Posts

Selling your business and the GST “going concern” exemption

The concept of the “going concern” exemption for GST purposes can still cause confusion when businesses are sold, despite the fact this exemption has been in place for many years.

A “going concern” refers to an enterprise’s ability to continue trading, with the sale of that business generally eligible to be GST-free if the enterprise is deemed as such.

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5 steps to successful succession planning

While it might be a tough topic to broach, it is inevitable that someday you will leave your business. You can’t know whether you’ll sell up, retire or leave due to health reasons, so is important that you prepare yourself for any eventuality.

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The undercover employee

The Tax Office’s ongoing compliance efforts have some constant focus. One of these is the often flawed characterisation by businesses of an employee as a contractor.

The mischief from the Tax Office’s point of view is the avoidance of employer obligations relating to the Superannuation Guarantee (SG) and Pay As You Go (PAYG) withholding.

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10 technology mistakes your small business might be making (and how to avoid them)

While technology can streamline business processes, it can also create major problems. Technology and working-life website, Lifehacker, has come up with what it says are 10 of the most common mistakes, in no particular order, that small businesses make in IT. Thankfully, it also suggests how to avoid them!

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5 apps that could revolutionise how you do business

The technology and working-life website Lifehacker has put together a list of some very handy apps that can allow you to operate your business on the go – or completely change the way you do things. Here are five of Lifehacker’s favourites.

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6 business plan mistakes that turn investors away

Credit reporting and receivables management company, Dun & Bradstreet (D&B), has found that new or inexperienced entrepreneurs often send business plans to potential investors before their plan is fully completed or vetted.

Here are some common mistakes that D&B says too many business owners make when developing a business plan; and they are turning potential investors away.

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10 questions for directors: Test your financial reporting knowledge

A survey of directors, auditors and other financial professionals has revealed that, on average, directors believe their knowledge of the more technical accounting issues was just “fair”.

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Employee or contractor? 12 common myths

The Tax Office says that it has encountered several myths and assumptions adopted by both workers and employers when it comes to trying to decide the tax status of a job appointment. It found that employers continually rely upon some inaccurate factors when making distinctions about what makes a worker an employee or contractor — and therefore the tax treatment that applies in these cases.

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