Category Business Strategy & Advice
Ensuring your systems and processes are as efficient as possible to maximise the time available to focus on growing your business and creating wealth
“You need to work on your business, not just in your business.” Made popular by The E-Myth Revisited author Michael Gerber, it’s advice I’m sure you’ve heard dozens of times over the years (I certainly have). But despite being told over and over again, many small business owners still don’t seem to truly understand what
With the end of financial year fast approaching it is a busy time for businesses. Below is a basic summary of important dates and year end processes to get you started. Important Dates 14th July 2017 – Payment summaries need to be provided to employees by this date 28th July 2017 – Due date for
On Tuesday 9 May, the Federal Government handed down its Budget for the 2017–18 financial year. According to Federal Treasurer Scott Morrison, this year’s Budget is founded on the principles of fairness, security and opportunity. Mr Morrison claims that the government’s proposed measures will raise almost $21 billion in revenue over the next four years,
Over the past couple of months we have received many queries from clients receiving suspicious emails from government agencies in regards to their financial information. Example of email received For this particular example, clients have been receiving letters from ASIC for the renewal of their company. Consider the following: If POOLE GROUP have set up
The sharing economy is booming thanks to the far-reaching capability of the internet and the growing use of smart phones. While it might have started as a good way to get a little more cash and fun, people often are unaware that sharing their private home or car with strangers or doing the lawn for
In the past few months, we’ve found that the ATO has been relentless on those failing to lodge their tax returns (or other documents) on time. An individual has recently been slugged with a combined penalty of $1750 for not lodging their 2014 & 2015 tax return.
The Federal Government recently announced a raft of new initiatives under their “National Innovation and Science Agenda” which you may have seen advertised on television. One of these initiatives was incentives for anyone who invested new equity capital in an eligible startup business.
“What’s the best accounting software for my business?” As accountants we’re asked that a lot. And for most small- and medium-sized businesses the answer is, without hesitation, Xero. Why? Because we think it’s the best accounting software currently available. And here are ten reasons why we keep recommending it to our clients. Easy to use
One of the biggest advantages of working with Xero and the cloud is having instant access to the information you need. Xero’s daily bank feeds provide access to the latest financial data as soon as it’s available. However, as a business owner you need more than just the standard Profit & Loss (P&L) and Balance
Taking control of your cashflow and managing debtors are challenging elements to running a successful business. Reminding people to pay you on time is a crucial function in a business, yet often business owners are so busy that they overlook it. Sure, you could hire staff to chase up and remind your debtors for you,
We love the Xero cloud accounting platform, but one of the reasons for that is not just the Xero app itself: It’s the ‘app eco-system’ of addon partners that provide specialist software programs that integrate simply and easily with Xero. These addon apps help you to improve efficiencies and information flow in your business.
Starting a new business for the first time can be tough. You’ve always dreamed of making a living doing what you enjoy, and you expect to take the world by storm the moment they hear about your new venture. Unfortunately, reality doesn’t always work that way. Chances are the world won’t fall in love with
If everything goes well, for the typical small business, it provides a nice income for the owner and is then sold for a good price. The key to a successful exit here is to make sure that your business will bring a top price for its category and location.
We obviously speak to a lot of business owners about approaching retirement – as a result of recent research we now know that business owners in the 60 to 69 year age bracket represents 37% of all business owners which is a substantial increase on the 21% in 2010.
We have had a vast amount of enquiries in relation to the new immediate deduction amount of $20,000 that was introduced in the 2015/2016 budget. The 20K small business writeoff generous but you need to keep in mind that you need to meet the set conditions to take advantage of it.
Did you know that you’re able to claim a deduction for travel costs incurred to inspect or maintain your rental property? You are able to claim a tax deduction for the costs incurred in visiting your rental property, these include car, taxi, flights and accommodation.
As a taxpayer who has private health, your taxable income affects which threshold you are entitled to. If you under or over claim, your rebate a private health insurance offset may be charged or refunded on lodgement of your tax return.
Every business owner has an inevitable day when they will no longer own their business. Ben Franklin wrote “Nothing is certain but death and taxes,” and he was right.