In the past it has been challenging for small businesses to offer easy ways for customers to pay without being out of pocket themselves. With the technological advancements today, faster and simpler payment methods are available which benefit both the customer and your business. These new technologies aim to help businesses expand internationally, improve relationships with customers and gain insights into consumer spending.
Taking a look at your books and cutting needless costs is a great way to minimise losses. However, cutting costs that leads to under resourcing is not. Instead of saving costs by cutting marketing, staff, or perhaps carrying less stock, why not look at how you can invest in your business and maximise profits through business growth.
The small business fair dismissal code came into effect on 1 July 2009 and applies to employers with fewer than 15 employees. As an employer you need to abide by the rules set out in the fair dismissal code to avoid legal action. Here is all the information you need to know about the fair dismissal code. Learn more »
Whether you are in your 30’s, 40’s or 50’s now is the time to prepare for a comfortable retirement. Unfortunately we meet with a lot of people where time gets away from them and they leave the panning too late. Learn more »
If you are running a business as a sole trader, partnership, company or trust and your business has an aggregated turnover of less than $2 million, there are five CGT related tax concessions that may be relevant to you. These exemptions, and the records that you need to keep to take advantage of them, are outlined below. Learn more »
There are two methods allowed by the ATO, that you can use when claiming depreciation on fixtures and fittings within your investment properties. The first is diminishing value, and the second is the prime cost method. You may only choose one of these when claiming for fixtures and fittings, and each method affects your cash flow in term of the tax refund you may receive. Below are the differences and considerations to help you decide which one is best for you.
A fringe benefit is a payment made to an employee or their associates (e.g. a family member) during the course of employment that is not in the form of salary or wages. The Fringe Benefits Tax (FBT) is the tax associated with these different forms of payment, with the tax being based on the taxable value of fringe benefits provided. It differs from income tax. The fringe benefits tax year runs from 1 April to 31 March.
Your business can always benefit from an increase in efficiency and productivity, and the means of getting such increase have never been so available. Having the right apps on your phone, tablet and even desktop computer can help your business grow by making you more organised, accessible and connected. But with so many apps out there, which ones are a must have? Below is a list of the apps that we believe could be of the greatest assistance to you.
Replacing the research and development tax concession, the Government introduced the research and development (R&D) tax incentive in 2011 with the aim of boosting competitiveness and improving productivity across the Australian economy through encouraging industry to conduct research and development activity that they may have been holding off on. The R&D tax incentive provides a refundable tax offset for eligible entities who have an aggregated turnover of less than $20 million, and a non-refundable tax offset for all other eligible entities.