Blog

Is your business financially fit?

The secret to a successful business is to make sure you are not just working IN your business but you are also working ON your business. As the end of the financial year approaches, there's no better time to give your business a financial fitness check.

Of course, the best policy is to continually monitor how your business is faring throughout the year. But if you've been caught up in the day-to-day management then now is a good time to get back on track because you will be looking at your figures for tax time anyway.

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Are stretch goals right for your business?

Much has been written in various business journals about the mythical stretch goal. Above and beyond your standard SMART goal (specific, measurable, achievable, relevant, time-bound) stretch goals aim to totally transform businesses, pushing them to new heights.

Elon Musk is a famous proponent of this 'shoot for the moon' approach. His company SpaceX aims to do nothing short of put people on Mars. The sheer audacity of the goal has meant they've made some terrific progress.i

On the hand, sister company Tesla recently failed to meet more than 20 of their ambitious projections.ii So, while stretch goals can be transformative, they are also risky business, and only some companies are in a position to take them on.

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Are you ready for Single Touch Payroll?

If you haven't heard about the introduction of Single Touch Payroll (STP) for employers with less than 20 employees, it might be a good idea to keep reading as this new system represents a big challenge for many small businesses.

With an estimated 730,000 employers required to begin electronically reporting their payroll information directly to the ATO from 1 July 2019, lots of small business operators need to get their head around STP, and quickly.

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Selling a business? Don't forget about tax

It can take many years and a lot of hard work to build a successful small business. When you finally decide it's time to sell, tax is often the last thing on your mind. Yet it can have a big impact on how much of the sale price you get to keep - and how much goes to the taxman.

The biggest tax issue to consider is capital gains tax (CGT). Although the Government tightened eligibility for its small business capital gains tax (CGT) concessions in 2018, there are still generous discounts available for those who qualify.

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Make tax time less taxing

Tax time comes around with alarming regularity, so why is it that we tend to wait till the 11th hour to get all our affairs in order?

Good tax planning is about more than simply maximising deductions. It enables you to focus on the big picture so you can arrange your business and personal affairs in the most tax effective way and make the most of our services and tax updates throughout the year. Not only will it reduce stress as June 30 approaches, but you could end up better off as you won't have forgotten anything in the last-minute scramble.

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Tax Alert: March 2019

With small business votes likely to be a key battleground during the Federal election campaign, the Morrison Government has announced its first tax sweeteners.

Here's a round up of key developments in the world of tax:

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Car expenses on the ATO's radar

With almost 4 million Australians making work-related car expense claims, the Australian Tax Office has the practice in it's headlights.

Not only are they on the lookout for people wrongly claiming, but they are also armed with enhanced technology to check these claims.

As a result, you need to make sure that if you claim your car expenses, or if your employees use a company car for private use, that you are sticking to the rules, not double dipping and not misrepresenting actual usage.

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Tax and your website: What can you claim?

Most small businesses and independent contractors have a website these days. If you are planning to launch a new website or refreshing an existing one, it's important to understand the tax implications. As with all things tax, it's not always easy.

The complexity of the technology and associated services that go with running a website can make it tough to determine what you can claim upfront as a tax deduction and what you need to depreciate over time.

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2018 Year in Review

Investors started 2018 full of hope, with the global economy and financial markets in good shape, but by year's end they were uncertain and a little anxious about what lay ahead. Markets responded with last minute falls across all asset classes.

The issues that weighed heavily at the end of  2018 were the unresolved trade dispute between the US and China, confusion over the final Brexit deal, rising US interest rates, falling oil and commodity prices and the US government shutdown. Australians were also distracted by political instability and falling house prices in Sydney and Melbourne. With so much focus on what may, or may not, lie ahead, it was easy to lose sight of the solid progress we've made.

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New year - same you but better

We hear the phrase 'New Year, new you' bandied around a lot at this time of year. As if the current you were an apartment on The Block, getting ready for major renovation on January 1st.

The truth is you don't need to be a whole new you every year. 2018 may have been filled with lots of moments you really treasure. And I bet your nearest and dearest thing the current 'you' is just fine the way you are.

However, a life well lived is not a static life - we all need to keep growing and learning and part of this is understanding what we like about ourselves, what gives us joy, and what we're proud of. So, with this in mind, let's look at how this New Year you can be the same you, but better.

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