The end of another financial year is fast approaching and as your accountant, we believe part of our client brief is to help you minimise your tax liability within the framework of the Australian taxation system.
The purpose of this newsletter is to highlight some end of year tax planning opportunities but you need to act quickly and we encourage you to schedule a meeting as soon as possible to assess your options and the steps you need to take well before the 30th June, 2019.
Please note, this is a pre-Federal Election Guide and things may change after May 18, 2019.
You can download the full copy of the tax planning guide HERE
To assist you we have put together a list of strategies to consider and note:
The following list of tax planning opportunities is certainly not exhaustive and depending on your circumstances (including your turnover and whether you are on a cash or accruals method of accounting), terms and conditions may apply to some of these tactics. If you would like to discuss your tax planning options we urge you to contact us today and most importantly, don't leave it until the last minute as some of these strategies require some time to implement.
To minimise your tax liability there are several general strategies to consider before
the end of the 2018/19 financial year including delaying income and bringing forward losses.
Read More...
Other things that need to be addressed before the end of the financial year including motor vehicle log book, superannuation rates and
other issues for small business owners.
Read More...
In addition to the tax planning opportunities, there are a number of reporting requirements regarding stock valuation options, writing off
bad debts, etc. for businesses to consider.
Read More...
Before making any superannuation
contributions please discuss this with our office. There are strict eligibility requirements. Most importantly, regardless of the type of
contribution being made, transfers and deposits must clear before June 30.
Read More...
.png)
Immediate
Write Off For Individual Small Business Assets
Details of what's required to obtain the immediate write off for individual small business assets valued lower than $30,000.
Read More...
Disclaimer: This newsletter contains general information only. No responsibility can be accepted for errors, omissions or possible misleading statements. No responsibility can be accepted for any action taken as a result of any information contained in these articles. It is not designed to be a substitute for professional advice and does not take into account your personal circumstances.
How to Get Your Business Off to a Flying Start
Starting a business can be a maze of research, registrations and red tape. No amount of passion can guarantee your business success but the proverb, ‘failing to plan is planning to fail’ serves as both great advice and a warning for new entrepreneurs. Read More…
More Website Traffic with Search Engine Marketing (SEM)
When Google displays its search engine results page they display three different types of results including organic, pay per click and local search results. Let’s explore how they all work. Read More…
Your website should effectively be your home base on the internet but how does it actually work and what is hosting and domain names? Read More…
Your Online Presence in the Digital Age
In the digital age your online presence could make or break your business. While your website should be at the hub, your digital presence needs to extend beyond a website. Read More…
Negative Gearing Traps Exposed
Creating wealth through purchasing a negatively geared investment property is a well established practice in this country. We have identified some common areas where property investors often trip up including claiming interest on loans. Read More…
Business Structures – The Family Trust
In Australia there are a range of business structures available and in this blog post let’s specifically look at the family trust option. Read More…
Thinking of Buying a Business?
Starting a business can be a mine field and the risks are high which explains why so many budding entrepreneurs look to buy an existing business or franchise operation rather than start from ‘scratch’. Read More…
Financing Cars and Equipment - Lease or Chattel Mortgage?
Clients often ask, what’s the best way to finance a car, truck, piece of machinery or equipment for their business - lease or chattel mortgage? Read More…
Starting a Business - Do the Numbers Stack Up?
That ‘light bulb’ moment and idea for your new business is exciting but it's only the beginning of the entrepreneurship journey. The moment of truth is identifying all the costs you will incur before you open the business doors. Will you need to source loans and how much? Read More…
Before you buy a business it's important to do a detailed review of the business's operations, finances and industry as part of what is called the ‘due diligence’ process. Read More…
Helping You With Your Online Marketing
As accountants, the number one thing our business clients want is advice to help them grow their business. In the digital age we believe the secret to growth is marketing and it could be the difference between boom and gloom for any business. Read More…
Grow Your Business by Increasing Process Efficiency
In this final post in the series we look at the fourth way to grow your business - increase the effectiveness of each process in your business. Read More…
How to Increase Your Average Sale
Every entrepreneur wants to grow their business but there's no simple formula that guarantees success. In this series of posts we are up to the third way to grow your business, how to increase the value of each sale. Read More…
How To Increase the Number of Times Customers Come Back
Clearly, everyone wants to grow their business. Unfortunately there is no magic potion or silver bullet but we do know there are only four ways to grow a business. In this blog we examine the second method, how to increase the number of times a customer comes back and buys from you. Read More…
If You're Thinking of Buying a Franchise ...
