synergy-consolidated

2024/25 Federal Budget recap by Synergy

Wed, 15 May 2024 02:33:10 GMT

The recent unveiling of the 2024-25 Federal Budget has ushered in a wave of measures aimed at bolstering small businesses, relieving cost of living pressure, and fostering economic resilience.

As trusted advisors, Synergy is here to unpack the key highlights and implications of this year's budget.

Small business support

One of the standout features of the budget is the extension of the small business instant asset write-off threshold to $20,000 for the 2025 income year. This move provides small businesses with immediate deductions for eligible assets, which incentivises investment in essential infrastructure and equipment.

Small businesses with an aggregated turnover of less than $10 million will be able to immediately deduct the full cost of an eligible asset costing less than $20,000 that is purchased and first used or installed by 30 June 2025. Please note that the $20,000 threshold applies on a per eligible asset basis.

At present from 1 July 2025 the instant asset write off threshold will revert back to assets costing less than $1,000.

Personal tax cuts

The revised stage three personal tax cuts , already enacted into law, bring notable changes effective from 1 July 2024. This includes updated marginal income tax rates and thresholds.

The following table outlines the marginal income tax rates and thresholds that apply for resident individuals under the revised stage three personal tax cuts from 1 July 2024 (i.e., from the 2025 income year).

Australian Resident individual income rates for 2024-25:

Medicare levy

The Medicare levy low-income threshold amounts and phase-in ranges for singles, families, seniors, and pensioners have been raised from 1 July 2023 onwards.

The Medicare Levy low-income thresholds for individuals and families for the 2024 income year are as follows:

Superannuation on Paid Parental Leave

Effective from 1 July 2025, eligible parents of births and adoptions will receive superannuation contributions based on the Superannuation Guarantee (12% of their Paid Parental Leave payments).

Economic Resilience Initiatives

In addition to supporting small businesses, the government is providing energy bill relief by providing energy rebates to small businesses on small customer electricity plans of $325 for eligible businesses.

Further to this, from 1 July 2024 all households will receive a total rebate of $300 that will be applied to their electricity bill in quarterly instalments.

These measures reflect a concerted effort to address the cost-of-living pressures and support households and businesses.

Innovation and Education

Beyond economic stimulus, the budget allocates resources to initiatives aimed at fostering innovation and education.

Reforms to Tertiary education fees include limiting the indexation of student loans and establishing a new Commonwealth Prac Payment to support nursing, teaching and social work tertiary students financial costs in undertaking mandatory placements.

The Government is looking to help small business in online security and opportunities by funding the following.

Cyber Wardens program – free online training for small businesses to help promote cyber security.
Small Business Cyber Resilience Service – Help small businesses build cyber resilience and support when an incident may occur.
Cyber Health Check - Online tool for small and medium businesses to assess their cyber security measures.

Introducing Synergy Mortgage Brokers

Tue, 26 Mar 2024 03:04:05 GMT

We’re proud to introduce Synergy Mortgage Brokers, the newest brand of the Synergy Consolidated family.

With Synergy Mortgage Brokers, we’re continuing our commitment to providing personalised financial solutions tailored to your needs.

Navigating the mortgage market can be overwhelming, but with Synergy Mortgage Brokers , you can rest assured knowing that you have a dedicated team of experts by your side.

From negotiating competitive rates and favourable terms to providing insider knowledge and expert guidance, we’re committed to helping you secure the best possible outcome.

Whether you’re a first-time buyer, upgrading to your dream home, venturing into property investment, or are self employed we’re here to make the process seamless and stress-free for you.

Our team specialises in addressing complex family and income circumstances, ensuring that we find solutions that align with your unique situation.

We understand that every situation is unique, and we take the time to listen and understand your needs to find the best solutions for you. Our focus is on providing transparent and straightforward advice that helps you make informed decisions about your mortgage.

We’re excited to embark on this new chapter with you and look forward to the opportunity to serve you under our new brand.

Synergy Consolidated Partners with Beef Australia 2024

Tue, 19 Mar 2024 03:19:17 GMT

Synergy Consolidated is proud to announce its partnership with Beef Australia 2024 , the premier event in the beef industry calendar, held in Rockhampton. As a not-for-profit organisation, Beef Australia relies on the support of partners to bring the significant event to life and showcase the best of Australia's beef industry.

With a long-standing history in the agricultural sector, Synergy Consolidated has been serving clients in the beef industry for over 20 years, providing expert financial and advisory services. This partnership with Beef Australia highlights Synergy's commitment to supporting and advancing the beef industry.

Beef Australia represents a unique opportunity every 3 years to connect with industry stakeholders, trading partners, and beef producers from Australia and around the globe. By partnering with Beef Australia, Synergy Consolidated reaffirms its dedication to the agricultural sector and its role in driving industry innovation and growth.

"We are thrilled to be part of such a prestigious event that brings together key players in the beef industry. Beef Australia provides an invaluable platform for networking, learning, and showcasing our commitment to the industry” Managing Director of Synergy Consolidated Angie Barnard said.

"Beef Australia presents an excellent opportunity for us to connect with our clients and suppliers, deepen relationships, and explore new opportunities within the industry. We look forward to engaging with stakeholders and contributing to the success of this event” Managing Director of Synergy Business Finance Marcus Barnard added.

Throughout the week-long event, Synergy Consolidated will be engaged in various activities, including attending dining and tasting events of Australia’s best Beef products, networking with industry leaders, and participating in seminars.

One of which will be hosted by the Synergy Consolidated team on Wednesday the 8 ^th of May, focusing on Succession Planning. The session will feature special guests from De Groots , a renowned Australian wills and estates law firm and discuss how families in the Beef industry can navigate the intricate landscape of estates with confidence.

For more information about Beef Australia and accessing ticketing to events across the week from May 5 ^th -11 ^th 2024 please visit their website, here.

Navigating Inflation's Impacts on Australian Households and Mortgage Holders in 2024

Wed, 14 Feb 2024 01:05:31 GMT

Navigating Inflation's Impact on Australian Households and Mortgage Holders in 2024

Embarking on the economic journey of 2024, we find ourselves navigating turbulent waters, where the ripples of inflation cast a shadow on households and mortgage holders across Australia. Brendan Philp, Director of Synergy Mortgage Brokers, lends his insights on how inflation and rate rises are affecting Australian’s moving into the new year.

Mortgage Stress

· 35% of Aussies with a home loan grapple with mortgage stress, translating to 1.1 million individuals facing financial strain. Two years ago, the mortgage stress rate stood at 24%, marking a significant escalation in financial pressures on households.

· A survey by RateCity.com revealed that 29% of users resort to taking on additional debt to bridge budgetary shortfalls.

· Card spending surged to record highs in November 2023, exacerbating the challenges for individuals grappling with growing home loan rates.

Brendan Philp, Director of Synergy Mortgage Brokers, highlights the human toll of mortgage stress, stating, "Behind these statistics are families facing real hardships, struggling to make ends meet amidst rising living costs and mortgage repayments."

Refinancing

Refinancing offers a lifeline for homeowners seeking relief from financial strain, allowing them to secure favourable terms amidst rising interest rates.

Brendan encourages homeowners to seize refinancing opportunities, stating, "Refinancing empowers homeowners to safeguard their financial well-being and secure stability in uncertain times."

Spending insights

One interesting insight into changing consumer behaviour is the decline in average international outbound airfares, signalling a shift in consumer spending patterns amidst rising interest rates Flight Centre’s corporate division reported that economy air fares across all carriers decreased by 12.9 per cent in the second half of 2023. The drop was also felt in business class fares, down 7.99 per cent, and first-class fares, down 8.02 per cent.

Brendan comments on the ripple effects of interest rate policies, stating, "The decline in airfare prices underscores the effectiveness of interest rate measures in moderating consumer expenditure and moderating inflationary pressures."

As inflationary pressures continue to rock households and mortgage holders, proactive measures are essential to weather the storm. Brendan emphasises the role of informed decision-making in navigating economic uncertainties, stating, "With strategic refinancing decisions and practical financial management, households can chart a course towards stability and secure a brighter financial future amidst the tumultuous seas of inflation."

In closing, Brendan urges those feeling the weight of mortgage stress to reach out and explore refinancing options. By partnering with Synergy Mortgage Brokers, together, we can navigate these economic rapids and chart a course towards financial stability and prosperity.

If you want to discuss navigating inflation that impacts Australian Households you can contact your Synergy Consolidated Accountant or Client services advisor directly.

Navigating Economic Challenges: Small Business Outlook for 2024

Wed, 24 Jan 2024 02:05:33 GMT

As we embark on the journey into 2024, the Synergy team believes it's crucial to share our insights on the small business industry and provide our perspective on what the market may hold in the coming year.

