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...

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...

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...

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...

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...

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...

It's a typical scenario for many business owners. An employee puts in an application for annual leave for a tropical break to Hawaii. You smile as you put yourself in their shoes imagining yourself lying on the beach with a cocktail and then reality hits and you start to think how it will impact you and your business. Your immediate...

Have you ever looked up as you entered your local super market? There's a whole host of banners and posters up there. Have you wondered why the local bakery at 11am smells like pies instead of baked bread, like it did when you got your coffee at 8am that morning? There are a lot of things like that, sitting in...

Much of the whopping 25 percent jump in the uptake of bank debt recorded within our thinkBIG survey 2016, may be attributed to an increasing number of SME's buying their own premises. Having picked up on the rare opportunity of 'owner-occupying' being a cheaper option than leasing, more SMEs now favour buying office space in the name of their self-managed...

Businesses are becoming increasingly dependent on social media as a marketing tool and way to interact with existing and potential customers. Although social media draws many benefits for businesses and customers alike, it needs to be treated like traditional forms of advertising in that comments and opinions are not false, misleading or deceptive. Importantly, business owners are responsible for the...

The start of a new Financial Year is a time to reflect on the past year and to look ahead, making sure your business is in-shape and ready for the next 12 months. It's important you finish the Financial Year strong, but also ensure you kick off the next year on top. 1.Review your business story How has your business...

Developing and implementing effective public policy has become increasingly more difficult because of three reasons: 1. The obvious responses have been implemented - the most obvious policy responses that were readily achievable, did not require a lot of effort, and/or delivered substantial benefits, have largely been implemented; meaning that government must explore innovative policy responses to achieve further outcomes. 2....

Are you part of a not-for-profit (NFP) health organisation that offers benefits to its workers in exchange for lower wages? If so, you need to know that the Federal Government has introduced changes to fringe benefit rules from April 1. In particular, salary-sacrificed meal entertainment benefits in FBT exempt or rebatable organisations will be capped at $5,000, and will also...

One of the questions we get asked frequently is: what is the difference between PAYG withholding & PAYG Income Tax Instalments? So what are these two taxes and how do they affect your business. What is PAYG Withholding? Under PAYG Withholding rules, you have an obligation to collect tax from payments you make to employees and some businesses so that...

'RSM Australia has identified a number of key areas that SMEs should focus on in 2016: 1. Future trends - new and emerging technology helps smaller businesses streamline processes and transform sales processes from passive to proactive. SME owners who research the solutions available and choose the right one for their business needs will be ahead of the curve. Social...

'Increased costs of compliance, changing government priorities, high administration costs are just some of the challenges which are being faced by the not-for-profit sector. The fallout has seen an increasing number of voluntary liquidations and mergers over the past several years in these organisations. Many organisations which relied largely on government funding had grants suspended or funds were held pending...