Tax Risk And How To Manage It
Your business is exposed to possible tax risks. The best solution is to recognize and manage the issues. Failing to do this will almost certainly see problems for your business Set some time aside to evaluate your tax risks. Be sure that you’re working within the parameters of current legislation. Develop a regular procedure […]
Your Financial Statements Explained
Did you know that your Financial Statements tell a story about your business? You should know how to read them and the consequences for the main ratios that measure your Business health. Profit and Loss Statement This determines the profit made by your business over a specified time frame. The principle of matching is […]
How to Claim Car Related Tax Deductions
If you use your car for work, you may be able to claim a tax deduction – but you will need to own the car. If your employer owns the car or it’s packaged in a salary package, you will be unable to make a claim. There are two methods for making car claims: […]
Will the Super Guarantee increase?
We see much discussion in business circles around the proposed increase to the Superannuation Guarantee paid by employers for employee super. The Superannuation Guarantee rate has been kept at 9.5% of an employee’s ordinary wages since July 2014. However, from 1st July 2021, it is due to gradually increase (by 0.5% each financial year) until […]
Wondering if Covid Has devalued your business?
Your business is an important family asset, and you should understand the value of it. What impact has Covid-19 had on it? And is the impact long term? Business value is determined by negotiation value is the price in a free market between an informed, willing but not too willing buyer and an informed, willing […]
Find out: Do I pay tax on Government Grants?
Short answer, it depends. Income tax Most Grants are indeed taxable unless they are specifically excluded from tax. Any grant relates to your ongoing business activities is likely to be added to assessable income for income tax purposes. The result can be different where the payment is made so that the business can start a […]
ATO Audits – are you ready?
The ATO has increased its audit activity, and JobKeeper and other COVID-19 payments are now on the ATO’s hit list. Professional help during an ATO audit is a must to minimize the time and financial cost. ATO audit can contact you at any time, and now with JobKeeper, early release of super and COVID-19 cashflow […]
JobKeeper Payment Extended!
On 21 July, the Government declared it is broadening the JobKeeper Payment until 28 March 2021 and is focusing on helping those businesses affected by the Coronavirus. From 28 September 2020, qualification for the JobKeeper Payment will be determined on GST turnover in the pertinent periods, and the installment will be reduced and paid at […]
Businesses cautioned about JobKeeper Audits by the ATO
In a blog, Caitlin McKenna of Cooper Grace Ward Lawyers noticed that the ATO received 2,609 tip-offs about organizations getting to JobKeeper installments and is exploring a portion of those cases. She said the ATO would target organizations it suspects of changing their turnover to meet the decrease in turnover test for the pertinent month […]
Business Start up: A Free Meeting
Clients with Business Start Ups tend to learn things as they go. However, when smart decisions are made ahead of time, the odds of being successful increase. If you are an entrepreneur, consider the following suggestions for buiness start ups and existing business reviews: Avoid Excuses Many people aspire to become entrepreneurs, but don’t follow […]
