By Tim Sherlock, Senior Accountant With the Christmas break almost upon us, many employers will look to reward employees and thank clients with a gift or celebratory event… but beware of the possible Fringe Benefits Tax (FBT) and income tax implications of providing ‘entertainment’, such as Christmas parties. FBT and Entertainment Under the FBT Act, employers must choose how they calculate their FBT entertainment liability and most use either the ‘actual method’ or the ’50/50 … [Read more...] about Silly season tax traps
Archives for November 2015
One of our clients, and a close friend of Jason Cunningham’s - ex Melbourne Football star David Schwarz (aka THE OX) – has a special offer for all Practice clients. The Ox is a managing director of Supatramp – a state-of-the-art indoor activity centre filled with exciting equipment and activities - and he's offering all Practice business clients a 20% discount! Supatramp has tailored a program specifically for team and relationship building, as they – like The Practice - understand the … [Read more...] about Special offer for business owners from The Ox!
On 1 December 1997, two 24 year old upstarts - Robert Hadded and Jason Cunningham - flung open the doors of The Practice for the first time. They'd gone to Primary, Secondary, High School and Uni together - so you could say they were destined to go into business together (or get restraining orders against each other). They started out with two employees - Jason and Rob - and no clients. Fast forward to today, and The Practice has over 50 dedicated team members working in harmony across … [Read more...] about The Practice turns 18
(Photo: www.pexels.com; www.gratisography.com) I wrote recently about research that showed 66% of SME owners don't believe today’s education system gives children the skills they need to run a successful small business. Backing this up is the latest MYOB SME Snapshot survey: 38% of business owners said trial and error was the No. 1 method for gaining business skills in the start-up phase – ahead of other important information sources such as accounts and financial advisers (32 per cent) … [Read more...] about 9 steps to start-up success
What makes a great workplace? The people? The pay? The jobs you work on? We can’t all be like Google and give employees time off to work on pet projects, or provide free lunch and on-site barista around the clock like LinkedIn. But the latest MYOB SME Snapshot research highlights that smart SMEs are leveraging small business attributes – namely culture and employment flexibility – as selling points to attract talent. The research showed 38% of SMEs said employment flexibility was the key … [Read more...] about Attracting the best talent
Is a healthy work/life balance really attainable for SMEs? Depends on your definition of balance. Many people think balance means an even, equal, consistent separation of work and play. And for wage earners, it’s a reasonable expectation. But not for business owners. Unfortunately, business doesn’t conform to your gym class or school pick-up schedule. There will be peaks and troughs. Late nights and stressful times. It’s up to you to reclaim your ‘life’ when things level off. Now you’re … [Read more...] about Can your accountant improve your work/life balance?