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From the monthly archives: December 2014

We are pleased to present below all posts archived in 'December 2014'. If you still can't find what you are looking for, try using the search box.

GETTING IT RIGHT! ..... NEW YEAR PLANNING FOR YOUR BUSINESS in 2015

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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Couple refused small business tax concession

Couple refused small business tax concession The AAT has recently affirmed a decision of the Tax Commissioner refusing a couple’s request to apply a capital gains tax concession in relation to the sale of their business. The husband and wife were the sole shareholders and directors of a private healthcare company which they had sold, via their shareholding, for some $14 million in the 2007 income year. They claimed they were entitled to the tax concession in respect of the capital gain they made on the sale of their shares. In particular, they claimed they satisfied that relevant asset test to be eligible for the concession on the basis that the company had a liability just before the sale to pay them eligible termination payments totalling some $2.75 million. In rejection of the couple’s argument, the AAT confirmed that the eligible termination payments paid to the couple were not to be taken into account for the purposes of the relevant asset test in determining whether they qualified ...
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Will the tax man celebrate your Christmas party ?

Will the tax man celebrate your Christmas party ? So you are busy organising your Christmas Party, considering what gifts you might give to your clients and staff.  Do you have to pay the tax man for that Christmas cheer ? 1. The Christmas Party a) If the party is off business premises and you spend less than $300 per employee, there is no Fringe Benefits Tax (FBT) but also no tax deduction or GST claim. If clients are invited, there is no tax deduction or GST claim for their allocated portion as the cost is entertainment. b) If the party is on business premises on a work day, there is no limit on spend for employee or clients, but again no tax deduction or GST claim. 2. Gifts a) If you give a gift that is not included as part of the Christmas Party; categorised as a “Non-entertainment gift”; it is exempt from FBT where the total value is less than $300 inclusive of GST. It is also tax deductible and the GST credit can be claimed.  Gifts of entertainm ...
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