$2,000 specialist advice grants are now available to access accounting or legal professional advice to help support businesses improve and adapt following COVID-19 disruptions and current economic conditions. The program closes on Friday 30 September, and applications are assessed on a first in, first served basis, so you need to act now.
While COVID has placed greater emphasis on business continuity and contingency planning, many business owners fail to consider a personal contingency plan for their most valuable asset. Your ability to earn an income is your most important asset, and for business owners, safeguarding your income is particularly important.
While it’s common for business owners to spend considerable time and effort focusing on business strategies for ongoing viability, it’s also important to make a dedicated effort towards building and protecting your own personal wealth.
Your accountant should be planning strategies to improve your business, tax and personal outcomes months in advance, not just doing your tax return. Even if ‘you’re not their biggest client’ your accountant should be working proactively for you. Tax savings are made through planning, not hoping. If you don’t have a handle on your tax…
If you want your business to remain relevant and continue to grow, it’s time to be proactive … and in our experience it’s often small and easy-to-implement actions that can significantly improve your business success (and personal prosperity). Here are THREE key considerations for business owners that can help your business remain relevant now and…
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.
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…
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.…
As of 1 July 2019, Taxable Payments Annual Reports (TPAR) will affect the following industries: Road freight IT Security TPARs were first introduced into the building and construction industry from 1 July 2012. Entities with ABNs need to report to the ATO information about the payments that they make to contractors for services. The policy…