The financial year is coming to an end. This is the time you should be reviewing how you’ve been going for the year so far, and also start planning ahead for the new financial year. The idea is to reinforce what you do well (and do more of it) but also to recognise what sabotages your success...and cut that out.
It is a mistake to treat all your customers the same way. It leads to over-servicing, and will leave you and your team feeling like you don’t have any spare time. You need to be specific about the people you want to deal with, and go for that type of customer.
Most people think that they can move in to a property, renovate it, and then sell it without paying tax. This does not apply if your primary purpose is to ‘flip’ the property for a profit, regardless of if you are living in it!
Looking to take your team out for Christmas lunch this silly season? Wondering whether you can claim it as a tax deduction?
“The dark side of the Force is a pathway to many abilities some consider to be...unnatural.” - Chancellor Palpatine
Han Solo: Kid, I've flown from one side of this galaxy to the other. I've seen a lot of strange stuff, but I've never seen anything to make me believe there's one all-powerful force controlling everything. There's no mystical energy field that controls my destiny.
“Should I buy a new or Used car and am I better off financing it?”
This is a question we regularly get asked. Ultimately, if you can afford a newer car, buy a newer car… but first, weigh up your cashflow situation.
Have you ever tried watching TV while somebody is talking to you? It is very distracting, and if you are like me – you won’t be able to concentrate. Similarly, if you are trying to run a business, and you can’t pay the bills on time, you will also find it hard to concentrate.
Do you pay wages from your business? There are a few things you need to do once the current financial year ticks over!
30 June is fast approaching and it is time to get organised. We have put together a short list of things all farmers should think about prior to the end of the financial year!
30 June is fast approaching and it's time to get prepared! We have compiled a list of 5 things all small businesses need to get done before the end of the financial year!
At Rise Business Solutions, we take security seriously! With so many scams and hackers out there, it's better to be safe than sorry. So when Xero introduced two-step authentication, it was a great initiative.
We’ve all been told to ‘focus’ at times – whether on the sporting field or at work.
However, I don’t ever recall being taught ‘how’ to focus... do you?
We recently attended a conference which spoke about the importance of focusing and how best to do this - here are the three key strategies that I learnt!
From 1 January 2017, individuals on subclass 417 and 462 visas will be subject to a flat rate of tax at 15% on the first $37,000 of taxable income.
Just three months to go until the end of the financial year. It’s time to plan ahead. First, you need to understand where you are at.
The economy is tight at the moment: no doubt about that! Business owners tend to develop a bit of a siege mentality during these times and it is easy to become quite negative.
Are you starting up your own Electrical Contracting Business but not exactly sure where to start? These 5 tips are a great way of getting organised and will ensure you hit the ground running!
We've looked at the financial basics that you need to lift profit and control your cash flow. We now turn our attention to the non-financial aspects of your business: YOU!
3 Top tips to improve your accountability and achieve success.
Having prepared your One Page Plan and mapped out the next 12 months, the next step is to put it into action. It all starts with a healthy cashflow.
Chloe and Tina were Podiatrists on the payroll of a suburban hospital, and close friends. Almost by osmosis, they also became business partners when Chloe decided to strike out on her own.
They secured premises in a brand new medical centre, paid for all the equipment and completed a modern fitout, but within 8 months, they were nearly broke! How could this happen? Was it the economy...overheads too high...lack of marketing? They couldn’t put their finger on it.
The real reason they were in trouble was the lack of planning at the beginning.
Have you booked your summer holiday yet? It can take many hours – planning where to go, searching websites to get the best deal, etc. Have you spent that much time planning for your business?
On 6 October, the second NBN satellite was successfully launched into orbit, providing regional Australia fast and reliable internet.
The Rise Business Solutions team jetted off to Brisbane this year for the annual XeroCon. With more than 2300 attending, this event is the largest of its kind in the Southern Hemisphere. From Virtual Reality, to a live DJ and a Buddhist monk, it was a enlightening few days. Along the way, Xero announced some awesome product updates, new tools for farming and even Artificial Intelligence (don’t worry SkyNet is not here yet), it was jam packed, so here’s the short version.
The government has approved changes to reduce the tax rate for working holiday maker visa holders from 32.5% to 19% on earnings up to $37,000 from 1 January 2017. Back in May, the Federal Budget had proposed the rate to be 32.5%. Any payments made in excess of $37,000 will be taxed at the ordinary marginal tax rates.
In a rare moment of clarity, the government has decided to drop the idea of Superannuation Lifetime Cap. But there is a catch!
30 June deadline is looming. All employers must take steps to ensure they comply with SuperStream reforms.
The ‘five ways’ method is a simple and powerful tool when looking to grow your business. Created by Brad Sugar, it can be used for almost all business types. It looks at five key aspects which – when done correctly – will result in a healthy bottom line (profits).
A June BAS Review and Lodgement is an essential service that forms part of our basic Accounting packages and is appropriate for any established business which DIYs their own bookkeeping. Just as a quick look in your rear view mirror can save you a lot of headaches, so too a quick look at what's going in your accounts.