Anticipating a challenging year ahead, small business owners are bracing for the impact of constrained consumer spending, concerns over interest rates, and overall economic fatigue in 2024.

Following a tumultuous 2023 marked by soaring inflation and a surge in business insolvencies, a recent report by the Council of Small Business Organisations Australia (COSBOA) and Square points to a slowdown in consumer spending as the new year unfolds.

Data reveals that median spending across all sectors in January 2024 is trailing behind the figures from January 2023. Consumers seem to be tightening their purse strings after the holiday splurges of Christmas and Black Friday.

Furthermore, the report predicts a continued decline in consumer spending throughout 2024, attributing it to 69% of survey respondents reporting reductions in their discretionary spending during the final months of 2023.

One of our Directors, Dan Chappel shares his insights to the current issues, “This deceleration in consumer activity seems to be spilling over into the labour market, which, despite remaining tight, exhibited signs of easing in December".

Interestingly, industries related to travel, hospitality, and entertainment may fare relatively better than other consumer goods categories in 2024. This is in line with consumer research conducted in November 2023, which highlighted that individuals were likely to increase their spending on food and drink, entertainment, travel, and experiences in the coming year.

However, the small business sector faces mounting challenges, including rising operational costs like insurance premiums, interest rates, and lease expenses. Experts and leaders in the sector fear that these factors could push many businesses to the brink in 2024.

"Continued discussion about the increased cost pressures, potential interest rate rises and how the economy responds will continue to be a hot topic for business as they move into 2024" Director, Dan Chappel notes. "However, we have seen inflation now starting to ease which will hopefully see costs smooth out and supply chain pressures ease."

In addition to external insolvencies, the number of business exits has already been on the rise over the past 18 months, as per data from the Australian Bureau of Statistics (ABS).

Looking ahead, significant policy changes are poised to impact business operations in 2024. The federal government is implementing various competition policy reforms, from the prohibition of unfair contract terms to injecting $8 million in funding to support prompt small business payments.

Last year's unexpected passage of industrial relations reforms will also have implications for the small business sector, including the 'same job, same pay' rules, which come into effect from November 2024 (with an exemption for small business employers with under 15 employees).

Additionally, small businesses have until January 2025 to familiarise themselves with the federal criminalisation of wage theft and a formal code of conduct designed to shield small employers from criminal prosecution in cases of accidental underpayment.

"While the government presents these changes as common-sense reforms to enhance employee rights and fair compensation, helping small businesses adapt to these evolving regulations will be a challenge in 2024, adding to the operational complexities faced by entrepreneurs," Chappel adds.

Amid this economic upheaval, COSBOA CEO Luke Achterstraat emphasises a crucial decision for Australia: Will they leave their small business community to the mercy of the storm, or will they guide them to safer waters? This question resonates in a landscape marked by uncertainty.

As the second tranche of reforms looms, set to dominate Parliament in early 2024, entrepreneurs brace for more obligations and adjustments throughout the year and beyond. The small business community finds itself at a critical juncture, navigating a rapidly changing economic and regulatory landscape.

If you are someone who owns a small business or want to discuss the small business projection you can contact your Synergy Consolidated Accountant or Client services advisor directly.

Register for our Annual Synergy Golf Day!

Wed, 17 Jan 2024 02:05:13 GMT

Please note that Golf Clubs will be available to hire from the pro shop on arrival.

Synergy Consolidated's Team Spirit: Supporting Dakota on Her Sporting Odyssey

Tue, 14 Nov 2023 06:53:03 GMT

At Synergy Consolidated, we're not just about balancing the books; we're also about nurturing dreams and supporting our team members in their personal endeavours. Today, we're proud to share the story of one such remarkable journey that embodies the spirit of teamwork, dedication, and triumph.

Meet Dakota, the daughter of our very own Lana, a Client Manager at Synergy Consolidated. Dakota's passion for Futsal has taken her on an incredible journey, one that recently led to her being selected to represent Australia in the 2024 14-year-old girls' Australian representative team.

Dakota's journey to this remarkable achievement began at the 2023 School Nationals competition in Brisbane. It was there that she showcased her exceptional talent and dedication, earning her a spot on the 2023 13-year-old Girls Australian All-Stars team. This prestigious recognition is awarded based on votes from rival coaches, placing her among the top ten players in Australia for her age group.

But Dakota's journey didn't stop there. She received the news that she had been selected for the 2024 14-year-old girls' Australian representative team to compete in the UK next April. It's a dream come true for this young athlete and a testament to her hard work, determination, and unwavering spirit.

The Synergy Consolidated Family's Support

At Synergy Consolidated, we believe in the power of teamwork, both in the office and outside it. We see our colleagues not just as co-workers but as an extended family. When Lana shared Dakota's achievements and upcoming sporting expeditions, it was only natural for us to rally behind her.

Angie Barnard, Managing Director of Synergy Consolidated, expressed her pride and support, saying, "Dakota's journey is an inspiration to us all. It's a reminder that dedication and passion can take you to incredible heights. We're thrilled to support Lana and Dakota on this adventure and will be cheering for Dakota all the way from the sidelines."

Lana, Dakota's mother and a valued member of the Synergy Consolidated team, shared her thoughts on the journey: "I'm incredibly proud of Dakota's achievements. She's worked hard and shown immense dedication to her sport. It's heart-warming to see the support from my Synergy Consolidated family. We're grateful for their encouragement and help in making this journey a reality."

Join Us on Dakota's Journey

As Dakota prepares to represent Australia on the international stage, we invite you to join us on this remarkable journey. We'll be sharing updates and insights into Dakota's sporting adventures, showcasing the talent and determination that make her a rising star in the world of futsal.

At Synergy Consolidated, we understand the importance of supporting our team members' passions and dreams, and we're excited to see Dakota shine on the global stage. Stay tuned for more updates on Dakota's journey – we'll be cheering her on every step of the way!

Synergy Consolidated enters the Sunshine Coast Chamber of Commerce Business Awards 2023

Fri, 25 Aug 2023 00:28:35 GMT

We are thrilled to announce that Synergy Consolidated Sunshine Coast has thrown its hat into the ring for the prestigious Sunshine Coast Chamber of Commerce Business Awards 2023, after being nominated by a client who took out the Creative Industries – Large Business category in last year’s awards.

This exciting step reflects our commitment to excellence and our passion for serving the community.

Our journey in the professional services sector has been one of growth, innovation, and unwavering dedication. Being a part of this category allows us to highlight our commitment to excellence and the impact we make in the business landscape.

These awards not only acknowledge excellence but also foster a sense of community among businesses from diverse industries across the region.

Director Ross Grieve expresses, "Participating in these awards gives us an opportunity to connect with like-minded professionals, learn from their journeys, and celebrate the collective growth of our region."

Curating the award application itself has been a rewarding experience. It provided us with a chance to reflect on our achievements over the past year and recognise the strides we've taken.

"The application process was a valuable exercise, allowing us to celebrate our accomplishments while also setting our sights on new goals" Ross added.

The Sunshine Coast Chamber of Commerce Business Awards is not just a platform for recognition; it's a celebration of excellence and a showcase of the incredible work happening in our community.

We extend our gratitude to all our clients, partners, and team members who have contributed to Synergy Consolidated's journey. Your support fuels our commitment to raising the bar and continually striving for excellence.

Stay tuned for updates as we eagerly anticipate the awards event and the opportunity to share this exciting journey with all of you!

We're Hiring! Join the Synergy Consolidated team.

Wed, 07 Jun 2023 23:33:14 GMT

Client Services Assistant Role

Since 2003, we've been dedicated to making tomorrow's stronger for our clients. At Synergy Consolidated, we strive to ensure that every interaction with our team strengthens their financial future. We are currently seeking a motivated Client Services Assistant to join our dynamic team in the beautiful city of Toowoomba.

About the Role

Exciting Opportunity Alert! We have an opening for a Client Services Assistant at Synergy Consolidated. If you're motivated, enthusiastic, and eager to contribute to our success, this role is perfect for you!

Responsibilities:

Manage tax information, processing, and collation
Monitor and manage lodgements
Engage in extensive client communications
Handle budget, workflow, and communication management
Utilise superior Word and Excel skills
Demonstrate knowledge of accounting programs
Exhibit excellent time and team management abilities
Possess experience with budgets and workflows
Excel in team interaction and communication
Establish and maintain exceptional client relations

Requirements:

To thrive in this role, you should have:

Previous experience in a similar role
Strong technical and soft skills
Exceptional verbal and written communication abilities
A passion for delivering high-quality client service

Benefits:

Competitive salary and attractive benefits
Supportive Directors and a collaborative team
Enjoy a friendly and supportive work environment

How to Apply:

If this exciting opportunity matches your skills and aspirations, please email your resume and a cover letter outlining your suitability for the position. Join us in making a positive impact on our clients' financial journeys! Click the link here to apply.

