Blog


Ho, Ho, Ho! It’s coming up to the Holiday Season and you might be thinking of throwing an office break up party or providing your staff with Christmas presents. Without being The Grinch, there are Fringe Benefits Tax implications for both of these scenarios that you need to be aware of. 


One of the most challenging aspects of starting a new business is sourcing finance. Once you know how much funding you require it’s time to explore your finance options and there are 6 sources of funding available.  


With Christmas and the holiday season fast approaching, businesses may find their cash flow suffering particularly if current invoices don't get paid until February next year. This can be catastrophic for seasonal businesses so let’s look at some ways to help improve your cash flow.


The Tax Office has deployed what they refer to as "mobile strike teams" to uncover business owners attempting to avoid tax, especially to target the cash economy. With plans to visit some 10,000 small businesses in the 2019 financial year nationwide, this follows on from their earlier successful blitz of cash-centric suburbs around Australia. To this end we outline some of the common mistakes the ATO has recently observed.   


The ATO has indicated they are casting a wider net when it comes to claims for home office expenses, work-related expenses and ride-sharing income. Find out what’s under the microscope this financial year.  


The rate for work-related car expenses has increased for the income year starting 1 July 2018. It is now 68 cents per kilometre.
This applies if you have chosen to use the cents per kilometre method for calculating work-related car expenses and will remain in place until the Commissioner decides it should be varied.
If you are paying your employees a car allowance in excess of 68 cents per kilometre, you need to withhold tax on the amount you pay over 68 cents.


As a business owner and employer there are a number of legislative changes that came into effect on July 1, 2018 which you need to be aware of including Single Touch Payroll, the continuation of the Superannuation Guarantee Charge Amnesty, increased Minimum Wage Rates as well as changes to Penalty Rates and the Unfair Dismissal Threshold.  


It’s exciting when you have that light bulb moment and you’re hit with an idea for your new business. Before you can open your doors, there are numerous issues to consider and you must navigate your way through a maze of rules, registrations and regulations. One of those importance issues is making sure you carry out the right business registrations.    


Profit is the way we keep score in business. It is achieved through making the right management decisions and it impacts on your business valuation. You simply can't afford to leave any profit on the table.  


The Federal Treasurer, Scott Morrison, handed down his third Budget on the evening of Tuesday May 8th. We provide a round-up of the changes that may impact you or your business.     


The end of another financial year is fast approaching. Our 2018 Tax Planning Guide for the end of  the 2017/18 financial year highlights some end of year tax planning opportunities which you may wish to consider before June 30, 2018. 


It’s exciting when you have that light bulb moment and you’re hit with an idea for your new business. Before you can open your doors, there are numerous issues to consider and you must navigate your way through a maze of rules, registrations and regulations. One of those issues is the right business structure.   


All employers need to perform a headcount as at 1 April 2018 to determine when they need to implement the latest ATO digital initiative - Single Touch Payroll. Employers with 20 or more employees will need to start reporting through Single Touch Payroll from 1 July 2018. Let’s look at what employers need to be doing right NOW.   


Can’t I use my superannuation? This is a very common question we get asked and in this post we look at what the government restrictions are on accessing your super and the impact of preservation age.  


According to a recent Telstra survey, only 50% of Australian small businesses have a website. Surely this can't be true! With the same report finding that 62% of customers will stop considering a small business if they can't find information about it online - there can be no doubt that having a website is a fundamental weapon in your marketing arsenal. 


The ATO recently conducted a blitz in specific suburbs around the country, including Haymarket, Cabramatta and Liverpool in Sydney where it identified suburbs as having 'high cash economy risk behaviours'. Due to its success, the Tax Office will maintain its audit focus on cash-based businesses. Could yours be next? 


Franchising is big business in this country and while buying into a franchise can often be promoted as a ‘gold mine’, the reality is, franchises can also fail. Let’s examine some of the most important things you need in place when buying a franchise. 


