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New foreign resident CGT withholding regime

post image New foreign resident CGT withholding regime 
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Help! I want to start my own business but I don’t know if it’s the right time

Dear Aunty B, I’ve always dreamed of owning my own business. There is something so appealing about walking out the door from my job in someone else’s company and working for myself for a change. And I know exactly what I would do: I want to create a catering company that makes and delivers healthy lunches to busy office workers. But I’ve had this dream for years and I have never quite brought myself to the point of being able to make it happen. What if it doesn’t work out? What if I give up my current job, that pays reasonably well, only to fall flat on my face? And I don’t even come from a foodie background so I don’t even know that I would be capable of running this kind of business. How will I know when it’s the right time to start a business? Annie,Adelaide Dear Annie, The truth is there is never a perfect time to start a new business. But I have some good news for you: there are ways to get through this indecision. It sounds to me like you ar ...
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Budget Summary 2015

The Federal Treasurer, Mr Joe Hockey, handed down his second budget at 7.30pm (AEST) on Tuesday 12 May. In general, the budget is aimed at supporting small business and growing jobs ($5.5 billion including $5 billion of tax relief), supporting families ($4.4 billion funding boost), ensuring fairness of tax and benefits, national security and progressing budget repair in a measured way.

For a Summary see below. 

Budget Report from CPA.pdf

Welcome to the barista economy

Welcome to the barista economy
As the nation's brightest financial minds try to find way to foster growth, it helps to understand the way our dollars slush around in the economy. On closer inspection, it seems we're spending a lot more money, and creating more jobs, in getting help, rather than buying stuff.
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Rental property owners in ATO's sights: What you can and can't claim

The Australian Tax Office (ATO) says it continues to see a number of taxpayers understating rental income and over-claiming rental deductions. With the surge in real estate sales, especially residential real estate, and an emphasis on investment properties, the ATO has not surprisingly taken a close interest in the expense claims people make concerning their rental properties. Rental properties have been on the ATO radar, it seems, forever. The issues haven't greatly changed, but it seems taxpayers are still getting it wrong. Quite why this is the case is something of a mystery. The ATO is now sending what it says are "re-designed" letters to taxpayers regarding reviews of rental, legal and/or borrowing expense claims. In those letters, the ATO says it will provide information on specific expense claims it is reviewing. It says the letters identify: the relevant tax return label where the expense is claimed and the amounts in question; the proposed ATO adjustments; what to do if ther ...
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Taboo topics when hiring, seven questions to avoid

You spend lots of time making sure your business’ books balance up and in your favour. But the costs of hiring the wrong staff can set you back a great deal.

Research shows employee turnover is expensive. Staff turnover costs to business could be in the range of 40-400% of an employee’s annual salary. This takes into account not only money, but time and other hidden costs.

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Applying for an R&D Tax Incentive grant - what you need to know

If you are just starting out in business you may not be familiar with the Research and Development (R&D) Tax Incentive scheme available from the Australian government. Or you may just need a refresher before submitting a new claim. It’s that time of year again where deadlines start to creep up on us, so I thought I’d update last year’s wrap up and share the latest on this subject.   The grants offer help to businesses by offsetting some of the costs of performing R&D. Many startups are not aware of what constitutes as research and development, therefore potentially missing out on a substantial cash injection for their business. If your startups runway is an issue this might be the time to act.   The R&D Tax Incentive currently has two core components:   ●      45% refundable tax offset for eligible entities with a turnover of less than $20 million per annum provided they are not controlled by income tax exempt entities. ●   ...
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Are your superannuation savings goals on track?

Are your superannuation savings goals on track? Superannuation should never be a “set and forget” strategy. With the new calendar year here, now is a good time to review your circumstances and perhaps set some new goals to help boost retirement savings. There have been a few changes to superannuation which applied from 1 July 2014 and it is important to understand how they may apply to you. The following are some considerations. Making extra contributions The general concessional contributions cap is $30,000 for 2014–2015 (up from $25,000 for 2013–2014). For people aged 50 and over, there is a higher concessional contributions cap of $35,000 for 2014–2015. Checking super savings It is a good habit to check your superannuation balance regularly. In addition to getting to know your super better, you may also want to protect your super from identity crime. For example, you may want to change passwords for accounts that can be viewed online. Consolidating multiple super ...
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GETTING IT RIGHT! ..... NEW YEAR PLANNING FOR YOUR BUSINESS in 2015 Seeing the rewards of planning and the effects of not planning in my years as a Business Coach; below is a compilation of my 5 must have TIPS for "Resetting the Bar" in your business for 2015. 1.            Set & Clearly document your Business Goals for 2015  a)  Ensure they are Specific, Measurable, Achievable, Results oriented, within a set Timeframe b)  Know your Company Vision and where you are taking the business c)  Document your Goals & Vision d)  Share, Share, Share..... You can't achieve success on your own! 2.            Define the Areas of Improvement a)  Financial Dashboard, People Performance, Marketing for ROI, Delivery & Distribution Improvement, Customer Care & Communication b)  Accountability - Monitor your b ...
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Is an SMSF right for your small business?

Is an SMSF right for your small business? Follow these 10 smart steps before making the move. Owners of small-to-medium enterprises  (SMEs) can gain a lot from running their own self-managed superannuation fund (SMSF), although it’s not without its challenges.   Here we outline a few of the positives as well as some of the negatives. THE UPSIDE  1.    You’re in control of your retirement  Most people who run their own business like to be in control of their working life; chances are they enjoy making their own business decisions. Big business holds little or no attraction for them – most of the time the big end of town is politics on steroids as well as slow to react and glacial at making business decisions.  It’s … well, big business! It’s a similar thing with retirement savings. Why trust your retirement savings to large organisations where you’re just a number? Running your own super fund allows ...
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