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 -
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 […]
Got a problem – deal with it now rather than have a whistle blower do it for you
It has been a common practice for business owners and directors to push on, no matter how bad or how hard things financially have become in their business. Perhaps if you are in a bad position, it’s best to deal with the problem earlier rather than later as your options start to disappear. Often, in […]
Instant asset “write off” extended for 12 more months
3 key thoughts The $20,000 small business instant write off has been extended for another 12 months. Businesses with an aggregated turnover of less than $10 million will be able to take advantage of the write off until 30th June 2019 provided what you buy will be acquired, installed and or used in your business. […]
There is just one way to turn your business around
OK, here is the simplest thing I can say, you turn your business around by making a profit. All you have left is the problem of time. Time is now your problem, and I will get to the key ways to turn your business around, but remember, when you start making a profit, it doesn’t […]
We back our work
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 […]