ALP Tax Policies for the 2019 Election & Real Estate

The ALP has released it’s tax policies for the 2019 Federal election. You can see them all in detail here.  At the time of writing this post the only other raft of policies we can easily reference for you are those of the Greens, which you can find here.  We’re still waiting on the Liberals. We’ve been asked to provide some commentary on what’s in store for Real Estate if…

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Christmas & Tax

Are you planning your staff Christmas Party? Understand the tax implications so that you don’t pay tax unnecessarily. The big one is Fringe Benefits Tax (FBT). This is a tax to the employer when providing benefits to employees in addition to their salary or wage.  The Fringe Benefits Tax rate is a whopping 47% of the the fringe benefits taxable value of the benefit provided. The ability to claim GST on expenditure…

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Tax Planning Tips

It’s tax planning season! Now’s the time to get one step ahead of the tax man. Tax planning allows us to take a look into your future at 30 June. To do this we take a detailed look at your financial results, extrapolate these to the end of the year, and calculate what your tax position is likely to be. Based on that data, we can then put thought into…

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New Rules for Exempt Vehicles

31 March is the last day of the FBT year. If you claim your vehicle as a business expense then there’s some changes which require you to take action before then. What’s the big deal? The ATO are cracking down on exempt car and residual benefits. This catches any ute, dual cab ute or van provided to employees (including business owners) for use in a business. They have now issued clear rules that taxpayers should follow to ensure they will not be targeted for audit, especially if claiming 100% business use. This new Practical Compliance Guideline PCG 2018/3 will apply to this FBT year & onwards. Essentially you do not have to keep a log book to support the business use of your vehicle if you meet ALL these requirements: (a) the…

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Business New Year’s Resolutions

New Year’s resolutions are easy to make; the hard part is sticking with them.  Business New Year’s resolutions are no different. Here are our tips to freshen up your business and renew your enthusiasm for getting your business into shape. Review your budget – have you stuck to it so far? Of course you did your business budget back when the financial year started in July, but have you looked at it since? Usually a budget will have considered the changes you wish to make, the KPI’s you wanted to achieve, and targets which aid you in achieving the goal you’ve set. Now is the time  to look at how you’re actually travelling, and make any adjustments to what you are doing so that you can build on wins or…

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Is time management important to my profitable productive business?

For service businesses it’s easy to answer with a resounding YES! But what about businesses that sell products? Proper time management implies people spend time on profitable productive tasks. More time spent on profitable productive tasks means you’ll get close to your goal. For service based businesses this means that the people with the expertise spend most of their time doing work that results in revenue and profit.  The same applies to businesses which mostly sell products. How to determine where you’re at List all the “service” tasks that have to be done in the business that are not necessarily customer facing Check you’ve included as many as you can. Think about administrative tasks like bookkeeping or payroll, through to the supply chain & logistics of sourcing and delivering your product.…

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Getting the best return from your bottom line

Do you really know whether you’re getting the best return from your business? You may be satisfied by the way your business operates as well as the money you earn from it.   But do you really know whether or not you are getting the best return from the investment you’re making? Don’t just consider the money you’ve invested in the business when answering this question.  Or the money you are receiving from it.  Consider the time you and your family spend attending to business related tasks. As well as all the other “little” things that eat into your lifestyle. Why is this important? The investment you’ve made in your business (money, sweat and possibly tears) is an important part of your overall wealth strategy. It is up there with owning…

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Decisions you make in your business

Are your investment decisions working for you? The key to enlightenment is to look at your results. But first let’s get back to basics. When you are a business owner you can make investment decisions whether you’re aware of making that decision or not. Lifestyle   The amount of time you use in your day to attend to tasks in your business, as well as the amount of “bleed” you accept all impact your lifestyle, your contentment and your well being. By “bleed” we mean the little things that you do in your own time that somehow need to be done but not intended to do which impact your me time (such as returning that phone call just as the first guests arrive to your BBQ). Capital   In very simple terms this is…

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Planning with purpose

If your business is your “retirement fund” or your key to a more passive income (that is, you don’t need to be there 100% of the time to make it work), then it’s essential you put some thought into how the business operates now and where it should head in the future. If you want to take your business to the next level then proactively thinking about your plan will give you the key to taking advantage of opportunities that come your way. We all know that plans don’t always work out the way you imagined they would; however the process of thinking through potential scenarios means that you are much more prepared to make the best decision for you in the moment that opportunities arise. When you develop those scenarios and plans there are a few…

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