It's the aim of every business owner to create sustainable cashflow in their business. Tom Parker explains 2 ways your business can unlock it's cashflow potential.
In 1969, only 3% of the ultimately successful Apollo 11 mission was on course. So how did they achieve their mission in the end? Simple. They constantly checked their position and corrected any deviations in their plan. They regularly monitored their systems, their speed and their trajectory, and made corrections to stay on track.
Finally, the government has realised that many “small businesses” turnover more than $2M. This is a significant change, but what's in it for me? There are other significant changes in the budget, but how will they affect me and my business?
What are fringe benefits? A fringe benefit is any ‘non-cash benefit’ provided to employees or their associates. When an employee receives a fringe benefit, the employer is potentially liable for Fringe Benefits Tax. How is FBT calculated? It depends on the type of benefit received. What types of fringe benefits are there? Most common examples are ...
The BAS or Business Activity Statement exists for two main reasons:
- Paying Tax obligations
- Data matching
When my clients ask me if they should set up a Self-Managed Super Fund, the first question I ask is ‘Why do you want to?’. Most will say it’s because they can ‘choose’ how they invest with the Super Fund’s balance.
We have seen a significant increase of sophisticated and some not so sophisticated email scams doing the rounds. We thought we'd take this opportunity to let you know of a few we've seen, and some ways to spot a fake !
If you get an email from a foreign country, which has a file attached (and poorly written) don't open it.
Latest examples have been from:
• Bogus "Australia Post" email saying you have a delivery
• A Firm called "Accountable Financial Group"
• An email advising that you have won a lottery in a foreign country
• An email advising that they want to transfer foreign currency to you as a gift
• Also, if you get a phone call advising that you may go to jail for non-payment of tax, do not reply or give any information to them
If in doubt - call us.
Once I had to prepare MY OWN succession plan…I truly understood how my clients felt…AND… how our own anxieties can complicate these matters even further.
When starting a business, one of the most important things to do is decide on a name. Although it may seem relatively simple, over the journey, we've found this is in fact on the hardest tasks of all. Here are some tips to getting it right.
Last week, we attended Xerocon in Melbourne – an annual event that focuses on the latest advances and changes in the Cloud Accounting realm.
If your business operates primarily in the Building and Construction industry (see a list below) and makes payments to contractors, then you’re required to complete and lodge a ‘Taxable Payments Annual Report’.
So business is going well and it’s time to employ staff. As an employer, there are a number of things you need to do throughout the year to meet compliance requirements.
Keep pace with changing technology… or risk falling behind
Businesses that embrace the cloud can benefit from blue skies ahead.
Times are changing… in actual fact, they already have. There has been a shift from buying software as a product to buying software as a service (SAAS) and, like many services and utilities, we pay for them monthly.
As usual, “the devil is in the detail” when it comes to any government announcement. Nothing is certain until it has been passed by the Senate, so don’t act on this without checking with your financial adviser first. Please note the timing of the introduction of each measure…they don’t all start on 1st July 2015.
Public practice accountants serve a crucial role in the success of small business. They are more than bean counters, they are bean growers. The good firms will provide a number of key services to small business owners, each with a clear a distinct purpose; timing; and benefit. Below is a list of these services, including a short description of their purpose and how they work. But first…
Successful businesses have worked out how to do these three basic things consistently and well: Book it, Bill it, Bank it. When a business is struggling financially, chances are they are falling down in at least one of these three basic areas. You need to get ALL THREE right – they are interrelated.
ATO SuperStream Reform: Are you ready?
As of 1st July 2014 the ATO is transitioning to electronic lodgement, and moving away from paper.
For those documents affected by these new electronic lodgement rules (Including your Business Activity Statements) any lodgement via electronic channels will trigger a permanent change. As tax agents we of course lodge our clients BAS (as we do this electronically) either as a service we provide, an ad hoc request or as a result of “end of year” adjustments, meaning that at some stage a change is likely….then what?
Get It Done. Get It Read. Get Ahead.
Success in business requires a number of essential ingredients. A sound strategy. A robust business model. Effective planning. Strong financial control and bookkeeping. A good team. Great systems. Measurement. Focus.
Imagine Having a Seasoned ‘CFO’ to Help Guide Your Business Decisions.
A Trap That Causes Many Businesses To Go Broke, While They’re Making a Profit
There’s a saying in business, “You can go broke making a profit.” And another, “Cash is king. Profit is theory.”
As you know only too well, you don’t pay rent, meet payroll or pay your bills with profit.
You pay them with cash.
A business can make a lot of sales, have a book full of orders, have delighted customers and clients, have a great reputation, be growing, and yet still go broke.
Why? Cash flow.
Social Media Hype or Substance? Are Twitter and Facebook Relevant to Business Owners? Isn’t Twitter a waste of time? Isn’t Facebook for the kids? Not anymore. It’s true that Twitter and Facebook started out with very ‘non-business’ objectives.