Savvy business owners and entrepreneurs understand that combining historical insights, forward-looking strategies, and thorough forecasting sets their business up to achieve its goals.
In case you missed it, the Australian Taxation Office (ATO) is launching a campaign to target owners of rental properties who incorrectly report income and expenses. Data-matching efforts have revealed a tax gap of approximately $1 billion, and unsurprisingly, the ATO is aiming to recover these funds.
In our business world, ‘succession’ doesn’t have quite the same drama or entertainment value as you’ll find on TV, however it is an integral part of your business plan.
Robust bookkeeping practices should never be simply a “nice to have” – it’s a must. So with a new financial year upon us, what better time to whip your business’ bookkeeping into shape and make this financial year your best yet.
As accountants and advisers we talk to our clients regularly about different aspects of their financial fitness – cashflow, budgeting, forecasting, investing, saving, retirement planning and so on. What is often left behind in the pursuit of financial fitness is our mental fitness.
The end of the 2022-23 Financial Year is nearly here, and there’s plenty to prepare as 30 June closes in. Proactive business owners always look to improve their business all year-round, but there are several key actions to undertake over the next few weeks to optimize your business’ position at tax time.
As technology works its way into more and more aspects of our personal and business lives, it is no surprise that online fraudsters and cybercriminals are finding new ways to exploit the everyday Australian.
A fast-paced and technology-driven market, volatile global events, rising interest rates, increased competition, and the need to remain compliant with government and industry regulations make it a tightrope walk for small business owners.
In times of unpredictability and market turbulence, it is crucial to maintain your composure and adopt a long-term investment outlook. The investment journey is a marathon, not a sprint, and it is common for markets to experience fluctuations that on the face of things seem worse than they really are.
The ATO has refocused its attention on the implementation of Section 100A Reimbursement Agreements, which may have a significant impact on the overall tax position of family trust distributions captured under this rule.
“We have worked with People and Partners for the past 5 years. From the very beginning, we have been impressed by the level of care and attention that we have received. They took the time to understand our business and tailor our reporting and their advice to our specific needs. They have provided us the confidence in our “numbers” and enabled us to use them to focus on the business. We see them as an extension of our team. I have no hesitation in recommending them and am happy to discuss with anyone considering engaging People and Partners as their partner in business.”
Priority Advisory Group
Head of Operations
Fortnum Private Wealth Ltd
People + Partners - Supporting your business decisions with strategic advice on accounting, taxation, business structuring, SMSF, Wealth Advice and more.