Super guarantee rate increase to 10% On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% – the first rise since 2014. It will then steadily increase each year until it reaches 12% on 1 July 2025. The 0.5% increase does not mean that everyone gets an automatic pay increase, […]
Read moreAs a small business owner, it is important you are aware of the CGT concessions available to you when you sell your business. These concessions can be generous and result in a business owner paying no CGT. It is normal that planning should occur many years before you sell, to make sure full advantage can […]
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 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 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 moreA number of the states of Australia have announced a range of tax measures to provide relief to businesses in response to COVID-19. These include payroll tax relief, interest free loans and other such cash flow stimuli for the business community. Victoria Payroll Tax Relief Businesses with annual taxable wages up to $3m will […]
Read moreWhen buying a business, across any industry, you will come across these terms “Leasehold” and “Freehold Going Concern”. This article looks at what is a Leasehold and what is a Freehold Going Concern. Leasehold A leasehold is also termed as “buying the business”, without the land and buildings. With a leasehold you are buying: A […]
Read moreDownload your free checklist for purchasing a business here! Download Here! We have created this checklist to assist in the initial review of assessing a business. The checklist is designed to be thought provoking and help identify issues and opportunities in a business. the checklist covers basic operational and some financial performance considerations. It is […]
Read moreAre you an employer that is registered for GST? You may be entitled to a GST credit when you make a payment to an employee to compensate for expenses they have or will incur. Payments made to employees for expenses which they incur can be considered reimbursements or allowances. It is important to correctly distinguish […]
Read moreYou may be eligible to change your GST accounting method from accruals to cash, therefore not being required to pay GST on debtors. If your small business entity has an aggregate turnover (business and connected entities) of less than $10m, then please read on. The Government in recent years has increased the small business entity […]
Read moreDownload your free copy of our ‘What to Consider when Choosing a Business Structure’ eBook below: DOWNLOAD HERE! A business structure, also called a tax structure or a legal structure, can be a legal owner of assets and/or operate a business or own investments in its own right, legally recognised in a given jurisdiction and […]
Read moreThe digital age is evolving, which means that technology such as laptops, tablets and mobile phones can be carried everywhere. Common items your employees use in their everyday life. As a result, work can be completed nearly anywhere in the world, including remote areas. These devices are usually owned / purchased by the employee as […]
Read moreKey Dates 29th January 2019 • Instant asset write-off increased from $20,000 to $25,000 2nd April 2019 • Instant asset write-off increased from $25,000 to $30,000 (7:30pm AEDT) • Threshold to access instant asset write-off expanded to businesses with an aggregated turnover up to $50 million Pre 30 June 2019 • Companies – Review shareholder […]
Read moreThis article highlights the instant asset write off concession and the changes the Government have announced (which are now law) regarding this concession and the eligibility requirements. We note, we now have a tax system with three ways to claim deductions on asset purchases. What is the instant asset write off? The instant asset […]
Read moreSmall Business CGT concessions allow eligible small businesses to disregard or defer some or all of a capital gain resulting from the disposal of an active asset used in a small business. The small business CGT concessions are only available if certain conditions are met, with some of the concessions requiring further specific conditions to […]
Read moreThe long-awaited Single Touch Payroll system will apply to all employers from 1 July 2019. On the 1st March 2019, the bill extending Single Touch Payroll mandatory reporting to include small employers (fewer than 20 employees) received royal assent, meaning this is now law. What is Single Touch Payroll? Single Touch Payroll is a way […]
Read moreThis article considers the impact on depreciation and GST when purchasing a motor vehicle for your business. As a business owner you may be thinking of purchasing a motor vehicle as part of your business. While this may sound attractive, business owners should carefully consider the purchase price and its impact for tax and GST […]
Read moreAs a business owner, have you taken the time to consider the purpose of your website? We have recently upgraded ours and believe the purpose of your site will fall in two areas- confirmation and online lead generation. I must preface, I’m not an expert in this area – I’m an accountant. However that does […]
Read moreADVANTAGES OF STARTING UP A BUSINESS Advantages of starting your own small or medium business can include: Being your own boss – You can make your own decisions, keep your own time and not have to answer to “The Boss”. Hard work & know how – If you are a hard worker and / or have immense […]
Read moreAt Rogerson Kenny Business Accountants, we’ve put together a slideshow to explain the regulations surrounding tax invoice compliance for businesses. You can click through the slideshare, or scroll down to read a transcription below. BUSINESS FINANCE 101: CLAIMING GST CREDITS Are you registered for GST? In that case it is likely that you are eligible […]
Read moreAre you yet to embrace cloud accounting for your business? At Rogerson Kenny we’ve seen, time and time again, how cloud accounting has improved our clients’ business practices. Today we share our top five reasons why you should move your accounting to the cloud. REAL-TIME OVERVIEW OF YOUR FINANCES As a business owner you make […]
Read moreMany of our clients purchase a motor vehicle through their business. Understanding how the GST process works, will ensure you make the correct decision and understand how this purchase will affect your business when tax time rolls around. BUYING A CAR THROUGH YOUR BUSINESS Business owners looking at purchasing a new car that costs more […]
Read moreMaking the decision to purchase a business is a big one, and making sure you purchase the right business for you is absolutely crucial. There are a number of questions you need to ask, and decisions you need to make to ensure that you know everything about the business you’re buying before you make the […]
Read moreDownload our free ‘What to Consider when choosing a Business Structure’ Here! Download Here! Hi, Mark Rogerson here from Rogerson Kenny Business Accountants. A common question from our clients is: What is the difference between a company and a family trust? Well, today we’re going to have a bit of a look at it. So […]
Read moreSETTING THE PRICE Setting the price for your business is one of the hardest tasks a business seller can do. Too high and it won’t sell, too low and you throw away all that hard work undertaken over the years to build the business up. You need to talk with as many parties as possible […]
Read moreInsuring your business premises and your business assets is a critical part of establishing a business. For people new to business, insurance can seem like the last thing you want to do in addition to an already long list of expenses. However, if your business is not insured, you may not cover financially from disaster, […]
Read moreOVERVIEW The information below provides an overview of the Capital Gains Tax (CGT) concessions available for small business and the basic conditions you must satisfy to access these concessions. The concessions reduce the capital gain on business assets that you must include in your assessable income. Your must first satisfy the basic conditions that apply […]
Read moreYou and your employees have certain obligations to each other under common law. You also have obligations under Federal and State & Territory laws, industrial awards and agreements, tribunal decisions and employment contracts. DO YOU NEED TO REGISTER FOR PAYG WITHHOLDING? If you have employees you must register for PAYG Withholding and withhold amounts including: […]
Read moreADVANTAGES OF PURCHASING A BUSINESS Advantages of purchasing a small or medium business can include: An existing customer base and existing contracts A good business history increases the likelihood of success and profitability An immediate income is generate as the business remains operational Existing suppliers and existing credit terms Existing staff, management and systems Existing […]
Read more