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The Empire Blog

Curated blog articles to help you keep you educated and informed in all things accounting, tax, bookkeeping and business related topics.

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All you need to know about the FBT Exemption When Buying a Plug-in Hybrid Car (PHEV)

In this blog, we’ll walk you through the key criteria for qualifying for the FBT exemption, the costs that can be included, how to handle electricity expenses for charging, what you need to know about charging stations, and some common pitfalls to avoid as a business owner.

Client Feature: Easy Automated Sales

Easy Automated Sales is a brisbane based software business providing practical solutions for SME's.  We sat down with owner, Colin Feguson, to learn more about this product and how it can best help Brisbane small business.

Client Feature: Lord Mayor's Women in Business Grant 2025

Applications are now open for the Lord Mayor's Women in Business Grants for 2025.  Now in it's fourth year, the Lord Mayor's Women in Business Grant has supported the development of more than 250 women-led Brisbane businesses across a range of industries.  One of our valued clients, was one of these worthy recipients for the 2024 round and has kindly shared some words of her experience and the benefits she obtained from being a grant recipient.

Navigating the GST system for Health Service Professionals

Navigating the Goods and Services Tax (GST) rules in Australia can be a tricky process for small business owners in the health sector. If you're a doctor, speech therapist, chiropractor, psychologist, or any other professional in the healthcare industry, it's crucial to understand how GST applies to your services. We have summarised the most common scenarios for GST treatments for health practitioners.

Claiming Assets in your small business in the 2024 year

With the end of temporary full expenses, it is important to be aware of the updated rules for asset depreciation and the benefits of the instant asset write-off (IAWO) scheme. This breakdown of changes and guide will help you understand these changes and how they might affect you and your business.

An Empire Guide to Claiming Work from Home Expenses

It’s important to keep in mind that the Australian Taxation Office (ATO) has become more strict on these deductions, so it's crucial to understand the rules and keep accurate records. This guide is here to help you, understand what is required when you claim home office expenses on your tax returns. By following these tips, you can maximise your tax return and stay compliant with tax regulations!

Top 10 Tips to Pay Less Personal Tax in 2024

As June 30th rapidly approaches, it's important to consider strategies that can help you minimise your tax liability for 2024. Whether you're a chippie, doctor, engineer, sales rep or architect, considering some of these tips below and whether they apply to your circumstances may save you paying more in tax than necessary.

When Does the Superannuation Work Test for Super Contributions Still Apply?

The superannuation work test serves as a pivotal requirement for individuals navigating the landscape of voluntary contributions to their superannuation fund, especially as they approach and surpass the age of 67. But what exactly does this test entail, and why is it so crucial?

Learn how to Boost your financial future with SMSF & Property

Australia's real estate market has long been considered a safe and lucrative investment avenue. With a stable economy and a consistently growing property market, it's no wonder that many Australians view property as a key component of their investment portfolio. One pain point we often hear from clients is the fact that their superannuation fund doesn’t directly invest into property. In this article we are going to explore the only legal way to borrow and acquire property in super which is via a self-managed superannuation fund (SMSF).

Empire Partner in Business Feature: GRAF-X Design Suite

GRAF-X Design Suite is a graphic design agency based out of Brisbane servicing clients anywhere and everywhere.  Their clients vary widely, both in size (micro and small businesses through to large multinationals) and across a huge range of industries

The Impact of Artificial Intelligence on the Accounting Industry

In the dynamic landscape of technology, the accounting profession has undergone significant transformations over the years. At Empire Accountants, we believe we must recognise the imperative need to evolve with emerging technologies. From its paper-based origins to the current era of cloud-based software, the need for Accountants to constantly adapt to this change is now more important than ever.

Apps to Streamline Financial Management for Not-For-Profit Organisations

This article will explore why a not for profit organisation will want to consider technology as an integral part of their organisation to help maintain good quality records.

A Guide to Year-End Bookkeeping for Your Business During the Holiday Season

The holiday season is a time of joy, celebration, and, for many businesses, increased activity. As you prepare to wrap up the year and embark on a well-deserved break, it's crucial not to overlook the importance of year-end bookkeeping. This guide aims to help you navigate financial management and bookkeeping considerations during the festive period, ensuring a smooth transition into the new year!

Common Accounting Mistakes To Avoid: Small Business Owners & Bookkeepers

Accounting is the lifeblood of any business, big or small. Small business owners often wear many hats, including that of bookkeeper and accountant. 

Empire Client Feature: The Talent Playbook

The Talent Playbook is a specialist in human resources and recruitment, catering to a wide array of industries within Brisbane and Australia. Their forte lies in forging strategic partnerships with businesses in the Food and Beverage sector, delivering comprehensive recruitment solutions and unwavering support.

Requesting an Accountant’s Letter— What You Should Know

As the years pass by, it’s become more and more common for banks, mortgage lenders, and even rental agencies to request accountant’s letters. 

ATO Tax Residency Rules—Understanding Your Tax Obligations

Understanding your tax residency status is of utmost importance when it comes to meeting your Australian tax obligations.

Empire Client Feature: Rise Landscapes Brisbane

Empire Accountants are pleased to introduce Rise Landscapes for our client feature this month: Owner and operator Mark. 

Unlocking The Crypto Superpower: Introduction Into Investing In Cryptocurrency Via Your Superannuation

As cryptocurrencies continue to soar in popularity, an increasing number of crypto-natives are eyeing the opportunity to bolster their portfolios.

