Insights from fast growing businesses 

15 August 2023

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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Why choosing the correct business structure is so important

8 August 2023

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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How can businesses use ChatGPT?

1 August 2023

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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Change to a 4-day Work Week

25 July 2023

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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How to make a business more saleable and attractive to buyers

11 July 2023

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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Digital Games Tax Offset

4 July 2023

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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Top 20 tax planning strategies for the 22/23 financial year!

3 July 2023

  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…

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Ten tax time scams that target Australian taxpayers

27 June 2023

Tax scams are becoming more frequent and sophisticated year after year. Here are ten tax scams that target Australian taxpayers at tax time: Australian Taxation Office (ATO) Impersonation Scams: Scammers pretend to be ATO officials and contact individuals via phone, email, or text, demanding immediate payment or threatening legal action. They may request personal information…

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Tax incentives for build-to-rent developments

20 June 2023

On 28 April 2023, the Australian Government announced it would provide incentives to increase the supply of housing by: Reducing the withholding tax rate for eligible fund payments from managed investment trusts (MIT) attributable to residential build-to-rent projects from 30% to 15%. This measure will apply from 1 July 2024 for income attributable to newly…

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New energy tax deduction incentive

12 June 2023

On 30 April 2023, the Australian government announced it will provide businesses with an annual turnover of less than $50 million with an additional 20% deduction on spending that supports electrification and more efficient use of energy. Eligible assets or upgrades must be first used or installed and ready for use between 1 July 2023…

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"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"

- Bono: U2