Administration Support Role

Since 2003, we've been making tomorrow stronger for our clients. At Synergy Consolidated, we're dedicated to ensuring that every interaction strengthens their financial future. We're currently seeking a motivated Administration Support person to join our team!

About the Role

Exciting Opportunity Alert! Join us as an Administration Support member and be part of our successful team. Manage client relationships, handle corporate compliance, and provide general administrative support. If you have experience in a similar role, strong technical and soft skills, and excellent communication abilities, this role is perfect for you!

Responsibilities:

Manage client relationships and communication
Collate documents for signature
Handle corporate compliance tasks
Maintain client database
Liaise with regulatory bodies, including the ATO
Assist with general administrative duties
Experience in a similar role is required

Benefits:

Competitive salary and attractive benefits
Supportive Directors and a collaborative team
Enjoy a friendly and supportive work environment

How to Apply:

To seize this exciting opportunity, send your resume and a cover letter outlining your suitability for the position. Join us in making a positive impact on our clients' financial journeys! Click the link here to apply.

2023/24 Federal Budget recap by Synergy

Wed, 10 May 2023 04:52:37 GMT

Last night’s Federal Budget release saw a number of announcements for individuals and businesses. Below the Synergy Accountants and Synergy Business Finance team have recapped what the 2023 Federal Budget means to you.

Key findings

Here's a recap of the broader takeaways, while we expand on the key points that will effect our clients in the full Blog below:

Small Business Asset Write-off: One-year small business instant asset write-off for assets up to $20k.
Small Business Amnesty Period: Actions to help late lodgers re-engage with the tax system with penalty remissions
Small Business Energy Incentive: One-year Small Business Energy Incentive to switch to efficient energy sources.
Household Energy Upgrade fund: $1.3 billion Household Energy Upgrade Fund for home upgrades that save energy.
Superannuation Tax: Future earnings on super balances over $3 million will be taxed are an additional 15 per cent from 1 July 2024.
Change to Super Guarantee Contributions: Employers will be required to pay compulsory super guarantee contributions on payday rather than quarterly (*from 1 July 2026)

Tax Measures

The federal budget has proposed several measures to support small businesses in Australia. The instant asset write-off threshold will be increased to $20,000 for the 2023-24 financial year for businesses with an aggregated annual turnover of less than $10 million. This increase will apply on a per asset basis, allowing small businesses to claim larger deductions for individual assets.

In addition, businesses with an annual turnover of less than $50 million will be eligible for a Small Business Energy Incentive, allowing them to claim an additional 20% deduction on spending that supports electrification and more efficient use of energy. To qualify for the incentive, eligible assets or upgrades will need to be first used or installed ready for use between 1 July 2023 and 30 June 2024.

Small businesses with an aggregate turnover of less than $10 million will also be provided with a lodgement penalty amnesty to encourage them to re-engage with the tax system. The amnesty will remit failure-to-lodge penalties for outstanding tax statements lodged in the period from 1 June 2023 to 31 December 2023 that were originally due between 1 December 2019 to 29 February 2022.

Additionally, the government has announced an incentive to support the construction of eligible build-to-rent properties . For new build-to-rent projects where construction commences after 7:30 PM AEST on 9 May 2023, the capital works tax deduction rate (depreciation) will be increased to 4% per year, up from the previous rate of 2.5%.

This incentive is designed to encourage the development of more rental properties in Australia, providing more options for those seeking affordable and secure housing.

Superannuation Measures

The budget also included several updates related to superannuation in Australia. Beginning on 1 July 2025, an additional 15% tax will be applied to super account balances exceeding $3 million . This means that the planned 15% tax on an individual's super balance exceeding $3 million will apply to both realised and unrealised gains and losses on an accruals basis. If you have an asset that increases in value, but has not yet been sold, you would still pay tax on this unrealised gain in value under the new rules.

From 1 July 2026, employers will be required to pay their employees' super guarantee at the same time as their salary and wages, a measure known as "payday super."

Although there is little information provided in the Budget documents, it is anticipated that the ATO and Treasury will collaborate closely with industry and interested parties regarding these modifications in the latter part of 2023. The final framework will be assessed as a component of the 2024-25 Budget.

The budget did not announce a further extension to 2023-24 of the temporary 50% reduction in the minimum annual payment amounts for superannuation pensions and annuities. This means that minimum pension drawdown amounts will be as follows:

Individuals & Households

The Government has teamed up with state and territory governments to provide eligible households and small businesses with up to $3 billion in electricity bill relief . Starting July 2023, this initiative will offer eligible households up to $500 and eligible small businesses up to $650 in electricity bill relief.

Home ownership is set to become a closer reality for many Australians thanks to changes to the Home Guarantee Scheme . The Home Guarantee Scheme will be more inclusive, allowing more Australians to own a home sooner. The eligibility criteria for the First Home Guarantee and Regional First Home Guarantee will be extended to include eligible borrowers beyond married and de facto couples, as well as non-first home buyers who haven't owned a property in the last decade. Additionally, Australian Permanent Residents will now be able to participate in the Home Guarantee Scheme, along with Australian citizens.

Personal Taxation

As part of the 2023-24 federal budget, the Australian government did not announce any changes to personal tax rates . This means that the current tax rates will remain in effect for the coming year.

Additionally, the Stage 3 tax changes that were previously legislated will begin as planned on 1 July 2024 unless changed in the next budget. These changes are set to remain unchanged and will take effect in the 2024-25 financial year.

Resident rates and thresholds for 2023-24

The below graph displays the 2023-24 tax rates and income thresholds for residents (unchanged since 2021-22) are:

Resident rates and thresholds – from 2024-25 onwards

The tax rates and income thresholds from the 2024-25 for residents (as already legislated) are:

Small Business

Starting from 1 July 2023 until 30 June 2024, the Australian Government will provide temporary relief to small businesses by increasing the i nstant asset write-off threshold to $20,000. This means that small businesses with an annual turnover of less than $10 million can immediately deduct the full cost of eligible assets that cost less than $20,000, as long as they are first used or installed ready for use within the specified time period.

The new threshold will apply on a per-asset basis, allowing small businesses to instantly write off multiple assets. Any assets valued at $20,000 or more, which cannot be immediately deducted, can still be placed into the small business simplified depreciation pool.

As per the Budget papers, small businesses with an annual turnover of less than $50 million will be eligible for the Small Business Energy Incentive. This measure provides an additional 20% deduction on spending that supports the use of electricity and energy efficiency. The incentive was first announced by the Treasurer on April 30, 2023.

The Small Business Energy Incentive will offer businesses an opportunity to claim a bonus tax deduction of up to $20,000 for spending on electrification and energy-efficient upgrades. Total expenditure of up to $100,000 will be eligible for the incentive.

To qualify for the incentive, businesses must have assets or upgrades that are first used or installed and ready for use between 1 July 2023 and 30 June 2024. The eligibility criteria will be finalised after consulting with stakeholders.

Approximately 2.1 million eligible small businesses will also receive cashflow relief as the Government will reduce the increase in their quarterly tax instalments for GST and income tax in 2023-24. Instead of the usual 12%, the instalments will only increase by 6%.

Business taxation

According to the Budget Papers, the Prime Minister announced measures to boost the housing supply, which have been confirmed. For new eligible build-to-rent projects starting construction after 7:30 PM AEST on May 9, 2023, the Government will increase the capital works tax deduction rate to 4% per year and reduce the final withholding tax rate on eligible fund payments from managed investment trust investments from 30% to 15%.

To qualify for the building allowance , the build-to-rent projects must have at least 50 apartments or dwellings available for rent to the general public, be retained under single ownership for a minimum of 10 years before they can be sold, and landlords must offer a lease term of at least three years for each dwelling. Currently, the rate for income-producing buildings constructed after February 27, 1992, is 2.5%, except for short-term traveller accommodation and industrial buildings, which are eligible for a 4% rate.

Our client’s Synergy Business Finance journeys

Thu, 02 Mar 2023 03:25:56 GMT

Our objective in all that we do is to achieve results, which is why our client relationships are key. We recently took the time to chat to some of our Synergy Business Finance clients, discussing some of the key benefits they’ve found in working with both Synergy Accountants & Synergy Business Finance.

Meet Dave

Meet Dave, a building contractor based in Toowoomba. Dave has been a long-standing client of Synergy Accountants, and recently looked to explore some owner builder finance options for his new family home based on the Toowoomba escarpment.

Dave found some key advantages to working with Synergy Accountants and Synergy Business Finance, making what would have traditionally been a difficult financing situation seamless.

He didn’t have to play middleman and reaped the benefits of working with the Synergy Consolidated group.

Meet David

Meet David, a Queensland businessman with varied investment needs. David enjoyed the process of working with the Synergy Business Finance team recently for some refinancing and new finance requirements.

