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Your business accounts – profit, cashflow, budget, balance sheet and other reports – are a snapshot of your business. That snapshot should give you the tools to understand what is happening, where it’s not working, and what you need to do. That isn’t always what happens. Getting the most out of your financial information is where a vCFO can help.
ASIC has moved to prevent people using false Company Director identities to rip off customers, employees, subcontractors, lenders, and of course, the ATO. So all Company Directors have to have a registered identity. But time’s running out on Director IDs for existing Directors.
When you speak to us (or other accountants), you probably hear a lot about profits and margins. When you go to seminars or read about business, you probably get bombarded with different names for profits and margins. If you find all that hard to follow, this is a simple guide to profit terms, how they fit together, and how you can use them to run your business better.
Profit is the lifeblood of your business. If you’re aren’t making a profit, eventually you won’t survive. So if you don’t know if you’re making a profit or loss, you’re living dangerously.
Listed here are upcoming deadlines and once-off alerts for your business. Many of them won’t apply to you, but some will. Refer to this as a master list for your business planning. We’ve highlighted the simplest BAS-type dates in green. Dates given are for submission through a Tax Agent like us.
On July 13 2022, the ATO finalised a Determination that changes how they view unpaid present entitlements (UPE) sitting in a trust with a private company beneficiary. In short, it now views them as a loan from the company to the trustee, requiring a complying loan agreement to avoid a tax liability.
Superannuation is a special world with special rules. To make sure that when you die the balance of your superannuation goes to the people you want to receive it, you need to sort out your Death Benefit Nomination for every super fund account you have. And make sure it’s up to date, because some nominations lapse after three years.
Initiative comes in many forms. It’s not everyone who can walk in off the street and ask for a job. Then back it up with working long hours while being valedictorian of his Accounting Degree at La Trobe University for three years running.
It’s no secret that small businesses have been doing it tough over the past two years. With ongoing lockdowns and restrictions in place throughout 2020 and 2021 due the COVID-19 pandemic, many small businesses have been on the brink of collapse.
Lodging a tax return yourself can be both time-consuming and confusing so it pays to seek the help and experience of an accountant/tax agent. One of the biggest pitfalls for people who decide to self-lodge a tax return is failing to claim what they are entitled to. The truth is many people simply don’t know about all the tax deductions they can claim for or they haven’t kept an accurate record of them. Many others forget to report some income or incorrectly enter figures – both of which can lead to interest and penalties.