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Bright Sun Family Day Care director, Amsha Nahid, first encountered Be You at the 2019 Family Day Care Australia National Conference.
Around the same time, Be You was discovered by Mariam Shahid, the services educational leader and ever since then, Bright Sun Family Day Care has been practicing Be You “their way” ever since.
Visit the Be You website to follow along with Bright Sun’s inspiring journey to remove the stigma around mental health and wellbeing, and create space for reflection and discussion within their team of over 90 educators.
You can also watch their story unfold in a video collaboration between Bright Sun Family Day Care and Be You.
As we approach 30 June 2022 and the end of the 2021-2022 tax year, many of you may be asking what you can do to maximise your tax savings before the end of the month and tax year.
This article from Ben Mueller, Owner and Principal Accountant at FDC Tax, provides some general guidance on what, how and when you may be able to pay your current and upcoming expenditure to achieve the best tax outcome for both the current and upcoming tax year.
It also outlines how you can maximise your tax savings for the FDCA 2022 National Conference.
Professional Development – what can and can’t I claim?
One of the common questions that is asked by many family day care professionals is, when it comes to undertaking professional development, whether it be a conference, in-house training or online education, what can I claim?
Generally, conference attendance and course fees will be deductible in so far as they relate to your current family day care business activities.
Travel costs such as fights and accommodation to a conference may also be deductible. However, if you have private plans to travel with family or doing some sight-seeing before and after a conference or course, we recommend you take a diary with you to note your daily activities while you are attending.
This diary will allow you to correctly calculate both the business and private portion of your travel costs for tax purposes.
Purchase and pay for deductible expenses in the tax year you anticipate the highest income
Another tip when coming to the end of the financial year is to purchase and pay for deductible expenses in the tax year that you anticipate the highest income.
To work this out for the current year, you will need to estimate your total expected income for the 2021-2022 (being 1 July 2021 to 30 June 2022) tax year, and then again for the 2022-2023 (being 1 July 2022 to 30 June 2023) tax year.
If you estimate your income will be highest in the 2021-2022 tax year, you should look to either purchase, or bring forward and pay for any expenses you anticipate for the next 3-6 months BEFORE 30 June 2022. These expenses may include:
Conversely, if you estimate your income will increase or be highest in the 2022-2023 tax year, you should consider delaying payment of your current June or other future expenses outlined until AFTER 1 July 2022, or as they fall due in the new tax year.
If your income is expected to stay the same for both years, paying in advance for the types of expenses listed will generally allow you to realise the tax savings earlier.
Never make a purchase based solely on the potential tax savings.
Any purchase decision you make should be based upon whether it is a required or regular business expense, or if it is likely to add value to your business. The cost of purchasing unnecessary, or only ‘nice to have’ items or service, will likely far exceed any anticipated tax savings.
For example, the tax savings on a $1,000 expense can be between $200 and $400. While you have saved this amount in tax, you have foregone up to $800 which you could have enjoyed spending on yourself otherwise.
Special Circumstances
Advice specific to your circumstances should always be sort out before making any type of major purchase or other business decision outlined in this article. We particularly recommend you seek advice from a tax professional if you either commenced your business after 1 July 2021, and/or you expect your net taxable income (which is your income after all deductible expenses have been claimed) is expected to be less than $20,000.
Want to know more?
If you have questions about your own taxation situation, or need specific taxation advice for your family day care business, contact FDC Tax via email at info@fdctax.com.au, phone on 1300 FDC TAX or visit us at www.fdctax.com.au.
DISCLAIMER: the information provide in this tax tip is general in nature and do not convey advise perse. We advise you seek advice directly from a qualified professional to determine how this information may be applicable to your specific circumstances. FDC Tax nor any of it's employees give any warranty of reliability or accuracy nor accept any responsibility in any way including by reason of negligence for errors or omissions.
Our Culturally and Linguistically Diverse (CALD) Advisory Committee members took part in a second Project Advisory Committee (PAC) meeting yesterday, Tuesday 7 June 2022, to cover off a range of topics relating to communicating with CALD educators and services.
The aim of the Advisory Committee is to help FDCA better understand current and potential issues facing CALD family day care communities, and assist FDCA in developing strategies and resources to better support CALD educators and services.
We sincerely thank our PAC members for continuing to volunteer their valuable time to share their ideas and their wealth of experience.
We look forward to the next meeting and will keep members informed of the findings as we move forward with this important work.
Based on findings from the 2019 NQF Review, Commonwealth, state and territory education ministers have agreed to changes to the National Quality Framework (NQF), as released in the Decision Regulation Impact Statement (DRIS).
The 2019 NQF Review recommended changes to the Education and Care Services National Law and National Regulations, as well as additional guidance for the sector to enhance children’s health, safety and wellbeing.
FDCA has been heavily engaged in the NQF Review process since 2019. We will analyse and provide a summary of the DRIS as soon as possible. You can also read the DRIS here.
This year’s National Conference is an opportunity for the sector to come together as one and it's shaping up as an event not to be missed.
Delegates will have access to a program full of professional learning and networking opportunities, along with the chance to experience Tasmania's hidden gems.
Split your ticket into two payments
For members who don't wish to purchase their conference ticket up front, we’ve set up a 2-month payment plan.
This plan is exclusively available to FDCA members and means you can secure your ticket with two payments of $312.
To access the payment plan, click here.
Tickets can also be purchased with a one-off payment of $599.
FDCA has launched a hard copy book release of one of our most popular member resources, the '""My Family"' Day Care E-Book.
The first 200 FDCA members to customise and order an E-Book, will have their E-Book printed and shipped to them free of charge!
To get started, log into your FDCA Member Zone here and click on the “E-Book” subheading.
Don’t forget your promo code: PRINTPROMO
How to create your E-Book
For assistance in making your very own copy of “My Family” Day Care, check out our instructional video here.
The Department of Education, Skills and Employment (DESE) is encouraging family day care services, staff members and educators to join their Australian Child Care Providers and Services Facebook group as part of a new communications initiative to connect directly with early childhood education and care stakeholders.
The Facebook group is a space for providers, services, staff and those interested in staying up to date with early childhood news.
You can also stay up to date with news from DESE through their website and by subscribing to their newsletter.
Did you know that FDCA educator members can download their public liability insurance certificate online in seconds?
It’s part of our commitment to providing fast and easy ways to access the information that’s important to you!
As an educator, you’re required to have evidence of your public liability cover available at your family day care residence, in the event it’s requested by your service or your Regulatory Authority.
You can access your public liability certificate through the FDCA Member Zone, in the dashboard section.
If you’re an educator and haven’t registered your online account yet, this is your sign to start!
To activate your account, simply visit our website and follow the instructions.
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