Posts

Keeping a vehicle log book – plus your free template

When claiming work-related car expenses, many people miss maximising their claim due to poor record keeping.

Inadequate records can also cost dearly if you are audited by the Australian Tax Office (ATO).

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Are you taking data security seriously?

You’ve heard it all before: change your passwords, make them difficult to guess … blah, blah, blah.

But it’s well past the time for us all to take data security seriously. Cyber criminals are targeting Tasmanians and their businesses of all types and sizes. If you’re not looking after your and your customers’ data you could well be the next victim.

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2017-18 Federal Budget: Businesses

Small and medium businesses were the big winners of last year’s budget. It is therefore no surprise that the 2017-18 Federal Budget announcements have been less stimulating. However, there are still tax and business planning opportunities coming out of the Budget which we look forward to assisting our clients with.

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Farm Management Deposit (FMD) scheme changes: What they mean for Tasmanian farmers

The Farm Management Deposit (FMD) scheme allows farmers to set aside primary production income in years of high income, to draw on in leaner years. The deposits are an excellent cash flow planning tool and an important strategy for primary producers to consider in their tax planning. They help farmers build up cash reserves while smoothing fluctuating income, maximising profits and minimising tax liabilities.

Effective 1 July 2016, the government introduced several amendments to the FMD scheme. The changes give farmers more flexibility in managing their businesses and mean that FMDs should be back on the table during the upcoming tax planning season.  In this article we look at two of the changes that we see as particularly relevant to our Tasmanian farming community.

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Employers: understanding the tax system

Navigating the tax system to ensure you are meeting all your obligations as an employer can get confusing. In this article we look at some common areas of concern for business owners and provide some handy tools and tips.

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FBT on portable electronic devices in 2017

The FBT exemption for small business employers providing work-related portable electronic devices to employees has been expanded in the 2017 FBT year (that is, from 1 April 2016).

Under the old rules, FBT exemption does not apply to multiple portable electronic devices provided to an employee in the same FBT year, where those multiple items have “substantially identical functions”. This “one device” limit still applies to employers that are not small businesses.

However, small business employers (that is businesses with an aggregated annual turnover of less than $2 million) can now access the exemption for more than one work-related portable electronic device, even where the devices do have “substantially identical functions” (such as the functions of a tablet and a laptop).

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Xero improves bulk changes to invoice reminders

Last week Xero released an enhancement to their invoice reminders. The release allows you to bulk-select groups of invoices to switch reminders on or off from the main Invoicing list.

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3 Tips to Update Your Business Plan for the New Year

What’s your New Year’s Resolution: “stay fit”, “stress less”, “save more”? The New Year is a welcome opportunity for some personal reflection and goal setting, but are you making any resolutions to help make your business better than ever? January is a great time to consider your business goals and to plan what you’d like to achieve in the coming twelve months.

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Top 3 stresses for business owners & how to manage them

We all know that, left unchecked, stress can grind down your passion and undermine your performance – not to mention, take a serious toll on your physical and mental health. So when you consider the pressures of starting and running a business it seems wise to add effective stress-management to the list of skills you need to develop to build and sustain a successful business.

Everybody experiences stress sometimes. But it is possible to stop stress from derailing your productivity, profits, and overall well-being. Follow these practical tips to avoid the main causes of “business-owner stress.”

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Small and medium business: the big 2016-17 Federal Budget winners

Delivering his first Federal Budget on 3rd May 2016, Treasurer Scott Morrison said that tax breaks have been given to small businesses first as they are “more likely to reinvest their earning and more likely to be Australian owned.”

Australian Small Business Ombudsman Kate Carnell says “… this year’s Budget certainly provides a framework for SMEs to grow and prosper.”

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