Many business owners and managers are so busy working on what their customers and clients need that they forget to take the time to work on their own business. But being efficient is the first step in business success, so it’s worthwhile investing the time. Five key...

Due to the complexity of the income tax legislation relating to trusts, a methodical approach is needed when approaching trust distributions to ensure the intended outcomes are achieved. This article focuses on a number of the more common scenarios where purported...

There are over 800,000 trusts in Australia earning over $330 billion dollars each year. Why are there so many? Because accountants will tell you to set one up if you want your wealth or business in a protected and tax effective environment. But they sometimes miss...

Interest: Don't overlook what you can deduct You can deduct any interest on money your business borrows, including interest paid on business loans, overdrafts and other finance facilities.  This might sound obvious, but there are other interest expenses you can deduct...

With the end of the financial year now upon us, business owners should be focusing on end of financial year tax and accounting procedures which include: Ensure that BAS lodgements and super guarantee (SG) contributions are accurate and up-to-date. Where your business...

The way that employers pay and report superannuation contributions has changed this year with the introduction of SuperStream. Businesses that haven’t yet considered what the SuperStream changes will mean for their business will need to take steps now to ensure they...

A business plan takes a lot of time to produce. It should be a “living” document, regularly reviewed and adjusted, reported on at each monthly Board of Directors meeting or management meeting, to ensure the appropriate clauses relating to implementation have in fact...

Management of Costs The management of costs is an ongoing problem for small business operators. The process commences with purchasing key products, required for your business, at the right price, receiving the goods you paid for and then carefully checking the quality...

It’s a good idea to periodically review key aspects of the individual components of your business. Customers Who are your customers? How well do you know their preferences? Do you know your “A-grade” customers? Are you solving your customers’ problems with your...