Brealey Quill Kenny Blogs

Romalpa Clauses Don’t Work Anymore – Unless!

Under the Personal Property Securities Act (PPSA), a ‘Retention of Title Clause’ (Romalpa) is no longer effective in itself against a third party claim. This means that, if you supply goods on a ‘Retention of Title’ basis but don’t have a signed ‘Terms of Trade’ agreement and ‘financing statement’ that signified that you’ve registered a...
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Bitcoin – ATO’s Rulings

‘Bitcoin’ is a new, ‘hip’ and happening method of payment in lieu of normal currency and it appears that the Australian Taxation Office (ATO) is now taking this other crypto-currency seriously. The ATO has released three draft rulings in which they’ve set out the ATO’s position, whereby the crypto-currencies are deemed to be either a...
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Government Grants For SMEs

Changes to Business Evaluation and Business Growth Grants Last month, we commented on the Business Evaluation and Business Growth Grant, part of the Entrepreneurs’ Infrastructure Program. Last week, the Australian government announced some significant changes to these grants. This resulted in the following industries being withdrawn from the eligible industries for support: Defence Energy, Water...
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We Are In Challenging Times!

The Australian economy certainly has a number of contradictions at present: The stock exchange values are up. Housing finance is up. House prices are up. Interest rates are still at a very low 2.5%. However, there’s an expectation that the Reserve Bank of Australia would like to raise the interest rates to around 3.5%. However,...
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Bookkeeper Fraud

This article from the Tax Smart Australia Newsletter highlights the importance of reviewing the conrols around your bookkeeping process. A national study into fraud by bookkeepers employed at small and medium-sized businesses has uncovered 65 instances of theft in more than five years, with more than $31 million stolen. The study looked at criminal convictions...
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End of Year Business Checklist

We expect that many of our business clients will be preparing to send us the information to complete their 2014 Financial Statements & Tax Returns. To assist in this regard, we have prepared a checklist available from our website https://www.bqk.com.au/wp-content/uploads/2014/07/End-of-Year-Business-Checklist.pdf The list is fairly exhaustive. As a minimum we will generally need: Reconciled MYOB Data...
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Advantages of using the Business Portal

The ATO is starting to move towards paperless reporting for business taxpayers. We are therefore encouraging our clients to register for the ATO Business Portal. What is the Business Portal? The Business Portal is a secure website for managing your business tax affairs. You can use the Business Portal to: View, prepare, lodge and revise...
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Elimination Of Waste Is A Key Management Challenge

Waste is defined as anything within the process, people or structure that is wasteful, including space, time, parts, people’s potential and more. Management needs to observe what’s happening on the workshop floor, shop floor, office, hospital, surgery, etc, to get a full understanding of the potential for waste reduction. There’s no use worrying about tomorrow...
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Characteristics Of A Well Run Business

Do You Have Sufficient Capital? To run a successful business, you need to have a supply of capital. This could be your own money, money lent to you by family and friends, or money you’ve negotiated to borrow from a bank. Banks are reluctant to lend to a start-up business, unless the business operators have...
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Government Grants For SMEs

Entrepreneurs’ Infrastructure Program – Phase One Commences The Australian government has announced the commencement of the Entrepreneurs’ Infrastructure Program, which will be released in three phases: First Phase – Business Evaluation and Business Growth Grant, which is now fully operational. Second Phase – Research Connections Program commences in September 2014. Third Phase – Commercialising Ideas...
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