David appreciates Synergy’s ability to work through any roadblocks to ensure continued business growth – and always with a caring approach!

If you’d like to discuss how Synergy Business Finance could help you or your businesses with any of your finance needs in the future, feel free to contact our team.

Instant Asset Write-off

Wed, 15 Feb 2023 05:16:22 GMT

Instant Asset Write Off, coming to end 30 June 2023. Are you needing any plant & equipment before 30 June 2023?

A popular scheme since inception, the instant asset write-off comes to an end 30 June 2023.

The instant asset write-off allows eligible businesses to claim an immediate deduction for the business portion of the cost of an eligible asset in the year the asset is first used or installed ready for use.

“The incentive was very popular when it was legislated several years ago now.” Dan Chappel, Synergy Consolidated managing Director said.

With a growing finance arm, Synergy Business Finance have noted a number of clients purchasing assets for delivery and use by 30 June 2023, before the scheme will cease.

“Stock and supply can be a concern since COVID, with many businesses ordering plant and equipment with long lead times” Marcus Barnard, Synergy Business Finance Managing Director said.

Eligibility to use the instant asset write-off on an asset is dependent on a few key factors, including:

Your business aggregated turnover
The date the asset was purchased
The date the asset was first used or installed ready for use
Whether the asset is new or second hand

The instant asset write-off eligibility criteria and thresholds have changed over the years, so checking with your Accountant or Tax advisor to confirm eligibility will assist with your purchasing decisions and correct taxation treatment.

While, getting in now to secure stock to be delivered and ready for use before 30 June 2023 is paramount. Long lead times on plant and equipment are affecting supply chains, and delays could mean ineligibility for the instant asset write off. Therefore it is important to confirm timeframes and availability now before it is to late.

To discuss Instant Asset Write offs and your eligibility in further detail, you can contact your Synergy Consolidated Client Services Advisor of Accountant directly.

Or if you’re interested in a Plant or Equipment purchase, you can discuss options with our finance team at Synergy Business Finance .

Ross becomes Director at Synergy Consolidated

Tue, 10 Jan 2023 03:23:43 GMT

We’re thrilled to announce Ross Grieve has officially become a Director at Synergy Consolidated .

Ross has been a valued part of our team, joining us as a Senior Accountant in 2016, growing with our team and fostering the progression of his 14-year career further.

“Through consistent training, mentoring and opportunities, I have always said that I learned more about how to be a good, well-rounded accountant in my first year at Synergy than I had in my previous years in the industry” Ross said.

“When the opportunity to move to the Sunshine Coast to grow the team and business in a new location came about, I was supported by the teams in both locations to make the transition such a success. The move has been one of the most rewarding experiences of my life” Ross added.

Ross now heads up our Sunshine Coast office and brings a wealth of knowledge to the area, specialising in hospitality, disability support services, agribusiness and civil works industries.

“I’ve built some long-standing friendships with the Synergy team and Director’s, and have had the pleasure of working alongside some very successful, dedicated and above all friendly business owners already” Ross added.

Congratulations Ross!

What we've achieved | Refinance Case Studies 3 & 4

Tue, 13 Dec 2022 23:32:56 GMT

The end of 2022 has seen multiple rate rises occur, which has subsequently meant many Australians have turned to refinancing to ease mortgage pressure.

Our Synergy Business Finance team have been working closely with a number of our clients to review their current mortgages – with credible results achieved for our clients leading into Christmas this year.

Case 1

An existing business client, expressed interest in reviewing their home loan. Our team were able to secure a new loan with a rate saving of 0.88%.

With a relatively small loan, approximately $340,000, our Synergy Business Finance team have saved them $155 per month and potentially 10’s of thousands of dollars in interest payable over the term of the loan.

Case 2

As another existing business client with both a home loan and investment loan, the interest only term of this client’s investment loan had finished. Meaning they were now paying principal and interest.

Our team secured another interest only investment loan for the client, shaving 0.64% off their interest rate in the process – as well as a reduction of 0.71% off their home loan interest rate.

This reduced our clients loan repayments by over $1,000 per month, along with returning the loan structure to an interest only loan term. Meaning our business client reaped the benefits of additional cash flow month on month for their investment – but also enjoyed a reduction in their home loan repayments by over $200 per month.

If you'd like to discuss refinancing or learn more about how we can help you find savings in your mortgage - contact our finance team today!

REMINDER - Complete you Compulsory Director ID

Thu, 17 Nov 2022 04:46:56 GMT

Compulsory Director ID’s are required to be completed before November 30 ^th , 2022.

"Applications for a director ID are available through the Australian Business Registry Services (ABRS). Your myGovID will be required to process the online application." India Tonscheck, Synergy Consolidated 's Business Manager said.

"As a current director you will have until 30th November 2022 to apply for your ID, however we are encouraging our clients to complete this application as soon as possible to allow for additional processing time if changes or updates are required to current company structures or new applications" India added.

Before beginning the process of applying for your director ID you will need to ensure:

You have myGovID
You have the following information:
Your tax file number
Your residential address as listed with the ATO
Two (2) documents to verify your identity from the below list:
Bank account details (as listed with ATO)
An ATO Notice of Assessment (date of issue & reference number)
Super account details (as listed with ATO)

"If you have a myGov ID with at least a standard strength then we are able to assist with completing your application over the phone" India added.

Follow the link and the step by step instructions to apply for your director ID online. Once you have completed your application, please email your unique identification number (UIN) to us to update our records accordingly.

October Federal Budget Recap by Synergy

Wed, 26 Oct 2022 07:01:38 GMT

Last night’s Federal Budget release from new Treasurer Jim Chalmers outlines the Labor Government’s priorities off the back of the May 2022 Federal election.

The priorities from this budget are trying to relieve cost of living expenses with inflation expected to peak at 7.75%, before reducing to 3.5% in the 2023-24 year. To help with the cost of living, the labor government focused on the areas of childcare, paid parental leave, medicines, housing and wage increases.

Below the Synergy Accountants and Synergy Business Finance team have recapped their key take aways from the 2022-23 October Federal Budget.

Individuals

The Government announced the ‘Stage 3 tax changes’ will commence from 1 July 2024, as previously legislated. While all other personal tax rates will remain unchanged for the 2022-23 financial year.

The 2022-23 tax rates and income thresholds for residents are:

Under the stage 3 personal income tax rate changes, the 32.5% marginal tax rate will be cut to 30% to form one tax bracket between $45,000 and $200,000. The 37% tax bracket will be removed at this time.

Meaning, from 1 July 2024 there will only be 3 personal marginal income tax rates – 19%, 30% and 45%.

The 2024-25 tax rates and income thresholds for residents are:

Below are the rates and thresholds summary:

“This budget didn’t extend the low and middle income tax offset (LMITO) for the 2022-23 income year and will now cease. This has now been replaced by the low-income tax offset (LITO). As a result, low-to-middle income earners may see their tax refunds reduce anywhere from $675-$1,500 in the 2023 financial year” Synergy Accountants Director Dan Chappel said.

To-be Parents

An expansion of the Paid Parental Leave (PPL) scheme was announced in the budget from 1 July 2023 – after which either parent will be able to claim the payment, as well as both birth parents and non-birth parents able to receive the payment if they meet eligibility criteria.

“From 1 July 2024, Paid Parental Leave will increase by two additional weeks a year until it reaches 26 weeks from 1 July 2026, an increase of an additional six weeks to current Paid Parental Leave rules. Both parents will be able to share the leave entitlement, while sole parents will be able to access the full 26 weeks” Dan said.

Further to this, from July 2023 both parents will be able to take Government-paid leave in blocks as small as a day at a time with periods of work in between to provide greater flexibility for new parents.

Eligibility will also be expanded through the introduction of a $350,000 family income test, which families can be assessed under if they do not meet the individual income test. Single parents will also be able to access the full entitlement each year.

Home Buyers

“The Government has announced that it will establish the ‘Regional First Home Buyers Guarantee’ to promote home ownership in regional locations. The guarantee will be for eligible citizens and permanent residents who have lived in a regional location for more than 12 months and looking to purchase their first home in that location with a minimum deposit of 5%” Synergy Business Finance Managing Director Marcus Barnard said.

“The Government will also invest $10 billion in the newly created ‘Housing Australia Future Fund’, to be managed by the Future Fund Management agency. The fund will be used to deliver 30,000 social and affordable homes over 5 years and allocate $330 million for acute housing needs” Marcus added.

Small to Medium Business

The Government will not proceed with the proposal to allow taxpayers to self-assess the effective life of intangible depreciating assets – after initially being announced in the 2021-22 Budget.

In addition, the 2018-19 Budget measure that proposed introducing a limit of $10,000 for cash payments made to businesses for goods and services (and for which a delayed start date was announced in 2018-19) has been abandoned.

