At some point in the life of your business, you’ll likely need to borrow capital. That’s why it’s important to build and maintain a solid credit score now – so when the time comes to apply for financing you’ll be able to prove to a lender you’re a good risk. Here’s some simple steps you can take today to raise your credit score. Know your numbers A quick online search… Read more
This month we cover: CGT and the family home: Expats and foreigners targeted again Vacant land deduction changes hit ‘Mum and Dad’ property developments Calculating the Super Guarantee: The new rules Can the ATO take money out of your account? Your Right to Know Are you paying your staff correctly? Woolworths $200m plus remediation CGT and the family home: expats and foreigners targeted again The Government has resurrected its… Read more
Growing your business means more cash for you now plus a higher sale price in the future when you decide to eventually sell your business. Over the coming months, we plan to publish 4 articles full of ideas to help you grow your business. The 4 key areas are: Increase your customers Find new markets – with existing products or services Develop new products or services – to open new… Read more
Inside: Super Guarantee Amnesty Resurrected When does the amnesty apply? Qualifying for the amnesty What do employers pay under the amnesty? What happens if you do not take advantage of the amnesty? Where to from here? Towards Zero Interest Rates (and what it means for you) Australia and world volatility The real impact of low interest rates Investing in a low return envrionment Tax Alert: Distributions to Non-resident… Read more
As a small business owner, you’re likely always looking for ways to achieve more. Maybe you made a New Year’s resolution about it. You might have resolved to make more money, find more clients, or grow your business. It’s fantastic to have an idea of what you want to do, but how will you know whether or not you’re successful? That’s where SMART goals come in. SMART goals help you… Read more
This month : ATO takes ‘gloves off’ on overseas income Are all your SMSF eggs in one basket? Rental property expense – what you can and can’t claim The $1.1bn small business tax shortfall ATO take ‘gloves off’ on overseas income Five years ago, the Australian Taxation Office (ATO) offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that underreporting of foreign… Read more
A word to the wise if you’re shopping for a new home: the list price is only a baseline. You’ll want to have a substantial buffer in your budget for a host of additional unseen fees. This article will help you understand all the associated costs of buying a house so you’re prepared. Purchase Fees Appraisal Before a lender will approve your mortgage you may be asked to undertake an… Read more
Thinking about retirement can be stressful. You need to plan for how long you think you’ll be retired, what lifestyle you’ll want to lead, and approximately how much you’ll pay to maintain your cost of living plus any additional expenses. There are a lot of unknowns and “what ifs” that you might not be able to anticipate, and many of them can affect your finances. Many people ask whether… Read more
If you are running a business, you can no longer claim deductions for payments to employees/workers if you have not met your Pay As You Go (PAYG) Withholding obligations. This applies to tax returns lodged for the 2020 year onwards. The PAYG rules require that you: Withhold the tax amount from the payment before you pay your employee; and Report that amount to the ATO – in a Business Activity… Read more
Inside this month, confusion over personal income tax changes and what you are really entitled to, why the Government does not want your business accepting cash payments of $10,000 or more, the tax treatment of compensation from financial institutions, and FBT and Uber style ride sharing services. Confusion over personal income tax changes – what are you really entitled to? The recent income tax cuts that passed through Parliament… Read more
Confusion over superannuation and insurance: who is impacted by the 1 July changes. Single touch payroll exemption for directors and family members, and what the record number of tips to the ATO’s tip-line reveal. Super, insurance and exit fees: The 1 July changes From 1 July 2019, new laws prevent superannuation providers from eroding member balances with unwanted or unnecessary insurance and exit fees. Plus, inactive accounts with low… Read more
Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering… Read more
Inside: Tax Time: Are you in the ATO’s sights? How to prepare for a tax office visit … Read more
Inside: What you can expect after the election Budget 2019-20: The pre-election announcements that are now law ATO doubles rental deduction audits A Labour Government on tax & super … Read more
This is a Budget not only designed to showcase the return to surplus (and by default the Government’s economic credentials) but engage voters with initiatives to make them feel like they are more prosperous. A massive infrastructure spend adds to this sentiment. The Government has also stated that it will keep taxes as a share of GDP within the 23.9% cap. All measures, of course, are reliant on the relevant… Read more
The ATO has recently released a warning about a very convincing phishing email that’s been going around. Here’s how it works and how to avoid being scammed: How does it work? The email opens with a statement that you’re eligible to receive a certain amount of money. It displays the myGov logo to increase familiarity and seem legitimate. If you click on the link, it prompts you to fill out… Read more
Need another reason to ditch your outdated accounting software and make the ultimate upgrade to Xero? From 1 July 2019, Single Touch Payroll becomes mandatory for all employers. To help you make the switch to the STP compliant software that’s easy to use, we’ve teamed up with Xero to convert your desktop accounting software to Xero and give you a 6 month* subscription for FREE. As this is a limited… Read more
Inside: Single touch payroll extended to all employers Legislation in limbo Benefits during emergencies exempt from FBT International Women’s Day: Has anything changed? … Read more
Inside: What would happen if… Tax warning on overseas income You’ve been scammed, hacked or breached! … Read more
December is usually the busiest time of the year for retail and hospitality businesses. But businesses in other sectors often find that their sales slowdown and their customers stop paying them for a few months. So cash flow dries up. Whether your business is large or small, well-established or in start-up mode, you need to take a planned approach to managing cashflow during the holiday season. Here are few tips… Read more