Buying a franchise might sound like a guaranteed money spinner but some recent media reports suggest this isn't the case. Read More…
4 Ways to Grow Your Business #1
Everyone wants to grow their business, however, there is no 'magic marketing bullet'. Fundamentally there are only four ways to grow a business including, increase the number of customers of the type you want. Read More…
Lessons From the Shark Tank #3
I must admit I don’t watch a lot of television but I did enjoy the latest Australian season of Shark Tank where budding entrepreneurs seek funding from a panel of wealthy investors (the sharks). While it’s another form of reality TV the show does provide business owners with some valuable business lessons. In this edition we ask the question, should you swim with sharks? Read More…
Lessons From the Shark Tank #2
I must admit I don’t watch a lot of television but I did enjoy the latest Australian season of Shark Tank where budding entrepreneurs seek funding from a panel of wealthy investors (the sharks). While it’s another form of reality TV the show does provide business owners with some valuable business lessons including the importance of knowing your numbers. Read More…
I must admit I don’t watch a lot of television but I did enjoy the latest Australian season of Shark Tank where budding entrepreneurs seek funding from a panel of wealthy investors (the sharks). While it’s another form of reality TV the show does provide business owners with some valuable business lessons including the importance of business planning. Read More…
We have been inundated with queries regarding the accelerated depreciation write-off for assets up to $20,000 acquired by small businesses since it was announced in the May budget. Read More…
Respond to Your Customer Needs!
At the start of 2013 we noticed about 10% of our website traffic was coming from hand held mobile devices. By late 2013 this figure had jumped to about 15% but in 2015 we find close to 25% of our website visitors are using mobile devices. Why is this important you might ask? Read More…
Tax Planning takes place before 30th June, not after. Read More…
What's in this years Federal Budget for me? Read More…
The ATO has announced that it is going to get serious in relation to outstanding debts. They are currently owed $20bn.
Read More…
What You Need to Know Before You Set Up a SMSF
In this blog we will explain what a Self-Managed Super Fund is and some of the advantages and disadvantages of having your own Self-Managed Super Fund. Read More…
What Accounting Software Suits Your Business?
In this blog we are going to look at what you need to know before you select an accounting software program to use in your business. We will then look at specific software programs on the market including MYOB, Xero, Reckon, Saasu and Cashflow Manager. Read More…
The 5 Things Every Investor Needs to Know about Negative Gearing and Property
Before you buy an investment property there are five things every investor needs to know about ‘negative gearing’. Read More…
The 5 Things Every Business Start Up Needs to Have Before They Launch
Starting a business is a bit like a game of chess, to succeed you need to make the right opening moves. Let’s look at five opening moves you need to address before you launch your new business. Read More…
Registrations for a Start Up Business
The types of business registrations you will require will depend on a number of issues including your type of business structure, your anticipated turnover and whether you also intend to employ staff. Read More…
Alternative Business Structures
In this blog we are going to examine some of the most popular business structures used in Australia. Let me say upfront, it’s almost impossible to recommend a particular type of business structure without an understanding of your business, your industry, your family structure and your personal financial situation.
Read More…
How to Grow Your Business Online in 2015
Marketing and consumer behaviour has changed. You can now buy almost anything online and for most businesses, your website is your silent sales person working 24/7 to generate leads and sales. Read More…
When You Employ Your First Staff Member
As a business owner there are a number of issues you need to address when you employ your first member of staff. Read More…
.jpg)
Millions of people currently have a mortgage on their main residence. This type of loan, as most people know, has interest accruing on it that is not deductible for income tax purposes. Otherwise known as “consumer” or “bad” debt, it is this type of debt that you should focus your time and energy in eliminating first. Read More…
Instant Asset Write off Abolition
Just an update for all of the small business owners here. There is a draft Bill currently under debate in Federal Parliament which seeks to repeal the $6,500 instant asset write off, and also the $5,000 accelerated depreciation on motor vehicle purchases. Read More…
Renting vs The Great Australian Dream? .....The age old question.
I read recently that first-home loans have hit a record low this past month. It made me think about the benefit of home ownership versus renting for not only first home buyers, but for people in general. Read More…
Good news for Independent Contractors
The new government has announced that they have instructed the ATO to back off its crackdown on enticing independent contractors into employee arrangements.
This is a great development for current independent contractors, and also those looking to become self employed.
Read More…
How to Recession Proof Your Business
Just as evolution in animals dictates that only the fittest survive, in a recession it is generally survival of the smartest.
In this country we seem to have a recession-like economy happening every seven to nine years and almost 75,000 Australian businesses were wiped out in the last downturn. To survive business owners must find a way to plan their way past potential threats including rising interest rates and fuel prices plus declining consumer confidence.
Read More…
Either phone us on (03) 5995 3466 or complete the form below
Download now and get your
business off to a flying start!
If I can help in any way, please don’t hesitate to use the live chat box below.
Talk to Us Now.png){kind=icon}