Superannuation

The Government confirmed its election commitment that the minimum eligibility age for making superannuation downsizer contributions will be lowered from age 60 to age 55.

This will allow individuals aged 55 or over to make an additional non-concessional contribution of up to $300,000 from the proceeds of selling their main residence outside of the existing contribution caps.

The individual or spouse must have owned the home for 10 years & make the contribution within 90 days after the home is sold.

“The reduction in minimum age eligibility from 60 to 55 years of age is proposed to come into effect from the first quarter after royal assent” Dan said.

Join the Synergy Accounting team

Mon, 24 Oct 2022 23:29:01 GMT

We’re looking for Accountants to join our Toowoomba and Sunshine Coast team.

Tasks include:

Managing client relationships and communication
Tax Planning, advisory, strategy and compliance for client groups
Preparation of Income Tax Returns and Financial Statements for individuals, companies, partnerships, trusts and Self-Managed Superannuation Funds
Preparation of Activity Statements

Learn more about joining our team & submit your details via the link.

Marcus Barnard joins Synergy Business Finance

Wed, 07 Sep 2022 07:03:01 GMT

Synergy Business Finance are thrilled to announce that Marcus Barnard has joined the Synergy Consolidated team. With extensive experience in banking, lending and finance – Marcus brings unprecedented knowledge to our growing finance arm.

Growing up in western Queensland, he attended Nudgee College for high school and later Gatton College where he undertook a Bachelor of Business in Property Studies.

After graduating, Marcus joined the banking sector. Now with over 25 years banking experience he has worked with clients throughout Queensland and northern New South Wales - achieving continued results for his clients.

During his banking career Marcus was promoted to State Agribusiness Manager and Regional Executive, managing a large team of commercial and agribusiness managers throughout not only Toowoomba but broader Queensland.

With 2022 saw several changes for Synergy Consolidated – a new home, new service offerings for our clients and even more, a new look. Our client’s needs continue to grow in the current market, which saw an opportunity for Marcus to join the growing Synergy Business Finance team.

“I’m truly thrilled to be joining the Synergy Business Finance team as Managing Director. I have watched their team achieve amazing results for their clients since inception and I am looking forward to helping them continue to achieve commendable results long term” Marcus Barnard added.

Marcus will work with our team of Finance Managers and Finance Officers across an array of lending sectors – from residential, to equipment, commercial and agribusiness.

What we've achieved | Refinance Case Studies 1 & 2

Tue, 19 Jul 2022 23:59:39 GMT

With interest rate rises continuing, we have been working with a number of our existing clients to assist them with refinancing. Easing repayment pressures and saving thousands on the lifetime of the loan - learn more about how we achieved these results below.

Case 1

An existing business client, expressed interest in reviewing their home loan. Our team were able to secure a new loan with a rate saving of 0.88%.

Case 2

Our team secured another interest only investment loan for the client, shaving 0.64% off their interest rate in the process – as well as a reduction of 0.71% off their home loan interest rate.

If you'd like to discuss refinancing or learn more about how we can help you find savings in your mortgage - contact our finance team today!

Compulsory Director ID's

Fri, 24 Jun 2022 03:14:28 GMT

From the 5th of April, 2022, it is now compulsory for company Directors in Australia to apply for a unique identification number. Applying for a company will require the presentation of this UIN, of which when applied will keep forever.

Your Synergy support team will have been in touch regarding the application of your company Director ID number to date.

Before beginning the process of applying for your director ID you will need to ensure:

You have myGovID
You have the following information:
Your tax file number
Your residential address as listed with the ATO
Two (2) documents to verify your identity from the below list:
Bank account details (as listed with ATO)
An ATO Notice of Assessment (date of issue & reference number)
Super account details (as listed with ATO)

"Unfortunately your authorised tax, or ASIC agent cannot apply for your director ID on your behalf as personal identification information is required for the process" India added.

Our client’s Synergy journeys

Wed, 15 Jun 2022 00:36:37 GMT

Our objective in all that we do is to achieve results, which is why our client relationships are key. We recently took the time to chat to some of our clients, across various industries and have them tell their Synergy stories to share.

Meet Steve

Meet Steve, a chaff and lucerne hay producer based in the Lockyer Valley.

Dan has been working with Steve on his tax advisory works for many years, and has since purchase a new irrigator through the business finance team.

Meet Chris & Melissa

Meet Chris and Melissa, local plumbing contractors based in Toowoomba. Following continued growth, they made the switch to Synergy Consolidated after previously working with a large accounting firm in Brisbane.

Attention to detail and a hands-on approach was what Chris and Melissa were looking for.

Meet Noel

Meet Noel, partner in one of southeast Queensland’s largest machinery dealerships STAG Machinery.

As a partner in their ongoing business growth, Noel commends Synergy Consolidated for their constant professionalism and dependability.

Meet Ben & Kirsty

Meet Ben and Kirsty from Benick Farms, based in the Lockyer Valley.

Producing cauliflower, cabbage, pumpkins, and other vegetable staples – their family business values reliability and transparency. Both of which they feel Synergy have in spades!

Meet Brad

Meet Brad from on of Toowoomba’s most iconic venues – Fitzy’s . Working with Synergy Consolidated, Brad values Angie’s ongoing partnership in their business.

If you’d like to discuss how Synergy could help your business into the future, feel free to contact our team.

Over $80,000 raised for life saving surgery

Thu, 02 Jun 2022 23:12:23 GMT

The 2022 Maddox’s Helping Hand Foundation event at Plainland Porters Hotel raised over $82,500.00 for the lifesaving work by ACCISS. Synergy Consolidated are proud sponsors of the foundations Project Grant program – directly funding research projects by ACCISS and the lifesaving work at the Queensland Children’s Hospital.

For the last four years, Synergy Consolidated have supported the Maddox’s Helping Hand initiative, inspired by the journey of Synergy clients Michael and Shelley Porter and their son, Maddox.

In 2018, Maddox was involved in an accident at home where his hand was left severed in mower blades. He was flown to the Queensland Children’s Hospital by LifeFlight where he commenced his journey with Dr Michael Wagels, Director of the Australian Centre for Complex Integrated Surgical Solutions ( ACCISS ).

Maddox’s treatment extended over 3 years and with countless surgeries performed to give him the best possible outcome. Since then, Maddox’s Mum Shelley has made it her mission to help all children and their families with complex surgery requirements at the Queensland Children’s Hospital.

Fast forward to now and the Porter’s have hosted an annual event at their hotel – raising funds for the foundation.

This year’s event raised more than $82,500.00 to continue to help ACCISS and the many families at the Queensland Children’s Hospital – like the little boy who was this year’s event special guest, along with his Cardiac Surgeon.

“Hearing from the finalist junior Doctors who are recipients of the Maddox’s Helping Hand Project Grant was incredible – getting an understanding of the research that could come to light for families like the Porter’s into the future was inspiring” Managing Director of Synergy Consolidated Angie Barnard said.

“The little boy we met at the event now has a second chance at life after receiving life changing surgery due to ACCISS being available to his surgeon” Shelley Porter said.

“We heard from three finalist junior Doctors on the day – who are recipients of the Maddox’s Helping Hand Project Grant – each doctor pitched their research idea at our event and now have the opportunity to work alongside Dr Michael Wagels to bring their research projects to life” Shelley added.

“We’re incredibly proud to be able to donate much needed funds to the foundation – directly helping to fund these project grants” Angie added.

If you’d like to support the Maddox’s Helping Hand Foundation you can visit their website, here.

Increase to super rate

Tue, 31 May 2022 06:32:41 GMT

From July 1, the super guarantee rate increases to 10.5% - meaning changes to payroll and the amount of super employers are expected to pay their employees.

The super guarantee (SG) rate has been 10% since 1 July, 2021. From 1 July 2022, the rate will increase to 10.5% and will increase by increments each year until it reaches 12% in 2025.

These increases have been legislated and are part of an aim to better support working Australians financially in retirement.

For an employee earning $60,000, super payments would rise by $300 a year under the 10.5% super guarantee.

“These increases will be an ongoing financial commitment for businesses, meaning adequate planning is essential to help guide businesses and their employees through these changes” Dan Chappel, Synergy Consolidated Director said.

Impacts on payroll

The new rate comes into effect from 1 July 2022, meaning impacts to payroll for business owners and managers.

“If you have a payroll cycle that crosses the period of rate change, it’s important businesses know that any payments are to be calculated based off the payment date – not the work completed date” Dan added.

For example, if an employee completed work in June 2022, but is paid in July 2022 than the new super guarantee rate of 10.5% is payable on that pay period.

To discuss your businesses superannuation requirements in more detail and what the general super guarantee could mean for you into the future, contact our team at Synergy Consolidated here.

