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What’s in the forecast?

When we set out on a fishing trip or hike, we always check the weather forecast. It’s no different in business. The forecast tells us if there’s bad weather (poor cashflow) in store based on the direction we’re heading. Your forecast will tell you: Whether you have enough sales in the pipeline to give you the desired level of profit you want for the year. Whether your margins are appropriate. If you need to review your pricing …

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Do you have a client scheduling procedure?

It’s important to be prompt and organised when scheduling appointments, as your clients need to feel important and valued. Having a process and plan to make sure this is happening correctly in your business is essential. 1. Administrator reviews appointments first thing each day. Your first appointment may be at 9am, so you need to be ready. An unorganised business is not a good first impression. 2. Appointments shouldn’t be made prior to 9am or after 4.30pm, …

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Company profit and dividends can be a part of your wealth strategy

As the director in a limited company, dividend payments are the usual way for you to take money out of the company – and see a financial return on your investment into the company. Dividends are payments made to the company’s shareholders when the business has made a profit. What’s not re-invested into the company can be paid out as dividend payments to your shareholders, of which you’re one. But what’s the most effective way to do …

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You might not get it, but it can make a massive difference at tax time

Cash vs Accrual Accounting – It’s All About Timing While your accountant may have selected the option for you, you may like to change it or take advantage of it at different times.  What’s the difference between cash and accrual accounting? Cash accounting is all about money in and out. Accrual accounting is all about invoices issued and bills received. We can explain how the accounting method impacts your business. While it’s not a simple cut and …

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Report PAYGW Correctly to Claim Tax Deductions

From July 1 2019, If you don’t meet PAYG withholding obligations for your workers, by not withholding tax from their payments and not reporting it to the ATO, you could lose your tax deduction. This will apply to income tax returns lodged for the 2020 financial year and beyond. If you withhold tax from payments to workers, you must withhold the required amount and report correctly to the ATO in order to receive a tax deduction for …

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Building a Better Business in 10 Steps

You’re in business, congratulations, that takes courage and commitment. It’s not easy, and at times you might find yourself questioning why you’re even doing it, but you’re here because you had a vision. You decided being in business was a better way to achieve that vision than working for someone else. And, you’re right; you just have to work on it. Good things come to people who hustle. You’re likely an expert in what you do… maybe …

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You should automate your business

With more choice than ever in consumer goods, brands are turning to individuals who will promote products to their large social media fan base. Each new trend is often an iteration of a previous way of doing things. Companies have long used celebrity endorsement to advertise their brands to customers, but influencer marketing is a bit different. Made possible through social media, the influencer is not necessarily famous, but they do have a huge online following, whether …

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Your taxable payments annual report (TPAR) is due soon

Prepare now for your taxable payments annual report (TPAR) lodgement. Whether you lodge your own report directly with the ATO or if you use our lodgement services, this form is due by the 28th August. There are a number of supplier details required in the TPAR. If you have not kept up-to-date supplier records throughout the year, start updating your records now to ensure timely TPAR lodgement. Things to review before finalising your TPAR: Make sure you …

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Weird deductions and FBT issues with Uber style ride sharing

When an employee uses a taxi service for travel to or from work or if the employee is sick, it is generally exempt from Fringe Benefits Tax (FBT) under the FBT taxi travel exemption. The question is, what about Uber and other ride sharing services, do they also qualify for the exemption? If Uber is considered to be a taxi for GST purposes, that is, all drivers need to be registered for GST and charge GST as …

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Your business can accept no more the $10,000 cash

Why the Government does not want your business accepting cash payments of $10,000 or more From 1 January 2020, the Government intends to restrict the value of cash payments a business makes or accepts to amounts under $10,000. Ignoring the limit will become a criminal offence with penalties of up to 2 years in prison and/ or $25,200*. Payments of $10,000 or more will need to be made electronically or by cheque. We’ll, easy enough you say, …

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