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- Tax when you’re headed overseas Most people’s “to-do” list when they are planning a trip overseas will likely include items such as travel insurance, phone chargers or taking photos of their passport — but probably the last thing on anyone’s minds will be their likely tax situation before, during or after that trip-of-a-lifetime. However a few simple considerations, taken in... Read more » 13.08.2019 | Read more
- Regular meetings contribute to Business Success The concept of “working on your business” rather than always “working in your business” illustrates the desirability for directors and managers to have some “time out” from day to day activities periodically. One of the key activities that could be conducted at least four times per annum is to have a meeting with your accountant... Read more » 13.08.2019 | Read more
- Business Performance Monitoring Business owner/operator’s need easy access to a few key performance indicators to monitor how healthy the business, on an on a regular timeframe. It’s imperative to identify only a handful of metrics that you see daily or weekly. These metrics should tell a quick story and give insight into both external and internal trends that... Read more » 23.07.2019 | Read more
- Carrying forward concessional super contributions The income year of 2019-20 has just ticked over, which is also the first year in which an individual is able to make additional catch-up contributions to super through the application of unused concessional (before tax) contributions. These are “unused” if the fund member made less than the legislated cap on such contributions, which was... Read more » 2.07.2019 | Read more
- How well do you know your Business? It is a good idea to periodically review key aspects of the individual components of your business. Customers Who are your customers? How well do you know their preferences? Do you know your “A-grade” customers? Are you solving your customers’ problems with your products/services? More…. 2.07.2019 | Read more
- Records for claiming work-related expenses When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income. To successfully claim a deduction for work-related expenses, it’s important that you must have spent the money yourself and weren’t reimbursed, it must be directly related to earning your income, and importantly... Read more » 10.06.2019 | Read more
- Instant asset write-off In last month’s article about working from home, mention was made of the small business instant asset write-off. However, this was written before the Federal Budget, which made changes to the write-off. The small business instant asset write-off threshold has now been increased to $30,000. It has also been extended to cover medium sized businesses... Read more » 2.05.2019 | Read more
- Creating Value in your Business Business owners often get so buried in the day to day, that we forget the myriad of essential building blocks required to be kept in check, to create, build, maintain and ultimately sell a business. It can be a real challenge to keep all the plates spinning, regardless of the size or stage of the... Read more » 16.04.2019 | Read more
- The approach to tax when you’re working from home If you produce assessable income at home, or some of it, and you incur expenses from using that home as your “office” or “workshop”, the ATO will generally allow that a taxpayer could be in a position to be able to claim some expenses and make some deductions. Otherwise the ATO takes the view that... Read more » 4.04.2019 | Read more
- When valuations of property are important for tax There are times when getting a valuation becomes necessary, especially to estimate the cost of transactions that are not arm’s-length or when no actual cash changes hands. A common example of this is in respect of property, and especially for transactions when a valuation is necessary for tax purposes. For example, let’s say that Humbert... Read more » 12.03.2019 | Read more