Infinity Business Solutions

As new regulations come into effect with the commencement of the 2025-26 financial year, QMS or quality management systems are now a requirement across the industry for bookkeepers and BAS agents. Service providers are mandated to implement documented systems and processes which demonstrate compliance, consistency, continuous improvement, and risk mitigation.

At Infinity Business Solutions we've always prided ourselves on providing a robust and quality service to all our clients, and strong quality management systems have always been an important part of this. As firm believers in the value of integrity and providing trustworthiness and reliability, we embrace changes that strengthen those values across the industry.

Infinity Business Solutions is a proudly Melbourne-based bookkeeping enterprise, occupying our headquarters in Mount Waverley for the last 19 years. All of our staff are local to the Melbourne area. Our local perspective means more than just being part of the community and responding to its needs: it informs our values, and motivates our sense of accountability, integrity, and trust.

The clock is ticking: From July 1, 2025 onwards, newly passed legislation means that payments of the general interest charge (GIC) and shortfall interest charge (SIC) will no longer be considered tax deductible. While many in the tax world agree that GIC and SIC should never have been deductible in this way, businesses have become accustomed to their deductibility, with it being relatively common for a business to resort to a payment plan and deduct the interest paid to the ATO.

This change coming into effect at a difficult time of high interest rates, when a record number of businesses are already going into liquidation, is likely to result in a painful adjustment period. H&R Block director of tax communications Mark Chapman warns that businesses are better off reprioritising tax debts over repayments to other creditors.

Source: Accountants Daily https://www.accountantsdaily.com.au/tax-compliance/21131-gic-deduction-changes-to-begin-at-worst-time-for-businesses-accountants-warn

Does your small or medium enterprise rely on tax debt for liquidity amid cash flow constraints? Are you confident in your financial arrangements? Are you staying ahead of the game by keeping up to date with legislative developments that have a real impact on your business? Whether you want a health check-up on the state of your books, or the reassuring guidance of industry veterans, Infinity Business Solutions are your local SME specialists and boutique bookkeeping experts. Contact us today.

Scams of ever-growing sophistication are a constant menace in our online world. It's easy to be lulled into a false sense of security by the more obvious ones: we all have a spam folder full of them. But every now and then something will slip through into your inbox or phone message bank, and a minor lapse can be all it takes to fall victim.

Your best weapons when it comes to cybersecurity are vigilance, mindfulness, and a healthy scepticism. Strong relationships with coworkers, clients, vendors, and organisations are important: knowing their patterns and behaviour means you're much more likely to recognise when something is amiss. Infinity Business Solutions are SME specialists with a network of trusted business partners. "Trust, but verify," as the saying goes, and this is easy to put into practise when all it takes is a quick phone call with someone who is happy to hear from you!