Want to save on home mortgage interest? If you are self-employed read on, this may the best thing you have read in years. Fact – Almost all home owners pay their interest in after-tax dollars. Fact – Paying interest in pre-tax dollars is a much better arrangement. The above statements are so obvious that many…
I have mediated in many partnership disputes over the years, and all of them have had a common element – the lack of a partnership/shareholder/unitholder agreement. You are in an exciting place. A partner, a great outlook and lots of blue sky. What could possibly go wrong! Frankly – a lot and it quite often…
This could be a very long list, but we have applied the Pareto Principle and outlined the big six to check against your business practices. 1. Do delegateFor our money the single main reason that small businesses hit the glass ceiling is an inability or failure to delegate. We have heard them all “nobody does…
If you are not a lazy manager, then perhaps you should be. OK, so we cheated. This is not all about laziness, but efficiency… and it is worth reading. The single biggest problem we hear about in the SME sector is that owners and managers are time poor. This results in a wide range of…
It is a matter of historical fact that it takes a lifetime to create wealth and often a single event will destroy that lifetime’s work. In almost all cases that event is beyond the control of the victim. If I had to nominate the most common cause I would choose a major client going insolvent….
A wise man once said “if you are looking for a 10% improvement, find 10 one percent actions”. We hope you can find ten one percenters to grow your business in this article. Set a business battle Plan of what targets of you want to achieve and then draw up a Budget to fund your…
Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved and failure to address them pro-actively will cost you more tax. What happens when there is a family company? A recent ruling from the Australian Taxation Office (ATO) will create…
If you pay your employee superannuation late, it ceases to become a tax deduction! This means that you will not only pay the superannuation (eventually), but you will effectively pay more tax of between 34.5% and 49% of the super paid late depending on your personal tax rate. One day late is sufficient to remove…
At Magnus we have been loyalists to Xero accounting software quite a number of years now. Year after year they continue to deliver improvements that makes business owners lives easier. There are countless reasons why every small business should be using Xero software as a primary tool within their business. Some of the more predominate…
Good bookkeeping isn’t a concept that only applies to large businesses. Whether your business is a large multi-national, a small business with a few employees or even a sole trader, your business is flying blind if your bookkeeping isn’t being performed by competent bookkeepers or accountants Business owners and managers make hundreds of decisions a…