Keep Your Details Updated – Your friendly Empire reminder this tax season

Whether you’re an individual filing a tax return or a savvy business owner, updating your details is so important for good record keeping and compliance.

ATO Hot Spots for 2023 – What Business Owners Need to Know

In this article, we’ll explore the ATO’s agenda items for 2023, highlighting the three hotspots subject to increased scrutiny: rental property.

Empire Client Feature: Erin Lightfoot Designs

Empire Accountants are pleased to introduce Erin Lightfoot Designs for our client feature this month.

Find the Best Accountant in Brisbane for Your Business

Are you on the hunt for the best accountant in Brisbane for your established or small business? 

Trust Resolutions and Why They Are Important

With the end of the tax year just around the corner, it’s time for those with a family or discretionary trust to start thinking about their trust resolutions.

Want to know what your tax position will look like this year?

We are about to enter that time of year that we work with many clients to get a handle on their tax position for the financial year that will come to an end this June.

Empire Client Feature: Benz Burger Trucks

It’s been a while between client feature’s and we are excited to bring you this one to kick off 2023 as it should get your taste buds drooling!

The true cost of Fringe Benefits Tax on a small business

The area of tax law that addresses the tax impact of providing benefits is the Fringe Benefits Tax (FBT) regime.

Practical solutions in managing stress in your small business

Does stress impact your small business? Small business life can be known to be quite stressful. 

What’s the Difference Between Tax Offset and Tax Deduction? The Distinction is Important!

We’ve all heard the terms “tax offset” and “tax deductions.”  While many use these terms interchangeably, the reality is that they have two different meanings. As such, they have varying impacts on your tax result when it comes to completing your return! It’s true that both tax offsets and tax deductions can help you reduce […]

Is Your Business Ready for STP Phase 2? We’ve Got your Back!

Single Touch Payroll Phase 2 was designed to require businesses to report additional information to the ATO each time payrun is filed. Therefore, every business in Australia with staff members are required to comply with STP reporting requirements. Notably, the government has provided businesses utilising Xero payroll an extension to 31 March 2023 to report […]

How Happy Employees can lead to a more profitable business

This blog has been prepared by one of our team who really wanted to share her experience from working at Empire and how she can see firsthand a happy employee translates to a happy workplace and ultimately better performance for the business. 

Profit Planning with Empire Accountants

Here at Empire Accountants, we are committing to providing comprehensive accounting solutions that bypass traditional accounting services. We believe that knowing your numbers empowers you to grow your business profitably. As such, we have developed three superior solutions to help you streamline your progress in further developing and growing your thriving business. Our Empire Accountant […]

Our Top Tips for Effective Business Bookkeeping

When business owners think of essential strategies to run a more successful enterprise, bookkeeping can sometimes be missed off that list.

ASIC Annual Reporting Obligations and why it’s so important!

As a company owner in Australia, it is important to be mindful of the Australian Securities and Investment Commission (ASIC) requirements. All companies established in Australia will be issued an Australian Company Number (ACN).  This will be advised to you upon setting up the company but is also publicly available online.  If you have an […]

Superannuation Rules 101: Rules for Contributing to Your Super

When it comes to making contributions to your Superannuation, many people get lost in the many rules and stipulations that come with the territory. Although it can be quite confusing, making contributions and growing your super is a wonderful way to save for retirement. From business owners and doctors to mining workers and even engineers, […]

Why It is Essential to Know Your Gross Profit Margin

When asked about their gross profit margin (GPM), most business owners have some idea of how many products or services they need to sell in order to come out ahead. However, very few can share definite numbers to describe how much they need to make to break even and how much they need to make […]

Empire Client Feature: 1st Choice Fix

Empire Accountants are pleased to introduce Jaxon from 1st Choice Fix for our client feature this month! 

2022-23 Federal Budget Update

The 2022-23 Federal Budget is a safe, ballot box friendly Budget as expected with a focus on cost of living, home ownership, and health. Key initiatives include: A 6 month, 50% reduction in fuel excise with effect from midnight Budget night $420 cost of living tax offset for low and middle income earners from 1 […]

Effectively Preparing Your Business for STP Phase 2

It’s time! Starting in mid-April, Single Touch Payroll (STP) Phase 2 will be rolling out to make it easier for Australian businesses to ensure they are reporting accurate information to the Australia Tax Office (ATO). Businesses have already been using STP Phase 1 to help employees report their taxes and superannuation to the ATO. Now, […]

Can I withdraw money from my own company?

What do I Need to Know to Safely Withdraw Money From My Own Company? As a company director, it may seem like an open privilege to use your company’s card for personal expenses. After all, it is your company, right? While many new business owners take on this mindset, they fail to realize that they […]

Keep your wealth health strong with a holdings company

As you progress through this journey called ‘entrepreneurship’, you will find that each stage of the business comes with different challenges and concerns. At the start-up phase, you were simply trying to get your minimum viable product to market. During the growth phase, you competed for market acceptance and gaining market share. With maturity, the […]

PAYG Instalments - What it is and what it means for you

In the last 10 years of being an Accountant, hands down, this system is the one that trips clients up constantly. If there was a matrix of PAYG Instalments, I think it would look a little like this:                   Clients either understand it and pay it, don’t […]