Small-business owners invest blood, sweat and tears — not to mention time and money — into their companies. Putting a price tag on all that work may seem impossible. But in fact getting an accurate business valuation is essential to planning for your future, whether that means a succession plan, sale of your business or even your own retirement.

Here are some common misconceptions about deductions that many taxpayers commonly believe to be claimable, but are typically rejected by the Tax Office. While some are obviously not allowable, others may surprise – and all been genuinely been attempted to be claimed!

Xero Me has now been released for iOS and Android in Australia.

The length of time your business needs to retain documents depends on what they are. Some may even need to be retained indefinitely!

We have all, at one time or another, thought about how we will look after those we leave behind once our lives end. But have you ever spared a thought for your business, sitting lonely in the back row, grieving over your loss?

When they start their business, most business owners have a picture in their minds of one day in the future when they will be selling or leaving their business and where they want their business to be at that time.