Sammut Bulow Insights

Important Reminder: Be vigilant with Registry Notices and Annual Company Review emails

Fri, 24 Apr 2026 06:11:40 GMT

At Sammut Bulow, we’ve recently seen an increase in clients receiving unofficial registry notices via the post and email relating to ASIC annual company statements and annual review fees.

At first glance, these communications can look legitimate.

They often use formal language, reference ASIC requirements, and may suggest they are acting on behalf of your business or can assist with lodging your annual review. In some cases, they also request payment directly.

However, many of these notices are not issued by ASIC and are not associated with Sammut Bulow.

Why this matters

Making a payment to the wrong provider doesn’t satisfy your company’s ASIC obligations and can create unnecessary complications.

We’ve seen this lead to:

Duplicate payments or payments made to these providers but no work being completed
Uncertainty around whether the annual review has actually been completed
Missed ASIC deadlines
Late fees or compliance issues where the genuine fee remains unpaid
The client being removed from our registered agent portal and therefore SB being unable to complete important work

For busy business owners, these emails can be easy to mistake for a genuine reminder - particularly when they arrive around the same time as your ASIC annual review.

What to look out for

To protect your business, it’s worth taking a moment to review any correspondence carefully.

As a general rule:

Only rely on communications sent directly from ASIC or Sammut Bulow
If you receive an invoice or request for payment from another provider, don’t act on it straight away
Be cautious of wording that suggests the sender is “acting for” your business when you didn’t actually engage them
If something feels unfamiliar, unclear, or overly urgent, it’s worth pausing before taking action

When in doubt, ask SB

If you receive an email, letter or invoice relating to your ASIC annual review and you’re unsure whether it’s genuine, send it through to our team before making any payment.

A quick check with us could save you time, money and unnecessary frustration.

Our recommendation

These notices are designed to look official and they can easily catch people off guard but taking a moment to verify the source before making payment is one of the simplest ways to protect your business.

If you’ve received something recently and would like us to review it, please don’t hesitate to get in touch.

Disclaimer: The information provided on this blog is for general informational purposes only. While we strive to ensure that the content is accurate and up to date, the advice and information provided on this site should not be construed as a substitute for consulting with a qualified accounting or tax professional. The authors and contributors to this blog do not accept any responsibility or liability for any errors or omissions in the content, or for any losses or damages arising from the use of the information provided.

ATO Fuel Response - What it Actually Means for Your Business

Wed, 15 Apr 2026 03:24:19 GMT

You may have recently noticed a message from the Australian Tax Office (ATO) about a “Fuel Response” when logging into your ATO portal.

We’ve had a number of clients ask what this means and importantly, how it may support their business.

The ATO has introduced this initiative to support eligible businesses experiencing increased cost pressures, particularly around fuel, freight, and general operating expenses.

While this is not a cash payment or rebate, it is designed to provide greater flexibility and support where it’s needed most.

This may include

More flexible payment plans for ATO debts
Remission of interest and penalties where appropriate
A more practical and supportive approach where businesses are genuinely impacted

This approach is all about giving businesses breathing room and time, while still keeping things on track.

What this means for you

If your business has been impacted by rising fuel or operating costs, the ATO may be more flexible in how and when you meet your tax obligations.

However, it’s important to understand:

Tax obligations still need to be met
Lodgements still need to be completed on time

Why you’re seeing this message?

The ATO is proactively communicating this initiative to individuals and businesses through their online portals to raise awareness of available support options.

This does not mean any action is required — it’s simply letting you know support may be available if needed.

Our advice to clients

If your business is being impacted by rising costs, we’re here to help you navigate your options;

Reviewing your current position
Communicating with the ATO on your behalf
Setting up payment arrangements where appropriate
Making sure you stay compliant while managing cash flow

The ATO Fuel Response is a support tool - it’s there to assist businesses who need flexibility, but it doesn’t replace the need for strong financial management and ongoing compliance.

If you have any questions about the ATO Fuel Response or your ATO obligations contact us today - we are here to help.

Why Wellbeing Matters - in Business and in Life

Sun, 22 Mar 2026 23:17:46 GMT

Like most people, I’ve seen my fair share over the years.

Friends I’ve grown up with struggling. People close to me dealing with anxiety. Losing mates far too early. And going through periods myself where things haven’t always been as steady as they might have looked from the outside.

You start to realise pretty quickly that no one is immune to it.

On the surface, people can look like they’ve got it all together - running businesses, leading teams, showing up every day - but underneath, they can be doing it tough. And too often, they’re doing it quietly.

That’s what has always stuck with me.

Too many people don’t know where to go, or don’t feel comfortable putting their hand up. And sometimes, by the time they do, things have already spiralled further than they needed to.

Why It Matters in Business

In business, we’re very good at looking after our physical assets.

We service our equipment. We maintain our vehicles. We invest in systems and technology.

But the reality is, your people are your number one asset.

If your people aren’t supported, engaged or in a good place mentally, it shows up everywhere - decision-making suffers, culture slips, performance drops and over time, the business starts to feel it.

The same goes for business owners and leaders.

If you’re not in a good headspace, if you’re running on empty it impacts how you lead, how you think and how your business evolves.

We’ve seen it play out time and time again.

Wellbeing isn’t separate from business performance - it actually drives it.

Over time, that belief has shaped how we run Sammut Bulow.

It shows up in how we support our team, in the initiatives we’ve introduced and it shows up in the way our team engages with the community.

Because this isn’t something we just talk about - it’s something we try to live every day.

The Bigger Picture

Outside of SB, I’ve spent a lot of time involved in this space - sitting on boards, working alongside people who are doing incredible things to support others, and more recently helping bring a new charity - Wellbeing Nation - to life.

The goal is simple:
To give people better access to the tools, support and conversations they need to stay on top of their wellbeing before things reach a crisis point.

Because the reality is, life’s not getting any easier.

There’s more pressure, more expectation, more noise than ever before. Without the right support, it’s easy for people to feel like they’re constantly trying to keep up.

Why It Matters to Our Clients

When we talk about “real advice”, it’s not just about numbers on a page. It’s about understanding what’s going on behind the scenes - the pressures, the challenges, the goals that matter.

Because better decisions come from a clearer headspace.

Stronger businesses come from more supported people.

And long-term success only works if it’s sustainable.

A Final Thought

At the end of the day, business is just people working with people.

If we can create environments - in our workplaces and in our communities - where people feel supported, balanced and able to be at their best, everything else tends to follow.

It’s not always easy, and there’s no perfect formula.

But it’s something I care deeply about, and something we’ll continue to invest in, both personally and through Sammut Bulow.

Payday Super FAQs

Tue, 24 Feb 2026 01:14:37 GMT

From 1 July 2026, the way employers pay superannuation will change. Under the new rules, Super must be paid at the same time as wages, rather than quarterly as it currently is.

While the concept sounds simple, we’re finding many business owners have practical questions about how it will work day-to-day - particularly around payroll systems, timing and what happens if you’re already behind.

Here's some of the most common questions we’re being asked:

If I only have a small number of staff, am I exempt?

No. There is no minimum threshold. The Payday Super rules apply to all employers , regardless of how many employees you have.

Can I pay staff super directly from my bank account into their nominated fund?

No. Super must be lodged through an approved Super clearing account . You cannot simply transfer the funds directly to each employee’s super fund from your bank account.

The clearing house processes the payment and distributes it correctly to the nominated funds.

Will my payroll software be updated in time?

In most cases, yes. The majority of modern payroll software providers already have functionality in place to support Payday Super.

If you’re unsure whether your software is ready, it’s worth checking early.

Can I lodge the super within 7 days of payday?

No. Super must be lodged at the same time as you pay your staff .

The approved clearing account will then:

Direct debit your bank account (typically within 24 hours), and
Deposit the funds into your employee’s nominated Super fund within 7 days.