The coffee's on us! In support of Protea Place Women's Support Centre

Wed, 27 Apr 2022 02:33:45 GMT

Please join us for free coffee's to celebrate our new office and to support local charity Protea Place Women's Support Centre.

With our new office opening, our team invested into a custom coffee cart for our clients to enjoy our signature Synergy blend coffee when visiting us.

Further to celebrate our new office opening with the wider Toowoomba business community, our Synergy Consolidated team wanted to share free coffee's from our cart - as well as support a local Toowoomba charity Protea Place Women's Support Centre through a gold coin donation.

When: Wednesday, May 4th 2022

From: 8.00am-10.30am

Where: Walton Stores, Ruthven Street, Toowoomba

Come and get your morning caffeine hit all in support of a great local cause!

Synergy continues support of Maddox's Helping Hand

Thu, 14 Apr 2022 01:46:55 GMT

For the last four years, Synergy Consolidated have supported the Maddox’s Helping Hand initiative, inspired by the journey of Synergy clients Michael and Shelley Porter and their son, Maddox.

On Easter Sunday in 2018, Maddox was involved in an accident at home where his hand was left severely severed in mower blades. He was flown to the QLD Children’s Hospital by LifeFlight where he commenced his journey with Dr Michael Wagels, Director of the Australian Centre for Complex Integrated Surgical Solutions – which would extend over 3 years and with countless surgeries performed to give Maddox the best possible outcome.

Maddox’s Mum, Shelley set out with a mission to help all children and their families at the QLD Children’s Hospital by establishing a foundation to support and advance patient care and research. Fast forward, Shelley partnered with ACCISS (Australian Centre for Complex Integrated Surgical Solutions) to create the Maddox’s Helping Hand Foundation to facilitate and support essential clinic services for the patients of the Queensland Children’s Hospital and the clinicians who care for them.

“Shelley is such an inspiration, creating the Maddox’s Helping Hands Foundation to shine a light on Maddox’s journey with the QLD Children’s Hospital and Dr Wagels incredible work” Managing Director of Synergy Consolidated Angie Barnard said.

“We have supported the Foundation for the last 4 years now since inception, with their first fundraising event in 2021 raising over $90,000!” Angie added.

All funds raised from the event go directly to the Foundation. The foundation partners with ACCISS to help make their specialist skills available to all families at the QLD Children’s Hospital. This service is now up and running.

ACCISS aim is to address complex medical challenges by leveraging its strong engineering, clinic and regulatory expertise to provide essential clinical services to patients of the QLD Children’s Hospital and the clinicians that care for them.

The support of Maddox’s Helping Hand will be a key feature of making these kinds of clinical services provided ACCISS a routine aspect of patient care now and into the future.

“We had the chance to meet Dr Wagels at the 2021 event. Shelley has mentioned that without Dr Wagels being on call the day of Maddox’s accident than he potentially wouldn’t have his hand today” Angie said.

“Surgeons like Dr Wagels and the ACCISS team provide world first, life changing surgeries for QLD families. It’s our absolute pleasure to support the Maddox’s Helping Hand Foundation each year” Angie concluded.

The annual sold out Maddox’s Helping Hand luncheon will be held at the Plainland Porters Hotel this May. While the Maddox’s Helping Hand Charity Golf Day will be held in November at Gatton. For more details, see the Maddox’s Helping Hand Foundation website, here.

Synergy Consolidated's Office Opening Event, a thank you

Wed, 06 Apr 2022 22:53:45 GMT

We wanted to say a quick thank you to everyone who came along to celebrate our new office opening event with us last week!

“A special mention to those who travelled a distance to join us, it really means so much” Synergy Consolidated’s Managing Director Angie Barnard said.

We welcomed over 100 of our clients, team, suppliers, and broader business community for an evening of food, drinks, live entertainment, champagne carts, photo-booths, fairy floss, popcorn and of course - great company!

“On the evening, we reiterated how much our local community have contributed to the new space - from our builders and contractors, we have a breadth of local talent in Toowoomba and it was an absolute pleasure to work with each of them in creating our new office for our team and clients to enjoy for some time to come.” Synergy Consolidated’s Directors Dan Chappel said.

Unveiling our new branding and space with our clients and broader business community was such an honour - and we thank you all for your support and feedback to date.

For those of you who were unable to join us, we look forward to welcoming you to our new space!

Take a look at our event photos across on our social media, here.

Federal Budget recap by Synergy

Wed, 30 Mar 2022 23:05:23 GMT

Last night’s Federal Budget release saw a number of announcements for individuals and businesses. Below the Synergy Accountants and Synergy Business Finance team have recapped what the 2022 Federal Budget means to you.

Individuals

The Government announced a ‘cost of living tax offset‘ for the 2022 income year of $420, provided by an increase to the existing low & middle income tax offset. This will result in a maximum benefit of the low & medium income tax offset of $1,500 for individuals and $3,000 for couples – paid from July 2022 and on lodgement of the 2022 individual income tax returns.

“All low & middle income tax offset recipients will benefit from the full $420 increase, except for those who don’t need the full offset to reduce their tax liability” Synergy Accountants Director Dan Chappel said.

The proposed increases are broken down in the below table:

The Low & Medium Tax Offset is not available from the 2023 income year.

“Additionally, the Government will increase the Medicare levy low-income thresholds for singles, families, seniors and pensioners from 1 July 2021” Mr Chappel added.

Meaning the threshold for singles will increase from $23,226 to $23,365, while the threshold for families will be increased from $39,167 to $39,402.

For single seniors and pensioners, the threshold will increase from $36,705 to $36,925 and the family threshold for seniors and pensioners will increase from $51,094 to $51,401.

In addition to this the family income thresholds will also increase for each dependent child or student by a further $3,619, up from the previous figure of $3,597.

The costs of COVID-19 tests will be tax deductible when in relation to attending a place of work from 1 July 2021. The Government will also ensure Fringe Benefit Tax will not be incurred by businesses where COVID-19 tests are provided to employees for this purpose.

Small to Medium Business

A training boost to support small and medium businesses to upskill current employees will apply to eligible expenses from 29 March 2022 until 20 June 2024.

Businesses with aggregated annual turnover of less than $50 million will be able to deduct an additional 20% of the eligible expense (a total of 120% of the total expense amount) incurred on external employee training courses. While all courses must be provided to employees within Australia or online and be provided by entities registered in Australia.

Please note that in-house, on the job training and external training courses for non-employees will be excluded from the training boost.

For eligible expenditure incurred by 30 June 2022, the boost will be claimed in the 2023 year income tax return, while eligible expenditure incurred from 1 July 2022 – 30 June 2024, the boost will be claimed in the income year in which it is incurred.

Additionally, a technology investment boost to promote digital innovation for small and medium business was announced in this 2022/23 budget. The boost will apply for eligible expenses incurred from 7.30pm (AEDT) 29 March 2022 until 30 June 2023.

A deduction of an additional 20% (a total of 120% of the amount) on eligible business expenses and depreciating assets that support further digital adoption within a business environment will be available for small and medium businesses with an aggregated annual turnover of less than $50 million.

Like the training boost, eligible expenditure incurred by 30 June 2022 the technology investment boost will be claimed in the 2023 year income tax return. For eligible expenditure incurred from 1 July 2022 – 30 June 2023, the technology investment boost will be claimed in the income year in which it is incurred.

The technology investment boost could include expenses like portable payment devices, cyber security systems or subscriptions to cloud-based services with an annual cap of $100,000 per year.

Further to the budgets active COVID-19 responses, the Government have extended certain payments received under COVID-19 business support programs as non-assessable non-exempt income for income tax purposes until 30 June 2022.

“For Queensland clients, the 2021 COVID-19 Business Support Grant remains eligible” Dan added.

Superannuation

The Government will continue with the 50% reduction of superannuation minimum drawdown requirements for account-based pensions and similar products for another year through to 30 June 2023.

The minimum and reduced minimum percentage drawdowns are summarised below;

Cost of living

The Government recognises the increases in the cost of living expenses for Australians and introduced a number of initiatives to provide support, including the one-off $250 cost of living payment.

“This payment will be made from April 2022 to eligible Australian’s who receive certain government assistance payments and concession cardholders” Mr Chappel said.

The $250 cost of living payment will be exempt from tax and will not be regarded as income support for the purposes of any income support payments.

For a complete list of eligible receipts, please see the Budget 2022-23 link, here.

“Finally, with the drastic increase in fuel prices, the government has announced that they will reduce the excise and excise-equivalent customs duty rate applicable to petrol, diesel and other fuel/petroleum based products by 50%, however aviation fuels are excluded.” Mr Chappel said.

The measure will commence from 12.01am on 20 March 2022.

Synergy Consolidated has arrived

Tue, 29 Mar 2022 00:27:33 GMT

2022 sees a number of changes ahead for Synergy, which without the support of our clients and broader business community wouldn’t be possible.

