The end of the FBT year is fast approaching, and it is a good time to reflect on your FBT plans for 2015-16. Fringe benefits are benefits that you provide to your staff that fall outside the categories of traditional wages and salaries. Examples of common fringe benefits include cars,... read more →
Feb
16
Feb
11
Managing your cashflow is crucial to running a successful business. Running out of liquid capital is one of the most common reasons that small businesses fail. Monitoring your cashflow and planning accordingly is important at every stage of the business lifecycle; however, it is especially critical that businesses experiencing rapid... read more →
Feb
06
The new year is always a great opportunity for business owners to consider their business resolutions and to take a step back and think about what they can do to improve on previous years. Sometimes, the answers are glaringly obvious, but in other instances, you may have to think a... read more →
Jan
30
There are some capital gains tax (CGT) concessions available to small business owners that can be used to minimise tax liability when you dispose of assets. These CGT concessions can be extremely effective. You can apply as many as you are entitled to until your CGT bill is reduced to... read more →
Jan
28
The ATO is preparing to enter into the second phase of its dividend washing compliance program. Over 3000 individuals and entities have now received written correspondence requesting that they amend their returns to rectify dividend washing benefits. Taxpayers who have gained a tax benefit from dividend washing transactions are being... read more →
Jan
23
It is an unfortunate fact of business life that sometimes you will not be paid in full for work you have done. When this happens you have incurred a bad debt, and it is a very frustrating experience. The silver lining to this situation is that there are some tax... read more →
Jan
21
Recently appointed Taxation Commissioner, Chris Jordan, is striving to see the ATO reduce red tape for small business owners. The aims include: • Providing more targeted, accessible and reliable services to small business owners • Aiming to reduce the impact of ATO activities on day-to-day business operations and cashflow •... read more →
Jan
14
There are a number of CGT concessions available to small business that have incurred a capital gain from an active asset. It is permissible to claim as many of the concessions as you are entitled to until your CGT liability has been reduced to zero. The available exemptions are: The... read more →
Jan
13
Ask yourself this, Why do you do what you do? We often get so wrapped up in our daily business tasks that we rarely stop to consider "Why do I do what I do?" Simon Sinek's bestselling book "Start With Why" brilliantly illustrates this philosophy for leadership and decision making.... read more →