The key point is that you must initiate the super payment at the same time wages are paid, not several days later.

What if I’m already behind in paying Super?

If you have unpaid or overdue super contributions, you’ll need to lodge a Superannuation Guarantee Charge (SGC) statement with the ATO.

It’s important to address this sooner rather than later, as penalties and interest may apply.

If you’re unsure of your position, we strongly recommend seeking advice to bring your obligations up to date before Payday Super commences.

Final Thoughts

Payday Super isn’t just an administrative tweak, it’s a shift in timing and process that may impact payroll routines and cash flow management.

With July 2026 approaching, now is a good time to review your systems, understand your obligations and prepare early.

Property Investment in SEQ

Mon, 16 Feb 2026 07:17:09 GMT

Recently, Sammut Bulow and GeoBuyers hosted an in-depth property investment information session focused on one of the biggest questions we’re hearing right now: Why is SEQ still one of the most compelling markets in Australia and where are the best opportunities heading into 2026 and beyond?

If you couldn’t make it on the night, here’s a quick wrap-up of the key themes discussed.

Brisbane’s “Golden Decade” is well underway, though still with plenty of runway

Brisbane has now overtaken Melbourne as Australia’s second most expensive capital city by median house value - a major milestone that signals strong confidence in the region’s long-term fundamentals. With the 2032 Olympics acting as a catalyst, the next decade is expected to be defined by large-scale infrastructure delivery, population growth, and significant urban renewal.

Infrastructure + population growth = long-term momentum

One of the standout themes was that Brisbane and SEQ are experiencing a rare combination of demand including population growth and infrastructure investment, with the latter essential to cope with the growth across the region.

Projects such as Cross River Rail, Brisbane Metro, and Olympic Stadium development are a snapshot of projects reshaping the region.

Residential hotspots are changing fast

Brisbane house values have surged, and buyer competition has intensified, particularly for family-friendly homes. Many suburbs that were once considered affordable, including Coomera, North Lakes and Springfield are now pushing beyond the $1M mark for quality four-bedroom stock.

A major point raised was the growing strength of “satellite cities” emerging hubs that offer CBD-level infrastructure such as hospitals, schools, shopping centres and employment nodes, functioning as future “mini-CBDs”.

Units and townhouses are also gaining momentum

The inner and middle ring unit market is showing tremendous growth, particularly in suburbs benefiting from major infrastructure upgrades and lifestyle appeal. Locations such as Kangaroo Point, Newmarket and Windsor were highlighted as examples of suburbs positioned to benefit from improving connectivity and surrounding development.

Commercial property opportunities are also building

Beyond residential, the session also touched on the SEQ commercial landscape. The industrial sector continues to outperform due to e-commerce growth, low vacancy rates and strong demand, while the office market is showing renewed owner-occupier activity in fringe locations such as Spring Hill and Milton.

The long-term message: time in the market wins

One of the most important reminders from the SB team on the night was that wealth creation is rarely about one perfect purchase, it’s about making a strong decision and allowing time to do the heavy lifting. The GeoBuyers case studies presented highlighted the power of capital growth, compounding and rental performance over time.

If you are on the hunt for commercial or residential property to invest in, reach out to the GeoBuyers team - Tom and Nathan can help you identify opportunities in market to help you achieve your goals.

The Importance of Regular Financial Reviews: Setting Your Business Up for Success in 2026

Thu, 01 Jan 2026 23:47:19 GMT

Article by Danny Riggs

Look, I’ll be honest with you - I’m an accountant, but I’m also a simple bloke. I like a quiet beer, a cheeky punt on the weekend with mates, and plenty of time with the family.

But if there’s one thing I know for sure, in business (and in horse racing), you don’t get ahead by hoping for the best.

You get ahead by knowing your numbers.

As we head toward 2026, the businesses that will come out on top will be the ones that put a bit of structure around how they monitor performance. So, here’s my two cents:

1. Set a Regular Rhythm for Reviewing Your Numbers

Whether it’s monthly or quarterly, make time to sit down and look at your profit and loss and balance sheet properly. Set aside time in your calendar, to understand what’s actually going on.

2. Speak to Your Accountant or Advisor if You Need Support

If something doesn’t make sense - call us. That’s what we’re here for. You don’t get extra points for trying to decode the finance reports alone. We’d much prefer you pick up the phone early, before something small becomes something ugly.

3. Compare Your Numbers to Your History and Your Budget

Looking at a single set of numbers in isolation won’t tell you the whole story. Check how you’re tracking versus last year and compare it against your budget or forecast.

4. Make the Necessary Changes (Even the Annoying Ones)

Once you’ve invested the time to understand your numbers, you need to actually do something with what you’ve found. If an area is underperforming, dig into it. If margins are slipping, find out why. This is where real growth happens - not from looking at reports but by responding to them.

5. Use These Insights to Reward Your Key People

When you understand where the wins are coming from, you can reward the people who helped get you there. A good team is worth more than a good race tip any day (and a lot more reliable).

6. And Lastly… Invest Excess Cash Wisely

Your business comes first - reinvest in what’s working, set aside buffers, and keep strengthening the foundations. But , if after all that, you’ve got a little bit of surplus invest this on yourself. Ultimately, the better your mental and physical health, the better you will be as a business owner and a leader, and the better your business will perform.

Heading Into 2026 With Confidence

Regular reviews aren’t meant to bog you down, they’re meant to give you clarity. With the right rhythm, the right support, and a willingness to adjust course, you can set yourself up not just for success in 2026, but every year after.

Wellbeing, Culture & Closing the Year Well: A Message to Our Clients

Wed, 17 Dec 2025 03:43:02 GMT

Article by Brad Bulow and Caitlin Noble

Before we clock off for the year, we want to express our gratitude. Supporting you and your business is a privilege we don’t take lightly. Thank you for trusting us, challenging us, partnering with us and allowing us to be a small part of your journey. As we move toward the Christmas break, we want to share something a little different from the usual business insights and financial updates. This is a moment to pause and reflect on the people behind the businesses we support every day, the owners, leaders, teams and families who carry the weight of making things happen. This message comes from both of us - one of us with a long background in men’s mental health advocacy and philanthropic work, and the other with a passion for culture, connection, and honest conversations. Together, we want to make sure everyone feels supported heading into the break, and prepared to return refreshed in 2026.

One thing we know from working closely with so many business owners is that burnout often hides in plain sight. You appear calm, capable and in control - but beneath that, you may be running on the last of your reserves. Brad’s experience in men’s mental health has shown that even the most resilient people need space to slow down, check in with themselves and acknowledge how much the year has taken out of them. Your wellbeing is not a luxury, and it’s not something your business can function without. The break ahead of us is the perfect chance to stop, breathe and give yourself the reset you may not have had time for during the year.

At the same time, culture continues to shape the way your people show up, the way your business operates and the way your clients experience you. Caitlin sees daily how powerful authentic conversations can be, including the unpolished ones, the honest ones and the ones that acknowledge stress or celebrate hard work. As you wrap up 2025, taking a moment to recognise your team and understand how they’re feeling can make all the difference. A healthy culture doesn’t just feel good; it builds stronger businesses, stronger relationships and stronger leadership.

As we move toward the Christmas break, we want to encourage you to genuinely switch off. Not the half-version where you check your inbox every second day, but the kind of break where notifications are turned off, the laptop stays shut, and your attention is given fully to the people you care about. You’ve earned that rest, and your mind and body probably know it even if your calendar hasn’t caught up. (Even Brad is going to do his darndest to commit to such behaviour this festive season)

When the new year arrives, your best work will come from returning with clarity, not chaos. Give yourself permission to ease back in, reconnect with your team and revisit the bigger picture before diving straight into the day-to-day. The most productive Januarys aren’t the ones spent sprinting - they’re the ones spent aligning. This is the perfect time to reflect on what worked, what didn’t, and what you want to bring into 2026 with intention. A healthier, more balanced version of you will always build a healthier, more resilient business.

