Numbers man makes the accounts click for small businesses
Local Leaders
Justin Wong is a numbers guy. He loves crunching them, and helping clients understand and use them to full advantage in business. That’s why Justin opened PAQ Group, a bookkeeping and payroll solution that has designed its services especially for small business. “The benefits of understanding your financial position are enormous,” says Justin. “It lets business owners focus on their...
Top 7 tax breaks for public servants this tax time
Accounting
Tax season is well and truly upon us, and the question on every Canberran’s lips right now is... how do I pay less tax? With so many enticing ways to spend our money, paying more tax than we need to certainly isn’t one of them. A few weeks ago, the Federal Government’s plans to increase the low and middle-income tax...
Enforce Recoveries: The smartest debt recovery system for businesses
Accounting
Chasing unpaid invoices isn’t fun, or an effective use of time for any business. Yet cash flow is king for businesses to grow and be sustainable. Bradley Allen Love (BAL) Lawyers is the legal partner of a new debt recovery website to help businesses get fast payment from debtors. Enforce Recoveries will be officially launched at BAL’s Business Breakfast Club...
Leasing through your business? You’re about to have a ton of debt
Accounting
On 1 January 2019, a new standard for lease accounting came into effect, affecting any organisations that lease buildings, offices, retail spaces, cars, equipment and even intellectual property, from a lessor. The new standard, AASB 16 Leases, is being implemented globally by the International Accounting Standards Board (IASB). It requires calculating the entire cost of a lease agreement (from the...
Estate assets: to sell or not to sell?
Accounting
You’re an executor and are thinking that the easiest and most efficient way to administer a deceased estate is to sell the assets and divide the proceeds among the beneficiaries. You’re also feeling a bit of pressure from the emotions and financial need of beneficiaries. But is selling the assets the way to go? Ellen Bradley, Senior Associate at Bradley...
Women’s super, not so super – RSM tackles the gender gap
Accounting
Women who raise children and care for ailing members of their family are often left with the least amount of superannuation for their retirement. Across Australia, most women have on average about $157,000 in their superannuation fund when they retire. According to RSM Australia, this is woefully inadequate and well below the recommended amount of $545,000 required for a single...
Tax time: If you’re a public servant or small business, make sure you’re claiming these deductions
Accounting
We’re fast approaching the busiest time of the year for accounting firms—tax time! Whether you view the end of the financial year as an opportunity to reconcile, review and reflect on the year that’s been, or you simply view it as a pain in the backside, most of us are focused on one thing—to avoid paying any more tax than...
Bankruptcy in Canberra: How to avoid it
Accounting
Having to declare bankruptcy is a scary proposition for many. And while no one ever wants to find themselves in a situation where there’s no other alternative, sometimes life’s events simply make it inescapable. Unfortunately, small business owners make up a high percentage of those who end up filing for bankruptcy or personal insolvency in Canberra. Poor cash flow, bad...
Defined benefit plan: what does retirement look like for you?
Accounting
Most people adopt a ‘set and forget’ approach to managing their super, but if you’re a Public Sector Superannuation Scheme (PSS) or Commonwealth Superannuation Scheme (CSS) super fund holder, there are a few changes you need to be aware of. On 1 July 2017, a reduction in contribution limits came into effect along with the introduction of the Total Superannuation...
Tips for the new financial year
Accounting
The race to the end of the year can often mean business owners don't feel they can take the time to plan for the new financial year. Yet effective financial planning is critical to ensure your business' ongoing success. Take a few moments now to complete these key time and money saving tasks: Review your products and services. Do your...
Fringe Benefits Tax spotlight – customer loyalty programs
Accounting
Do you provide employees with a business credit card associated with a customer loyalty program? Are employees able to convert loyalty points accumulated in connection with the business credit card to rewards (e.g. goods, personal flights, holiday accommodation etc.)? Do you as an employer use the points accumulated under your business credit card to reward employees (or potential employees) with...
Are you missing out on tax incentives?
Accounting
If you're the owner of a company that, unbeknown to you, conducts research and development (R&D) which could qualify for tax incentives - to the tune of 45 cents for every dollar spent - now's the time to explore how much tax money you might be leaving on the table. There are countless companies across Australia that periodically end up...
Just what is a sustainable cash flow?
Accounting
Many SME owners struggle to differentiate between profit and cash flow. If asked to produce a cash flow forecast, most will revert to producing a profit forecast. But profit and cash flow are definitely not the same. GROWTH IS NOT NECESSARILY A SIGN OF SUCCESS For example, did you know you can actually go broke if your business grows too...
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