per asset) that are first used or installed ready for use between 1st July 2023 and 30th June 2025
• Pay employee superannuation guarantee by 30th June to claim a deduction
• Commit to employee bonuses by 30th June to claim a deduction
• Reconcile payroll and prepare single touch payroll (STP) reports in accordance with Australian Taxation Office (ATO) due dates
• Declare and pay company dividends to shareholders
• Determine and distribute trust income to relevant beneficiaries
• Make donations to deductible gift recipients by 30th June to claim a deduction

Finance for BUSINESS ASSETS – vehicle and equipment

The end-of-financial-year is a great time to start thinking about any business assets you might need to purchase to improve your business efficiency.

Reap a taxation benefit in the 2024 financial year by making your business asset purchases before 30th June.

Do you need a new work truck? New office equipment to boost your business productivity?

This time of the year is ideal for scouring vehicle dealerships and equipment suppliers for a sale and a bargain. YML Finance, with its strong relationships with many lenders, can help you negotiate finance for your new business assets, such as vehicles and office equipment.

Based on your company’s specific finance loan needs, we also find you the lowest interest rates on business loans, prepare your loan application, develop your loan structure, and support you throughout the life of your finance loan.

YML Chartered Accountants and YML Finance offer you a complete and comprehensive range of taxation accounting and finance expertise and resources to give you a great start to financial year 2025.

How can YML help?

Talk to our YML Chartered Accountants and YML Finance Teams today to see how YML Group can assist you with your EOFY 2024 accounting strategy. For more information, view, our website and contact us on (02) 8383 4400 or by using our Contact Us page on our website.