We hope the Christmas break brings rest, joy, connection and space - the kind of space that lets you come back refreshed and ready for what’s ahead.

From all of us at SB, we wish you and your families a safe, meaningful and enjoyable Christmas. We look forward to supporting you again in 2026, with wellbeing, culture and community at the heart of everything we do.

Our offices will be closed from Wednesday 24 December and will reopen Monday 5 January, 2026.

Know Your Numbers: Understanding Your Financial Statements

Mon, 20 Oct 2025 06:59:26 GMT

For many business owners, financial statements are something they glance at once a year - often with a sense of obligation rather than curiosity. At our recent Know Your Numbers workshop, we saw that story play out in real time.

Around the table were seasoned operators, new entrepreneurs, and everything in between. Some came in confident; others confessed they’d never truly understood their Balance Sheet or Profit and Loss.

But as Brad Bulow reminded the group, that’s rarely because business owners don’t care - it’s usually because they lack confidence and clarity.

“Numbers are most people’s pain points,” Brad explained, “but that’s largely due to a lack of understanding. Our goal at Sammut Bulow is to simplify the language, talk with you (not down to you), and give you certainty around the key numbers that really matter.”

By the end of the session, the group was engaged in lively discussion - spotting inefficiencies, testing “what if” scenarios, and, most importantly, feeling more confident about using their numbers to make decisions.

Your Numbers Tell a Story

Every business has two key storytellers:

The Profit and Loss, which tracks how much money is coming in and going out over a set period - like a diary of your revenue, expenses, and profit.
The Balance Sheet, which gives you a snapshot of what you own, what you owe, and what’s left over - essentially, the health report of your business at a point in time.

When you put them together, they don’t just tell you where you are today. They reveal trends, patterns, and red flags that can shape where you’re going tomorrow.

Seeing What’s Hidden in Plain Sight

One of the workshop exercises involved charting real numbers from a case study business. At first glance, the Profit and Loss looked “fine.” But once we dug in, the group spotted:

Seasonal revenue swings that explained recurring cash flow dips.
Operating expenses that were growing faster than revenue.
A net profit margin that had quietly slipped year-on-year.

Those numbers had been sitting in the accounts for months - the story was there, but no one had stopped to read it.

The Balance Sheet: More Than a List of Assets

We then turned to the Balance Sheet - many in the room had never thought of it as anything more than a document for banks or auditors. But when we reframed it as:

“What the company owns, what it owes, and how it’s financed”

…suddenly, it clicked. A strong balance sheet shows more assets than liabilities, healthy cash reserves, and growing retained earnings. A weak one can reveal looming problems - like rising short-term debt or equity being eaten away by losses.

Spotting the Good, the Bad, and the Ugly

To make it real, we walked through fictional sets of financials:

The Good: steady growth, strong margins, low debt, healthy equity.
The Bad: flat revenues, creeping costs, increasing short-term debt.
The Ugly: declining revenue, consistent losses, negative equity.

Everyone in the room could picture a business they knew (sometimes their own) that fit one of those profiles.

Turning Numbers into Decisions

The real power of financial statements is what you do with them.

Knowing your numbers and setting goals around them, like a net profit target or a liquidity benchmark, can benefit your business in so many ways. It can:

Build confidence with your bank.
Strengthen your ability to obtain finance or investment.
Help you increase the long-term value of your business for succession or sale.

As Brad puts it “Knowing your numbers will provide you real power, real peace of mind, and help you build financial health and freedom.”

Once you start using your reports proactively - building “what if” scenarios, setting financial goals, benchmarking against your industry - your financials become a roadmap, not a mystery.

The Takeaway

Financial statements aren’t just paperwork. They’re the story of your business - where you’ve been, where you are, and where you’re headed.

When you take the time to understand them, you gain clarity and confidence And with the right guidance, that understanding can transform into something far greater… control, confidence, and long-term financial freedom.

If you’d like help making sense of your numbers, or turning them into practical strategies, our team at Sammut Bulow is here to help - find out more here .

Turning a Construction Business Around

Fri, 15 Aug 2025 00:41:17 GMT

Client Success Story – Turning a Construction Business Around

by Andrew Manners

Overview

A family‑owned building and construction company in south-east Queensland approached Sammut Bulow looking for more than annual compliance work. After more than a decade in business they had endured five consecutive years of losses, a growing ATO debt, and were non‑compliant with the QBCC Net Tangible Asset (NTA) requirements. With their previous accountant offering little beyond basic tax lodgements, the owners felt they were flying blind. Emotionally and financially invested, they weren’t ready to walk away - but they needed hands‑on support to avoid collapse.

The Challenge

The company had been treading water for years:

No forward planning or management guidance from their previous accountant meant decisions were being made without up‑to‑date financial information.
Persistent losses and rising ATO debt were putting pressure on cash flow.
They were non‑compliant with QBCC NTA requirements , placing their licence at risk.
The owners desperately wanted to keep the business running and retain core staff, but they were at a crossroads: enter administration or trade out.

How Sammut Bulow Helped

Our first step was to sit down with the owners and talk frankly about their options. Administration was an option, but the family felt strongly about preserving the business. We aligned with that goal and agreed to trade out, but only after conducting an operational review and mapping out a clear plan.

Right‑sizing the cost base

Our review uncovered significant input‑cost blow‑outs, particularly around rising steel prices. We overhauled their quoting methodology , moving from undercutting competitors to sustainable, commercial rates .
Difficult conversations were necessary. Over 20% of the workforce, including family members, were made redundant to stabilise cash flow.
Those tough calls were balanced with a clear vision: by controlling costs and pricing correctly, the business could position itself to win larger‑scale, more profitable contracts.

Hands‑on advisory and cash‑flow support

We restructured the payment arrangements with the ATO and key suppliers and rebuilt creditor relationships.
To ease short‑term pressure, we assisted in applying for a temporary overdraft .
Through monthly catch‑ups , we monitored progress, refined the budget, and kept the owners accountable to their turnaround plan.
With the owners and managers now thinking strategically, we acted as an outsourced CFO , providing guidance on everything from quoting templates to NTA reporting for QBCC compliance.

The Results

Within 18 months , the business had achieved a complete turnaround:

Cleared all overdue debts , including the ATO arrears.
Returned from a $500 k annual loss to an annual profit of $200-300k . And within 5 years a profit of $400-600K
Restored QBCC NTA compliance , removing the risk to their licence.
Secured contracts with national commercial clients , positioning the business for sustainable growth.
With profits and cash flow stabilised, the owners are now considering retirement, a sale, or intergenerational succession . They have also started planning a property acquisition as a long‑term investment.

Lessons for Other Businesses

This story demonstrates that with the right advice and decisive action, even a business in serious distress can recover. The owner’s willingness to make hard decisions, combined with Sammut Bulow’s strategic and hands‑on approach, delivered real outcomes:

Visibility and insight: regular reporting, budgeting, and forward planning replaced guesswork.
Resilience: restructuring operations meant they were better equipped to handle cost fluctuations and market changes.
Confidence: with a trusted adviser by their side, the owners could focus on the future instead of firefighting.

**********************************

At Sammut Bulow, we believe in more than compliance - we partner with clients to build, grow and protect their businesses. Whether you’re facing a turnaround, planning growth, or preparing for succession, our advisory team can help you navigate the complexities and move forward with clarity.

Real advice. Real people. Real outcomes.

Lessons from over 25 Years in Business: Marty’s Top 5 Tips for Long-Term Success

Wed, 11 Jun 2025 04:37:24 GMT

Article by Marty Sammut

When I first opened the doors back in 1998, I wasn’t thinking about how to survive the next two and a half decades. Like most small business owners, I was focused on helping clients and keeping the lights on.

Fast forward to today and I’ve learned a few things about what it takes to build a business that stands the test of time!

