Accounting

A lot of business owners when asked what they think of superannuation will remark 'my business is my super fund'. However what happens when their business is sold? When a business is sold, generally there will be a substantial lump sum that the vendor may need advice on. If the intent is to retire, you are over 55 and certain...

Disruptive technologies and innovation are accelerating the need for change and are having a profound impact on many traditional business models and their revenue streams. To compete effectively, businesses must adapt and evolve quickly to respond to what is becoming the new 'norm'. Operationally this is being made easier by digital technologies such as customer relationship management (CRM) systems and...

You're in business for many reasons. Profit must be on that list, if not at number one, as a natural consequence of your greater business purpose. Unless you're a charity or NGO, business without profit isn't a business. Profit comes from many sources - not just revenue, but managing overheads, expenses, input costs, people and products. Profit can be found...

Not sure who to trust for business advice? If you only use an accountant for taxes then you are overlooking an important resource. An external accountant can provide vital knowledge about your industry and its key players. Just a quick catch-up will give you an idea of how your business is doing relative to competitors. By benchmarking in areas like...

Actually they are far less risks in moving your accounts to the cloud than keeping your data on a dedicated computer in your premises. Your accounts computer with all your accounting data is not only at risk from attacks from the internet through malware, spyware, key loggers or other nefarious pieces of code that can find their way onto the...

If you are the owner of a small business it is essential that you plan your exit strategy around one of the four capital gains tax (CGT) concessions available on the sale of small business assets. These concessions can be extremely effective in reducing your tax liability, especially when the sale of the business or asset is connected with your...

Two of the most common questions we get asked as accountants are: 1. What is involved in building a property portfolio? 2. What are some tax advantages of property and how do you maximise them? The media regularly features amazing tales of rags to riches landlords with fat property portfolios, particularly during expansion or boom phases of the property cycle....

What are the key factors for choosing an auditor for your business? Reliable information is the basic prerequisite for confidence in the value of an organisation; for investors, the public and the organisation itself. A conscientious independent audit of an organisation's financial report provides the basis for this confidence. HOW TO CHOOSE THE RIGHT AUDIT PARTNER Choose the right team...

It is common for businesses to make GST errors in their BAS. The majority of these mistakes are unintentional. The ATO recently reviewed all of the BAS adjustments made as a result of auditing and revealed that over 80% were the result of inadvertent GST mistakes. Examples of common mistakes include: clerical errors such as duplications or accidental omissions, sales...

As personal technology devices such as laptops, smartphones and tablets, are becoming increasingly prevalent, the ATO will be focusing its attention on individuals claiming tech items as work-related tax deductions. Currently, Australians claim almost $19.5 billion each year in work related expenses, and an increasing number of tech items are being included each year. It is common for individuals to...

Business planning is very important - it's like knowing the directions when you want to go somewhere and now is the perfect time to set your business plan for 2015. A great way to make sure your business stays on track is the Now-Where-How process. This process asks three key questions that need to be answered in developing a plan:...

Like so many other areas of good business management getting the right plan in place for management of your human resources can increase profits dramatically if implemented correctly. Getting the right equipment for the job is accepted as essential and it is with this same philosophy recruiting the right people into your organisation should be viewed. Person Specification What type...

While redundancy was once considered an unwelcome sign of the times, the new corporate reality means it is becoming more likely that at some stage during your career you will be made redundant. Getting the right tax advice can help you make the most from a redundancy payment as you move into a new job. If you are thinking of...

Research has consistently shown that most Australians are underinsured and do not possess a level of cover sufficient to protect themselves and their family's way of life. In Australia, over 5 million families have dependent children but only 4 per cent of these families possess insurance which will allow them to maintain their current lifestyle for 10 years or more....

With the start of the financial year we see the payroll tax threshold increase to $1.85m for the 2014/2015 financial year (up from $1.75m) in the ACT. Payroll tax is payable by an employer if its total taxable wages, or the total taxable wages of the group that it belongs to, exceed the threshold. This tax is levied at 6.85%...

This update covers announcements in the Budget and other changes over recent months. As Budget announcements may not necessarily become law, they are subject to change. Tax deductible contribution caps From 1 July 2014 the concessional contribution cap will rise from $25,000 to $30,000. In addition, anyone aged 50 or more at any time during the year may contribute up...