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.
Your Business Angels - Blog
Problems with the Australian Taxation Department We stand in front of you – so you don’t have to front the ATO
There are 2 main problems that exist with businesses and the tax department. The first is that you owe them money, or they think you owe them money. That is, you have lodged but been unable to pay them. The second is that you have (through self-assessment) had your tax lodged and they don’t believe […]
Special Note for Construction and Contracting Businesses and Manufacturers that turn between $2 million and $10 million – you may be paying too much GST
No one seemed to notice the changes in reporting from accrual to cash for businesses up to $2 million dollars. That means that business that have been paying GST on debtor’s ledger and retentions may not have to do this saving in some of our experiences up to $100k a year and dramatically helping with […]
Our Services Accounting
Your Business Angels has been operating accounting businesses and tax services from our accounting business for over 15 years. It seemed logical, that once we helped a client with a business turnaround, then we stayed to help their business move forward aand survive in what is always a difficult business environment. Over this time, we […]
A questions and answers session on mortgages for business people after the Royal Commission
Are only high interest rates offered when you are borrowing your way out of a business problem? High interest rate loans are usually a short-term solution which enable you to move on with your life. They may have enabled you to buy your first home or consolidate debt. They should not be a long-term solution […]
What’s our real experience
I have been talking with our team of accountants – and most of them are telling me that they can’t remember when they last saw an audit – apart from a superannuation audit. In the latest budget the ATO has $133.7 million extra funding to target those who aren’t paying their fair share of tax. […]
Now, those drawings are really going to
king hit you
And it will be tax hell.
There is always changes and new legislation buried down inside a federal budget. The changes the press don’t see or report. But there is a real change in regard to drawings from a company and it’s dramatic. So many business owners just draw from their company and they will leave it to their accountant to […]
All I want is direction and solutions
That’s why I am sitting in front of you
So, I’m sitting in front of a business owner who has the perfect business model for a café. I know, there are thousands of café and franchise cafes in our city, but I felt that what he had was truly unique. He and his partner had arrived at their new business model through trial and […]
One letter saved the ATO millions – great example of a feedback loop
Relating something the ATO did, to something we do.
The tax office and a specialist behavioural economical research unit within the federal government used a randomised trial to target 2000 tax agents, specifically naming individuals lodging higher than expected work-related expenses claimed in a letter. Alongside a control group of tax agents who didn’t receive letters, the trial found individual clients identified by correspondence […]
Running a larger building or Sub-contracting business. Bet you are paying too much money.
Is your construction business paying thousands of dollars too much in GST – you probably don’t know – right? For $500 Your Business Angels using the precis accounting system will show you where your business is paying too much GST during this financial quarter and we will show you what to do about it. This […]
“You have to be prepared to put yourself in harm’s way” – David Wessels
I had the pleasure of attending a dinner a week or so ago. The speaker was David Wessels, the coach of the Melbourne Rebels who seem to have begun a transformation under his coaching. He talked about the changes he has made at the Rebels, especially in the fitness and in the gruelling training that […]
Working on or in your business – is it time to put the E-Myth to rest
Michael E. Gerber wrote the E-Myth more than 25 years ago. A book about why businesses don’t work and what to do about it. The premise is that as a business owner you need to work “on” your business and not “in” your business. I meet Michael a number of years ago at a conference […]
Want to get your business on Social Media
– well not always.
http://www.abc.net.au/news/2018-05-21/underpaid-guide-getting-money-boss-owes-you/9776684 http://www.abc.net.au/news/2018-06-20/hairy-little-sista-melbourne-cafe-faces-underpayment-claims/9887578 Lots of café and restaurant owners go to a lot of trouble to work social media, get recognised for their skills and hard work, and then get caught out for under paying and social media blows up in their faces. There are so many ways an employee can “lookup” what they should be […]
There is an infinite number of ways for money to disappear, and a finite number to keep it. Here are 5 ways to keep it.
Money likes security (hence banks, wallets etc.) In order to make more money most people need to change their relationship to it. So many people say that money isn’t important to them but if they said that about their spouse every day then they would leave… money is the same. Money needs to feel wanted […]
Many business owners don’t actually run a business, they just work a job while trying to avoid paying PAYG.
A job is a paid position of regular employment. A job is where, for a financial return, you work for someone who is running a business or an organisation. A business will be using your work to make money. If they don’t make more from your efforts than you do, then the job and probably […]
Have 20 or more employees
From the 1st July 2018 all employers with 20 or more employees (as of the 1st of April 2018) must report their payroll information to the ATO via single touch payroll (STP). STP requires that each time an employer pays their employees, they will have to instantly report to the ATO information such as the […]