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Don't Believe what you Read on Social Media

Aug 29, 2019

What you read on social media can be misleading and frustrating information. 

Benjamin Franklin is attributed to the quote “… nothing can be said to be certain, except death and taxes”. I’d add to that, changes in tax laws. 

It seems like every year; there’s another change in taxes that impact business owners. Big changes took place with the introduction of the GST and Superannuation Guarantee.

THEN THERE ARE THE SMALLER CHANGES THAT CREEP UP ON US, OFTEN WITHOUT MUCH FANFARE.

The recent implementation of Single Touch Payroll (STP) is one of those changes that has crept up stealthily upon us. Businesses employing 20 or more staff had to comply with this legislation on 1 July 2018. 

From 1 July 2019, employers with 5 – 19 employees are required to report under the Single Touch Payroll system. There is a transitional period to 30 September 2019 by which time you have to be reporting.

For employers with 1 – 4 employees, there...

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There's Money to be Found in the Differences

Jul 11, 2019

There’s money to be found in the unnecessary costs of your business.

Checking and reviewing your numbers is key to making decisions, but there are also benefits to looking at the numbers from the viewpoint of seeking out the differences.   

Differences can be found in several ways:

1. COMPARE THE LAST MONTHS’ PROFIT AND LOSS STATEMENT TO THE MONTH BEFORE.

What numbers look the same, and what numbers look different? For those that are different, do you know why they’re different? If you can provide an explanation, that’s great, but if not, delve deeper into the numbers to see what caused the difference.

THERE’S MONEY TO BE FOUND.

I was talking to the co-owner of several tourist accommodation properties, and she told me the story about when they’d bought a new property and got the first energy bill.

The energy bill was ten times the amount they were paying for another existing larger property they owned. Something was definitely...

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