Neil Marshall Tax and Business Advice Pty Ltd is a CPA practice
Office productivity is not a sprint; it’s a marathon. And while some people are blessed with the power of concentration, most of us aren’t. By the time the workday starts winding down, a person’s willpower badly needs replenishing. That’s why it is so hard to finish the day as strong as it was started. Luckily,…
Many small business owners who run a family business and are nearing retirement face the significant decision of whether to include their adult children in their self-managed super fund (SMSF) as part of their personal and business succession planning. Including children in a family SMSF can have a critical impact on family relationships and finances,…
With the end of the fringe benefits tax (FBT) year fast approaching, business owners need to be aware of the FBT and gross up rates when preparing for their FBT return. The FBT rate increased from 47 per cent to 49 per cent from 1 April 2015. The rate increase was due to the introduction…
In a rapidly changing business environment, it is essential that owners of small businesses get flexible working schemes right. Today’s employees continue to look for more balance between their personal and work lives. While some employers may think this may have a negative effect on their business, flexible working arrangements have been shown to benefit…
A responsibility that does not immediately spring to mind when managing a self-managed super fund is working out what will happen if a member becomes incapacitated and unable to perform their trustee duties. Succession planning for an SMSF can become quite complicated if not managed on an ongoing basis. It not only requires having a…
It may be beneficial for trustees who buy and sell assets through their self-managed super fund to start a transition to retirement pension to escape the burden of capital gains tax. Capital gains are profits that an SMSF makes on the sale of an asset. Capital gains tax (CGT) is a tax on the profits…
No matter where your business is in its lifecycle, there is no shortage of challenges that will affect its ability to grow. But there are ways owners can overcome these hurdles if they simply invest enough time and effort into planning for the future. Here are three challenges 2016 so far that every business should…
Self-managed super funds (SMSFs) are an attractive option for those who want more control over their retirement savings. However, trustees who have run a fund for as long as SMSFs have been in existence (around 20 years) are likely to have accumulated a lot of paperwork, especially if they engaged in various super strategies throughout…
Federal Parliament recently passed legislation that will allow small businesses to change the legal structure of their enterprise without incurring a capital gains tax (CGT) liability. Instead, the CGT liability can be deferred until eventual disposal. The legislation, ‘Tax Laws Amendment (Small Business Restructure Roll-over) Bill 2016′, will apply from July 2016. It provides an…
Cash flow is one of the biggest obstacles facing small businesses trying to secure funds for their growth. On top of ongoing expenses and bills, poor cash flow strategies can negatively impact a business’s customers, staff and clients. Here are some of the potential reasons why your business’s cash flow may be out of control,…