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Tax deductions for small business: Is the hype around the $20,000 instant asset write-off justified?

Before you commit to spend any money, ask yourself these 5 questions.

With the dust now settling on this year’s federal Budget, it’s worth asking whether the temporary increase in the accelerated depreciation threshold to less than $20,000 is worth the hype.

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How well protected is your business?

If you’re like many business owners you have already insured the physical assets of your business from theft, fire and damage.   But have you considered the importance of insuring yourself - and other key people in your business - against the possibility of death, disability and illness ? Not being adequately insured can be a very risky oversight, as the long term absence or loss of a key person can have a dramatic impact on your business and your financial interests in it.  Protecting your assets The business knowledge (known as intellectual capital) provided by you or other key people, is a major profit generator for your business. Material things can always be replaced or repaired but a key person’s death or disablement can result in a financial loss more disastrous than loss or damage of physical assets. If your key people are not adequately insured, your business may be forced to sell assets to maintain cash flow – particularly if credi ...
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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

Marketing is Maths

Marketing is Maths By Charmian Campbell Finding a marketing strategy that returns dividends can be thwart with obstacles, expensive failures and lost hours. To give you an example of successful marketing I will share a recent example of great ROI for one of our clients.  Below are the steps we worked on to deliver results. STEP 1 - Clearly identified ideal client and the target market in which they can be found STEP 2 - Found opportunity to reach as many of these is one arena (in this case Tradeshow) STEP 3 - Designed a Trade stand that matched the organisations Brand message and Quality STEP 4 - Created ideas to attract the attention of passers by STEP 5 - Had a sales plan with which to handle interaction and identify potential customer needs STEP 6 - Captured prospects details and advised how they would be contacted following the event STEP 7 - Follow up as promised with FREE entry level  / fear free options for further discussions OUTCOME&n ...
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SuperStream for SMSF owning employees - are you ready ?

Whytes Accountants - SuperStream for SMSF owning employees

The Australian Tax Office is urging employers to ensure they have the key details of their employees’ self-managed super funds by June 30, as a key deadline for businesses to implement the SuperStream scheme approaches.

In May last year, the ATO announced the scheme has to be in place by June 30, 2015, for businesses with 20 or more employees and June 30, 2016, for employers with 19 staff or less

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And from the ATO 

Tax traps to avoid for Aussies working overseas

Whytes Accountants - Tax traps to avoid for Aussies working overseasWhytes Accountants - Tax traps to avoid for Aussies working overseas

Working overseas can lead to tricky tax pitfalls, but seeking expert advice can keep you from paying up twice.

Going overseas to work is a grand adventure for many young professionals. It offers the opportunity to experience a different culture, expand your work experience and enhance future career opportunities.

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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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Are you coming to the Business Accelerator 2 day event?

Driving Abundance Through Business Education
BRISBANE - 22/23rd MAY
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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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