Accounting Tips For Start Ups

Businesses become a success because it is something you love and therefore work hard at it. It does no necessarily mean you love balancing the financials. However, accounting is crucially important to your success when first starting up.

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Separating personal and business expenses

There are some things in life that go together well and others that definitely do not. Business and personal finances are in the category of items that should not be mixed. Although it may seem like a headache to keep them separate—who wants to manage all those bank accounts?—your life will be greatly simplified once you separate your personal and your business finances, especially your...

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When is a Superannuation “Death Benefit” not a Death Benefit?

The question in the headline is of major significance in estate planning. As readers are aware, the taxable component of a death benefit paid to a person who is not the deceased’s death benefits dependant, as defined in the ITAA 97 (an “ITAA Dependant”) is subject to tax at up to 17%, including the Medicare levy. In contrast, a member benefit is non-assessable, non-exempt income when paid to...

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Challenging a Superannuation Death Benefits Payout

by Stephen Gethin | Feb 03, 2020

Everyone is familiar with the potential to challenge a will if they feel they were unfairly left out. With many people now dying with large balances in superannuation, the number of court challenges to death benefit payouts will increase dramatically in coming years. Actions for negligence against advisors for leaving open the potential for these challenges will also markedly increase.

It is...

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Leasing new business premises? DON’T sign that Offer to Lease…

by Stephen Gethin | Jan 27, 2020 | Blog, Lease, Business

When selecting new leased premises, tenants must be careful of two critical issues in the ‘Offer to Lease’ (OTL). The commercial rental market is now very tenant-favoured in many areas of Perth. Many tenants think they have done a great job by beating the landlord down on rent and negotiating a large fit-out contribution or a long rent-free period. Feeling satisfied with themselves, they then...

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Tips to Keep Your Business Finances in Order

If you’re like most small business owners, you spend the majority of your time managing daily operations, keeping customers happy, and looking for new ways to grow. Spreadsheets, cash flow analysis, and financial projections are probably not your first passion.

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Tips for switching off during the holidays

by Gerald Chikwanda | Dec 20, 2019 | Business, Holiday

The holiday season is once again here, and with it comes time to relax, focus on family and friends and take stock in what is really important in life. Unless you're a small business owner. Every small business owner knows that being away from the office can be just as stressful as being in it.

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Unscrambling the nest egg: Removing an SMSF member on relationship breakdown

by Stephen Gethin | Dec 17, 2019
It is normally too late to implement this strategy when a relationship separation occurs. The framework to enable a smooth SMSF separation on a relationship breakdown should be put in place when the fund is set up.

A separating couple's respective interests in an SMSF will often be adjusted by a binding financial agreement or a Family Court order*. These things can take time, however. In the...

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The Staff Christmas Party – is it tax exempt?

At this time of year, employers like to throw parties for clients and employees. This is a great way of saying “thank you” to the team for all their hard work and to the clients for their continuous support.  It is also seen as a major exercise of client relationship management.

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Gifts to clients – are they deductable for tax?

Giving gifts to clients at Christmas time is always popular and may help win new clients and generate more income for your business. In order to claim gift expenses during tax time, the gifts would need to have been offered with the intention of generating future assessable income.

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