MAX YOUR REFUND

As we approach the end of the financial year, Australians begin to direct their attention to their tax returns and what they might be able to save in tax or boost their refunds. In a large number of cases, Australians are still having difficulty in getting it right. According to Scott Bailey of ITP, a…

AUSSIES SAVINGS AT DANGEROUS LEVELS

  In a recent financial industry survey by Map My Plan, it was noted that more than one third of Australians are holding levels of savings at precarious levels. The report noted the following; 1. 36% of working Australians could only access $1000 or less in the event of a financial shock such as a…

THE CASH ECONOMY AND THE AUSTRALIAN TAX OFFICE

  It has recently been revealed that the ATO will again begin a program to review operators in Australia’s cash economy. The program is to begin in Perth and Canberra with tax officers visiting hundreds of restaurants, cafés, hair & beauty salons & other small businesses including building & construction businesses that have ready access…

SHOULD I PURCHASE A PROPERTY THROUGH MY SMSF?

  Any thought of acquiring a property with your Self Managed Super Fund (SMSF) needs to undergo a rigorous analysis of whether this is an appropriate thing to do with your retirement savings. The following are a list of factors to consider in this process particularly where borrowing is involved. 1. Is it the right…

The Rise Of The iTradie: Tradies Swap Cash For Apps!

  “Will you do it cheaper for cash?” is something Ben Stuth only gets asked on the odd occasion these days. Stuth has been an electrician for 14 years now and says times have changed since he started Bill & Ben The Electrical Men with his father. Father and son team Ben and Bill Stuth…

Howards Storage World Collapses Into Voluntary Administration

  In a recent article from The Sydney Morning Herald, it was announced that retail chain, Howards Storage World, has collapsed into voluntary administration just weeks before Christmas. Administrators from Deloitte were appointed to the retailer on Friday, December 9, with Vaughan Strawbridge and David Lombe appointed to manage the administration of four entities within…

WILL THE TAX MAN THINK THAT YOU ARE NAUGHTY OR NICE THIS CHRISTMAS?

  With only a couple of weeks until Christmas, the Christmas Party season is just beginning and so are potential tax hangovers. With most Australian small business hosting Christmas Soirees, what are the tax issues that small business owners need to consider when it comes to entertainment and gifts? 1. FBT and off site parties…

ENTREPRENEURS SHOW HOW TO START THRIVING BUSINESS ON A SHOESTRING

Imagine using the free wi-fi at the public library to launch your small business. Finn Peacock did just that as he set up his business on a shoestring budget. Peacock founded SolarQuotes with $500 and a credit card for advertising. Today, it turns over about $3 million a year. Finn Peacock’s initial spend on Solar…

Early Trumps late when it comes to payments

There will be a government inquiry into late payment of small businesses.   One of the criticisms levelled at president-elect Donald Trump during the highly contentious U.S. election campaign was that the businessman reportedly stiffed subcontractors who’d been hired to undertake work for his various business ventures. Numerous small businesses from carpenters to plumbers and…
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