Facing financial difficulty – When to chose the path of becoming insolvent

In the 2015 financial year 12,726 businesses became insolvent.

There are many reasons why a business may face financial difficulties, some of the more common include economic downturn, poor financial advice in times gone, lack of proper long-term cash flow planning, loss or failure of an important customer, excessive borrowing to fuel business growth, risky/unreliable business […]

By |December 7th, 2015|Uncategorized|0 Comments

Overview of the 2015-16 Federal Budget

The Federal Treasurer, Mr. Joe Hockey handed down his second Federal Budget speech on 12 May 2015. The Budget Papers predict a deficit of $35bn next year, down to a $6.9bn deficit in another 3 years’ time in 2018-19.

Arguably, the cornerstone of this budget is to provide tax relief to Small to Medium size Enterprise […]

By |May 14th, 2015|Uncategorized|0 Comments

Careless Structuring – No Corporate Trustee as an example of bad advice

In an article written by Sue Prestney FCA published in the ICAA Public Practice Program* she describes a true story of how a married couple went about investing their savings through a badly set up corporate structure and how they virtually lost everything. Following is a brief description of this couple’s devastating financial story and […]

By |May 6th, 2015|Uncategorized|0 Comments

Your taxation and superannuation obligations when hiring new employees

In order to help meet your tax and super obligations when hiring a new worker, we have put together a checklist for your consideration:

Is the worker legal?
Before you employ anyone you must ensure they are legally allowed to work in Australia. They must be Australian citizens, permanent residents or non-citizens with Australian visas allowing them […]

By |May 6th, 2015|Uncategorized|0 Comments

Starting a Business – What is the best business structure for you?

Getting the right tax structure for your new business may provide huge tax benefits in terms of capital gains tax, income tax, asset protection, and it can also increase the likelihood of obtaining finance.

There are many factors that need to be considered when deciding what structure to adopt and making the wrong decision can be […]

By |February 26th, 2015|Uncategorized|0 Comments

Buying a New Car – The difference between finance options?

Obtaining finance to purchase a car is a widely adopted and sometimes preferred method to fund acquisition, as opposed to paying in cash and thereby tying up required working capital for one’s business. Therefore, it is important to understand the different benefits of obtaining finance through a lease versus hire purchase and Chattel mortgage.

The table […]

By |February 26th, 2015|Uncategorized|0 Comments

How to distinguish between contractors and employees?

The Income Tax and Superannuation Guarantee Laws are structured in a way that, even if a worker has an ABN, the employer is still obliged to determine whether the worker is in fact a ‘genuine’ contractor or really an employee. To be able to determine between the two you need to look at the whole […]

By |February 26th, 2015|Uncategorized|0 Comments

Car Expense Deductions

Car expense deductions are a great way to legitimately decrease your tax bill or maximise your refund. However, deductions only apply to kilometres travelled for business. Travel from home to work or work to home are not deductible. Attending meetings, running business errands and the like are deductible.

We have clients in the past who have […]

By |January 21st, 2015|Uncategorized|0 Comments

Cloud Accounting and XERO

Cloud Accounting, such as the service offered by XERO, has revolutionised the way businesses are keeping their financial records in order and doing business. We should know, as our practice has been using cloud accounting for years, and so have a majority of our clients.

In recent times, we have received numerous enquiries about what is […]

By |January 21st, 2015|Uncategorized|0 Comments

Buying an existing business

Buying an established business is a quicker and easier option than starting from scratch. In saying this, before you decide to buy, you will need to invest your time and effort into finding the business that’s right for you.

Following is our checklist of initial questions you need to ask before you buy:

Why is this business being sold?
Who […]

By |January 21st, 2015|Uncategorized|0 Comments