With a new home and new offerings for our clients portfolios meant we needed an all new look. A brand that represented who we as a whole – a hero brand that married together our service brands Synergy Accountants and Synergy Business Finance.

Our aim within these changes was to continue to innovate and strengthen our services offering, so that in doing business with us – yours becomes stronger with each tomorrow.

The inspiration

In workshopping what it was that made Synergy tick, we felt our greatest strengths were the sum of a few key parts – relationships, knowledge and trust.

The sum of these parts equated to a solid foundation for our clients across both the Synergy Accountants and Synergy Business Finance brands.

And from that, Synergy Consolidated was born.

The tag line

Our objective in all that we do is to achieve results. Whether that be within our client’s personal or professional accounting solutions, their business’ strategy or within their finance needs.

Which made the creation of our tagline fairly simple. Business today, stronger tomorrow.

Our aim is to ensure in that all business our client’s do with our team at Synergy Consolidated we make their financial future stronger than it was before.

To learn more about Synergy Consolidated, take a look at our new website here: www.synergyconsolidated.com.au

Or you can visit our new office in Toowoomba on Level 3, 482 Ruthven Street (Walton Stores) or our Sunshine Coast office Tower 2, Level 5 Suite 515, 55 Plaza Parade, Maroochydore.

Synergy as you know it, is getting a new look

Fri, 18 Mar 2022 01:58:31 GMT

2022 sees several changes unfolding for Synergy. Including a new home for our Toowoomba team at the Walton Stores precinct, as well as new service offerings for our clients to assist in strengthening their financial positioning… and soon, a new look.

Marrying our two service brands – Synergy Accountants and Synergy Business Finance , under our new hero brand.

At the end of 2021 we workshopped what it was that we felt our clients and broader community felt about us when they thought of the Synergy brand.

We’ve taken those findings and put together an all-new look and brand identity for our business. Yet, at the core of what we do well for our clients remains and is reflected in our new brand positioning.

Follow along as we reveal more about our new brand on our social media throughout March, here.

QRIDA Announcement – Flood Grants Now Available

Tue, 08 Mar 2022 01:40:55 GMT

The Queensland Rural and Industry Development Authority (QRIDA) has this morning released disaster recovery funding for the recent SEQ Rainfall and Flooding event. Small Businesses, Primary Producers and Non-Profit Organisations have access to the support ranging from $50,000 to $75,000.

Below is a brief outline of the criteria and further information for each Funding Grant. If you believe that you are eligible for the support, our Synergy team can assist you with the application process or any questions that you may have.

SMALL BUSINESS DISASTER RELIEF GRANT
Grants of up to $50,000 are available for affected small businesses following the South East Queensland Rainfall and Flooding to hire or purchase equipment and materials, clean up, remove debris, replace or repair damaged infrastructure and stock and other costs associated with the recovery process including additional labour incurred.

An initial amount of up to $15,000 is available to support an initial claim. Evidence of the direct damage such as photographs, quotations, tax invoices and official receipts is required.
A subsequent amount of up to $35,000 is available to support subsequent claims for which full evidence of payment is required.

Complete applications are assessed in order of receipt and QRIDA may request further information to help assess an application.

To learn more and check the eligibility criteria please follow the link below:
https://qrida.qld.gov.au/program/extraordinary-disaster-assistance-recovery-grants-south-east-queensland-rainfall-and-flooding#-Business

PRIMARY PRODUCER DISASTER RELIEF GRANT
Grants of up to $75,000 are available for affected producers following South East Queensland Rainfall and Flooding to hire or purchase equipment and materials, clean up, remove debris, replace fencing and other costs associated with the recovery process.

Producers need to show they are an eligible primary producer, within the declared disaster area and demonstrate they have suffered direct impact from the disaster.

The maximum grant amount is $75,000 and is available through two applications:

An initial amount of up to $15,000 is available to support an initial claim. Evidence of the direct damage such as photographs, quotations, tax invoices and official receipts is required.
A subsequent amount of up to $60,000 is available to support subsequent claims for which full evidence of payment is required.

Complete applications are assessed in order of receipt and QRIDA may request further information to help assess an application.

To learn more and check the eligibility criteria please follow the link below:
Extraordinary Disaster Assistance Recovery Grants – South East Queensland Rainfall and Flooding | Queensland Rural and Industry Development Authority (qrida.qld.gov.au)

NON PROFIT DISASTER RELIEF GRANT
Grants of up to $50,000 are available for affected non-profit organisations following South East Queensland Rainfall and Flooding to hire or purchase equipment and materials, clean up, remove debris, repair or replace damaged infrastructure or goods and other costs associated with the recovery process.

Applicants need to show they are an eligible non-profit organisation, within the declared disaster area and demonstrate they have suffered direct impact from the disaster.

The maximum grant amount is $50,000 and is available through two applications:

An initial amount of up to $15,000 is available to support an initial claim. Evidence of the direct damage such as photographs, quotations, tax invoices and official receipts is required.
A subsequent amount of up to $35,000 is available to support subsequent claims for which full evidence of payment is required.

Complete applications are assessed in order of receipt and QRIDA may request further information to help assess an application.

To learn more and check the eligibility criteria for disaster recovery funding please follow the link below, or contact our team:
Extraordinary Disaster Assistance Recovery Grants – South East Queensland Rainfall and Flooding | Queensland Rural and Industry Development Authority (qrida.qld.gov.au)

Make your tomorrow stronger, with Synergy Business Finance

Wed, 02 Mar 2022 01:40:07 GMT

In years gone by, broking and banking has been synonymous. In recent times, that’s no longer always the case – bringing an extensive number of benefits to clients in the long run.

More and more, financial professionals like accountants have seen success with the finance broker model. There’s several reasons why Synergy Accountants client’s are benefiting from the finance offering provided by Synergy Business Finance.

Accountants in broking

With an in-depth understanding of client’s business models thanks to an accounting background, putting the numbers and scenarios together for relevant finance applications is made easier and more strategic on all fronts – for the client and lender alike.

“Working with our accounting clients on finance applications allows me to bring my analytical thinking to pull the clients application together much more accurately” Synergy Business Finance Director Angie Barnard said.

“Our team are able to put together the best scenarios for our clients with an in-depth understanding of their personal and business situations” she added.

These technical skills provide a value-add for clients – saving both time and money.

“When we see clients and companies for finance requirements, we are able to instantly provide them general advice on how things can be done better from an accounting front as well. There’s a real connection between finance broking and accounting” Angie said.

A holistic approach

Giving advice for the best structure for a client’s personal finance requirements, or their business growth objectives brings the Synergy Accountants technical skills into the Synergy Business Finance division.

Angie and the business finance team bring a level of trust from a corporate accountant’s long term strategic approach to an industry that has traditionally been focused on getting the best deal on a single transaction.

Versus the approach taken by Synergy Business Finance whose key difference is looking at the long-term outcome for their clients and working holistically across both the accounting and finance outcomes.

Are you a current Synergy Accountants client with business or personal growth objectives? Our team can assist you with all your business and personal finance requirements. Making your tomorrow, stronger.

Here is what some of our finance clients have to say about working with our team..

“Working with the Synergy Business Finance team was incredibly beneficial for our business. We are in the hospitality sector and the Synergy team have successfully helped us secure both commercial and car finance in recent times.

Their processes were clear and concise, with frequent updates from the team. They worked with us from start to finish, with a clear understanding of how our business worked leading into the application process as a current accounting client of Synergy as well.

In our initial discussions their team always put forward the best structure advice for our business and personal circumstances, of which has paid dividends for us in the long run.

They really put in the ground work to ensure the best result for us, while making the process as stress free as possible. We highly recommend their team for all business finance matters.”

Shelley Porter, Porters Plainland Hotel

Disclaimer: Whilst this publication has been carefully prepared it is written in general terms and is intended as general information and to provide commentary. It does not purport to be comprehensive or render any advice. No one should rely on information contained in this publication without first obtaining professional advice relevant to their specific situation.

We’ve Moved! Our new Toowoomba home is now open.

Tue, 22 Feb 2022 23:08:59 GMT

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We are excited to announce that we have moved into our new Toowoomba office space. You will now find us within the Walton Stores at Level 3, 482 Ruthven Street, Toowoomba.

We’re kicking off 2022 with a number of new initiatives for the Synergy brand, including a new home for our team. Our new space is central to the Toowoomba CBD and will allow our local and south-east Queensland clients a whole new experience.

Featuring stunning exposed brick accents, multi meeting rooms and all new open office areas for our entire team – we’re excited for new beginnings in the space.

We look forward to showing you our new space!

Find out how to contact our team to organise your catch up at our new Walton Stores location, here.

