The method you use to charge for your products or services is critical to how much income you can generate and the extent of profit margin that’s created. What we are seeing: fixed fees that don’t cover the service delivery costs adopting competitor pricing that doesn’t reflect the real price hourly rates don’t work when you don’t record the time spent on the client/customer fixed-price long-term contracts becoming unviable with
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Aug 2023
Selling your business? Get organised!
There may come a time in your business ownership journey when it’s time to cash in on all of your hard work and effort in building your business and pass the reins to the next owner. If you are considering selling your business, there are a few housekeeping tasks that you can undertake now, to help attract the best price for your business. 1. Premises If you lease your premises,
At the start of the new financial year, property investors have a valuable chance to review and enhance their investment approaches. This article, brought to you by BMT Tax Depreciation, gives tips to consider to effectively gear up for the new year. Know the important tax dates Knowing the important tax dates is essential in preparing for the new financial year. 30 June marks the end of the financial year,
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Aug 2023
2023/24 ideal for concessional contributions
The 2024 financial year is the time period for trustees to make voluntary contributions to superannuation funds as a number of key events have converged to boost their usefulness, according to a technical expert. BT Academy technical consultant Matt Manning highlighted 2023/24 was the last year trustees could make use of accrued unused concessional super contribution caps from the 2019 financial year when the mechanism was first initiated. To illustrate
Capricorn Enterprise have released their latest Regional Economic Report which has been updated with recent unemployment, building and industry data from a variety of statistical sources. Highlights include the March quarter 2023 showing unemployment rates were still historically low (3.5%) and the number of persons in the labour force increased (67,921 persons). You can view the full report by clicking this link. And if you’re pressed for time, this easy
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Aug 2023
What is the best business structure for you?
No matter what stage your business is in or the type of business you operate, it is critical to have the right business structure in place for many reasons, including to safeguard your personal and business assets, minimise risk and tax implications and optimise returns. Each business structure has its own benefits and risks as well as criteria and regulatory requirements, which should be considered before adopting a business structure
Both new and established investment properties attract depreciation deductions for their owners, however, there are differences in what owners are eligible to claim. Read on to better understand the differences in depreciation eligibility between new and established investment properties! Depreciation overview Depreciation is the natural wear and tear of a property and the assets within it over time. The Australian Taxation Office (ATO) allows owners of income-producing properties to claim
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Feb 2023
More pay for hardworking professionals
On 20 January 2023, the Fair Work Commission handed down a decision that will entitle professional employees covered by the Professional Employees Award 2020 to receive penalty rates for additional and unsociable hours of work. This includes professionals in engineering, science, information technology, and quality auditing. The intention of this decision is to address the low pay of certain professional full-time employees who are required to work significant additional hours
12
Dec 2022
MISS THE DEADLINE FOR DIRECTOR IDENTIFICATION NUMBER REGISTRATION? IT MAY NOT BE TOO LATE!
All company directors are required to register for a Director Identification Number (DIN), and with the original deadline of 30 November now passed, many company directors are left exposed to compliance action by the ATO. Just how many are you wondering? Current estimates are around 700,000…! The IDs are being introduced to crack down on “dummy directors” and company Phoenixing; an occurrence that sees an entity declare bankruptcy, insolvency, or
21
Sep 2022
Spotting a Phishing Scam
Did you know that one in every 99 emails is a phishing email? Are your team members aware of the red flags that a crafty phishing email exhibits? Only one careless click is needed to expose your sensitive client data to malicious actors. Ensure that your team knows common red flags to look out for in a phishing email with this handy infographic: Source: practiceprotect.com