How to find the right franchise It’s a buyer’s market when it comes to finding a franchise, so there is every opportunity to ask all the right questions and find a franchise that fits your lifestyle. Rod Young, chairman of franchise consultants and lawyers DC Strategy Group, says Australia has the highest concentration of franchises […]
Redundant In recent months, several colleagues working in HR have had to make employees redundant. While they didn’t personally make the decisions, they still had to be in the room while people loyal to the company for five, ten, even twenty years were let go, some of them just a week or two before Christmas. […]
Fuel tax credits Fuel tax credits – Road user charge – apportioning taxable fuel used in a vehicle for powering the auxiliary equipment of the vehicle. http://law.ato.gov.au/atolaw/view.htm?DocID=PSR/GA20134/NAT/ATO/00001&PiT=99991231235958 Interested in joining our team? Why not apply today? About Our Traineeships:- Join the Market Leader in 2016 – Accounting Traineeships Looking to study a B.Com at […]
AP Group v Commissioner Taxation Commissioner Taxation AP Group v Commissioner Taxation http://law.ato.gov.au/atolaw/view.htm?DocID=LIT/ICD/NSD1569of2012/00001&PiT=99991231235958 Interested in joining our team? Why not apply today? About Our Traineeships:- Join the Market Leader in 2016 – Accounting Traineeships Looking to study a B.Com at University of Newcastle in 2016? Bottrell Business Consultants are a Multi Award Winning Firm […]
Business viability assessment tool You can use this tool to help you determine whether a business is viable. The assessment considers a range of information that is linked to the financial performance and position of the business. This includes the business’s ability to pay its outstanding debts, while meeting its ongoing commitments to creditors. What […]
Tax pack ‘flop’ drove people to accountants The Tax Pack was a disaster for the Tax Office. Introduced two decades ago to empower Australians to prepare their own tax returns rather than using agents, the magazine-style document did the opposite. Ahead of the new tax year, commissioner Michael D’Ascenzo has told a Senate hearing the […]
Exempt Vehicles – Ute As described in the Fringe benefits Tax legislation, a ute is an exempt vehicle. This basically means, that as long as the vehicle is used for personal use if it is minor, infrequent and irregular, then there is no Fringe Benefits Tax payable on the benefit provide to an employee. Please […]
Exempt Vehicles – Van As described in the Fringe benefits Tax legislation, a van is an exempt vehicle. This basically means, that as long as the vehicle is used for personal use if it is minor, infrequent and irregular, then there is no Fringe Benefits Tax payable on the benefit provide to an employee. […]
ATO’s motor vehicle data matching program The ATO has obtained, or will obtain, data identifying all motor vehicles sold, transferred or newly registered in the 2011/12 and 2012/13 income years, where the transfer and/or market value is $10,000 or greater, from all of the State and Territory motor vehicle registering bodies. Data relating to approximately […]
Distinction between ‘independent contractors’ and ‘employees’ Two recent cases have highlighted how important the distinction between ‘independent contractors’ and ‘employees’ is: in one case, it was held that a plumbing business did not meet its superannuation guarantee obligations in respect of five of its plumbers that it had treated as independent contractors; and in a […]
ASIC – Business Registrations A business name is simply a name or title under which a person or entity conducts a business. In Australia, unless you fall within an exemption, you must register your business name. On 28 May 2012, this register became a national register of business names. The purpose of the register is […]
A million in the super fund won’t be enough for retirement A million in the super fund won’t be enough for retirement. A 30-year-old worker on an average salary of $60,000 a year would have an estimated $1.1 million in superannuation at age 65 in 2048. However, according to Russell Mason, $1.1 million would sustain […]
Xero Budgets Xero – Helping you get control of your business budget’s & cashflow Xero Budgets What is Xero? Xero is an easy to use, online accounting system, specifically designed to minimise the time and hassle of business financial bookkeeping & administration. Xero function includes: Bookkeeping/Record Keeping Invoicing/debtors Payables/creditors expense claims GST reporting Bulk payments […]
Do I need an ABN? An ABN is a unique number that identifies you as a business. An ABN allows you to: facilitate a single Business Activity Statement (BAS) confirm your business identity to others when ordering and invoicing avoid Pay as You Go (PAYG) tax on payments you receive claim Goods and Services Tax […]
Are you operating a business? An important point to consider is if you are operating a business, or if your activity is actually a hobby. This affects what income you need to declare, and the deductions and losses you can claim. If you are deemed to be carrying on a business the profit you make […]
