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Scam Warnings From ASIC and The Tax Office
ASIC has released a warning for all registered business owners. The report says that a group of scammers have been contacting SMEs and demanding sensitive information, as well as money to renew their business name.
Frequently, a fake invoice is generated and sent via email, claiming that your business name will be cancelled if you do not pay immediately.
Superannuation Changes and Deductions
From July 1st 2017, the Australian Tax Office (ATO) have implement new changes to the Superannuation system. While these changes may not affect you, we recommend reviewing the super changes by heading here.
Business Planning - Your Blueprint to Business Success
Running a business without a business plan is like rock climbing blindfolded. Your chances of making it successfully to the top are slim. And the process will surely be a death-defying one.
A business plan is a step-by-step guide to running your business and creating a product or service that will make it successful in the marketplace. Your business plan should be:
A quick reminder of upcoming critical dates
ATO To Disclose Taxpayers' Debts
The government announced that from the 1 st of July 2017, the ATO will be disclosing the names of certain taxpayers who have unpaid tax liabilities. Previously, this information has not been released publically. From next month, however, the Tax Office will be releasing the ABNs with more than $10,000 worth of debt, outstanding for at least 90 days. Debts under an agreed repayment plan will not be part of this release so it is worth addressing any outstanding amounts within the next two weeks.
A quick reminder of upcoming critical dates:
Maximise Value Before Sale
Selling a business at the right price and terms often takes a year or more. Owners who desire to sell their businesses should begin to maximize the value of their business at least two and preferably three or four years prior to the sale. Selling before you have to allows you to take a deliberate approach to what is probably the most important deal of your life. There are a number of methods of increasing value within this time horizon and the increased payoff can be enormous relative to the company's current value. Some of these methods are discussed below:
Give Your Business Direction
Strategic planning is important to your business because it provides a sense of direction and outlines measurable goals to keep you and your business on track. In order to make the most of strategic planning, your business should give careful thought to the goals it outlines and then back up these goals with realistic measures for evaluating results.
"Hobby" Turns Into A Business
It's an incredible thing when a little idea grows to something bigger than you could have imagined.
Jack and Angela McGregor started their business as a "hobby". Angela was a homemaker and it gave her a creative outlet. The intention was that the business would pay its way and with luck, earn the family a little extra income. It did all this and more. How it grew!
Footy Tipping is back!
Seeing as there was so much positive feedback in 2016, we are bringing back footy tipping for 2017. As per last year, we have opened the competition up to our clients and have, once again, included some