Monitoring your net worth

How do you think you have gone the last 5 years? Have you been working really hard but don’t seem to see where your money is going? Do you think you are getting ahead in life or running on the spot? Worse still is your financial position deteriorating? Your net worth is what’s left over when you add up all …

What is your business worth?

If I asked you today what your business is worth, what would your answer be? If its ‘umm’ or ‘err’ don’t worry you’re not alone! Many business owners do not know the true value of their business even though it is a critical prerequisite to making major business decisions, entering into new transactions or even funding retirement. This is where …

Upcoming ATO compliance targets

It always pays to be aware of the ATO’s focus areas for tax compliance, as ATO taxpayer reviews can be draining on your resources and any non-compliance however unintended, can result in costly penalties and interest. The ATO have recently released a publication entitled ‘Building Confidence”, which outlines its key areas of upcoming compliance focus across all taxpayer groups. Privately …

End of financial year: SMSFs

The compliance requirements for SMSFs are extremely stringent, and it is important for trustees to be acutely aware of their responsibilities. Of course, we are here to help you, but you should always aim to have a robust understanding of your SMSF’s reporting requirements. Withdrawing minimum pension SMSFs that do not distribute minimum pensions to members who are in pension …

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2015 Federal Budget Announcements

The 2015 Federal Budget has proposed a number of tax incentives for small businesses. A small business is an entity that is operating a business with an annual turnover of less than $2 million (when aggregated with the turnover of associated entities). Key changes announced include: From 1 July 2015, the corporate income tax rate for small business companies will …

Surviving the run up to June 30

A lot of valuable time and energy gets poured into getting your paperwork in order and making sure that you’re minimising your tax bill as much as possible. The good news is that there is still time and with this checklist you can feel confident that you are on top of your tax: Get on top of your records If …

Capital gains at end of financial year

Timing and planning are everything when it comes to minimising your CGT bill and making the most out of your investment returns. Capital gains tax (CGT) is incurred when a taxpayer disposes of an asset, for example, commercial and residential property, shares, units in unit trusts or collectables. Where such an asset is sold at a loss, this loss can be …

Making the most of small business tax breaks

Trading Stock Small businesses can opt out of doing an end of year stocktake (which can be expensive) if the value of their trading stock has not gone up or down by more than $5000 in the past financial year. Simplified depreciation Small businesses can immediately write off the value of any business assets that were less than $1000. The …

FY15 Tax tips for property investors

Negative gearing allows property investors to claim any shortfall between their income and expenditure on an investment property as a deduction against their total taxable income. Most property investors are aware of the usual expenditure deductions that they can use to offset any income earned by an investment property. Regular costs such as maintenance, repairs, interest on loans and management …

Common errors in accounts payable

The most common accounts payable errors are overpayments, duplicated payments, unused credit notes and unclaimed discounts. Overpayments are caused by someone processing the wrong payment, this can be avoided by having one person process the invoice and another person checking and approving the payment. A common error is duplicated invoices which are paid twice, this can happen easily if suppliers …