@jamesmillar
Active 1 week, 5 days agoForum Replies Created
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January 6, 2023 at 11:07 am #1242180Up::0
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 to business seminars, business plans etc etc. They are secondary and can even be outsourced. Macro issues before micro issues.
It all starts with solving a valuable problem well. That is the secret sauce you must determine first.
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900October 17, 2022 at 4:11 pm #1239804Up::0Up0<span style=”display:none;”>::</span>Hi, I manage a company where we hire around 50 people and I’ve been thinking of workflow software that will help us to automate processes. What can you recommend?
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)?
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900October 13, 2022 at 3:51 am #1239696Up::0Up0<span style=”display:none;”>::</span>Hi
We are now GST registered, is a email enough to let customers know, or a professional attached letter to the email.
Thanks
ChezleaYes this is a good idea. Not a strict legal requirement but a nice courtesy and will be received well by your customers.
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900October 12, 2022 at 8:27 am #1239697Up::0Profitability forecasting is Excx GST. Cash flow forecasting requires line item at the least of net GST payments.
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900September 7, 2022 at 9:38 pm #1238834Up::1Perhaps 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, management buy out deals can be put together to facilitate to this. If you had taken ownership of that part of the business who knows where it would be now.
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900September 7, 2022 at 11:28 am #1238813Up::1Public 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.
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900September 7, 2022 at 11:26 am #1238812Up::1Agree with the above. I void avoid cheeseball titles and go with something descriptive OR maybe “founder” depending on nature of business
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900September 5, 2022 at 7:15 pm #1238786Up::1What’s the best way to stay posted on grants/similar programs?
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.
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900August 12, 2022 at 8:07 am #1238189Up::0Great advice and something most people would never have known.
Thanks James!
~Paul
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 they have HR and payroll people that know the tax perks. But in small business land, especially where the owner is using a basic bare bones accounting service, these opportunities are completely missed. Think of how many people and small business owners probably relocating during the pandemic.
With a tax benefit of this size, the client can pay for 10 to 20 years of accounting fees because of one successful strategy that we devised and implemented. The value proposition of a good accountant is a no brainer when you run the numbers.
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900August 4, 2022 at 6:21 pm #1237942Up::1@jamesmillar, you make an excellent point.
I’m sure it is hard for soloists to bite the bullet on what they see as an Expense item but when it ends up costing them money in the long run, it becomes very much a false economy to not spend the money on good advice in the first place.
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 benefit big time from good advisers. I mean if an accountant can’t save their client an amount equivalent to their annual fees or ideally many multiples of it then it’s fair to start looking at cost.
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900August 3, 2022 at 9:11 pm #1237941Up::1That’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.
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900August 3, 2022 at 7:41 pm #1237932Up::1One thing we have never been able to master is creating and building a buffer to pay our GST and Tax obligations.
I guess the simple answer is that we live beyond our means to a degree (and we don’t live lavishly, let me tell you!) which means we don’t ever seem to have a “bank” for tax debts or nasty little surprises.
COVID didn’t help with Job Keeper adding a layer of Tax debt we just were not prepared for. Who was prepared tax on Job Keeper?? We weren’t even informed about that.
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 cautionary tale in this and I think it highlights exceptionally well something I see time and time again. When I hear the phrases “nasty little surprises” or “who was prepared for tax on jobkeeper” or “We weren’t even informed about that.” – it tells me that for some reason, there was inadequate advice or supervision over these matters (and as they say, ignorance is no defence). I know at our firm and most other decent ones, every business client was briefed on the in’s and outs of both cash flow boost and jobkeeper in April 2020. It took an entire month, two partners and about five staff dedicated to zoom meetings with each client to assist them – 90% of this was not charged (yes it was a big investment). Decent firms are there to help.
So I would say that unexpected outcomes like those you described are often preventable if you partner up with a good accountant (not a cookie cutter tax sausage factory), spend a little more then you will gain a lot more.
Something to consider. My two cents. Well done for bouncing back.
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900August 3, 2022 at 2:42 pm #1237933Up::1Your 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).
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900May 3, 2022 at 8:26 pm #1236105Up::1Thanks Paul.
Even better – the gain you make on a car above its cost is tax free. Cars are excluded from CGT under Sect 118.5 of the 97 Act. http://classic.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s118.5.html
Paul – but is in a CGT event if a business that has depreciated a car sells it? I can’t see how that would be a tax free sale that you have suggested in this email.
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.
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900April 29, 2022 at 4:58 pm #1236039Up::1Thanks Paul.
Even better – the gain you make on a car above its cost is tax free. Cars are excluded from CGT under Sect 118.5 of the 97 Act. http://classic.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s118.5.html
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900 -
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