Like many business owners, you have spent years fully invested in your business, personally and financially, and as you nudge closer towards retirement, you may be starting to worry about your super and life after business. If you are selling your business, CGT concessions could help you boost your super.
Changes introduced by the ATO and Xero may affect how you conduct your bookkeeping practices. The ATO Business Portal is being updated and from the end of March, AUSkey will no longer be available. Xero is also introducing a new software program included as part of the Starter, Standard and Premium Plan subscriptions.
The ATO can disclose certain business tax debt information to external credit reporting bureaus, following the enactment of legislation in late 2019.
Treasury has released its Mid-Year Economic and Fiscal Outlook for 2019/20, forecasting a surplus of approximately $5 billion.Other tax-related measures incude a discretion for taxpayers to undertake a record-keeping course and a new third party reporting regime for businesses operating in the sharing economy, such as Uber and Airbnb.
The ATO data-matching program is seeking policy information from insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high value motor vehicles and aircraft.
If concerns about cashflow, funding new ventures, selling your business or general worries about your business performance are keeping you awake at night, you may feel like your business is managing you, rather than you managing it. A properly prepared business plan is among the most effective ways to reduce stress and take control of…
If you’re dissatisfied with your industry or retail fund or it’s just time to re-evaluate your superannuation strategy, you might be considering a self-managed super fund (SMSF). While a SMSF may offer greater control of your retirement savings and more flexibility when it comes to investment options – including property – they also come with…
“My business has made a profit and yet I’m not seeing it… Where does all the money go?” This is one of the most common questions that business owners ask and it’s often a symptom of deeper cashflow or operational concerns. If you’re not sure where the money in your business is going, you are…
As a business owner, it’s likely you have spent many years building a solid business, but perhaps you have shown less discipline when it comes to paying yourself a regular salary, contributing to super and investing for your future. If you are considering building personal wealth for your life beyond business ownership, we can help.…
If you want to make the most of tax efficiencies or avoid an unexpected tax bill you might need to change the way you think about tax – Tax planning should start in July. Business owners commonly pay more tax than they need to by leaving their tax planning until the last minute. You can…