The Importance of Early and Proactive Tax Planning for Business Owners
For business owners, preparing for tax time often evokes a sense of stress and urgency. Many find themselves scrambling in June to gather receipts, organise financial documents, and meet compliance deadlines. But what if tax season didn’t have to be frantic? What if, instead of reacting to tax obligations, you could strategically plan ahead to […]
Selling Your Business? Key Financial Steps to Prepare
Selling a business is more than a financial decision—it’s an emotional journey. Whether you’re stepping away after years of hard work, pursuing new opportunities, or planning for retirement, the process of selling requires careful preparation to ensure you achieve your desired outcome. Regardless of the reasons behind the sale or the success of the business, […]
Business roadmap into a year of possibilities
As NSW and the rest of the country begins to reopen, business leaders are focusing on the proactive steps they can take now to operate with greater confidence. Here, we reflect on key lessons learned over the past two years, and consider the focus areas that will help deliver efficiencies, growth and success through the […]
Single Touch Payroll Update
Most of the ATO’s Single Touch Payroll (STP) concessions will be coming to an end on 1 July 2021. If you have a current concession, you will need to be reporting each pay day through STP by this date. Small employers (with 19 or fewer payees) have so far been exempt from reporting amounts paid […]
Overcoming financial blind spots
It is not unusual for business owners to have financial blind spots. These can be caused by a lack of confidence in either their own financial knowledge or in the systems they use for gathering financial data. Sometimes it’s a general disinterest in accounts and back of house matters brought about by a lack of […]
2017 End of Financial Year Checklist
The end of financial year is an important time for business owners as you complete end-of-year activities and begin planning for the new financial year. End of financial year planning is worthwhile and can help your business to be more prepared to take advantage of opportunities in the year ahead. There can also be consequences if you […]
Preparing your Business for Sale: Tips & Pointers
Selling a business will always be a complex and multi-faceted process, but there are ways to make it easier. Even if selling is not on your horizon, there are still advantages of making your business sale-ready now. Being sale-ready is about being prepared if an emergency forces you to sell. It also gives you greater […]
Cloud Accounting – Clear Benefits for you & your Accountant
Many business owners and increasing numbers of property investors are now enjoying the numerous benefits of cloud accounting services. As an innovative technology, cloud accounting has been surrounded by media hype at the expense of relevant, clear and concise information that allows you to objectively evaluate cloud accounting for your own situation. In this article […]
UPEs – A Common Trap for Trustees of Trusts. How to avoid costly tax penalties & benefit from cash flow advantages
In my last article I highlighted the importance of companies correctly applying Division 7A and the significant tax penalties that can arise if you get it wrong. Here, in what is a companion article, I explore what you need to know about Unpaid Present Entitlements (UPE) between related private companies and trusts that arise where income of […]
2016 End of Financial Year Checklist
Defer your incomeIncome becomes taxable when it is derived. If your business operates on a cash basis, this occurs when you receive the income. If instead, you operate on an accruals basis, then the income is derived when you have completed the work or the sale. So, either way, as the end of the year […]
Tax Time Count Down
With 30 June 2016 just a few weeks away there are 3 SUPER things you need to consider before then: 1. Make concessional contributions to receive a maximum tax deduction;2. Pay the minimum pension. This ensures your fund’s income is tax free;3. Check your NCC cap before making further non concessional contributions. Concessional ContributionsThe Concessional […]
5 Steps for mitigating tax penalties on private company borrowings
Introduced almost 19 years ago, Division 7A and its various exemptions apply to all private companies, their shareholders and shareholder associates across the country. While I consider this matter an Accounting & Tax 101 function, I regularly see it applied incorrectly which is concerning when you consider the significant tax penalties it can bring. Good […]