January 11, 2021

Small Business Capital Gains Tax (CGT) Concessions

As 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 […]

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November 10, 2020

5 Steps to Growing your Legal Firm

When thinking about how to grow your Legal Firm, it’s common to look straight at issues with marketing and sales. But, marketing and sales should be one of the last considerations. Clearly, a very important component, but without the support of the other components, you may have a marketing department firing on all cylinders, without […]

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Taking Financial Control of your Legal Firm

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 […]

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The Black Hole between Billing and Capacity in your Legal Firm

This 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 […]

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Calculating Capacity in your Legal Firm

There 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 […]

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Caravan Park Buyers Webinar

DETAILS 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, […]

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October 30, 2020

JobKeeper clawback begins

At 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 […]

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Refunds for Tax Losses

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 […]

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Tax deductions for investing in your business

Stimulating 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 […]

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JobMaker Hiring Credits: What We Know So Far

We’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 […]

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October 1, 2020

Victorian Government Support for Business: Announcement

On 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 […]

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Preventing a Tsunami of Insolvencies

The 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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JobKeeper: The next steps

The 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, […]

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September 28, 2020

5 Steps to Growing your look at College and Professional Services Firm

This 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 […]

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Taking Financial Control of your Professional Services Firm

If 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 […]

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September 22, 2020

The Black Hole between Billings a Capacity in your Professional Services Firm

Once 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 […]

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Calculating Capacity in your Professional Services Firm

The 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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September 2, 2020

An introduction to Division 293 tax

As a reminder, when concessional contributions are made into your super fund, commonly being amounts paid by your employer from your before-tax income or a personal contribution that you are claiming a tax deduction for in your personal tax return, they are generally taxed at a reduced rate of 15% – which can be a […]

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September 1, 2020

New JobKeeper Alert

With the employee test date for JobKeeper moved to 1 July 2020, some additional employees might have become eligible. The August JobKeeper monthly business declaration is due by 14 September and is different to the previous form as it covers three JobKeeper fortnights. Employers need to ensure that they identify all additional employees who could […]

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Question of the month

My business received a grant from the State Government. Do I pay tax on it? Short answer; probably. Income tax Grants are likely to be taxable unless they are specifically excluded from tax. If the grant relates to your continuing business activities, then it is likely to be included in assessable income for income tax […]

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Forecasting During a Pandemic

Now, more than ever, business operators should have a plan in place to manage during uncertain times. Even if your business is not directly impacted, it’s likely your customers, your supply chain, and your workforce will be to some extent. So, how do you plan for uncertainty when every assumption is subject to change? Understand […]

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JobKeeper Update: A must read, action required

JobKeeper Update: A must read, action required Update: A must read, action required The Treasurer, with powers available under the JobKeeper legislation, has brought in a change that would see employees employed at 1 July, now eligible for JobKeeper. This is an extension on the previous 1 March 2020 reference date. If you are currently […]

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August 12, 2020

Covid-19 Help for Individuals

Services Australia has an online payment guide that guides you through the payments available if you are impacted by COVID-19 and what you might be able to access. Pandemic Leave Disaster Payment for Victoria If you have to self-isolate or quarantine at home because of COVID-19 or are caring for someone who is, and cannot […]

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Working from home deductions. FAQ

During lock down I have had to work from home. I’ve set up a full home office with paintings, plants, a desk, computer equipment, a water tower and a sculpture. I presume I can claim everything I have purchased for this office and claim part of my mortgage and running costs? In general, home office […]

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State & Territory Based Support

In addition to general waivers, reductions or rebates on some Government licensing and fees, each State and Territory has some form of support accessible to certain businesses impacted by COVID-19. Australian Capital Territory Support Description Closes Rate deferrals Rate deferrals for commercial property owners affected by COVID-19. 1 April 2021 Payroll tax deferral All ACT […]

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Support for Employing Apprentices and Trainees

JobTrainer provides a 50% reimbursement to eligible employers for the cost of apprentice or trainee wages up to $7,000 per quarter. Originally only for small businesses employing less than 20 employees, the subsidy recently expanded to include businesses with under 200 employees. For small businesses (under 20 employees), the apprentice had to be employed on […]

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Cashflow Boost Payments

If your business received the first cashflow boost tranche, you will receive a further cashflow boost for the June to September quarters of the same amount. If you report quarterly, the cashflow boost will be paid in two equal payments for June and September. If you report monthly, the cashflow boost is provided in four […]

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COVID-19 and your SMSF

COVID-19 has had an impact on many SMSFs. We look at the key issues. Early release of superannuation When a member of your fund wants to access up to $10,000 of their superannuation early under the COVID-19 measures, there are some additional steps that trustees need to take. Trustees will need to ensure their deed […]

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Introducing Jobkeeper 2.0

The Government has announced further changes to the JobKeeper scheme. The good news is that employees that missed out on JobKeeper because they were not employed on 1 March 2020 might now be eligible. The proposed changes would enable employees employed on 1 July 2020 to receive JobKeeper payments from 3 August if they meet […]

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August 11, 2020

Business Planning for 2021

We went through the basics of a business plan, sharing our “5 pillar” model and the steps you need to take on a regular basis to “check in” with your plan.  Watch here!  

