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Prior to 1 July 2017, very few people with salary and wage income were able to claim personal superannuation contributions as a deduction on their individual tax returns. The reason was, a rule which prevented those with more than 10% of their income from sources which would require an employer to make contributions on their…
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A question we are regularly asked by both clients just starting out their business experience and those who took the plunge some time ago is what is the best software/option for bookkeeping? It’s a great question given the myriad of options. Xero, MYOB, QuickBooks, Reckon, Saasu, Wave, Freshbooks, Cashbook Complete, excel spreadsheets, manual books. So…
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You may have seen recent media reporting about One Touch Payroll being introduced form 1 July this year. So what is it and who is affected? One Touch Payroll is basically builds upon the growing trend of data sharing called Block Chain and is an evolution of payroll functions within accounting software building upon recent…
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When is a tax cut not a tax cut? The answer, when you are a small business. The struggles of small business owners have been gaining political momentum in recent years with our political leaders focusing on red tape and income taxes. From what we have seen, despite the rhetoric, there really hasn’t been any…
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Cash flow is one of the biggest keys to any businesses long term success. As the saying goes, Cash is King. The Invoice Market’s SME Cash Flow Crisis Report shows some alarming results. They have concluded there is a massive $76 billion of outstanding debtors owed to Small and Medium Enterprises (SMEs). That’s $76,000,000,000. Statistics…
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More than once, I’ve heard the misconception that it is hard to change accountants. While I understand why people think it is hard, there is no need for this to be the case. If you are unhappy with your current advisers or are looking for someone closer to where you live or work and are…
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All businesses can learn from their competitors and it is important for long-term success to have an understanding of what they are up to. This of course, does not mean colluding with them which is illegal and immoral. We may have had great success in the past operating our business a certain way, be it…
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When speaking with small business owners about how to grow their business, marketing forms part of the discussion. While most have their thoughts on whether or not their current marketing is working for them, few really know. They key issue here is whether or not the results achieved are actually value for money? Which scenario…
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Much has been reported in the media over the last few days regarding the so-called “Panama Papers”. So what are they? Basically someone had the servers of Panamanian law firm Mossack Fonseca stealing some 11.5 million documents. These documents allegedly relate to the financial arrangements of high net-worth people allegedly hiding their wealth and avoiding…
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It appears the Labor Party has released its plans in relation to Negative Gearing for investment properties. What does it mean? Who will it impact? An article can be found here http://www.domain.com.au/news/labors-negative-gearing-plan-investors-could-be-1000-a-year-worse-off-20160214-gmu25c/ So what does it mean? Basically, if elected, Labor will limit negative gearing on investment properties to “newly built properties” from 1 July…
