The best recession-proof businesses sell a product or service that is necessary or legally required. This is to be contrasted with nice-to-have purchases or desires. The seven top recession-proof businesses include: Health care – even during a recession, people get sick, have babies, etc. Tax and accounting services – preparing Business Activity Statements and…
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The Government is changing the Fair Work Act 2009 to protect workers’ entitlements. The key Protecting Workers Entitlements Bill amendments are: Increasing protections for migrant workers – Migrant workers will be entitled to the complete protection of the Fair Work Act, irrespective of their migration status. This means a migrant worker breaching their visa conditions…
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The ATO has introduced a 4.20 cents per km rate for home-charging electric vehicles (EV). The rate is multiplied by the number of kilometres the electric vehicle travels during the year. As the compliance costs involved in calculating the EV electricity consumption vs the household private electricity use is high, the ‘Practical Compliance Guideline PCG…
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In 2017, South Korea enacted the world's first robot tax. The law doesn't require robots to be taxed. Instead, they have reduced the tax breaks those investments in robotics previously enjoyed. South Korea's existing automation incentives of a three to seven per cent tax deduction for businesses investing in automation are reduced by two per…
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The formula for net worth/equity is assets less liabilities. The assets must be valued at market or realisable values. Periodically calculating the net worth of an individual, family, or company has the following benefits: Provide a simple snapshot of their ‘true wealth’ at a given time. Eliminates ‘fake wealth’, i.e. assets purchased/funded via debt (liabilities).…
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With rising interest rates and inflation out of control, businesses are under more stress than they have been for a long time. The worldwide increase in interest rates over the last nine months has been the biggest and fastest on record. Consequently, many businesses are oblivious that they will fail or close over the next…
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A bonus 20% deduction applies to eligible external training for employees of a business. The eligibility criteria includes: The expenditure must be charged by a registered training provider and be within the scope of the provider's registration. The registered training provider must not be the entity claiming the additional deduction or an associate of the…
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For the unemployment rate to drop for healthy sustainable reasons, employment must increase faster than the working-age population. This way, growth in employment accounts for the increase in the working-age population and migrant workers coming to Australia. So to maintain job growth, we are forced to hire from the unemployed rather than bringing in workers…
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Non Fungible Tokens (NFT’s) are digital assets (commonly but not restricted to images such as PNG’s or JPEG’s) that are minted on the blockchain. In other words, they are stamped as the original digital asset. Anyone can copy an image, but the NFT will always be the original and can therefore be assigned value. The…
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Subscription-based services have become the financial model of the decade for a reason. Why give ownership to a customer for a one-time fee when the same customer can pay you every month for life on a subscription. How much are you spending on subscriptions each year? If you don’t know the answer to this…
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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