Benefits of business coaching There are many benefits when business owners employ the services of an experienced business coach. Bottrell Business Consultants are able to provide both business coaching and mentoring to clients which enables them to improve their business’ in the following areas: Business Planning and Goal Setting Growth and Risk Strategy Productivity and [...]
When it comes to remembering your banking details like your BSB and account numbers, most people simply can’t. That's where a PayID can help PayID is a simple new service that makes sending and receiving money from your bank account a little bit easier. You create your PayID by choosing something easy to remember, like [...]
The Federal Court has overturned the decision of the AAT that the market value of shares subject to a CGT event was less than the proceeds received. Consequently, the taxpayer did not satisfy the $6 million Maximum Net Asset Value test (‘MNAV test’) and could not access the CGT small business concessions (‘SBCs’). Facts The [...]
According to the ATO, of all the things that can cause small businesses to fold, “high on that list is poor record keeping”. More than half of the businesses they visited in their Protecting honest businesses they visited in their record keeping. Issues they found include businesses: Estimating their sales and income; Using the [...]
The Government will reform the administration and oversight of organizations with Deductible Gift Recipient (DGR) status. The Minister for Revenue and Financial Services said, “These sensible reforms will enhance the role of the Australian Charities and Not-for-profits Commission (ACNC), strengthen governance arrangements, reduce administrative complexity and ensure continued trust and confidence in the sector.” [...]
The ATO has released its latest statistics on the SMSF sector with the publication of the annual Self-Managed Superannuation Funds: A Statistical Overview 2015-16. According to Assistant Commissioner Kasey Macfarlane, “SMSFs account for 99.6% of all superannuation funds and 30% of the $2.3 Trillion in total superannuation assets in Australia.” “The annual statistics highlight the [...]
Bank transfers in less than a minute as real-time payments rolled out Three of the big four banks will start rolling out a near real-time payment system from Tuesday, as the biggest overhaul of payments infrastructure in two decades is launched to the public. Commonwealth Bank, Westpac and National Australia Bank said that from Tuesday, they would [...]
Fuel tax credit rates increased on 5 February 2018 (not 1 February as in previous years) in line with fuel excise indexation. Fuel tax credit rates change regularly. Make sure you use the correct rates each time you lodge your business activity statement (BAS). Prepare for your next BAS Watch the recording of [...]
As a nurse you might purchase items that are work-related and pay for them yourself. Many common nursing expenses that get paid out-of-pocket are also valid tax deductions for nurses. Below we’ll cover a range of tax deductions nurses commonly claim, to help you get the most out of your next tax [...]
It may feel daunting to let an outsider in on the intimate details of how your business is run, especially if you’ve had trouble managing your finances in the past. But partnering with an accountant will help you to achieve your goals and set you up for long-term success. With that, here are [...]
Here is everything you will need for you Income Tax Return this tax season. Zone Offset Record the number of days that you spend in Zone A or B, especially if you live in Zone B but spend some time in Zone A during the year. Sickness and Accident Insurance Payments Premiums for [...]
What are the 10 easy ways to pay less tax this next tax season? Bottrell Business Consultants outlines 10 simple tips that can save you a lot at tax time. We asked our accountants for a few tips on the easiest ways to pay less tax to the ATO and keep more in your [...]
Did you know you can find all your local council, state and federal government licences and permits to run your business in one simple search? If not, it’s worth taking the time to use the Australian Business Licence and Information Service (ABLIS). What is ABLIS? ABLIS is the government’s online search tool that tells [...]
If you sell products or services without intending to make a profit, your activity may be a hobby rather than a business. It’s likely you’re not in business if your activities are: irregular not aimed at making a profit small in size and scale not carried out in an organised manner conducted in your [...]
Deduct Your Work-Related Travel Expenses and Boost Your Tax Refund Work-related travel expenses can really add up. But at tax time, if you’re eligible, those expenses can also boost your tax refund with some big tax deduction claims! What are work-related travel expenses? If you incur any travel related expense that directly relates to your [...]
