Hi There. Let me break it down for you in terms of time. Please note that the DD engagement will vary considerably depending on the nature of the sale. If its an asset sale (you are buying assets and not the actual company / unit trust) then we don’t typically need to worry as much about contingent liabilities (skeletons in the closet not shown…[Read more]

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]

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)?

Yes this is a good idea. Not a strict legal requirement but a nice courtesy and will be received well by your customers.

Profitability forecasting is Excx GST. Cash flow forecasting requires line item at the least of net GST payments.

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]

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.

Agree with the above. I void avoid cheeseball titles and go with something descriptive OR maybe “founder” depending on nature of business

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.

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]

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]

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.

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]

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).