Businesses that operate from home can claim deductions for expenses incurred when carrying out income-producing work. Business owners can claim deductions for a number of expenses including: Room utilities The cost of a room’s utilities, such as gas and electricity, can be claimed but must beapportioned between business and private... read more →
Jun
23
Jun
16
Capital losses Selling poor performing assets may enable you to bring forward a tax loss that can be offset against any capital gains made throughout the financial year. Write-off bad debts Bad debts can be used to offset taxable income if they are written off before 30 June and provided... read more →
Jun
13
SMSF trustees will need to forego investments such as vintage cars, fine art and wine collections as new rules around collectables and personal use assets come into effect from 1 July. Tighter rules introduced on 1 July 2011 made amendments to the guidelines for insurance, storage and valuation of collectables... read more →
Jun
08
Staying on top of your records all year round can save time, prevent unnecessary stress and help maximise a small business’s tax return. Although record-keeping can seem like a monotonous job, it is an essential part of running a business. Good recordkeeping makes it easier to meet your tax obligations,... read more →
Jun
02
Small businesses considering selling assets such as property or business goodwill should revisit the potential CGT concessions available to minimise their tax bill. There are four CGT concessions that small businesses can use subject to meeting specific eligibility requirements. Businesses can apply for as many concessions as they are entitled... read more →
May
27
The ATO has begun issuing letters to rental property owners in popular holiday locations whose rental income was lower than expected. In the lead up to the end of financial year, rental property owners are being reminded by the Tax Office to only claim deductions for the periods when their... read more →
May
11
Meetings, although necessary, can be time-consuming, ruin productivity and are a cause of frustration for many. Running effective meetings is a key managerial skill which is essential to effective decision making and execution which consequently affect business results. Here are some ways to improve the way you conduct meetings: Establish... read more →
May
06
LinkedIn is not just a tool employed by large firms; small business owners can also build their business network, gain exposure and acquire new customers by utilising this social platform. Unlike other forms of social media, LinkedIn is a professional, business-oriented social network which can be used for referrals, recommendations,... read more →
May
03
We have pleasure in enclosing a summary of the significant announcements from the Federal Government's 2016 Budget. There are a great deal of changes in this budget. Like in recent years these proposed changes have presented numerous opportunities. We look forward to working with you to take advantage of any... read more →
May
02
Knowing your target market can help differentiate your business from competition, tailor your marketing efforts to better meet customer needs and potentially boost sales. A broad target market that tries to appeal to “everybody” can easily get lost amongst the crowd. Demographics alone, such as age, gender, income and occupation,... read more →