A developer who conspired to lodge fraudulent business activity statements has been convicted and sentenced to 10 years in jail with a non-parole period of six years and eight months. The developer was involved with two companies that formed part … Read More
If you want to implement a business plan to grow your business, you’ll have to think about scaling it. Scaling it isn’t exactly the same as growing it, though they are often used interchangeably. Growth refers to adding resources and … Read More
The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of tax they ultimately pay. This depends on their business structure, their industry and their aggregated annual turnover. For example, small … Read More
You’ve probably heard the maxim that it’s better to work smarter than harder. Working smarter means allocating your time, energy and money so vital tasks get done more efficiently, freeing up your personal time. Too many business owners think they … Read More
When you start a new project for your clients you probably have certain routines to get them up and running. Everything runs a certain way when you do business, from quoting for the job, scheduling it in your calendar of … Read More
You’ve got a business plan. It’s a great way to describe what you do and how it will work, but maybe it isn’t always the most useful tool for running your business. Your plan is really just a tool that … Read More
Last year, 6.7 million taxpayers claimed a record $7.9 billion in deductions for ‘other work-related expenses’, which includes home office expenses. Reportedly, due to a high number of mistakes, errors and questionable claims for home office expenses, the ATO has … Read More
For businesses accounting for income on the cash basis, delaying the receipt of income from May or June to July results in tax savings for two reasons: The income is included in the next financial year, not this financial year. … Read More
This tax strategy enables business owners to utilise the value of their business goodwill to pay out their private mortgage and convert a non-deductible mortgage into tax deductible debt. The average Australian family is paying over $25,000 interest per year … Read More
In the last week of the August Parliamentary sittings, the controversial corporate tax cut plan for the big end of town (i.e., companies with an aggregated turnover of over $50 million) was defeated. In addition, long-awaited legislation impacting the company … Read More