All businesses are fundamentally the same. If I've learned one thing from my 18 years in business working with hundreds of SME clients (and growing my own little business), it's that we owners all have the same challenges: Attracting and retaining the right team members who are great at what they do Attracting and retaining your ideal customers – people who pay on time, take your advice, and are a joy to work with Getting employees to consistently do the right things, at the right … [Read more...] about Is your business funding the lifestyle you want… or is your lifestyle supporting your business?
Archives for July 2015
Why penalise someone for working hard? For me, that’s what the current debate around increasing the GST boils down to. My belief is simple: it’s far more effective, on a number of levels, to tax spending rather than taxing earning. The benefit of consumption taxes like the GST is the amount of tax you pay depends on how much you spend. This alone would be unfair on lower income households, as the percentage of tax they would pay compared to income would be higher. So any talk of a GST … [Read more...] about Should Australia get a second job?
BUSINESS IS TOUGH - GET FIGHTING FIT at Jason Cunningham's Business Bootcamp It takes one to grow one. Tap into Jason Cunningham's business-building expertise and learn his fundamentals for business success in this intensive 1-day workshop. Tired of treading water with your business? Know you need to make changes, but don't know where to start? Identify the key activities you should focus on for maximum effectiveness, and start building a 12 month action plan. You know … [Read more...] about Business Bootcamp – Wed 26 August
Think back to those heady, exciting days when you first decided to take the plunge and seize control of your own destiny. What were the reasons you gave friends who were sceptical (or thought you were downright crazy)? “A better quality of life - more freedom and flexibility.” “To create something special, and make a difference.” “To be the boss and call the shots.” “To get a greater share of the profits for all my efforts.” So… how’s that working out for … [Read more...] about Why did you go into business?
For 2014/15 individual income tax returns to be lodged this year, the ATO says it will be focusing on: unusually high work-related expense claims across all industries and occupations; expenses claimed that have already been reimbursed by employers; and claims for private expenses such as travel from home to work. The ATO’s ability to identify and investigate claims that differ from the ‘norm’ is improving each year at a rapid rate. Every return is scrutinised and it is … [Read more...] about ATO warns over-claiming is easier to detect than ever
Although all large and medium-sized employers were meant to be ready for SuperStream by 30 June this year, the ATO has advised that, for those who are not yet ready, it will extend that date by four months until 31 October 2015. SuperStream for small employers with 19 or fewer employers started from 1 July 2015. … [Read more...] about Employers – ATO extends SuperStream deadline
A recent risk review conducted by the ATO showed that up to 70% of employers that have Fringe Benefits Tax (FBT) obligations are non-compliant. This could leave businesses exposed to hefty fines and penalties. Read on to find out if you’re at risk… Fringe Benefits are benefits given to an employee by an employer in addition to their salary. The most common Fringe Benefits comes in the form of company cars given to employees to use which is garaged at or near the Employee’s place of residence … [Read more...] about What the FBT?!?!
Everyone’s looking to save a few extra bucks. Here are four ways you can reduce your taxable income (if you earn a salary) through Salary Packaging – and thus save yourself some cash. Novated Leasing. If you’re looking to buy a new car, consider Novated Leasing. This is an arrangement whereby your employer agrees to make the Lease payments on the Motor Vehicle and you make a Pre & Post Tax Contribution from your Salary to cover the costs of the Lease payments. Clear as mud? Suffice to … [Read more...] about Four ways to save cash through salary packaging
From fridges to moisturiser, there are hundreds of surprising items that are tax deductible. Depending on your industry, here’s what you could claim. With the Federal Government’s recent renewed focus on supporting small business through tax relief in the Budget [link to Budget article], we take a look at some of the lesser-known existing exemptions that many business owners aren’t claiming. So strap in as we enter the weird, wacky and wonderful world of business tax exemptions. Note that … [Read more...] about Weird And Wonderful Business Tax Deductions You Probably Didn’t Know About
The pundits are divided about how much you need to retire on comfortably. One expert will say $1 million is enough, while others say you’ll need a fair bit more, particularly as the make-up of (and accessibility to) the aged pension is likely to change in the future. And crucially, which side of the fence you sit will depend greatly on your definition of ‘comfortably’. Many experts point to a retirement shortfall based on the longevity risk of outliving your super. There are varying … [Read more...] about Don’t be in denial about your retirement – fund the shortfall yourself
The ATO will have an increased focus on rental property deductions this Tax Time. It will be paying closer attention to excessive deductions claimed for holiday homes in 2015, and will also be actively educating rental property owners about what they can and cannot claim. For example, the ATO will be writing to rental property owners in popular holiday locations, reminding them to only claim the deductions they are entitled to, for the periods the property is rented out or is genuinely … [Read more...] about ATO increases focus on rental property deductions
The ATO is again warning the public to be aware of a phone scam that is circulating, where fraudsters are intimidating people into paying a fake tax debt over the phone. The aggressive scam attempts to force people to pay a fake tax debt immediately by threatening arrest if they don’t comply. If you receive a call from the ATO we recommend you ask for the caller’s name and either call our office with the details or phone them back through the ATO’s switchboard on 13 28 69. … [Read more...] about ATO warns about aggressive phone scams