1. A Willingness to Accept Change

Change is inevitable. I’ve seen it over and over, in the economy, technology, and client needs. Treat change as an opportunity rather than a negative. Don’t forget: your competitors are also dealing with it. The real advantage goes to whoever reacts fastest to find a solution.

2. Be Comfortable with Feeling Uncomfortable

Dealing with challenges or the hard things normally makes the biggest difference. In fact, when you’re feeling uncomfortable or challenged, that’s usually when you’re making real progress. It’s not always easy, but it’s the sign you’re moving forward.

3. Scale Your Business by Employing and Building Systems

Most business owners have their earning potential capped by the effort they put in. The only way to earn without personal exertion is to employ good people and put in place repeatable systems. Without systems, you’re just stuck on the tools forever - no matter how good you are.

4. Business Owners Need to Invest in Themselves

Most of us start a business because we’re good at what we do - the technical side of things. But that doesn’t mean we have the skills to be a great entrepreneur. The only way to get there is to invest in learning. Find a mentor, go to industry training days, read leadership books, join the local Chamber of Commerce or work with an accountant who goes beyond the numbers and helps you think like an entrepreneur. Yes, it will cost you time and money - but it’s the best investment you’ll ever make.

5. Build a Business That’s Client-Focused

Remember, your services and products are there to satisfy your client, not yourself or your team. Great client satisfaction and engagement are the key to business success. If you keep that front of mind, the rest has a way of falling into place.

After over 25 years in business, I can tell you this: there’s no magic formula, and no two journeys look the same. But these five things have kept me grounded, focused and, most importantly, always moving forward.

Here’s to another 25!

The Importance of Tax Planning: Why Acting Before 30 June Can Make a Big Difference

Thu, 24 Apr 2025 01:27:55 GMT

Article by Adam O'Sullivan

As the end of the financial year approaches, many business owners find themselves scrambling to get their financial affairs in order.

By understanding your estimated tax position well before the 30 June deadline, you gain the ability to make informed business decisions that can significantly impact your financial outcomes, both in terms of tax and wealth building.

Why Tax Planning Now Makes a Difference

Gaining a clear picture of your tax position before the end of the financial year allows you to identify areas where you can take action to optimise your tax situation. Early awareness provides the time needed to make informed, strategic decisions, potentially reducing your tax liability and positioning your business for future success.

This then gives you the flexibility to adjust your approach and take full advantage of opportunities that may be available, such as:

Tax Losses from Previous Years : Understanding if you have unused tax losses from prior years can help you plan effectively for the current year. These losses may be carried forward and used to offset taxable income, providing tax relief.
Instant Asset Write-off : If your business has been taking advantage of the instant asset write-off provisions, it’s important to review your assets and determine whether there are opportunities to purchase new equipment or make other qualifying investments that could provide tax deductions before 30 June.
Sound Business Decisions : Planning ahead gives you the opportunity to make sound business decisions - whether it’s increasing or deferring income, reviewing expenditure, or making additional superannuation contributions. These decisions can help improve your tax position while also contributing to your overall business growth and wealth accumulation.
Sale of Business Assets (Creating Taxable Income): If you've previously claimed 100% of the purchase price of business assets as a tax deduction using temporary full expensing, the sale of those assets may trigger taxable income. It’s important to understand how the sale could affect your tax position and whether it’s beneficial to sell before or after the 30 June deadline. Early planning can help you manage any capital gains tax implications and potentially offset some of the income with other deductions or tax credits.

The Long-Term Benefits of Tax Planning

Tax planning is not just about reducing your tax bill for the current year. It’s about building a long-term strategy that benefits both your business and personal wealth. By taking proactive steps now, you give yourself the time to make decisions that could have a lasting impact on your financial future.

How We Can Help

We view tax planning as a partnership with our clients - our team of experts work with you to review your current tax position, identify opportunities and implement strategies that maximise your financial outcomes. Whether it's managing tax deductions, optimising cash flow, or planning for retirement, we help ensure that you are positioned for success - now and in the future.

Key Takeaways From The 2025-26 Australian Federal Budget

Thu, 27 Mar 2025 03:40:29 GMT

The Australian Government’s 2025-26 Federal Budget, unveiled earlier this week, has certainly grabbed attention with its proposed personal income tax cuts. The tax savings will be gradual, with up to $268 in savings for individuals in the 2026-27 year, and up to $536 from 2027-28 onwards.

The Government has allocated almost $1 billion to the Australian Taxation Office (ATO) to enhance its compliance programs. While this is aimed at improving the integrity of the tax system, businesses and individuals alike should be prepared for an increased focus on compliance as the ATO ramps up its efforts to ensure tax obligations are met.

Other Key Budget Measures You Should Know About

Tax on Super Accounts Over $3 Million: The proposed 30% tax on future earnings for superannuation balances above $3 million is still under consideration. If passed, it would affect high-balance super accounts, potentially reshaping the landscape of superannuation for some investors.
Small Business Support: The $20,000 instant asset write-off for small businesses remains in the Budget for the 2024-25 financial year. While the measure has not yet passed Parliament, it could provide a valuable tax incentive for businesses investing in assets to grow their operations.
Healthcare and Education Initiatives: The Government has allocated $8.5 billion for Medicare, including funding for 50 new urgent care clinics and bulk-billed GP services. On the education front, $500 million will go towards reducing HECS-HELP debt and adjusting repayment schedules, helping students manage their debts more effectively.
Energy and Housing Relief: There’s also $180 billion dedicated to extending the $150 energy bill rebate until the end of 2025, alongside $800 million for the "Help to Buy" housing scheme, making it easier for Australians to step onto the property ladder.

Economic Outlook: Slow Growth and Ongoing Deficits

The Australian economy is projected to grow at a modest pace, with GDP growth forecasts at 2.25% for 2025-26 and 2.5% for 2026-27. While employment remains strong, with over one million jobs added since May 2022, the country is still facing a budget deficit of $42.1 billion in 2025-26. Public debt is expected to rise as a result, reaching 21.5% of GDP by 2025-26.

Despite these challenges, the Government has also put forward measures to assist with the rising cost of living, including energy rebates and initiatives aimed at reducing inflation.

What Does This Mean for You?

Whether you’re an individual looking to take advantage of the tax cuts, a small business seeking clarity on asset write-offs, or someone looking to benefit from the energy rebates or housing support, the 2025-26 Federal Budget is likely to affect you. If you need advice on tax planning, superannuation, or any of the new measures, our team of experts is here to assist.

QLD Disaster Payments and Support

Tue, 18 Mar 2025 00:39:00 GMT

Support for Queenslanders following Ex-Tropical Cyclone Alfred

When a major weather event occurs, as we’ve seen recently in South East Queensland, it’s often difficult to navigate avenues for support across different Government agencies. Here’s an easy guide to the support that is available for Queensland residents and business owners in the aftermath of Ex-Tropical Cyclone Alfred.

Hardship assistance from your bank

Most financial institutions have disaster and recovery support such as short-term loan relief, restructuring support, and waiving fees. See the Australian Bankers Association website for more information on how to get support.

Tax on disaster payments and grants

Unless declared otherwise, grants, support payments and disaster payments will often be assessed as income in your tax return. However, this depends on the nature of the payment and what it relates to. The ATO provides a summary here .

If you have received an insurance payout, in some circumstances this will be taxable and a capital gain or loss triggered when the asset was destroyed. The ATO provides some basic details here .

