Neil Marshall Tax and Business Advice Pty Ltd is a CPA practice
Most self-managed super fund trustees don’t give much thought as to how much professional indemnity (PI) insurance their advisor has. But since PI insurance is the only course of action to recover lost funds for trustees who become victims of fraud or negligence, it is an essential prerequisite trustees should be aware of. PI insurance…
Categorising the problems and growth patterns of small businesses in a systematic way can increase owners’ understanding of the nature, characteristics and challenges of business. While small businesses vary widely in size and capacity for growth, they do experience common problems that arise at similar stages in their development. For owners and managers of small…
The ATO has begun working with insurance companies to assess artworks and collectibles owned by taxpayers and identify the owners of these kinds of assets. There have been many instances where the tax office has identified ‘lifestyle assets’ that were not being properly accounted for. Since some assets may be subject to capital gains tax…
After a taxpayer has held a life insurance policy for ten years or longer, the reversionary bonuses received on that policy become tax-free. Life insurance policies are issued by life insurance companies and friendly societies. A reversionary bonus is profit earned annually on traditional life contracts on top of the sum insured that is added…
Marketing online can be daunting for a small business. With the many social and digital platforms available (Facebook, Twitter, websites, Google+, emailing and blogs) quite a lot needs to be considered. To help out, here are five digital marketing tips that every business should know: Learn by example Digital marketing is all about how much…
Members of a self-managed superannuation fund (SMSF) looking to acquire property through the fund need to be aware of the risks involved in the strategy or risk substantial penalties. One of the considerations investors should be making if they are deciding to put a property in their SMSF is whether the strategy will improve retirement…
Contrary to what some business owners may assume, a cash flow forecast is different from a cash flow statement Cash flow forecasts look forward while cash flow statements look at the past to report cash generated. Cash flow statements are critical financial statements and are very useful in determining the short-term viability of a business;…
Once your business is up and running, you need to identify and understand what works and what doesn’t. Owners need to take a step back and be strategic about how and when they should grow their business. Opportunities for business growth can be exciting, but turning an idea into a practical reality takes careful research,…
Australian taxpayers should be aware that some promoters claim to offer early access to super savings by transferring a person’s super into a self-managed super fund. These schemes are illegal and heavy penalties will apply to those who participate in such schemes. Generally, individuals cannot access their super until they retire or meet a condition…
Businesses with a GST turnover of less than $20 million who have not been asked by the ATO to report their GST on a monthly basis can report and pay their GST quarterly. Businesses who report and pay their GST quarterly have three reporting options: 1. Calculate and report GST quarterlyThis option allows businesses to…