Business Advice Archives - Page 13 of 14

The value of a systematic approach

August 7, 2019/in Business Advice /by Salisbury Accountants & Business Advisors

Why a Global Franchise is Worth More Than the Local Corner Store

Imagine you decide to sell your business and a prospective buyer asks you to show them how things are done in your business.

Would you bring out your fully documented systems manual with every key process systematised and presented step-by-step? Or would you […]

Director penalty change strengthens SG rules

August 2, 2019/in Business Advice /by Salisbury Accountants & Business Advisors

Director penalty change strengthens SG rules

Company directors need to keep in mind that the Corporations Act holds directors personally liable for many of the legal and financial obligations expected from a company.

But there are also some tax obligations for PAYG withholding and superannuation guarantee charge payments, which are outlined under the ATO’s “director penalty […]

Director’s loan repayments ruling

July 31, 2019/in Business Advice /by Salisbury Accountants & Business Advisors

Failure by director to make repayment of private company loan gave rise to dividend

The AAT has held that a taxpayer’s failure to make minimum yearly repayment on a loan taken by him from a private company where he was the sole director and shareholder, was not due to circumstances beyond his control.

The AAT […]

Create a detailed plan for success

July 29, 2019/in Business Advice /by Salisbury Accountants & Business Advisors

Space travel should not be attempted without a detailed plan

What about your business?

In the early 1960’s, US-President J.F. Kennedy declared that the US would put a man on the moon by the end of the decade. Was this a reasonable goal? Yes… because it happened.

What if he had said Mars instead of […]

When did you last increase your prices?

July 26, 2019/in Business Advice /by Salisbury Accountants & Business Advisors

Why Pricing is the Key to Growing Your Profit Margins

If you’re like many business owners you might say it’s been quite a long time since you did that.

Rarely do our clients receive pushback from customers when they increase their prices. Usually, the customers who leave because of a price increase are the customers […]

Protecting Your Assets and Securing Your Future

July 24, 2019/in Business Advice /by Salisbury Accountants & Business Advisors

The dominant lion may lounge around the place…

But when his territory and pride are threatened, he’ll stop at nothing to protect them.

And a typical gorilla father will go to battle with other males, who are known to kill baby gorillas as they try to take over the group. Meanwhile, Emperor Penguin dads are […]

Things to do in a new business

July 22, 2019/in Business Advice /by Salisbury Accountants & Business Advisors

There are 101 Things to Do in Any New Business

But Which are the 97 you Shouldn’t Do?

Most business owners are motivated by goals. They may not have clarity on what those goals are because they have not set aside time to think about it, document it, or consider the relative importance of various […]

New Superannuation Personal Liability Regime

July 15, 2019/in Business Advice /by Salisbury Accountants & Business Advisors

Before You Become a Director

If you are about to become a company director, check for any unpaid or unreported PAYG withholding or SGC liabilities.

If you become a company director and the company has outstanding PAYG withholding and SGC obligations, you will become personally liable for a penalty equal to these amounts (these are […]

Tax deductible ‘non-compliant’ payments

July 12, 2019/in Business Advice /by Salisbury Accountants & Business Advisors

Tax deductibility of ‘non-compliant’ payments about to get the chop

From 1 July 2019, businesses will only be able to claim deductions for payments that are made to workers (employees or contractors) when the employer has complied with the pay-as-you-go (PAYG) withholding and other tax reporting obligations for that payment.

If the PAYG withholding rules require a […]

Legal expenses and tax deductibility

July 8, 2019/in Business Advice /by Salisbury Accountants & Business Advisors

Do you have a legal expense?

Is it deductible?

When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it is specifically excluded by another […]