If you are a partner or owner of a legal firm, and you: Don’t take regular profit distributions Run the business from your bank account Have no idea how the business is performing Don’t know what the capacity of the firm is and if you do, if you are under or overachieving Don’t receive regular […]
Read moreThis guide is about understanding the ‘gap’ between the capacity in your legal firm, against what it is actual billing. We call this gap the ‘black hole’ in a legal firm. We then explore some common reasons why there may be a gap and what you can do about it. Comparing Capacity to your Billings […]
Read moreThere are many methods and rule’s of thumb when calculating the billing capacity of your legal firm. In this short guide, we will explore these so you can apply to your business, but note, every legal firm is different and these should be used as a guide only. This will show you the inputs required […]
Read moreDETAILS AS FOLLOWS Date: Nov 17, 2020 Time: 7:00 pm (Melbourne time) This Webinar will be presented Via Zoom Registration is required to secure your spot After registering, you will receive a confirmation email containing information about joining the webinar. We look forward to seeing you there! REGISTER HERE! Webinar Speakers! Ricky Symes – Director, […]
Read moreAt the recent Senate Estimates hearing, Jeremy Hirschhorn, the ATO’s Second Commissioner, stated that $120 million in JobKeeper payments had been clawed back from those either deliberately seeking to rort the system or who had made reckless mistakes. Mr Hirschhorn went on to say that there did not appear to be widespread fraud across the […]
Read moreIf your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits. In the 2020-21 Federal Budget, the Government announced that businesses with turnover under $5bn will be able to offset any losses made between 2019-20 and 2021-22 against previously taxed profits between 2018-19 and […]
Read moreStimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use. This means that an asset’s cost will be […]
Read moreWe’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. The legislation enabling the JobMaker scheme has not passed Parliament as yet and until this occurs, the JobMaker rules are not certain and may change. More details should be available soon and we’ll let you know as soon […]
Read moreOn Sunday 13 September 2020, the Victorian Government has announced a new support package of $3 billion, in “cash grants, tax relief and cashflow support delivered to Victorian Businesses.”Read the Victorian Government Announcement here. While there are almost no details on the support package for Businesses as yet, we wanted to put together what we […]
Read moreThe Government has stepped in to prevent a wave of insolvencies when the COVID-19 support measures run their course in December 2020. Temporary insolvency and bankruptcy protections are in place until 31 December 2020 to enable businesses to trade through the pandemic. The measures provide: A temporary increase in the threshold at which creditors can […]
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