By Alyssa Gregory – Small Business Information Expert Goal setting is powerful for all small business owners, and it’s vital that you think about – and work on – your goals more often than once a year. How often have you set goals at the start of the year, only to get pulled away to other […]
Is Your Business Income Personal Service Income?
Personal Service Income (PSI) is income received from your personal efforts or skills through an ABN and can be earned in almost any industry, trade or profession. If you have earned income from contracts and sales for which more than 50% of the income was for your labour, skills or expertise, then all of that […]
SMSFs and Property Valuations
SMSFs and Property Valuations The requirements for SMSF property valuations can be confusing. This is partly because there are no hard and fast rules. The ATO has produced guidelines but these are open to some interpretation. Factors to consider include the domain expertise of the Trustee, and the expectations of the ATO and Fund Auditor. […]
How to Avoid a Dodgy Tax Scheme
Tax planning arrangements that go beyond what the law intended are tax avoidance schemes. These schemes involve deliberate approaches to exploit the tax system. The way an arrangement is structured, the financing, documentation and advice offered can all be indicators of a suspect scheme. Because some tax schemes are very cleverly dressed up as legitimate […]
Organising Your Business Day for Maximum Results
Running a home business has so many working parts. It can be hard for new entrepreneurs to prioritise every task that needs to be done. In many cases, home business owners spend a lot of time doing things that don’t lead to fast and profitable results. Leslie Truex, a home business entrepreneur, offers suggestions to […]
Fuel Tax Credit Rates for Business
Fuel tax credit rates vary depending on when you acquire the fuel, what fuel you use and the activity you use it for. Fuel tax credit rates are indexed twice a year, in February and August, in line with the consumer price index (CPI). In line with the 6-monthly CPI inflation adjustments, fuel tax credit […]
Protecting Your Business
Many business owners don’t hesitate to insure physical assets such as motor vehicles, plant and quipment. However, they often overlook the importance of insuring themselves (and other key people in the business) in the event of illness, injury, disability or death. This can be a very risky oversight, as the long term absence or loss […]
Travel Allowances
A travel allowance is a payment made to employees to cover accommodation, food, drink or incidental expenses they incur when they travel away from their home overnight in the course of their duties. In most circumstances, when claiming deductions, you need to substantiate the expense claimed with documentary evidence, and produce that evidence should the […]
For clients with an SMSF
One overarching fundamental that SMSF trustees should ideally keep in mind is the sole purpose test – that is, every decision made and action taken is required to be seen as been undertaken for the sole purpose of providing retirement benefits for the fund’s members. If an SMSF trustee incurs an expense in the usual […]
Buying Or Selling A Business
Many clients looking to increase the size of their business look to make bolt on acquisitions. Likewise, on retirement or in another phase of a career as a self-employed business owner others look to sell the business and build up a nest egg from the years of hard work. One area often over looked is […]
