Year End Strategies 2017

Topics covered in this issue: Reducing Capital Gains Tax Claiming depreciation on Investment property Staying on top of your records CGT relief provisions for SMSFs Tax tips for property investors 2017 year end tax tips Easier GST reporting for food retailers ATO targeting online selling Super reforms on the way   Read here  Read more

Tax Matters – Budget 2017

Our newsletter topics: A continued commitment to growth Keeping tax payers honest CGT events affecting shareholders Rates increase for fuel tax credits Building a sustainable lifestyle ATO to report unpaid debts A better workplace A guide to negative gearing Speed up your BAS refund   Read here  Read more

Business Matters – April 2017

May newsletter topics include: Managing morale through change Common traps at tax time ACCC compliance priorities for 2017 Changes to penalty rates Applying small business restructure rollover Are your website costs tax deductible? Managing your GST liability Growing your business with live streaming   Read here  Read more

Wealth Matters – March 2017

March 2017 topics: Protecting your finances after separation Reverse mortgages : a retirement solution Preparing for the super changes Boost your retirement savings Common errors when investing Investing in property through an SMSF Preparing to help out parents financially Why use a Binding Death Benefit Nomination?   Read here  Read more

Business Matters – January 2017

February newsletter topics: New Year’s Resolutions for 2017 Tips for improving cashflow Preparing for public holidays in 2017 New safe harbour for car fringe benefit Are you short changing your employees on super? Intellectual property law basics Optimising your LinkedIn Common GST mistakes   Read here  Read more

Understanding unfair dismissal

The number of unfair dismissal applications lodged last year suggests that employers are still struggling with unfair dismissal laws.  Around 14,800 unfair dismissal claims were filed in 2015 and while most cases were settled before a formal hearing, they do create an unproductive distraction for employers. Australia’s unfair dismissal jurisdiction does not cover all workers; employees that earn over $133,000 per year cannot access unfair dismissal laws unless they are…  Read more

Revisiting super basics for employers

for may employers, it can be easy to forget the responsibility of managing your superannuation obligations amidst the busy lifestyle of operating a business. However, those who fail to meet their superannuation obligations risk facing severe and even damaging liabilities. Employees who pay their workers $450 or more before tax in a calendar month must pay superannuation on top of the employee’s wages.  If any employee is under the age…  Read more

Diversifying your portfolio

It is never the wrong time to start thinking about diversifying your investment portfolio. One of the keys to investment success lies in knowing how to diversify as a precautionary measure before it becomes a necessity.  However, being overly cautious can limit your capacity to attract good returns. The real art to amazing investment portfolios lies in knowing how to strike the perfect balance between caution and risk.  This is…  Read more

Negative gearing for property investors

Negative gearing is arguable the most generous tax break available to Australian property investors. Whether you’re an established property investor or contemplating purchasing your first investment property, you may care to familiarise yourself with the way that negative gearing works. A property is considered to be negatively geared if the owner has taken on debt in order to acquire it and the net rental income is less than the costs…  Read more

Is there GST payable on sale of my property?

When selling a property registered for GST, the margin scheme can be used as an alternative way to work out the GST payable on a concessional basis. Where the scheme is applied, GST is paid for one-eleventh of the sale price.  The margin scheme calculates GST on the increase in value since 1 July 2000 if the property was acquired before 1 July 2000; or the difference between the purchase…  Read more

Guide to income insurance

Income insurance is designed to protect you and your family in the event that you become unable to work due to illness or injury. Protecting your income becomes particularly important if you have ongoing bills or debts such as a mortgage or if you have a spouse or children who are dependent on you financially. Choosing income insurance can be tricky and there are a lot of considerations that need…  Read more

Getting your BAS right

Some small businesses make simple mistakes; others just don’t provide the right information.  Make sure your business is not caught out by completing your Business Activity Statement correctly. Here are five easy lodgment tips to help businesses save time and get their business activity statement right the first time round; Lodge all your outstanding activity statements.  The tax office cannot process refunds until all of a business’s lodgments are up…  Read more

Bad debts with a silver tax lining

It is an unfortunate fact of business life that sometimes you will not be paid in full for work you have done.  The silver lining is that there are some tax break that can come along with a bad debt. The first thing you have to do is make sure that the debt can be officially considered as bad for tax purposes.  This means you cannot have “forgiven” the debt,…  Read more

Succession Planning

  It is inevitable that a business owner will eventually leave their business.  Whether they sell, retire or leave due to health reasons, it is important to be prepared for when that day eventually arrives. Creating a succession plan is a simple and common sense approach to ensure continuity in a family business.  Succession plans enable smooth transitions and decrease the likelihood of disruptions.  Early succession planning can maximise a…  Read more

Work related expenses under the microscope

Don’t get caught out by the ATO when lodging your work-related expense claim this financial year. Unusually high work-related expense claims from any industry or occupation are on the ATO’s hit list this year.  The tax office has stated that it will be paying particular attention to claims that have already been reimbursed by employers or made for private purposes such as travel from home to work. Taking such a…  Read more

Seven ways to tell if your business idea will succeed

We find that there are seven common themes that arise when assessing whether a business idea will succeed. 1.  Your idea has a strong point of difference To survive in business, you need a compelling point of difference.  If your idea is not novel, then what makes you different.  The stronger this difference is, the stronger your competitive advantage will be. 2.  People say “WOW” (and want it) An instant…  Read more

Cost reduction tactics for small business

Cutting costs can be a quick and easy way to improve the profitability of your business.  Introducing cost-control measures can bring immediate savings and ensure you remain profitable in the long term. It’s important that cost-control measures are carefully managed.  Eliminating errant expenses is clearly beneficial but indiscriminate cost cutting could lead to a drop in quality or poor morale if staff fear being made redundant or are not given…  Read more

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