Support for Individuals and Families

Disaster Recovery Payment (A once off lump sum payment of $1,000 per adult and $400 for each child younger than 16)
Disaster Recovery Allowance (Support for lost income when you can’t work with a payment equivalent to the maximum equivalent JobSeeker or Youth Allowance payment for up to 13 weeks)
Crisis Payments (Provides additional support for those on some income support payments forced to leave their home during extreme conditions)
Centrelink Special Benefit (Provides a payment if you are in financial distress and unable to support yourself and your family, and are not eligible for other support)
Emergency Hardship Assistance (Emergency payment of $180 per person, up to $900 for a family of five or more, to help purchase food, clothing and medical supplies or secure temporary accommodation)
Essential Services Hardship Assistance (Grant of $150 for individuals and up to $750 for families of five or more who have been without essential services for more than 5 days – power, gas, water, sewage)
Household Contents Grant (A grant of $1,765 for individuals and up to $5,300 for couples or families who need to replace household items, cannot claim insurance, and meet an income test)
Services Safety and Reconnection Scheme ($200 towards inspection costs and $4,200 for repairs and replacement costs for essential services)
Structural Assistance Grant (A grant of up to $80,000 to support uninsured, low income, owner-occupiers make their homes habitable)

Support for Businesses and Primary Producers

Relief Loans for Small Business and Primary Producers (Low interest loans of up to $250,000 to support recovery efforts)
Working Capital Loans for Small Business and Primary Producers (Low interest loans of up $100,000 to support working capital during recovery efforts.
Freight Subsidies (Up to $5,000 per disaster for primary producers to transport fodder, materials, stock, etc)

5 Mistakes You Might Be Making As A Business Owner

Wed, 12 Mar 2025 06:01:10 GMT

Article by Brad Bulow

While business owners are often passionate about their products or services, they can sometimes overlook essential financial elements that can make or break their business. Understanding the most common financial mistakes and taking proactive steps to avoid them can help you stay ahead of potential pitfalls.

Here are five critical financial mistakes to steer clear of:

1. Not Pricing Your Products or Services Appropriately

One of the biggest mistakes business owners make is failing to properly price their products or services. It's easy to underestimate the importance of a solid pricing strategy, but it's crucial for profitability. Your pricing should reflect the cost of goods, overheads, and a reasonable net profit margin.

To get it right, take the time to analyse your direct job costs, operational expenses, and profit goals. Pricing too low can lead to losses, while pricing too high can drive customers away. Ensure your prices cover both direct and indirect costs, and factor in a reasonable profit margin. As part of this process, don’t forget to assess your competitors and adjust your prices as needed, making sure your business remains competitive in the market. Also, as an owner, ensure you are factoring a fair remuneration/wage owing to yourself, into the costing model.

2. Neglecting an Accounts Receivable and Debtor Collection Plan

Many businesses struggle with overdue payments and slow-paying clients, which can cause cash flow disruptions.

Automate your invoicing and communication wherever possible with accounting software like Xero which makes the process of debtor collection more systematic and ultimately successful. However, it's important to maintain a personal touch when communicating with clients, to keep the relationships strong. Set clear payment terms upfront and establish an efficient follow-up system for overdue accounts. Additionally, consider using a debtor management tool or professional service to help recover late payments. With the right systems in place, you’ll keep cash flowing smoothly and reduce the financial strain on your business.

3. Not Having a Budget and/or Failing to Monitor Regularly

A well-structured budget is vital for tracking the financial health of your business. Unfortunately, many business owners neglect to set one or they fail to monitor it regularly. Without a budget, it’s difficult to gauge whether you're on track to meet your goals or if unexpected costs are spiralling out of control.

You should regularly compare your actual income and expenses to your budgeted figures to identify any discrepancies. Are certain costs exploding? Have there been any one-off expenditures that are skewing the results? Do you need to prepare for seasonal fluctuations or downturns?

Having a personal budget as a business owner is just as important. Many businesses fail not because they lack profitability but because the owner spends excessively or pays themselves too much. Keep a close eye on your business and personal budgets to maintain healthy financial practices.

4. Mismanaging Your Tax Obligations

Business owners often forget to set aside enough funds to cover upcoming tax debts, which can create unexpected cash flow issues when activity statement or tax time comes around.

Work closely with your accountant to determine how much you should be setting aside for GST and tax obligations. If you’re selling an asset, be sure to check for any balancing adjustments or tax implications. If your sales have grown significantly, as can happen in busy years, you may need to adjust your provisions accordingly. Additionally, stay informed about tax rules, such as changes to depreciation rules and instant asset write-off allowances. Proper tax planning can minimise your liabilities, helping you avoid any unwanted surprises at the end of the financial year.

5. Neglecting to Invest in Your Team’s Growth and Development

Your staff are one of your greatest assets, and their growth and development should be a priority. Neglecting this aspect of your business can lead to high employee turnover, decreased morale and a loss of productivity which could result in costly hiring and training expenses.

Investing in your employees' growth doesn’t have to be limited to formal education or training programs. Reward good performance with financial incentives, extra time off or other meaningful rewards. At the same time, if you have underperforming staff, it's essential to address the issue and remove any redundant costs. Poor performers can hurt your business indirectly, damaging culture and morale and affecting your bottom line.

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Final Thoughts

Managing the financial health of your business requires ongoing attention and strategic planning. By avoiding these common financial mistakes, you can position your business for sustainable growth and success.

If you need help fine-tuning your financial strategies or require advice on how to best navigate these challenges, don’t hesitate to get in touch with us. Together, we can build a more secure financial future for your business.

What You Need To Consider When Selecting A Business Structure

Wed, 19 Feb 2025 22:56:59 GMT

As a business owner, one of the first decisions you’ll face is selecting the right business structure.

Article by Danny Riggs

The structure you choose will have a significant impact on your business operations, financial outcomes, and legal responsibilities but here are some factors you should consider first:

1. Asset Protection: Safeguarding Your Personal Wealth

One of the primary concerns when choosing a business structure is asset protection. Essentially, you need to assess the “risk” associated with your business activities and decide whether you want to shield your personal assets from potential liabilities.

Certain business structures, like a company or trust , offer greater protection to your personal assets compared to others, such as a sole trader . If your business operates in an industry with high risks—such as construction, manufacturing, or healthcare—it’s especially important to consider structures that separate personal and business liabilities.

For example, a company structure provides a “limited liability” feature, meaning that the financial risks of the business are generally confined to the company itself. This can offer significant peace of mind, particularly if your business is exposed to legal action or other potential financial risks.

2. Compliance Costs: Balancing Expenses and Benefits

Every business structure comes with its own set of compliance obligations, and these can translate into ongoing costs. Compliance costs can include things like annual tax returns, financial statements, audits, and even legal fees depending on your structure.

A sole trader or partnership typically has lower compliance costs due to simpler reporting requirements. However, as your business grows, a more complex structure such as a company or trust may be necessary—though these structures come with higher compliance costs.

It’s crucial to weigh up the costs of compliance against the benefits of each structure. For instance, a company may offer better tax advantages, asset protection, and credibility, but these benefits need to be balanced against the additional costs of meeting legal and accounting requirements.

3. Licensing and Business Registration: Ensuring Legal Compliance

Different industries and sectors have distinct licensing and business registration requirements that must be adhered to. Certain business structures may be unsuitable or incompatible with specific licensing regulations. For example, in the Building and Construction industry in Queensland, a trust structure is not commonly used due to the QBCC requirements.

Before deciding on your business structure, it’s important to research and confirm the relevant licensing or registration requirements for your industry. Non-compliance with these regulations can lead to legal issues and financial penalties, so it’s best to consult with a professional who understands the requirements of your sector.

4. Future Plans and Growth: Choosing a Structure That Scales

As you plan for the future of your business, consider how your business structure will support your long-term goals. Do you plan to expand? Will you take on business partners or seek external funding? Some structures are better suited for growth than others.

For instance, if you’re considering bringing in investors, a company structure may be a more appropriate choice. Companies offer flexibility when it comes to taking on new shareholders, and they can also make it easier to transfer ownership or sell the business in the future.

On the other hand, if your future plans involve keeping the business relatively small or run by a single individual, simpler structures like a sole trader or partnership might be sufficient.

