We are excited to announce the launch of our fee generating tax planning and business advisory courses. Key features include: Targeting a minimum of $100,000 in tax planning and business advisory fees within the first 12 months (Platinum course). Unlimited phone calls and emails. Unlimited one-on-one coaching/mentoring (Platinum course). Access core course content (videos, checklists,…
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We have made some significant improvements to our TaxFitness software: You can now analyse up to 5 different scenarios when preparing tax planning reports. We have Improved the tax planning report design, presentation, and wording and included additional graphs and tables. Sixty new compliance and business advisory recommendations have been added to our tax strategy…
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Nobody accidentally finds themselves on top of the mountain. You only get there by having a goal, working to a plan, and working hard to make it happen. Customer retention is a growth strategy. A KPMG study found that customer retention was businesses’ most important revenue driver. At the same time, Bain & Company calculated…
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Liability Protection: Some businesses, such as companies, offer limited liability protection. This means the business owner’s assets are protected from debts and liabilities. Tax Implications: Different business structures have different tax implications. For instance, a sole proprietorship's income is taxed at the owner's tax rate. At the same time, a corporation may be subject to…
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Businesses can leverage ChatGPT, or similar language models, to enhance their operations and customer interactions. Here are some common use cases for businesses: Customer Support and Service: ChatGPT can be a virtual customer support agent to handle customer inquiries and provide assistance 24/7. It can answer frequently asked questions, troubleshoot issues, and provide relevant information…
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A 4-day workweek, where employees work the same number of hours but are condensed into four days instead of five, has gained popularity and is being experimented with by some companies and governments. There are several potential benefits associated with a 4-day workweek: Increased productivity: Employees may experience higher productivity and focus during their working…
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According to a study by the Australian Securities and Investments Commission (ASIC), around 50% of Australian adults do not have a will. In Australia, if a person dies without a valid will, their estate is considered intestate. Intestacy laws then come into effect to determine how the deceased person's assets will be distributed. The specific…
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Strong financial performance: Buyers are typically interested in businesses with consistent and healthy financial performance. Market opportunity: Buyers look for potential for future growth and expansion, so a business with a compelling value proposition and a well-defined target market is appealing. Competitive advantage: This could be in the form of proprietary technology, patents, exclusive contracts,…
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The Digital Games Tax Offset (DGTO) provides eligible game developers a 30% refundable tax offset for qualifying Australian development expenditures from 1 July 2022. It will be available for completion, ongoing development, or porting of digital games, subject to the following: eligibility criteria set out in Division 378 of the Income Tax Assessment Act 1997, including certification by…
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Here are the top 20 tax planning strategies used by our TaxFitness subscribing accounting practices for the 22/23 financial year! Concessional superannuation contributions. Computers, tools, equipment and other assets. Phone and internet. Self-education expenses. Union fees, licences, registrations and subscriptions. Pay the last quarter's super by June 30th. Home office occupancy expenses. Instant asset…
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