Yearly Archive: 2015

Is Luck Important?

Luck is something that we all talk about. Is it important in a business situation?  Many people believe it depends on your attitude. One of the ways you can improve your “luck position” is to persevere. Keep yourself and your business open for opportunities.  There’s no doubt that timing plays a big part in business...
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Understanding Budgets And Cashflow Forecasts

It’s suggested that directors should be making enquiries on the basis of the preparation of budgets and cashflow forecasts for the company. Now is the time to be asking these questions because many companies will currently be preparing budgets for the 2015/16 fiscal year. A sound budget process commences with market research: What is the...
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Capital Gains Tax – Update

If you’re planning to sell your business, capital gains tax is an enormous issue. The Australian Tax Legislation includes some generous capital gains tax concessions. However, they are also complex. The first test relates to income. If the business’ income is less than $2million per annum, irrespective of the value of assets owned by the...
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600 Targeted in Random ATO Audits

Back in June, the Australian Tax Office told a Parliamentary standing committee on tax and revenue that it was “considering” reintroducing random audits. Now the ATO has confirmed random audits will commence in 2016.  The compliance program targeting 600 individuals and small businesses will focus on tax evasion and underreporting. The stimulus for the reinvigorated...
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Naughty or nice? Xmas tax checklist

Naughty or nice? Xmas tax checklist It’s that time of year again – what to do for the Christmas party for the team, customer gifts, gifts of appreciation for your favourite accountant (just kidding), etc., etc.   Here are our top tips for a generous and tax effective Christmas season: For your business What to do...
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Ratio Analysis

There are various ratios that can be prepared to enable a business to compare itself to its performance in previous accounting periods and to also benchmark the business’ performance against other similar businesses. Some of the ratios include: Increase/Decrease in Sales Percentage – this is the percentage rate of increase of sales being compared to...
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Capital Gains Tax When Selling Your Business

If you’re planning to sell your business, capital gains tax is an enormous issue. The Australian Tax Legislation includes some generous capital gains tax concessions. However, they are also complex. The first test relates to income. If the business’ income is less than $2million per annum, irrespective of the value of assets owned by the...
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Characteristics Of A Well Run Business

Management/Administration An excellent administration system is vital for business’ success. The key requirements of an administration system include: Employment of appropriate staff of all levels. Staff training. Management showing support and cooperation for the implementation of the business strategy. Appropriate communication within the workplace. Regular team meetings. Regular planning meetings. Retreat meeting – for example,...
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It’s Not Easy Being A Foreigner

If you are not an Australian resident for tax purposes, you are excluded from many of the tax breaks available to residents and an increasing target of the Australian Taxation Office. We explore the widening gap between residents and non-residents. With residential property prices soaring, foreign investment and ownership is in the spotlight. However, foreign...
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Top Small Business $20k Deduction Q&As

In a recent speech, Small Business Minister Bruce Bilson stated that a lot of his time talking about the $20,000 immediate deduction for small business was convincing people it was not a hand out. “I have spent a lot of my time explaining that asset write-off mechanisms aren’t grants, they are not gifts, they are...
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