As markets evolve, leaders need to revisit their strategies to stay competitive and thrive. This is challenging because change can be uncomfortable. A mindset change may be required to effectively respond to shifting conditions.
The Accounting function has the important job of keeping managers informed on the state of their business, while ensuring compliance with rules and regulations.
Most people acknowledge the value of a powerful brand… but defining ‘brand value’ can be complex. Here are some actions you can take in order to build the value of your brand.
Successful business people often say having clear goals is instrumental to their success. They relish thinking about the exciting things they can achieve and enjoy imagining their lives once those goals are attained.
For business owners aiming for growth and stability, keeping track of critical financial metrics is a good basis for deciding strategy.
Businesses have a better chance of THRIVING when there’s a focus on operational efficiency and productivity. This reduces costs, improves customer satisfaction and results in a competitive edge.
What is ‘working capital’? And how do leaders effectively manage it?
7 ways Managers are Navigating the Evolving World of ESG
Understanding and optimizing the inflow and outflow of cash
New nationwide research released by ASIC’s Moneysmart reveals that 47% of Australian adults with debt, the equivalent of 5.8 million people, have struggled to make repayments in the last 12 months.
The ATO has warned that it is looking closely at how trusts distribute income and to who.
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple.
Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved.
The Government has amended the legislation guiding registered tax practitioners to include compulsory reporting of material uncorrected errors to the Tax Commissioner.
ASIC’s annual insolvency data shows corporate business failure is up 39% compared to last financial year. The industries with the highest representation were construction, accommodation and food services at the top of the list.
It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return.
The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends.
A fresh approach to goal-setting can bring the best results. Here are 5 methods to help set sensible and relevant goals, while increasing the chances of success.
The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention.
Tax is part of doing business… but being prepared helps leaders know they’re compliant, not paying too much and will avoid unpleasant surprises. Here are some best practices to guide leaders and their Accountants.
Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed.
From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change.
The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.
It’s not uncommon for business owners to pour their money into a business to get it up and running and to sustain it until it can survive on its own. A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications.
Many businesses don’t need to invest in a full-time CFO or Finance Director… but from time to time, they will need advanced finance skills for strategic or complex matters. One option is to engage a ‘virtual’ or ‘fractional’ or ‘outsourced’ CFO, so let’s explore this further.
Environmental, Social, and Governance (ESG) issues are increasingly on the agenda for business leaders. What does this mean and what actions should be taken? Here are some considerations to guide leaders on this evolving topic.
The changing recruitment landscape requires leaders to look for innovative ways to stand out and build talented teams. Here are some ways business leaders are taking on the recruitment challenge.
Many businesses don’t need to invest in a full-time CFO or Finance Director… but from time to time, they will need advanced finance skills for strategic or complex matters. One option is to engage a ‘virtual’ or ‘fractional’ or ‘outsourced’ CFO, so let’s explore this further.
What can businesses do to protect themselves against this financial fraud? Here are some guidelines.
All businesses should review their expenses periodically. Prudent expense management helps ensure that valuable cash resources are used wisely. And sometimes, a business may NEED TO reduce expenses as a matter of survival.
One expense that can grow out of control in many businesses is Information Technology (IT). Tweaking investment in IT increases performance and profitability and sometimes major cutbacks are necessary. Either way, it’s best to be systematic. Here are some ways to economise on IT spending.
Leaders need to demonstrate the importance of improving financial security and minimising risk. Here are measures they can take.
$1.7 billion paid out in fraudulent refunds, another $2.7bn in fraudulent claims stopped, around 56,000 alleged perpetrators and over 100 arrests to date. How did the TikTok tax scandal get out of control?
What a difference timing makes. A recent case before the Administrative Appeals Tribunal (AAT) is a reminder about the tax impact of the timing of employment income.
What will the Australian community look like in 40 years? We look at the key takeaways from the Intergenerational Report.
The proposed objective of superannuation released in recently released draft legislation is: ‘to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.’
The tax refund many Australians expect has dramatically reduced. We show you why.
You’ve got a block of land that’s perfect for a subdivision. The details have all been worked out with Council, the builders, and the bank. But, one important aspect has been left out; the tax implications.
What is the end game for your business? Succession is not just a topic for a TV series or billionaire families, it’s about successfully transitioning your business and maximising its capital value for you, the owners.
Leaders need to demonstrate the importance of improving financial security and minimising risk. Here are measures they can take.
Businesses thrive when the cash position is healthy. Astute management of Accounts Receivable (Collections) can have a big effect on the cash balance… So, let’s look at some Best Practices in this area.
In a pre-Budget announcement, the Government has committed to a Small Business Energy Incentive Scheme that offers a bonus tax deduction of up to $20,000.
The explosion of OnlyFans, YouTubers, TikTokers and others all offer an opportunity for ‘content creators’ to profit from the audiences they generate. But now the Tax Office has given notice to the booming industry.
The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses.
From 1 July 2023, access to the Government’s Home Guarantee Scheme will be expanded to joint applications from “friends, siblings, and other family members” and to those who have not owned a home for at least 10 years.
A friend’s accountant suggested that they could reduce interest on non-deductible debt by using company cash to offset their personal mortgage, then transferring the cash back by 30 June. Is this an acceptable strategy?
The Government has announced that it will enshrine a right to superannuation payments in the National Employment Standards (NES).
Taking on debt can help build a business. Borrowing works well when the cash generates a return in excess of the cost of the debt. Sometimes, however, leaders take on too much debt which they need to reduce while managing cash carefully. Let’s look at some ways to tackle this high-risk situation.
A periodic review of business expenses will benefit ALL organisations and usually results in reduced costs, increased cash, and more profit.
The 120% skills and training, and technology costs deduction for small and medium business have passed Parliament. We’ll show you how to take maximise your deductions.
Employers & business Superannuation guarantee increases to 11% from 10.5% National and Award minimum wage increases take effect. The minimum salary that must be paid to a sponsored employee - the Temporary Skilled Migration Income Threshold - increased to $70,000...
On 1 July 2023, award rates of pay and the National Minimum Wage increased by 5.75%.
The cents per kilometre rate for motor vehicle expenses for 2023-24 has increased to 85 cents.
From 1 July 2023, a new reporting regime will require platforms that enable taxi services including ride sourcing, and short-term accommodation to report their transactions to the ATO each year. From 1 July 2024, the regime will expand to include all other platforms.
When you start up a business, inevitably, it consumes not just a lot of time but a lot of cash and much of this is money you have already paid tax on. So, it only seems fair that when the business is up and running the business can pay you back. Right?
Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles.
Key Performance Indicators (KPI‘s) are important management tools and we encourage business leaders to use KPI’s in their businesses.
Earn-out clauses for the sale of a business are increasingly common. We look at the positives and negatives that every business owner should consider.
The 2023-24 Federal Budget will be released on Tuesday, 9 May 2023. Look out for our update the next day on the important issues to you, your superannuation and your business.
From 1 July 2023, a new reporting regime will require platforms that enable taxi services including ride sourcing, and short-term accommodation to report their transactions to the ATO each year. From 1 July 2024, the regime will expand to include all other platforms.