This will be compulsory for every employer and the ramifications will be significant. Not least of all, the days of delaying payment of employee superannuation will be effectively finished. We have prepared a simple four-point guide so you will be completely familiar with what needs to be done. 1. When does it apply to you?…
May 02, 2018When we advise clients around structuring there are two crucial elements that need to be considered. In no particular order they are: Tax efficacy Asset Protection Today we are going to examine how you can maintain the asset protection elements of your structure. It is always surprising to us how easy it is…
The Federal Government has announced as part of MYEFO that the ATO will be able to disclose to Credit Reporting Bureaus overdue tax debt from 1 July 2017. If a taxpayer meets all of the following criteria the ATO will be able to disclose debt to specific external parties: The entity has an ABN The…
So you thought contractors were a better option than employees? A recent insolvency in Sydney makes compelling reading if you employ contractors. A cleaning company engaged its workers via contract. (At this point it is important to understand that just having an ABN or merely saying you are a contractor does not make it so….
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…