That your business becomes as profitable as it can be (on a cash basis). Profit pays debt, profit drives the business forward and profit gives you the reward for all your hard work.
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Go an audit – We cover our accountants
There is now unprecedented funding for the ATO to carry out audits. Most business owners should be concerned with this, as a tax audit even for the smallest business,the costs can run in the thousands of dollars. Audits include record keeping, BAS and GST audits, and the ATO favourite, super and PAYG that are unmanaged […]
They are right, and I am wrong
Accounting, tax and stuff.
So, for almost 23 years, I have been preaching that business owners need to understand financial documents. I have always ensured that our accounting team is capable of educating clients what the profit and loss statement, and balance sheet convey and how to use these documents to extract information at a glance. Why not – I can. But […]
Part Three – The nature of Tax Setting you and your business on the road to tax planning
Understanding the three areas of tax Back to Part Two The three key areas of tax (and yes, we know there are others) Your income – a salary paid to you by your company. Transactional tax – this is GST and PAYG in the form of the BAS that is reported monthly or quarterly And […]
Part two – The nature of Tax Setting you and your business on the road to tax planning
The do’s and don’ts to tax Back to Part One True freedom is a freedom with clear boundaries. True freedom understands the real essence of do’s and don’ts. A freedom without restrictions that brings comfort is a freedom in chains.― Ernest Agyemang Yeboah Do’sUse your home budget to set your salary from the company. This […]
Part One – The Nature of Tax Setting you and your business on the road to tax planning
There is no worse tyranny than to force a man to pay for what he does not want merely because you think it would be good for him.”― Robert A. Heinlein, Tax never sleeps – it’s always up and about looking to get you. In business because you want to earn more?Ever wondered why so […]
Things to know when dealing with a tax debt
Many business owners allow the tax debt to creep up on them. We say that there is no such thing as a tax debt problem, a tax debt is the result of a business problem that needs to be solved. If a tax debt is occurring in a business, then the fundaments of the business, […]
Being chased for tax debt – It’s not that big, I just can’t seem to manage it.
Here is one of the big problems with tax debt. Just when you think you might be ahead, there is another BAS and then another round of interest, and all you do is chase your tail, and have that sinking feeling. And wham, another letter from the Australian Taxation Office (wonder what colour it is […]