@jamesmillar
Active 2 days, 3 hours ago-
James Millar replied to the topic Need to start my own small business, where to start… in the forum New here? Share your story 1 year, 2 months ago
Just start with the following
1. Is my business solving a genuine problem / need ?
2. Is the problem / need being solved of high value to the customer?
2. Can I solve it better than anyone else?If the answer to those is fundamentally yes then you may be on a winner IF you can proceed to implement correctly. There is not point skipping forward…[Read more]
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James Millar replied to the topic Workflow software – which one to choose? in the forum Money matters 1 year, 5 months ago
Probably depends somewhat on the type of business and nature of work and workflows. Is it professional services and timesheet based? Is it project based (once off or ongoing many)? Are there materials to take into account (job costing features)?
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James Millar replied to the topic GST registered in the forum Money matters 1 year, 5 months ago
Yes this is a good idea. Not a strict legal requirement but a nice courtesy and will be received well by your customers.
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James Millar replied to the topic "startup / Expansion" budget/business plan in the forum Money matters 1 year, 5 months ago
Profitability forecasting is Excx GST. Cash flow forecasting requires line item at the least of net GST payments.
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James Millar replied to the topic Fork In The Road? in the forum Starting your journey 1 year, 6 months ago
Perhaps the minority that have the opportunity of buying out their bosses business (although there are a lot of Australians employed by / in small business), but certainly a much larger cohort could relate to the path of potentially going out on their own and applying their trade in a startup.
The thing is Paul. With the right support,…[Read more]
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James Millar started the topic Fork In The Road? in the forum Starting your journey 1 year, 6 months ago
Something that may resonate with many here so I thought it worth posting up.
There is a common problem / opportunity that many ambitious individuals face at some point in their career or employment journey. It generally presents when someone is in their mid 30’s and hits a fork in the road with their work and the existing employer.
The…[Read more]
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James Millar replied to the topic Update Company Public Officer – Help in the forum Starting your journey 1 year, 6 months ago
Public Officer is an appointment required under tax legislation. It is not part of the Corporations Act and ASIC has not authority or concern with it. You need to direct changes to the ATO.
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James Millar replied to the topic Can I call myself Director if I am a Sole Trader? in the forum Starting your journey 1 year, 6 months ago
Agree with the above. I void avoid cheeseball titles and go with something descriptive OR maybe “founder” depending on nature of business
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James Millar replied to the topic New Vic Government Business Grant – Limited 2500 applicants in the forum Money matters 1 year, 6 months ago
Business Victoria probably has an email news service you could register for. Otherwise you can always monitor this forum or even our website or Facebook. But subscribing to business Vic would be best.
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James Millar started the topic New Vic Government Business Grant – Limited 2500 applicants in the forum Money matters 1 year, 6 months ago
Ok so this dropped yesterday (have to love election time). We expect that given the limited number of registration spots, this program will be oversubscribed by the end of this week. Its first come first served.
The Victorian Government announced the $5 million Specialist Advice Pathways Program as part of the 2022-23 State Budget. The program…[Read more]
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James Millar started the topic Spot the errors in the forum Money matters 1 year, 7 months ago
This is taken straight from current small business web page of Australia’s largest low cost tax factory (the big international brand we all know)
Small businesses can claim:
immediate deduction of assets costing less than $150,000
reduced corporate tax rate of 26% for companies or a 13% discount up to $1,000 for unincorporated…[Read more] -
James Millar replied to the topic tax deduction For stamp duty on home ? in the forum Money matters 1 year, 7 months ago
Yes Paul – its not a commonly known or used strategy but there are plenty of people in small business that relocate within a state or interstate. If they are employed in the business (most are or can be by having a simple salary), then the same rules apply. Big business are more aware of this because they are relocating staff more regularly and…[Read more]
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James Millar started the topic tax deduction For stamp duty on home ? in the forum Money matters 1 year, 7 months ago
Did you know that if you are relocating for work, you can salary package relocation costs including the stamp duty on the new home at the new location in some cases? That’s a whopping saving. Lets say you move from Melbourne to Queensland for a new role or new employer. Buy a house on the gold coast for $1.5m and pay around $100k in stamp duty.…[Read more]
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James Millar replied to the topic Tax time/EOFY check in – how are you coping? in the forum Money matters 1 year, 7 months ago
Yes 100% – when you have a micro business it’s often hard to understand the benefits of having a great accountant (or the risk of having an ordinary one or no accountant). Without a clear value proposition it makes sense for businesses owners to shy away from expensive advisors. But there is no doubt in my mind that even micro businesses can b…[Read more]
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James Millar started the topic Reminder $$ – Be sure to record your 2022FY software and training expenses in the forum Money matters 1 year, 7 months ago
This was announced in the 22-23FY federal budget and while not yet legislated, it is intended to apply for both the 2022FY and 2023FY. The 2022FY claim actually…[Read more]
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James Millar replied to the topic Purchasing a business with fully depreciated assets in the forum Money matters 1 year, 7 months ago
That’s why the tax legislation imposes an upwards assessable income amount on the seller effectively equal to the difference between their tax written down value at time of sale versus what they sell it for. Without that mechanism the ATO would suffer.
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James Millar replied to the topic Tax time/EOFY check in – how are you coping? in the forum Money matters 1 year, 7 months ago
Hey MM. Firstly, hats off to you reflecting honestly about this …”I guess the simple answer is that we live beyond our means”. In my experience 90% of people in this situation would blame factors other than themselves. As they say, the first step in solving a problem is recognising and diagnosing that there is one.
There is however a…[Read more]
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James Millar started the topic Tax Savings Ahead – FBT Exemption on Electric Vehicles is coming in the forum Money matters 1 year, 7 months ago
Finally the Federal Government is implementing a meaningful method of promoting adoption of EV’s. Legislation was tabled last week with start date 1 July 22. Possible tax savings in order of $5k to $10k per year – that’s not nothing. If you are planning on buying one “stop” and check this out first. There are thresholds. Also some debate on the…[Read more]
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James Millar replied to the topic Purchasing a business with fully depreciated assets in the forum Money matters 1 year, 7 months ago
Your depreciable value is what you paid for the asset. What you paid is generally prescribed in the contract. So you can’t just substitute with other amounts (it would be a tax integrity issue – everyone would inflate values).
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James Millar replied to the topic Is depreciating a vehicle mandatory? in the forum Money matters 1 year, 10 months ago
To clarify that for you – the car is only effectively untaxed as a CGT event if it has not been used as a depreciable asset.
If you have been depreciating the gain will be effectively taxed under depreciation provisions as a balancing adjustment (standard income) or reduction in pool balance.
So its only a free car for a car that is an investment.
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