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- Charge Rates for Trade If you’re a tradesperson, one of the difficult tasks is regularly reviewing your charge out rates for employees and the management personnel within the business, to achieve a targeted profitability figure. Setting charge out rates is difficult. You have to be careful that don’t under-price as this would reduce profits. Whilst at the same time,... Read more » 14.07.2016 | Read more
- Maximise your claim: Overlooked property deductions for investors Many investment property owners may be missing out on valuable property depreciation entitlements, simply by not being up-to-speed on what is and is not depreciable. Examples of assets that could qualify for tax deductions may surprise many taxpayers, and can even include items such as kids’ cubby houses or garden gnomes which form part of... Read more » 14.07.2016 | Read more
- Amending your activity statement Once we have lodged your latest activity statement, you may realise that something has been left out or you neglected to include a particular item. The Australian tax system is based on “self assessment”, which means the ATO generally takes your word, under our guidance, and bases its assessment on the information it has been... Read more » 4.05.2016 | Read more
- Victim of identity theft? The taxman can help Such is the very real threat nowadays of identity theft that the ATO has set up a Client Identity Support Centre (find it here) to help taxpayers who have had their identities stolen or misused. The ATO says it will give every assistance it can, and will provide information and advice to help people re-establish... Read more » 15.04.2016 | Read more
- Innovation – Don’t accept the status quo! The government is encouraging businesses to look very closely at innovation strategies within business operations. One of the key concepts for successful innovation is for all team members not to accept the status quo. Just because something is being done a particular way for a number of years doesn’t mean that it’s the correct way.... Read more » 17.03.2016 | Read more
- Rental properties: ATO focus on “initial repairs” The ATO is focusing on claims that investment property owners make for repairs to rental residences that it deems to in fact be “improvements”. The scenario where investment properties have work done on them often happens shortly after the property is purchased, and has led to the term “initial repair” being commonly used when discussing... Read more » 3.03.2016 | Read more
- Employers: Beware “left-field” FBT liabilities It is generally understood that for fringe benefits tax (FBT) to apply, the benefits paid are usually in respect of an employment relationship. Where some businesses have tripped up in the past however is where this relationship is not clear cut – that is, where non-cash components of remuneration are sourced not directly from you... Read more » 3.03.2016 | Read more
- Good Practice Checklist For SMEs Good business practices add value to a business. It involves identifying tasks that must be done to keep a business in good shape, and ensuring those tasks are carried out consistently and regularly. This checklist helps Australian small businesses identify some of the tasks critical to good business practice. If you regularly undertake these tasks,... Read more » 18.02.2016 | Read more
- Leadership One of the biggest challenges for business management is the development of appropriate leadership strategies for a business. Various studies have indicated that the most important element in improving productivity is leadership. Well-led organisations are 12% more productive and up to 3 times more profitable. More…. 18.02.2016 | Read more
- Got your car log book ready? When claiming for work-related car expenses, many taxpayers miss out on maximising their claim due to inadequate record keeping. But also, failing to maintain a valid car log book can cost taxpayers dearly in a Tax Office audit. More…. 2.02.2016 | Read more