5. Tax: Managing Your Tax Liabilities to Boost Cash Flow

Each structure has its own tax advantages and disadvantages, and how you manage your taxes can have a direct impact on your business’s cash flow and profitability.

For example, a company structure is subject to a flat corporate tax rate, which may be more advantageous than the progressive tax rates applied to sole traders or partnerships. In contrast, a trust structure can offer tax flexibility, allowing profits to be distributed to beneficiaries in a tax-effective manner.

Understanding how your business will be taxed under different structures is vital. You want a structure that allows for efficient tax planning, which could result in increased cash flow and more opportunities for reinvestment in the business.

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Final Thoughts: Making the Right Decision for Your Business

Choosing the right business structure is a pivotal decision that will affect your business operations, financial outcomes, and legal obligations. By carefully considering these factors, you’ll be better equipped to make an informed choice that supports both your immediate needs and long-term goals.

At Sammut Bulow, we understand the importance of getting the right advice and making strategic decisions for your business. Our team of experts is here to guide you through the process and help you choose the optimal structure to set your business up for success. If you’re ready to explore your options, contact us to schedule a consultation.

Introducing Sammut Bulow’s Strategic Plan for 2025-2029: A Vision for the Future

Tue, 21 Jan 2025 01:43:36 GMT

A VISION FOR THE FUTURE: 2025-2029

As we look ahead to the next chapter in Sammut Bulow’s journey, we are excited to share our new 2025-2029 Strategic Plan. This plan represents our commitment to growth, innovation, and deepening our impact on both our clients and the community. Building on the strong foundation laid over the past 26 years, we are ready to embrace the future with renewed purpose and vision.

Our Story: A Legacy of Growth and Dedication

Sammut Bulow was founded in 1998 by Martin Sammut, with a clear mission to provide expert financial guidance and outstanding service. When Brad Bulow joined in 2007, they formed the bedrock of a growing, dynamic firm. Over the years, the business has expanded its service offerings to include SB Books, SB Lending, SB Life, and SBB Wealth, all while strengthening its partnerships and strategic direction.

Today, Sammut Bulow employs over 60 staff across multiple business units, and with the addition of Partners Danny Riggs and Adam O’Sullivan, the leadership team is poised to continue this journey of success. Our history is a testament to our commitment to helping others achieve financial clarity and success, and as we look to the future, we are guided by the same core values that have driven us from the beginning.

Our Vision: Financial Success for All

At the core of our new strategic plan is a simple yet powerful vision: to make financial success accessible and sustainable for everyone we work with. Through collaboration, technical expertise, and a commitment to continuous improvement, we aim to help our clients thrive, our people excel, and our business expand.

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Four Strategic Pillars for the Next Five Years

Our 2025-2029 Strategic Plan is built around four key pillars that will guide our growth and success over the next five years; Our People , Our Clients , Our Business and Our Future .

Our People: Investing in Our Team’s Future

The foundation of our success lies in our people. We are committed to building a culture of pride, positivity, and professional growth. By recruiting and retaining individuals who share our values and investing in their development, we aim to empower our staff to become experts in their field. Our goal is to foster a supportive environment that balances work and life, helping our team members grow both professionally and personally. This commitment ensures that our people are not only capable but also passionate about delivering exceptional service to our clients.

Our Clients: Building Wealth with Purposeful Relationships

Our clients are at the heart of everything we do. We strive to provide them with innovative and sustainable financial solutions that create long-term wealth. Our approach focuses on understanding each client’s unique needs and goals and providing industry-leading advice to help them achieve financial success. By cultivating strong, trusting relationships, we empower our clients to take control of their financial journey. As we move forward, we will continue to educate and engage with our clients, ensuring that they remain well-informed and supported every step of the way.

Our Business: Excellence Through Innovation and Investment

As Sammut Bulow continues to grow, we remain committed to operational excellence. This means continually developing our skills, systems, and technology to enhance efficiency and deliver exceptional results. By partnering with industry experts and staying ahead of emerging trends, we will continue to provide the highest level of service to our clients. Our business is driven by a commitment to innovation and a focus on knowledge sharing, which enables us to remain at the forefront of the accounting and advisory sector. We also remain deeply committed to supporting community initiatives that align with our values.

Our Future: Growth and Sustainability

As we look ahead, Sammut Bulow is committed to sustainable growth that prioritises the needs of our current and future clients and the strength of our relationships. Our strategy blends thoughtful decision-making with adaptability, ensuring we remain ready to seize opportunities that enhance our ability to serve. By focusing on long-term partnerships, we are building a strong foundation to identify and meet emerging needs effectively.

A key part of our vision is the development of a Family Office model, offering a comprehensive and personalised approach to wealth management. This initiative reflects our dedication to providing tailored solutions that evolve with our clients' goals and priorities, creating a lasting impact on their financial well-being.

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Real Advice with Real Outcomes for Real People

Sammut Bulow’s 2025-2029 Strategic Plan is designed to empower our people, clients, and business to achieve lasting success. With a focus on collaboration, innovation, growth, and integrity, we are committed to providing real advice with real outcomes for real people . As we continue to evolve, we look forward to deepening our relationships with our clients, supporting our team’s professional journey, and growing as a business that is built on a foundation of trust and excellence.

Together, we are shaping a more prosperous and sustainable financial future for everyone.

We look forward to sharing more updates as we embark on this exciting journey ahead.

Make 2025 Your Best Year Yet: Key Steps for Business Owners

Mon, 06 Jan 2025 05:09:05 GMT

As we step into 2025, now is the perfect time to set the stage for a successful year ahead. Whether you’re looking to scale up, streamline operations, or ensure financial stability, the decisions you make now will set the foundation for a prosperous year ahead.

Article by Brad Bulow

We work with an abundance of business owners, so we’ve seen firsthand the powerful impact of well-thought-out strategies that align your goals, financials, and people. Here are some key steps you can take to ensure you start 2025 on the right foot:

1. Set Clear, Measurable Goals

The first step in any successful year is setting clear, realistic, and measurable goals. What do you want to achieve in 2025? Whether it's increasing revenue by a certain percentage, improving profit margins, or expanding your client base, having specific, quantifiable targets will help you stay focused.

Ensure your goals are broken down into manageable steps. For example, if your goal is to increase sales by 20%, identify how much more revenue that translates to on a monthly or quarterly basis. Share these targets with your key people to ensure alignment and accountability within your team. Make sure everyone knows their role in achieving these goals—when people are clear on their targets, they are more motivated to succeed.

2. Track Your Progress and Adjust Regularly

Starting 2025 with a plan is important, but tracking your progress is just as critical. Start measuring how you’re performing against your goals on a regular basis. Are you on track to meet your targets, or do adjustments need to be made? Keep a close eye on your budget and financial performance, and make sure your business remains flexible enough to adapt to changes.

If you want 2025 to be a year of growth, success, and financial freedom, make tracking your numbers a priority. Regularly measure your progress and make adjustments as necessary to stay on course.

3. Understand the Story Your Numbers Are Telling

Before diving into 2025, take a hard look at your current financial position. What are your numbers telling you? This is the moment to “flip the script” if things aren’t where they need to be. Are there areas of your business that are underperforming, or opportunities that you haven’t fully leveraged yet?

Top-line income : Break down your income into categories: jam (scalable, profitable areas), high-hanging fruit (targeted, sweet spot clients), and low-hanging fruit (steady, reliable sources of revenue). Knowing what your most profitable products/services are - and identifying which ones may be underperforming - can help you focus your efforts. Review which clients you want to nurture, those who may be struggling, and those that need more attention.

Expenses : Take a deep dive into both fixed and variable expenses. Are there any costs that can be eliminated, renegotiated, or substituted with more cost-effective alternatives? Some expenses may have become redundant, while others may need to be reinvested to ensure future growth. Identifying and managing your expenses will help protect your margins as you move into the new year.

