Profitability analysis: it may come as a surprise to many people that some of the fundamental knowledge you should have as a business owner revolves around knowing whether your business is profitable or not. And yet, time and time again, I head into client meetings, and the first thing I ask them is whether they…
Each year, there are possible FBT exemptions for business owners who decide to spend money on corporate gifts or organise a work Christmas party for their employees or clients (or accountants!). Also, there are implications on GST and tax deductions, if not managed carefully. However, a little consideration on how best to manage these corporate…
Are you looking to buy or sell a business and not sure where to start? In this article, I’ll go through some of the fundamental concepts you should know about buying or selling a business so that it can get you off in the right direction. Introduction There are some important considerations that need to…
If you own property and use it as your main residence then generally you are eligible for the main residence CGT exemption when you sell the property. What is CGT? CGT is an acronym for Capital Gains Tax which refers to a form of tax that is applied at the time an asset is sold…
What types of investment property tax apply? There are two types of investment property tax that apply to investment properties that owners should be aware of. These two include capital gains tax (CGT) and income tax concerning your rental property. In this article, we go through exactly what the implications of investment property taxes are…
As an accountant, you start to see patterns, and this is no different from small business owners continually penalised with ASIC late fees. The two most common ASIC late fees we see clients receive are late lodgement penalties for annual statement review fees and late lodgement of change of detail penalties for your company. In…
Super for Contractors – If you are a contractor or sub-contractor, then there is a chance that you may be entitled to super contributions for contractors made by the businesses you engage with. One of the first things we ask when we engage contractors with our accounting service is whether or not they are receiving…
We’ve all cherished the stereotypical idea of an accountant sitting in a lonesome office crunching away at numbers for hours on end, but this is just not true anymore for the modern-day accountant. Although there are many accountants out there who still practice accounting from the Jurassic period, I think there are some traits of…
You hear it all the time but what is professional indemnity insurance? If you run a business, it’s important to protect your business against potential legal costs and claims by third parties for damages that may arise from acts, omissions or breach of professional duty/contract during the course of operating your business. In cases where…
A Quick Story on Land Tax I want to tell you a quick story of a new client situation we often get (about once a month) that might be relevant to you. Let’s call him Rod – I had a meeting with Rod regarding a serious tax issue last week. Over the last 5 years,…
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