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The four keys to successful business planning in 2017
As the New Year rolls over and we go full steam ahead, forward planning can be forgotten. To appropriately plan your calendar year in business there are four key areas that should be kept top of mind. Four key things to consider in 2017 Key dates From Business Activity Statements, to PAYG statements, to Super Guarantee Contributions, to tax … Read More
Wrapping up the year that was and looking toward 2017 and beyond
As we round out another year, we’re excited by what 2017 holds for business. There’s change in the air and it only means good things for you. Looking back at the year that was, there are 5 significant changes that occurred this year that will shape 2017 and beyond for you. Small business and company tax breaks The Government … Read More
The Great Car Debate: Buying And Financing A Car For Your Business
Deciding to purchase a car is a big decision. While there are different options and pros and cons associated each, you must consider your circumstances before making a commitment. While most consider the financial factors, it’s important to also consider why your business is purchasing the asset and how long you intend to keep it. Finance and Purchasing The pros … Read More
EOFY TO DOS: How to prepare an employee payment summary
Under pay as you go (PAYG) withholding, you must give each of your employees a payment summary showing the payments you have made to them and the amounts you withheld from those payments during a financial year. Preparing your employee payment summaries in Xero If you’re on Xero, providing your employees with their payment summaries and submitting them to the … Read More
Company funds Vs. Personal funds: withdrawing money the right way
Many newly incorporated companies that have previously been sole traders find it difficult to distinguish between company money and personal money. As a company director, you’re entitled to receive some form of income such as a salary. However, unlike a sole trader you can’t simply withdraw money whenever you like and use it for personal expenses. This is in … Read More
BUDGET 2016/17: A Budget Of Targets
As the Treasurer foreshadowed, this is a budget of targets – a big, long-term crafted budget designed to give enough pre-election glow but with structural measures to reign in spending and reduce concessions. Highlights included: Company tax rate reduced to 25% over 10 years Increase in tax discount for unincorporated small business to 16% over 10 years Small business entity threshold increase … Read More
Cash flow Vs. Profit: Is there a difference?
Commonly, the relationship between profit and cash flow are confused. Many small business owners don’t understand the distinction between “profitability” (as presented on a Profit & Loss report) and the true health of the business from a cash flow perspective. The true meaning (put simply) It is essential for business owners to understand what profit means and why it … Read More
The love issue: why 542 partners make great… partners
As Valentines Day is just around the corner, we’re feeling the love and keen to share it. Are you looking for a new accountant? A true partner in your business? It could be time to shift the dead weight holding you back and assess your relationship with your accountant. Why 542 partners make great… partners We might be … Read More
Top tips for you to do better business in 2016
New year, new (business) you? We hear you! Whether you’re just starting out or growing your business, doing better business for the New Year is a top priority. In our experience we’ve found the difference between a good start to a new year and a not-so-good start can be the simple things. To help start off on the right … Read More