4. Focus on People: Your Most Valuable Asset

Your people are critical to your business’s success, and 2025 is the perfect time to set clear expectations and invest in their growth.

Make sure each person on your team understands their responsibilities, the goals they need to hit, and how they contribute to the bigger picture. Are you treating your people as assets rather than expenses? By defining roles, establishing clear targets (both negotiable and non-negotiable), and supporting personal development, you’ll build a strong, motivated team.

As a business owner, it’s also essential to set targets for yourself. Are you holding yourself accountable to the same standards as your employees? Defining your role, your personal goals, and your own development plan can inspire you to lead with purpose and focus.

5. Cash Flow: Know Your Numbers and Manage Wisely

Cash flow is the lifeblood of any business. Do you know how much cash you need to operate effectively and cover quieter times, seasonal fluctuations, or larger bills? In 2025, understanding your cash flow needs will be critical for navigating challenges and seizing opportunities.

Establish clear cash goals for your business and ensure you have a strategy for managing cash during lean periods. Have a plan for managing accounts receivable and inventory turnover days. Cash is king, and having a “war chest” of available funds will position you to take advantage of opportunities when they arise.

You’ll also want to make sure that your balance sheet is strong. Review your key financial ratios eg liquidity ratio and profit margins . Are your debtor days blowing out? Do you have too much stock on hand? What about outstanding debts or high-interest loans? Understanding your balance sheet and having a strategy to strengthen it will make your business more attractive to potential investors or lenders when it’s time to seek financing.

6. Strategically Leverage Debt

While cash flow is vital, there are times when leveraging debt can be a smart move to fuel business growth. If you have well-defined cash goals and a healthy balance sheet, borrowing wisely can help you take advantage of new opportunities. It is important though to understand Good Debt vs Bad Debt .

Bad Debt usually involves paying large interest rates and borrowing for non-income producing assets and Good Debt refers to borrowing at affordable rates and for investments that generate more income and/or commercial opportunities.

Leverage debt strategically, not recklessly, to avoid financial strain and create opportunities.

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2025 presents an exciting opportunity for business owners. By setting clear and measurable goals, understanding the story your numbers are telling, focusing on your people, and managing cash flow effectively, you’ll position your business for success in the year ahead.

Here’s to making 2025 your best year yet!

A to Z Small Business Survival Guide

Mon, 14 Oct 2024 20:49:01 GMT

Small Business Survival Guide: By Brad Bulow

As a Director (CPA) of Sammut Bulow, Brad is a driving force in the expansion of service delivery.

With an eye for opportunity, his entrepreneurial spirit has seen Sammut Bulow evolve from an accounting firm to a full scale wealth creation provider.

Brad and his team can help individuals and businesses reach their business potential by providing genuine service and advice.

Disclaimer: The material and opinions in this book are those of the author only. Sammut Bulow did not review the contents of this book and does not have any view as to its accuracy. The material and opinions in the book should not be used or treated as professional advice and readers should rely on their own enquiries in making any decisions concerning their own interests.

Sammut Bulow supports Strive to Be Kind Day 2024

Tue, 06 Aug 2024 02:20:36 GMT

Sammut Bulow team supports Strive to Be Kind month

In remembrance and acknowledgement of the Allison Baden-Clay Foundation July is our Strive to Be Kind month – we encourage our staff to offer a gift of kindness to a fellow colleague throughout the month.

As a team, we all come together in the last week and celebrate with a yellow themed morning tea. The Allsion Baden-Clay Foundation holds a special place in our hearts at Sammut Bulow and we love that our staff get involved and help lift up those around us.

Supporting those in need - Sammut Bulow donates to Rosies

Wed, 03 Apr 2024 19:40:54 GMT

Over 100+ items donated to Rosies - Friends On The Street Ipswich

100+ items donated! - THANK YOU

You might remember our previous social posts about how we support a local cause each quarter here at Sammut Bulow. This quarter, we were supporting Rosies - Friends On The Street Ipswich.

We wanted to extend a huge thank you to everyone - clients, staff and others who donated and dropped off items to our office - over 100 items in total! This included non perishable food and hygiene items which are in demand. Our team have just delivered all items collected to Rosies who will distribute to those in need.

If you're not familiar with the work Rosies do, they are out sharing items like cups of coffees, teas, hot milo's and having a chat every Wednesday night at Queen's Park. Rosies aims to offer friendship and unconditional acceptance to those who are homeless, at risk of homelessness, or are experiencing social isolation or loneliness. Just as you would offer a cup of tea or coffee to a friend who was visiting your home, we do the same for our friends on the street.

The Ipswich Branch has been serving the community since 2012, offering friendship and meaningful connection.

We are so proud of this local foundation and the community members that make it happen and look forward to supporting this organisation again next year.

Learn more about Rosies via the button below and see how your business could possibly help them.

Thanks - Sammut Bulow

Sammut Bulow team presents to Ipswich Girls Grammar School

Wed, 06 Mar 2024 06:06:26 GMT

Sharing financial skills and knowledge to a new generation

Out and about: Team members Caitlin and Jess recently spoke to the Year 12 cohort at Ipswich Girls' Grammar School about all things budgeting, HECS, tax returns and even the ATO.

The informal but insightful session allowed students to ask all kinds of questions including age old "how do I save money" ...

It's more important than ever that younger generations expand their personal financial knowledge whenever the opportunity presents itself. It's a skill for life!

We look forward to visiting again soon when we chat to the the year 11's.

Sammut Bulow are a leading Ipswich accounting firm with a focus on expert advice around taxation, business advisory, wealth management and holistic planning with our partners at SB Lending , SB Books and SB Life (Insurance).

Connect with our team today to learn more about what makes Sammut Bulow your accounting partner of choice.

Never take your eyes off cash flow

Thu, 16 Nov 2023 05:19:30 GMT

“Never take your eyes off the cash flow because it’s the lifeblood of business” - Sir Richard Branson, business magnate, investor, author, and philanthropist.

Majority of businesses have seasonal fluctuations – slow periods, steady periods, peak periods (you need to have cash put aside for these slower times and when things are rocketing along, don’t get overconfident and spend all your cash on unnecessary things. Also, different bills come at different times i.e. BAS liabilities, insurances, power, holiday pay, budget for these – be ready for when they come.

Don’t be undercapitalised, have that war chest available – nothing ever goes to plan – things break, staff leave, customer don’t pay, equipment needs upgrading. The Best businesses always have that rainy day fund.

Be vigilant with your debtor collection strategies – have clear and transparently payment/engagement terms with clients. Be timely with overdue reminders, communicate with clients – offer payment plans, if necessary, know when do send to a debt collector. There’s no use being busy, producing a heap of work if you aren’t going to get paid for it..

Navigating Business Challenges: Insights from Brad Bulow's Business Survival Guide

Sun, 12 Nov 2023 22:34:08 GMT

Navigating Business Challenges: Insights from Brad Bulow's Business Survival Guide

In the ever-evolving world of business, Brad Bulow's "A to Z Business Survival Guide" offers invaluable advice for Ipswich and Brisbane small business owners. Below, we break down highlights and key insights from the guide, focusing on areas crucial for the success and resilience of a business and Brad’s passion financial management and strategic planning.

Understanding Your Financials

The guide emphasises the importance of knowing your business's financial story. Understanding key numbers, such as your breakeven point, is crucial for making informed decisions. It's not just about keeping track of profits and losses, but also about managing cash flow, debts, and expenses efficiently.

The Power of Budgeting and Debt Management

Effective budgeting and managing bad debts are fundamental for business survival. We highlight the importance of regular reviews of expenses and the need for businesses to adapt their spending in response to changing sales. Also, knowing your customers' payment behaviors can help in managing receivables effectively.

The Power of Budgeting and Debt Management

For businesses in Queensland, exploring available grants can provide much-needed support. The guide recommends understanding the application process or seeking expert help to maximise these opportunities. Additionally, outsourcing non-core activities can enhance efficiency and allow businesses to focus on their strengths.

