Neil Marshall Tax and Business Advice Pty Ltd is a CPA practice
Talking about money makes many of us uncomfortable. Sometimes we’re even conflicted about wanting to make money. Money, after all, is one of the few things left in modern life we don’t discuss openly with even our closest friends or family members. In a business context, this discomfort with money often extends to a reluctance…
Australians can make two types of contributions each year; concessional contributions, which are taxed at 15 per cent, and non-concessional contributions, which are not taxed. There is a limit of $35,000 for concessional contributions and $180,000 for non-concessional contributions. However, individuals do have the option of using the three-year bring forward rule that allows taxpayers…
A large number of Australians who rent out a room in their home, whether it be via Airbnb or another avenue, are unaware that the practice can incur capital gains tax (CGT). Many assume CGT is not on the cards because profit made from the family home (or ‘primary residence’) is usually tax-free. However, those…
Entrepreneurs like to be in charge. You start your business so you can call the shots – not someone else. But if you want to grow your business, you’re going to have to learn to give responsibility to others. The question is – how do you become a leader, not just a manager, of others?…
Wealthier individuals in Australia may have to pay higher taxes on their superannuation in the near future, with the government hinting that superannuation tax concessions will be reorganised to target those who are most at risk of relying on the age pension in retirement. Industry groups are expected to be advised of the proposed changes…
Profit drivers are determinants that have a significant impact on a business’s bottom line. They are often categorised as financial and non-financial drivers. Financial profit drivers are directly connected with dollar figures and are most commonly considered in relation to profit. Examples of financial profit drivers include: price fixed and variable costs sales volume inventory…
Over the last couple of decades, few things have changed the landscape for small businesses as much as the advent of huge megastores. Small businesses now need to get consumers to understand the importance and benefit of buying local; to recognise the ripple effect on the entire community that local purchases and local businesses have…
Franking credits are a kind of tax credit that allows Australian companies to pass on the tax paid at company level to shareholders. Franking credits can reduce the income tax paid on dividends or potentially be received as a tax refund. Where a company distributes fully franked dividends (and those dividends are included in the…
With everyone jumping on the social media bandwagon, there is no surprise that businesses are using the continually evolving digital platform as a valuable marketing tool. For those who are yet to be swept up in the hype of our radically changing cyber space, the question is not whether they will join the masses, but…
There are a lot of advantages to having a self-managed superannuation fund (SMSF). Increased flexibility and control over your savings are the most obvious benefits, with many SMSF trustees and members appreciating the ability to make their own investment decisions. Other advantages include the possibility of investing in a property, the ability to manage administrative…