New rules introduced as part of the ‘Stronger Super’ reforms will compel trustees who break super laws to undertake mandatory education The measures, which came into force on 1 July 2013, will tighten the responsibilities of SMSF trustees. In order to remain compliant with SMSF rules, trustees should be aware of their obligations. The primary […]
HAPPY NEW YEAR !! Now is the time to start planning for the New Financial Year and there a few important things that need to be done first. We have prepared a list of these important things to help you get started: THINGS TO DO TO PREPARE FOR A NEW FINANCIAL YEAR MYOB & […]
Business Interruption Insurance While many see the importance of car or home and contents insurance, many small businesses have not considered what they would do if something unexpected were to happen which would force their business to temporarily close. With many small businesses being the livelihood of entire families, it is important for owners to […]
Attracting return customers Most business owners know that it costs more to attract a new customer than to keep an existing customer happy. In the current economic climate, working on maintaining a relationship with existing clients is worth investing the extra time and money to build business loyalty. Outperform Give customers more than they expect […]
Year end tips for Property Owners Renovations by previous owner You may be eligible for a deduction for depreciation on the cost of improvement by a previous owner, provided items are identifiable and itemised in a depreciation schedule. Correctly disclose capital gains The ATO is closely monitoring undisclosed capital gains including gains from disposing of […]
Time to start thinking about tax time The countdown to the end of the financial year is on and that means you should start to focus on your end of financial year position and any tax planning that is appropriate for you. Don’t leave it till the last minute. No decision, or rushed decisions, can […]
Improving the integrity of the Tax System The Budget has introduced a number of measures intended to improve the integrity of the taxation system. This will be achieved by increasing business tax compliance, closing loopholes, strengthening tax evasion systems and increasing the payment of tax instalments. The budget has revealed further tax compliance measures including: […]
Home business tax deductions With so many businesses now being run from home, the ATO is eager to ensure that those claiming tax deductions do so correctly. Understanding the rules A home based business may use the home as the principal place of business (such as a hairdresser), with clients coming to the home. Alternatively, […]
Year End Tips For Business Owners Fixed assets Review fixed assets useful life and determine if there are any benefits in scrapping or trading in assets. Write off obsolete inventory The year end stock-take should involve a review of all inventory. Obsolete stock may be scrapped or valued below cost subject to specific guidelines. Small […]
Federal Budget Update We have found the best summary of last night’s budget, thanks to Knowledge Shop. Click here for the full budget insights.
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