Embracing Technological Solutions

Tools like Xero for accounting can transform business operations. These platforms offer real-time financial insights, streamline bookkeeping, and facilitate better cash flow management.

Prioritising Mental Health and Work-Life Balance

The guide acknowledges the mental health challenges faced by business owners. It stresses the importance of maintaining a healthy work-life balance, advocating for mental health awareness both for the business owners and their employees.

Building a Positive Workplace Culture

Establishing a supportive and positive workplace culture is key to business success. Brad talks about the importance of recognising staff achievements and fostering a collaborative environment to boost morale and productivity.

Superannuation as a Business Planning Tool

Understanding and utilising superannuation effectively is critical. The guide encourages business owners to not only think about their retirement plans but also to consider the superannuation needs of their employees.

In the heart of Ipswich, our team of dedicated Ipswich accountants at The SB Group stands as a beacon of excellence and reliability. With a deep understanding of the unique financial landscapes faced by businesses and individuals in Ipswich and beyond, our accountants offer tailored solutions that go beyond the numbers. We specialise in a range of services, including tax preparation, business advisory, wealth management, and superannuation, ensuring a comprehensive approach to your financial needs.

Our commitment to staying abreast of the latest tax laws and financial strategies positions us as trusted advisors in the Ipswich community.

At The SB Group, we pride ourselves on being more than just accountants; we are your partners in financial success. Discover the difference our Ipswich accounting firm can make and take the first step towards a brighter financial future with The SB Group.

Making the change: Moving from sole trader to company

Thu, 12 Oct 2023 02:06:44 GMT

Sole trader vs company: What's the best option for you?

It's a decision many Ipswich small business owners will consider at some point, particularly as their business grows. But what are the benefits? Why should you make the change from sole trader to company.

Which stage of the business journey are you at?

Many individuals start out their business careers as sole traders. The reasons are many, but mainly, it's simple, easy to understand and an inexpensive way to start out.

However, as your business grows, the benefits of limited liability become clearer, and if your annual profits start to increase into a higher tax bracket, then it’s a good time to start thinking about changing to a company structure.

Benefits of a company structure

You may even have a grandiose idea or a business model that would succeed better with investors or partners. A sole trader structure does not position yourself to aid this prospective growth/expansion.

Trading as a sole trader, you are legally responsible for all financial aspects of your business. If things go wrong, your personal assets can be seized to pay off any debts.

Companies are separate legal entities, as a director of a company your personal liability can be limited, if something goes wrong in your business (in most instances this may be financial disaster/difficulty).

The obvious detractor from operating via a corporate structure is that there are more legal, tax and compliance responsibilities to adhere to; which can translate into more time, effort and money required at your end. BUT ... don’t let this put you off – the pros often outweigh the cons when considering such a move.

Reasons to make the switch

You experience significant growth & surge in profits e.g. Once earning over $180,000 your marginal rate of tax climbs to 45% + Medicare Levy. The corporate tax rate for a base rate entity is 25%. Hence if sales are booming, your services are in high demand, your equipment is yielding huge hiring revenues – consider the move to a company.

You've got this great idea, invention or IP that you have generated but will need investors to get to market. Investors can easily see what percentage of the business they are investing in and where their investment is going via the issuance of shares in company structure.

You might be in a higher risk industry and want to minimise your exposure to the downside, or work in areas of tight margins, exposed to litigation risk, engage an abundance of contractors and employees .... if so, it’s time to consider incorporating. Such scenarios are often presented to those working in the professional services, medical industry, labour hire/recruitment and building/construction game to name a few.

Improving commercial opportunities – we live in a world of perception, many sole traders have great business’s but often if want to be taken seriously, want to work with the bigger players/clientele, then to give yourself a chance you may need to incorporate. This may not seem fair, however it’s a fact a lot of organisations do only deal with corporations and will treat you as the "real deal".

Reasons to make the switch

So ... once you’ve decided you want to move from a sole trader to a company there is still plenty of work that needs to be done across the board. You Sammut Bulow Ipswich accounting professionals are here to help you make it happen.

Here's a handy list

You’ll need a new ABN.
Bank details to change (may need to restart/transfer direct debits)
New accounting software/payroll file
Invoices, letterheads, email signature, client agreements will change.
Need to decide on shareholding structure.
If transferring assets e.g., goodwill, equipment – need to consider tax implications of doing so.
Clients and suppliers will need notifying.
Insurances will need amending/transferring.
Transfer or create new subscriptions, professional membership, business name registrations.
Borrowing capacity may be impacted in short term due to change in trading structures.
May need to transfer staff and obligations that come with that e.g., Super, Workcover, Employment Agreements/Contracts, leave balance considerations.
QBCC licences need changing (if building/construction)
The way you remunerate yourself will need tweaking – wages+ Super/dividends/ loan agreements – can’t just treat as drawings.
How you manage your BAS and income tax obligations will change, understand tax obligations and monies need to retain for year end and ongoing activity statement compliance.

Sammut Bulow are your trusted Ipswich Accountants; working with you every step of the way. We can assist with business taxation and compliance, business advisory, self-managed superannuation, bookkeeping and more. Reach out to our friendly team below.

Leadership through cultural change

Tue, 03 Oct 2023 23:47:40 GMT

Leadership through cultural change: BBB event series 2023

It was great to see everyone at our recent Bubbles, Beers and Business event at Ipswich Jets Leagues club.

We would like to thank our guest speakers, Ben Ikin Brisbane Broncos and Sonia Cooper CEO Ipswich City Council for sharing practical and candid insights into their own leadership experience and applying lessons learned during times of cultural change.

Special shout out to our own Brad Bulow who also joined the panel, providing insights from both within SBB and the wider business community.

With emcee Alli Grant In Cahoots Co

Why being easy to pay ... pays!

Tue, 03 Oct 2023 22:25:47 GMT

Save time by linking your Xero account to payment gateways

Linking your accounts

Adam O'Sullivan | SB Sammut Bulow Ipswich Accountant

We know many small business clients spend a significant amount of time processing invoices manually, but did you know that you can save time by Linking your Xero invoices to popular payment gateways. Payment gateways provide significant benefits for your business; freeing up time which can be invested elsewhere within your business.

Let's break down the advantages of payment gateways

Faster payment processing : This one is a biggie. By integrating your Xero invoices with payment gateways like PayPal, Stripe, or Parakeet, you can receive payments faster. When your customers receive an invoice, they can simply click on the payment link and make a payment immediately, without any additional steps required. This means you'll get paid faster, reducing the time you have to spend following up on payments.

Automated payment reconciliation : With payment gateway integration, Xero can automatically reconcile payments received against the relevant invoices. This can save you significant time and effort compared to manual reconciliation, as well as reducing the risk of errors.

Reduced manual data entry : When payments are made through a payment gateway, the payment details are automatically recorded in Xero. This means you don't have to manually enter payment details, reducing the risk of errors and saving you time.

Improved cash flow management: By receiving payments faster and automating payment reconciliation, you can improve your cash flow management. This can help you make better decisions about managing your business finances and reduce the time you have to spend on financial management tasks.

Have questions? We're here to help. Sammut Bulow are your Ipswich business accounting experts located in the historic Top of Town precinct in Ipswich Queensland.

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As we step into 2025, now is the perfect time to set the stage for a successful year ahead. Whether you’re looking to scale up, streamline operations, or ensure financial stability, the decisions you make now will set the foundation for a prosperous year ahead.

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Benefits of a company structure

Reasons to make the switch

Reasons to make the switch

Leadership through cultural change

Leadership through cultural change: BBB event series 2023

Why being easy to pay ... pays!

Save time by linking your Xero account to payment gateways

Linking your accounts

Adam O'Sullivan | SB Sammut Bulow Ipswich Accountant

Let's break down the advantages of payment gateways