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Sleeping out for the homeless
This Thursday, I will be doing a first of hopefully, one of many experiences. I will be leaving the comforts of my bed to sleep outside with hundreds of CEOs as part of the CEO Sleepout campaign. This is a great yearly campaign organized by the St Vincent de Paul society (Vinnie’s) to raise funds for the homeless.
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Will the tax man knock on your door?
With the end of the financial year (EOFY) around the corner, have you asked yourself? Are my tax affairs in order or is there still a shoe box full of paper still under my bed? Will the tax man knock on your door? Would you stand at the door proudly knowing your tax affairs are in order or would you run and duck for cover?
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Avoid a GST audit with these simple principles
The thought of a GST audit would frazzle most people. Unfortunately, it does happen and could happen to you. The Australian Tax Office (ATO) conducts GST audits to ensure businesses fulfil their legal obligations and operate appropriately within the system. These audits may be conducted by phone and/ or visit from the ATO to check the integrity of information lodged. Some of the key factors that may raise concerns are:
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7 strategies to pay less tax for your business
With the end of the financial year (EOFY) fast approaching, I’ve outlined some valuable last minute tax tips and strategies to reduce your 2012-13 tax bills. Tip 1: Claim instant write-off for assets costing less than $6,500 If you are a small business, you are entitled to claim an immediate deduction for “individual” assets costing less than $6,500 GST exclusive. A small business is defined as one where the turnover of the business, including connected entities and affiliates, is less than $2 million per annum (GST exclusive). The turnover for either the current financial year or the previous financial year can be used to determine if you qualify as a small business.
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Tuesday 18th June
The Latest
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13
Jun
Read MoreUnderstanding GST for your business
GST is a tax first introduced back in 2000. Even though it has been in place for 13 years, as a practicing accountant, this is still one of the areas my clients frequently require assistance with. There are two reasons for this. There’s not a blanket GST imposed on all goods and services, nor is there only one method of accounting for GST. Also, understanding the wording alone can be very tricky — it really is like learning a new language. …
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12
Jun
Read More4 tips to get your email marketing off the ground
Personally, I believe email marketing is the best method of communicating with your customers. It generates the highest return on investment than any other marketing channel, including social media. However, many of the businesses I talk to either do very little or no email marketing at all, bar a handful of them (who are usually in retail). The most common excuse is they don’t know where to start. So I wanted to (hopefully) make that a little easier. First off, let’s do a quick jargon buster. …
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11
Jun
Read More6 tips to great bookkeeping
Record keeping (also known as bookkeeping) is no one's favourite task. However, the reality is if you own a small business, good record keeping is vital. Many start-ups, as well as existing business owners tend to neglect this aspect of their business until the end of financial year (EOFY) is upon them. By law, every business is required to maintain accurate and timely records. I can’t stress enough how important it is to organize your accounts from the onset by setting up and using simple accounting software that suits your needs. Here are 6 simple tips to make record keeping easier and less stressful during EOFY: 1. Allocate time e …
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07
Jun
Read MoreCould your business grow much faster?
In my previous post, I shared the impact of what guessing can do to your business. I highlighted a clothing wholesaler, who missed sales opportunities to the tune of a quarter of a million dollars in one year, simply because they had no sales data to tell them how to best replenish their stocks. That’s what a lack of visibility or control can do your sales. Now, expand this concept to the rest of your business. How much time and money are you wasting on manual reporting that can hardly give you the big picture? Judging by the number of businesses I talk to, the lack of visibility that managers have over their staff – especially the …
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06
Jun
Read MoreExperiencing pain-roll? Steps to a painless payroll process
Across the Pacific, the 4th of July is one of the most celebrated holidays in the United States. One of its founding fathers, President John Adams, famously said, “This day ought to be solemnized with pomp and parade, with shows, games, sports, guns, bells, bonfires, and illuminations, from one end of this continent to the other, from this time forward forever more.” Here in Australia, the mood (on or around the 4th of July) usually runs in the opposite direction. The “pomp and parade” might as well be translated to “pain and pressure” for numerous small business owners doing payroll processes for their end of financial year. …
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05
Jun
Read MorePerfecting your 10 minute business pitch
Mark Twain once explained to a friend that he did not have time to write a short letter, so he wrote a long one instead. On the surface, this may sound amusing, but there is a deeper truth — it takes time to be brief. …
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