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July 17, 2020

The $2.5bn JobTrainer Skills Package

The Morrison Government has announced the $2.5bn JobTrainer package to retrain, up skill and open new job opportunities. JobTrainer for employers The package has expanded the number of businesses that can access the 50% apprentice wage subsidy and extends the subsidy until 31 March 2021 (from 30 September 2020). Originally, only businesses with less than […]

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July 15, 2020

Regional Tourism Accommodation Support Program

In light of the recent return to stage 3 restrictions for residents in metropolitan Melbourne and Mitchell Shire the Victorian Government has announced the Regional Tourism Accommodation Support Program. What is the program? The Regional Tourism Support Program provides funding of up to $225 per booking, per night to a maximum of $1,125 for booking […]

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July 1, 2020

Increased flexibility for Parental Leave

From 1 July 2020, parents accessing the Government’s parental leave pay (PPL) scheme will have greater flexibility and options.  Targeting the self-employed and small business owners, the changes introduce a new flexible paid parental leave pay period of 30 days. Previously, new parents could apply for PPL for a continuous block of up to 18 […]

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Minimum Wage Increases by 1.75%

An increase to the minimum wage of 1.75% will start rolling out for the first full pay period from 1 July 2020.’ The increase applies to minimum rates in awards in 3 stages: Group 1 Awards – from 1 July 2020 Frontline Heath Care & Social Assistance Workers Teachers and Child Care Other Essential Services […]

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Instant Asset Write Off Expansion

The Government has announced that it will extend the $150,000 instant asset write off by 6 months, to 31 December 2020. Eligible businesses are those with an annual turnover of less than $500 million, who purchase a new or used asset up to $150,000, that is installed ready for use by 31 December 2020. We […]

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May 1, 2020

Superannuation minimum payment amounts

The Government has reduced the minimum annual payment required for account based pensions and annuities, allocated pensions and annuities and market linked pensions and annuities by 50% for the 2019-20 and 2020-21 financial years. Superannuation and annuity providers calculate the annual payment required for the financial year at 1 July. This calculated minimum payment should […]

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April 1, 2020

Must know SMSF Changes during COVID-19

SMSF Account-Based Minimum Pension Requirements As you are no doubt aware COVID-19 is placing hefty restrictions on society and is causing many changes to our day-to-day lives. This has caused a massive drop in the stock market and consumer confidence which in turn may be hurting your SMSF, and available cash; and ideally you don’t […]

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The Covid-19 JobKeeper Package

What is the JobKeeper Payment?   Date From 30 March 2020 for six monthsFor employees employed at and from 1 March 2020First payments in first week of May 2020 Applies to    Based on comparable periods:Employers <$1 bn that have experienced a downturn of more than 30%Employers >$1bn that have experienced a downturn of more than 50%  A subsidy […]

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March 20, 2020

Managing your business and cash flow with Coronavirus

Please see some key points below you need to consider right now to protect your business and manage your cash flow: Contact your bank. Banks are offering holidays on loan payments. Westpac yesterday have a fairly automated service to defer principal for three months. The ANZ CEO on radio last night saying they were offering […]

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March 3, 2020

Buying a Business: The difference between a Leasehold and Freehold Going Concern

When 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 […]

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June 5, 2019

Changes to the Instant asset write off thresholds for Businesses

This 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 […]

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April 27, 2015

Mark Rogerson asks a few simple questions about your business

How many of these questions can you confidently answer about your business? READ THE TRANSCRIPTION BELOW: Mark Rogerson here. I’m going to ask you some questions as a business owner that you should know the answer to. If not, why not? Okay, what’s your profit this year versus last year? What about your sales, are […]

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January 15, 2014

Managing your Self Managed Super Fund’s Investments

One of your key areas of responsibility is to manage your fund’s investments. You have certain duties and responsibilities when making investment decisions. They are designed to protect and increase your members’ benefits for retirement. YOUR INVESTMENT STRATEGY You need to prepare and implement an investment strategy for your fund, and review it regularly. The […]

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