Tried and True Management Tips

You often hear that people are natural born leaders, but don’t hear about how much help they had along the way. It can be hard to manage staff, so here are some tips to help you out. Learn more »

Small Business Dismissal Code

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 »

The importance of planning for your retirement now

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 »

Records for claiming exemption from CGT for Small Business

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 »

Depreciation methods for investment properties

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.

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Fringe Benefits Tax

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.

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Best Business Apps

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.

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R&D Tax Incentive 2014

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.

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Changes to Strata Laws

The New South Wales Government’s Department of Fair Trading is said to be drafting the final Bill which will give effect to its strata law reforms.  Amongst other matters such reversing the default position on tenant pet ownership, these law reforms are designed to bring the legislation up to date, reduce red tape and provide for more transparent decisions to be made regarding strata schemes.  The Department of Fair Trading is hoping to table the Bill in Parliament in the upcoming months.  While there are 70 proposed changes to the strata laws, the most significant reforms have been explored below for your convenience.

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The need to limit access to start-up tax breaks

In 2009, the Labor government introduced tax changes which saw employees being taxed when share options were received from their company, rather than when the share options were sold or became full shares.  While these changes were implemented in an effort to curb and eliminate instances of executives reducing tax payable by receiving income by way of share options, the changes introduced were arguably too broad and start-up companies have suffered.  Such suffering has caught the attention of major accounting firms and the media, prompting the Abbott government to recommence a Treasury review into the Labor government’s tax changes.

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