Cash is King, make no mistake, but managing cash flow remains a constant challenge for today's small business owners. In this article we examine the differences between cash flow and profit and the importance of understanding your numbers to maintain a positive cash flow.   


Cash flow is the life blood of any business. In fact, it can be the difference between success and failure with a lot of business owners walking a tightrope. Let’s briefly examine some of the most common causes of a cash flow crisis.


There has been a fundamental shift in the way consumers make their purchasing decisions. The availability of free, high-quality information online has changed the way consumers buy and Inbound marketing has replaced traditional Outbound marketing methods.   


As a savvy business owner, it’s important to use email marketing. The benefits of Email Marketing almost sound too good to be true – a 4300% ROI for starters! This article will guide you through the first step – how to build your email marketing subscriber list.


Video is no longer an option for businesses looking to grow, it’s essential. These are the video marketing trends that you need to be aware of in 2017 to stay ahead of your competitors.


Every entrepreneur wants to grow their business but there's no simple formula that guarantees success. In this series of posts we are up to the third way to grow your business, how to increase the value of each sale.


Clearly, everyone wants to grow their business. Unfortunately there is no magic potion or silver bullet but we do know there are only four ways to grow a business. In this blog we examine the second method, how to increase the number of times a customer comes back and buys from you.


Franchising is big business in Australia and the perception is, it's a licence to print money. However, recent media reports suggest this may not be the case.


Everyone wants to grow their business, however, there is no 'magic marketing bullet'. Fundamentally there are only four ways to grow a business including, increase the number of customers of the type you want.


I must admit I don’t watch a lot of television but I did enjoy the latest Australian season of Shark Tank where budding entrepreneurs seek funding from a panel of wealthy investors (the sharks). While it’s another form of reality TV the show does provide business owners with some valuable business lessons. In this edition we ask the question, should you swim with sharks?


I must admit I don’t watch a lot of television but I did enjoy the latest Australian season of Shark Tank where budding entrepreneurs seek funding from a panel of wealthy investors (the sharks). While it’s another form of reality TV the show does provide business owners with some valuable business lessons including the importance of knowing your numbers.


 

The first taxable payments annual report for clients in the building and construction industry are due with the ATO by August 25 if you are lodging through our office. For other businesses who pay contractors for building and construction services in the 2012/2013 financial year the due date of this report was July 21, 2013.

Thinking Of Buying A Business Asset?

Clients often ask us about the best way to acquire different types of assets in their business. In this article we’re talking about plant & equipment and depreciating assets like machinery and computers.

Thrive Or Just Survive?

McCrindle Research has done a study that examined the Australian Bureau of Statistics data on business start ups and failures. The purpose of the study was to identify which types of businesses have the best survival rates, where they are located and what industries they are in. The results are certainly not what we expected.

Inspector Gadget - The iPhone 5

Mobile gadgets continue to boom and currently just over half of Australia's population have a smart phone and that will increase as people upgrade their existing mobile phones.

When Is A Good Time To Start My Business?

You may have been dreaming of starting your own business for years but there are so many road blocks including financial concerns, family issues or possibly your own self belief. There are also external factors like the economy and the lack of credit available for business start ups in the wake of the global financial crisis. However, there are a number of reasons why it could be the right time to start your own business.

Building Industry Taxable Payments

As part of the 2011/12 Federal Budget, the Government announced the introduction of taxable payments reporting for businesses in the building and construction industry.

Paying Your Tax By Credit Card

Business owners can now pay their tax by credit card and potentially gain reward points in the process. The ATO will accept tax payments of between $10 and $50,000.

Do You Have An Inactive Bank Account?

From May 31, 2013 the Federal Government will be able to transfer the balance from bank accounts that have not been used for three years into their own coffers.

Marketing To Today's 'Smart' Customer

The internet and the technology revolution have changed the profile of the modern day customer. They have the internet in their pockets on their smart phones and they don’t rely on television, radio and print media to get their information anymore.