If 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 […]
Read moreThe first tranche of JobKeeper ended on 27 September 2020. We look at the issues for those seeking to qualify for the second tranche of JobKeeper and for those no longer eligible. As we have discussed, we will be contacting you to discuss JobKeeper 2.1. If you do not hear from us by next Friday, […]
Read moreThis focuses on the elements we think need to be in place before you grow your professional service firm…but firstly, a diversion. Have you seen the movie, The Founder, with Michael Keaton? The Founder is the story of Ray Kroc and McDonald’s. The opening scene (about 2 mins) of this movie draws some fantastic parallels […]
Read moreIf you are a partner or owner of a professional service 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 […]
Read moreOnce we have an understanding on the capacity of your professional services firm, we then work to understand the ‘gap’ between the capacity in your professional service firm, against what it is actually billing. We call this gap the ‘black hole’ in a professional service firm. You need to calculate the billing capacity of your […]
Read moreThe first thing we do when working with a professional service firm is to calculate the billing capacity of that firm. In this guide, we will explore these so you can apply to your business, but note, every professional service firm is different and these should be used as a guide only. Fees Generated per […]
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