An article in the Sydney Morning Herald recently caught my eye about a man suing the ATO for ruining his life. Bold move, I thought - assuming he probably contributed to the issue by not regularly lodging a return. But as I read on, I grew to really feel for the guy. In 2006 the ATO incorrectly issued Gary Kurzer a bill for $200,000 (the bill was later corrected to $8,554). It took 5 years of legal battles before the ATO finally acknowledged their mistake. In that time, he … [Read more...] about Sticking it to the man!
Archives for July 2014
A revenue strategy is important, but it’s only one piece of the puzzle. If you don’t have a solid foundation for your business – understanding your People, your Processes, and your Customers – you might strike trouble regardless of your revenue. You can be the best salesperson in the world, and have healthy revenue… but if you don’t have your back end house in order, or you’re selling the wrong thing to the wrong people at the wrong time, your sales may take a hit – and your profit is … [Read more...] about Why you should focus on financials last
Superannuation Guarantee is now 9.5% - ensure your software is up-to-date (talk to us if you're unsure of your obligations) Issue PAYG W payment summaries to your employers AND send/transmit to the ATO If your Wages and Super is over $550,000 - ensure you attend to your annual Payroll tax obligations Review and complete your annual WorkCover certificate of wages (do you need to review your forward estimates?) … [Read more...] about REMINDER: Annual employer obligations you must attend to
With the Government determined to balance the budget, the ATO is reviewing the $17.7b uncollected taxes over 2012/13 (60% owed by small businesses). Talk to us to discuss strategies to ensure you have the cash flow available to meet your tax obligations. The Inspector General of Taxation (IGT) has announced a review of the ATO's approach to debt collection. The ATO has stated that more recent increases are a result of economic conditions and its assistance to viable businesses to … [Read more...] about ATO to get tough on outstanding $18b unpaid tax
As reported in The Age yesterday, several factors have presented consumers with never-before-seen rate opportunities. It's a great time to get finance - or get a better deal on existing finance. Contact us for a FREE review of your current loans to ensure you're taking full advantage of record low rates. And if you're considering a new loan, let us do the work for you - and use our relationships to give you access to broker-only rates and special deals. 4.63% for loans … [Read more...] about BREAKING NEWS: Special bank interest rates (limited time)
Buying a property has always been the Great Aussie Dream… so it’s a no-brainer that everyone should buy rather than rent. Right? Surprisingly, not according to many pundits. Some argue we’re paying too much for property – that affordability has gone out the renovated sunroom window. Others go further, suggesting we might be in a property bubble and that these high prices will eventually burst. Even the Reserve Bank has weighed into the debate, with a recent RBA study suggesting … [Read more...] about To rent or buy… that is the question
Your business financials are important… but I argue they should be the last things you focus on. I encourage all small businesses to take the Balanced Scorecard approach, focusing on the 4 pillars of every business: your People, your Processes, your Customers, and your Financials. This sounds controversial coming from an accountant... but business owners should first focus on the other 3 pillars of business: your People, your Processes, and your Customers. These three pillars drive the … [Read more...] about The first (and most important) thing small business owners should focus on
I read with interest (get it) a recent article in the Herald Sun, Superannuation funds climb by double digits in the 2013-14 financial year. While the median return on a balanced fund is estimated at about 13% for the 2013-14 financial year, some top funds should see returns of up to 16%. Coupled with a 15.6% return the previous year, it's an outstanding return in anyone’s language. Two years of double digit returns for super funds is great news for pretty much all working Australians, as we … [Read more...] about Good news you may have missed – two years of double-digit super returns
At my recent 'Secrets of business success' event, I challenged the audience with two simple questions: 1) Why did you go into business? (Usual - and perfectly valid - answers: more money, better/more flexible lifestyle, run my own show, answer to no one, make a difference, etc...) 2) So... how's that working out for you? (...awkward silence) This is a common issue facing business owners - one I've seen all too often in my 17 years of helping business owners grow their business … [Read more...] about Why did you go into business… and how’s that working out for you?
Strategy Bootcamp - Thursday 14 August Join Jason Cunningham and The Practice's Business Advisory team from for a powerful day of strategic planning Write your own strategic plan in a day (for a fraction of the cost) Walk away with a 12 month action plan to achieve your strategic goals Work with other growth-oriented business owners to overcome your key challenges and get inspired to transform your … [Read more...] about Build your own strategic plan in a day
By Jason Cunningham - Director of The Practice Happy New Financial Year! We Accountants get very excited at this time of year. (It doesn’t take much.) But so should you, as it's a great opportunity to set yourself up financially. Just as we set personal goals when entering a new year, the end of financial year is the perfect time to revisit your money goals, see if you’re on track, and make new money resolutions to work towards. Setting New Financial Year resolutions is one thing… … [Read more...] about Tips for a prosperous New (Financial) Year
Thanks for requesting my eBook - you can download it here: Grow your business and profit with less stress. All the best on your business-building journey. Jason Cunningham … [Read more...] about eBook: Grow your business (and profits) with less stress