Good records save small businesses
According to the Australian Taxation Office (ATO) many small businesses fail due to poor record-keeping. Aside from the legal reasons, there are many financial reasons for making sure your books are in order.Read Full Article
Tax concessions favour small business
Every small business owner knows what it takes to turn a profit so when there’s an opportunity to increase profits by using tax deductions, grab it with both hands!Read Full Article
Getting Your Bills Paid on Time
Running your own business can be extremely rewarding but there will always be times when it will be quite the opposite. Depending on the business, many factors will determine the success or failure of a small enterprise however the most common is cash flow. Outlined below are three very simple solutions to cash flow problems to help make your business ownership more rewarding.Read Full Article
Thriving in the ‘Gig Economy’
If you’re a freelancer or contractor or maybe even a consultant then you’re part of the “gig economy”. Gone is the job for life, or even a job in the normal, employed meaning of the word. For you, work consists of short-term contracts or a series of one-off jobs. “Gigs” as the band down at the pub might put it.Read Full Article
Do you really know how much your business is worth?
Many businesses for sale are listed at highly optimistic asking prices. Most business owners find it hard to be impartial because they have poured a lot of time and energy into the business and they may be relying on selling it to fund their retirement.Read Full Article
Small business owners - would your business stay afloat if you had extended time off work?
Imagine if you were in the unfortunate situation where you had to take many months or longer away from your business due to a serious illness or injury. Would revenue keep coming into the business… or would the revenue dry up without you there?Read Full Article
Small Businesses with outstanding tax debts should prepare for looming disclosure to credit reporting agencies.
In a move that could affect the credit rating of small business owners, the ATO has announced that they will be sharing data with credit agencies pertaining to tax debts from 1st July 2017.Read Full Article
What tax deductions can I claim as a Small Business?
If you are a small business owner, getting business expenses in order as well as knowing what you can claim are essential steps to filing an accurate tax return - and it can save you thousands of dollars. Its important to be across the basics, and you can leave the rest to your accountant who understands the more complex side of small business tax.Read Full Article
Improve Your Cash-flow for a Healthy Business
Profitability is a vital component of a successful business, but without proper cash flow management your business is at risk of failing. The cycle of cash in and out of your business determines your business’ solvency. Read out top tips for maintaining a healthy cash-flow for your business.Read Full Article
Should my SMSF own my Business Premises?
Many Small Business Owners are taking advantaging of using their Self Managed Super Fund (SMSF) to own their business premises – whereby the SMSF acts as the landlord and leases it to the business. Since this legislation changed to allow SMSF borrowing in 2007 there has been a surge in SMSF property investment – people are taking advantage of the tax benefits of these arrangements.Read Full Article
When should I hire an accountant for my small business?
If you are starting a small business, chances are you’re wondering if you really need to engage an accountant just yet – perhaps you are trying to save on startup costs, or you think that the business is too small to warrant having an accountant...Read Full Article
When Should You Hire An Accountant?
Accountants can help out at various stages during the growth of your business. They can handle much more than just your payroll and tax returns. So when should you consider hiring an accountant for your small business?Read Full Article
How to safeguard your business if the unexpected happens
Read about how this trio of business partners navigated through the terminal diagnosis and death of one partner, and the consequences of not having adequate safeguards in place to avoid the associated problems that arose as a result of these unfortunate circumstances.Read Full Article
Fraud Focus: the impact of Fraud on your business
Evidently, fraud is all around us. Although the digital age has opened up new and exciting opportunities for innovative businesses, it's also seen an increase in attempted fraudulent activity: from ransomware to phishing emails and payroll fraud to credit card scams. What should you - and your business - be concerned about? And where are you most vulnerable? The top scams you should be aware of..Read Full Article
Running a Business? Don't let this happen to you!
Sebastian and Andrew each owned 50% of the shares in a successful manufacturing business when Andrew died suddenly. Andrew’s wife, Judy, inherited Andrew’s share of the business via his Will...Read Full Article
Extra Time for small business to become SuperStream compliant
The ATO has recently advised that they are extending the deadline for small business to become SuperStream compliant to the 28th October, 2016. Previously this was 30th June, 2016.Read Full Article
A Business or a Job?
The Four Burners Theory says that “in order to be successful you have to cut off one of your burners. And in order to be really successful, you have to cut off two”.Read Full Article
Cloud Accounting Software
In the tough economic environment, business owners are craving proactive, timely advice, not a history lesson. As an accountant I’m often asked by a potential client what I can offer them that their existing accountant isn’t offering.Read Full Article
The Benefits of a Business Succession Agreement
A business succession agreement is your peace of mind that whatever happens to you or a partner, the business can keep ticking. The assets of the business are protected, safeguarding your personal assets...Read Full Article
Be aware of changes to the Director penalty regime - directors may be personally liable
Royal Assent was given to the “Tax Laws Amendment (2012 Measures No. 2) Act 2012” on 29 June 2012. The changes have been introduced by government in an attempt to “strengthen directors’ obligations to cause their company to comply with itsRead Full Article