Available Farm Management Grants and the criteria

Mon, 07 Feb 2022 23:08:59 GMT

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Further to our recent information around the available Drought Assistance Preparedness Grants , our team are pleased to advise our audience of the available Farm Management Grants for primary producers through the Queensland Rural and Industry Development Authority.

As part of the submission criteria for the Drought Assistance Preparedness Grants (contributing 25% of your costs up to a maximum of $50,000 for new permanent capital infrastructure to assist with future drought proofing) applicants are required to present a Farm Business Resilience Plan.

The grants available via the Queensland Rural and Industry Development Authority are designed to assist primary producers with the production of their Farm Business Resilience Plan for their property.

Farm Management Grants offer primary producers a 50% rebate on the cost of eligible professional advice up to a maximum $2,500 to produce a Farm Business Resilience Plan for their property.

Farm Business Resilience Plans are aimed to recognise risks associated with production, including climate and weather (such as drought), as well as biosecurity and natural resource management and business risks including financial and market factors.

To be eligible for assistance you must:

(a) be a primary producer;

(b) have paid for eligible professional advice;

(d) have received the eligible professional advice from a suitably qualified adviser(s) who:

is not the applicant;
does not have an actual or perceived conflict of interest with the applicant; and
is not employed by an entity owned or partially owned by the applicant.

For more information and to access the application forms, please visit Farm Management Grants (qrida.qld.gov.au).

As always, our Synergy team are available to discuss any questions you may have about the Farm Management Grants available.. Please contact us if you have any questions you wish to discuss.

The Drought Preparedness Grants and your eligibility

Fri, 14 Jan 2022 00:35:37 GMT

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To kick off the 2022 year the Synergy Accountants team have recently been doing further research into the new Drought Preparedness Grants, and have compiled the detail below for your reference.

The Drought Preparedness Grants will contribute 25% of your costs up to a maximum contribution of $50,000 for new permanent capital infrastructure to assist with future drought proofing.

These grants are for Primary Producers looking to invest in permanent capital infrastructure to assist with the future drought proofing which could include:

pipes, water tanks and water troughs;
dam construction and/or expansion;
drilling a new working bore;
water conservation infrastructure and equipment including more efficient irrigation;
water pumps and power supply used to run water pumps;
storage, mixing and feeding out equipment for grain, fodder, molasses and other supplements;
grain storage and equipment that improves the ability of the business to manage drought;
reasonable freight components to purchase and install equipment or infrastructure;
consumables including fuel for own machinery used in relation to the drought preparedness project; and
contractor costs to install infrastructure.

If you have any capital infrastructure projects in the pipeline at the moment, please feel free to review the eligibility criteria and application requirements and let our team know if you have a project in mind that would be worthwhile for the application.

Key considerations include:

To be eligible for funding, the project will:
involve the purchase and installation of new permanent capital infrastructure;
improve the ability of the primary production business to prepare for; continue to operate in; or recover from, drought conditions;
be a drought preparedness activity listed in your Farm Business Resilience Plan for the primary production business; and
not have commenced the project before the assistance is approved
To be eligible for a Drought Preparedness Grant, applicants must also:
not have received either of the following in the financial year of application
a freight subsidy under the Drought Relief Assistance Scheme*
the Emergency Water Infrastructure Rebate under the Drought Relief Assistance Scheme*;
must not have previously received a Drought Preparedness Grant for the same project activity; and
must present a Farm Business Resilience Plan (as outlined in Section 6), satisfactory to QRIDA.
A Farm Business Resilience Plan, (or similar plan) should include content that addresses the following:
Production risks i. climate and weather ii. natural resource management iii. biosecurity
Business risks i. financial viability ii. market
Personal risks i. workplace health and safety ii. key people

A Farm Business Resilience Plan should identify if these risks need to be managed and if so, also include an Action and/or Implementation Plan for specific activities that have been identified to manage these risks.

A Farm Business Resilience Plan may reference other supplementary material that support the plan, for example, a current industry Best Management Practice (BMP) output, a Farm Biosecurity Plan and/or a Succession Plan.

For more information and to access the application forms and Farm Business Resilience Plan templates, please visit Drought Assistance Program (daf.qld.gov.au) .

As always, our Synergy team are available to discuss any questions you may have about the Drought Assistance Program. Please contact us if you have any questions you wish to discuss.

synergy-consolidated

2024/25 Federal Budget recap by Synergy

The recent unveiling of the 2024-25 Federal Budget has ushered in a wave of measures aimed at bolstering small businesses, relieving cost of living pressure, and fostering economic resilience.

Small business support

Personal tax cuts

Medicare levy

Superannuation on Paid Parental Leave

Economic Resilience Initiatives

Innovation and Education

Introducing Synergy Mortgage Brokers

We’re proud to introduce Synergy Mortgage Brokers, the newest brand of the Synergy Consolidated family.

Synergy Consolidated Partners with Beef Australia 2024

Navigating Inflation's Impacts on Australian Households and Mortgage Holders in 2024

Navigating Inflation's Impact on Australian Households and Mortgage Holders in 2024

Navigating Economic Challenges: Small Business Outlook for 2024

Register for our Annual Synergy Golf Day!

Synergy Consolidated's Team Spirit: Supporting Dakota on Her Sporting Odyssey

The Synergy Consolidated Family's Support

Join Us on Dakota's Journey

Synergy Consolidated enters the Sunshine Coast Chamber of Commerce Business Awards 2023

We're Hiring! Join the Synergy Consolidated team.

Client Services Assistant Role

Administration Support Role

2023/24 Federal Budget recap by Synergy

Last night’s Federal Budget release saw a number of announcements for individuals and businesses. Below the Synergy Accountants and Synergy Business Finance team have recapped what the 2023 Federal Budget means to you.

Key findings

Tax Measures

Superannuation Measures

Individuals & Households

Personal Taxation

Small Business

Business taxation

Our client’s Synergy Business Finance journeys

Meet Dave

Meet David

Instant Asset Write-off

Instant Asset Write Off, coming to end 30 June 2023. Are you needing any plant & equipment before 30 June 2023?

Ross becomes Director at Synergy Consolidated

What we've achieved | Refinance Case Studies 3 & 4

The end of 2022 has seen multiple rate rises occur, which has subsequently meant many Australians have turned to refinancing to ease mortgage pressure.

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Our Synergy Business Finance team have been working closely with a number of our clients to review their current mortgages – with credible results achieved for our clients leading into Christmas this year.

Case 1

Case 2

REMINDER - Complete you Compulsory Director ID

Compulsory Director ID’s are required to be completed before November 30 th , 2022.

October Federal Budget Recap by Synergy

Last night’s Federal Budget release from new Treasurer Jim Chalmers outlines the Labor Government’s priorities off the back of the May 2022 Federal election.

Individuals

To-be Parents

Home Buyers

Small to Medium Business

Superannuation

Join the Synergy Accounting team

We’re looking for Accountants to join our Toowoomba and Sunshine Coast team.

Marcus Barnard joins Synergy Business Finance

Synergy Business Finance are thrilled to announce that Marcus Barnard has joined the Synergy Consolidated team. With extensive experience in banking, lending and finance – Marcus brings unprecedented knowledge to our growing finance arm.

What we've achieved | Refinance Case Studies 1 & 2

With interest rate rises continuing, we have been working with a number of our existing clients to assist them with refinancing. Easing repayment pressures and saving thousands on the lifetime of the loan - learn more about how we achieved these results below. ﻿

Case 1

Case 2

Compulsory Director ID's

From the 5th of April, 2022, it is now compulsory for company Directors in Australia to apply for a unique identification number. Applying for a company will require the presentation of this UIN, of which when applied will keep forever.

Our client’s Synergy journeys

Our objective in all that we do is to achieve results, which is why our client relationships are key. We recently took the time to chat to some of our clients, across various industries and have them tell their Synergy stories to share.

Meet Steve

Meet Chris & Melissa

Meet Noel

Meet Ben & Kirsty

Meet Brad

Over $80,000 raised for life saving surgery

Increase to super rate

From July 1, the super guarantee rate increases to 10.5% - meaning changes to payroll and the amount of super employers are expected to pay their employees.

Impacts on payroll

The coffee's on us! In support of Protea Place Women's Support Centre

Please join us for free coffee's to celebrate our new office and to support local charity Protea Place Women's Support Centre.

Synergy continues support of Maddox's Helping Hand

For the last four years, Synergy Consolidated have supported the Maddox’s Helping Hand initiative, inspired by the journey of Synergy clients Michael and Shelley Porter and their son, Maddox.

Synergy Consolidated's Office Opening Event, a thank you

Federal Budget recap by Synergy

Compulsory Director ID’s are required to be completed before November 30 ^th , 2022.

With interest rate rises continuing, we have been working with a number of our existing clients to assist them with refinancing. Easing repayment pressures and saving thousands on the lifetime of the loan - learn more about how we achieved these results below.