Business entity changes involve transferring a business from its current structure to a more advantageous structure. The most common reasons for business restructure are: Change in ownership: If an existing business is acquired (say a company), then the business structure may be changed (to a trust). Change in management: Taking on a business partner would involve…
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Unclaimed money is defined as money that belongs to you but has been lost or forgotten due to a change in circumstance. It could be lost bank accounts, shares, life insurance policies or lost superannuation from changing jobs. Unclaimed money received by ASIC is transferred to the Commonwealth of Australia Consolidated Revenue Fund after 7…
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In addition to federal support, if you run a small business and need assistance during or after a lockdown period, you can find information on state-based grants and support below: State and Territory Information, Grants & Assistance WA – Small Business Lockdown Assistance Grants NSW – Financial assistance for business and employees NT – Northern…
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On 11 May 2021, as part of the 2021–22 federal Budget, the Australian Government announced it will extend the loss carry back measure. Companies can carry back losses from 2020, 2021 & 2022 income years to offset previously taxed profits made in or after the 2019 income year. This allows companies to generate a refundable…
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Businesses (i.e. those with an annual turnover of less than $5 billion) can claim an immediate deduction for depreciable assets they start to use – or have installed ready for use on the following basis: 06/10/20 to 30/06/23 -uncapped immediate write-off for NEW assets or an improvement to an existing asset. For businesses with an…
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Australia’s budget is heavily reliant on the 1% of Australians who earn more than $350,000 per year. That is 82000 men with an average income of $760,853 and 28,000 women with an average income of $753,481. A combined total of $84 billion tax paid out of a total of $213 billion. In other words, the…
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For services, always get 3 quotes minimum. We shop around for the best price on TV’s, cars, and other products but seldom get enough quotes and trades and services. It is important to get at least 3 quotes so that you can compare the market. You might not make your decision based on price,…
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As accountants, we love numbers and are particularly good with them. We are not salespeople, and we are not marketers. It is no wonder then that we find it exceedingly difficult to upsell our services or sell new services that we know would benefit our clients. Here are 5 tips that will help you sell;…
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When embarking on a large financial project such as building a new house, renovating your existing house or starting a business, it is important to have a budget. Without a budget, it is easy to spend beyond your means, resulting in unintentional debt. This can affect your financial standing and quality of life for many…
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Saver Plus is Australia’s award-winning free financial education and matched savings program. The program supports families and individuals on a tight budget to develop lasting savings habits through financial education. They also put $500 towards your children’s education but matching your own savings up to $500. Saver Plus is a partnership between The Brotherhood of…
Read More »"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2