Latest News
Expectation and reality: the Budget and your business
11 May 2012
There is a big gap between what politicians say and what is happening 'on the ground.' It's like they're playing with the map and we're driving on the roads. We are the ones who experience the road blocks and the pot-holes, the redirection, and changing traffic conditions. While a new road might be announced to resolve some of the issues, you still have to wait for it to be built. So, it is with the Federal Budget.
Here's what the road ahead looks like for business:
Read more: Expectation and reality: the Budget and your business
Hasta la vista: when you should exit your business
11 May 2012
Knowing the right time to exit your business is more important than the decision to start one up.
When you start a business it's often with an idea, a limited amount of capital, and a load of enthusiasm. By the time the business has grown and developed, it is likely to be worth far more than at the start. But, a lot of business owners get the exit decision wrong and pay the price for it.
Read more: Hasta la vista: when you should exit your business
The Truth About Online Business
20 April 2012
Online business is nothing new so what is all the fuss about? A recent report by Access Economics compared the impact of the internet to the roll out of electricity because both are enabling technologies that change all industries in their wake, not just a few. We explore why online vs instore is a bigger issue than ever:
Living away from home?
20 April 2012
Living Away From Home Allowances (LAFHA) are paid to employees to compensate for additional expenses and disadvantages they might suffer because they need to live away from home to do their job.
Transition to Retirement
20 April 2012
Since July 2005, when the Transition to Retirement ('TTR') rules came into effect, strategies surrounding these rules have continued to grow in popularity. The aim of TTR is to ensure that people have the capacity to retire and independently use their own superannuation funds. While many people believe they will be able to survive with their current super plan, most don't realise they could be significantly better off with an effective TTR Strategy.
Is the Tax Commissioner one of Australia’s most powerful people?
26 March 2012
Last month, the Government announced that they intend to give the Commissioner of Taxation up to 60 days to hold activity statement refunds – including GST and other indirect taxes such as luxury car tax, wine equalisation tax, etc. - while verifying the claims made.
For many businesses, waiting for up to an extra 60 days for the refund will have a major cash flow impact.
Read more: Is the Tax Commissioner one of Australia’s most powerful people?
5 simple ways to manage your tax downwards
26 March 2012
Look at any company that is in financial trouble and you will probably see the Tax Office as one of the larger creditors. The reality is that we all pay a lot of tax - some of it income tax, some withholding tax, PAYG instalments and GST.
There are two fundamental principles to managing taxation:
1. Don't pay any more than you have to; and
2. Don't pay it before you need to.
African Impact Lion Encounter Project
02 April 2012
One of our Trainee Accountants, Alyce Carroll, recently travelled abroad to volunteer in Zimbabwe. She worked on the African Impact Lion Encounter Project in beautiful Victoria Falls.
Alyce's main role as a volunteer was working hands-on with lion handlers and guides. Her duties included cub interaction, research and data collection on lion behavior and environmental changes, meat preparation, enclosure cleaning and lion training.
The Second Coming of the GFC?
17 February 2012
Much has been made in the media about Australia surviving the global financial crisis (GFC) or Eurogeddon as some of the finance crowd labelled it. On the ground however, the headlines concealed the reality of a patchwork economy where some industries pushed ahead while others were flailing in a sea of weakening consumer confidence, heavy discounting, tight lending conditions, and billowing debt cycles.
Rumours are rife that we're heading for a continued period of global economic turbulence and recession despite improvements in the European sovereign debt financing conditions. So, what does all of this mean for Australia?
How do you know if your business is in strife?
17 February 2012
Insolvency specialists will tell you that business failures don't show for months if not years after an economic downturn as business owners struggle to hang on. A business can go broke for many reasons but one consistent factor is the owner's fail to recognise the warning signs and take appropriate action.
What is the PPS register?
17 February 2012
You might have heard the advertising about the Personal Property Securities Act (PPS Act) and the national register that opened on 30 January 2012. But with a title like that it's easy to think that the Act and the register are not something that the majority of us need to worry about.
But, if you intend to: borrow money against an asset; provide goods on consignment or on credit; supply goods under a lease arrangement (or enter into a leasing arrangement); buy a business; or, buy personal property (excluding land), the PPS Act and register will impact on you.
The Business Realities of Managing Christmas
12 December 2011
The Christmas season affects different businesses in different ways and can have a significant impact on you.
For some, it is boom times but for others, a period of significant dislocation. Because of these differences, there is not a one size fits all answer to the best way to prepare and manage the season. You need to look at your business model and how the season affects your customers and suppliers. Armed with this information, what you need to be doing should be reasonably predictable.
Any period where operating conditions change means that there can be an impact on your profitability and cash flow. You need to look at both of these areas.
Tax Efficient Gift Giving
12 December 2011
Giving to your team
- Christmas celebrations at your work on a working day are likely to be exempt from FBT.
- Keep the cost of celebrations below $300 per person to ensure the event is a minor benefit for FBT purposes and exempt from FBT (including meals, beverages, entertainment, etc.)
- Keep any Christmas presents below $300 per person and ensure they are 'one-off' gifts. They need to be ad-hoc to be exempt from FBT.
- You can't deduct the cost of your Christmas celebrations for team members unless FBT applies.
Clients and Christmas
- Entertaining your clients at Christmas is not tax deductible. Sorry.
- Give a gift instead – gifts are deductible as long as the gift is given by the business with the expectation that the business will benefit (i.e. the gift is given with the expectation of generating revenue).
B Walker & Co: Blazing the Efficiency Trail
14 November 2011
Please find following excerpts from the Case Study of our firm distributed nationally to interested accountants:
Ranked the most efficient firm for the second year in a row, this regional firm is a model of best practice, working from two offices in Broadmeadow and Belmont.
For B Walker & Co, success has been delivered through a combination of hard work and implementing the right systems – from staff training right through to marketing.
Brett Walker, Director of B Walker & Co, sums it up perfectly: 'It all comes back to systems – that is our big strength. It's the main reason why our figures are the way they are'.
Buying a business: More than just the Sale Price
07 November 2011
If you thought reaching an agreement on price was difficult, wait until you get to the fine details of buying or selling a business.
So you've reached an agreement on price. But, there are differences between the parties on how the sale price should be apportioned across different assets.
A solution that's sometimes proposed is to simply show the sale price on the contract and let both sides manage their own apportionment but this depends on what assets you are buying. Try and avoid this trap.
More Articles...
- Christmas in July? The ups and downs of Christmas Marketing
- Property and SMSF's: Loosening the Rules
- What's the difference between Price and Value?
- Circumventing Fraudulent "Phoenix" Activity
- Preparing for the Roller Coaster Ride
- 5 Tips to Differentiate your Business
- Don't pay more tax than you need to
- What does the new R&D tax credit offer you?
