Category: Business Advisory

Written by seriously good accountants. For business owners who want to understand their numbers, make good decisions & grow.

Image for What are Director Identification Numbers and do I need one?

What are Director Identification Numbers and do I need one?

Some of the 31 registers that are currently part of the Australian Securities and Investments Commission will be brought together under a new entity which will be known as the Australian Business Registry Services. As part of these changes, from November 2021 directors will need to apply for a Director…

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Filed Under: Business Advisory, Compliance, General, Leadership

Image for How your organisation can benefit from business collaboration

How your organisation can benefit from business collaboration

Innovation is a pillar of good business practice but it’s not something that should be tackled alone. Some of the best business ideas are unlocked by using effective business collaboration. While most businesses will have an understanding of its internal benefits, and may even have processes in place to promote…

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Filed Under: Business Advisory, Culture, General, Management and Strategy

Image for Thinking about becoming a contractor? Here’s what you need to know

Thinking about becoming a contractor? Here’s what you need to know

If you are an employer looking for a contractor or if you are considering becoming one yourself, it’s critical that you understand what legal obligations contractors have as well as what sham contracting entails so that you avoid falling into illegal practices. What is the difference between a contractor and…

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Filed Under: Business Advisory, Compliance, Tax

Image for What the small business restructuring reforms could mean for your business

What the small business restructuring reforms could mean for your business

Restructuring your business may seem like a daunting process. Something you never thought you’d have to do, so instinctively want to avoid at all costs. However, you’re not alone when dealing with the difficult conditions facing you in the short-term future. While JobKeeper and other government…

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Filed Under: Business Advisory, Structure

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Image for 4 things to consider when looking for a business partner

4 things to consider when looking for a business partner

Imagine you are looking for a partner in life. You’re not just looking to marry, but you want someone who will be your best friend and partner in crime for the rest of your days. Wouldn’t it make sense then that when searching for a business partner, you would want…

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Filed Under: Business Advisory, Management and Strategy

Image for The Pros & Cons Of A Partnership As A Business Structure

The Pros & Cons Of A Partnership As A Business Structure

If you’re looking to go into business with someone, the chances are that you might be looking at using a business structure known as a partnership. A partnership is a type of business structure that is made up of two or more people who distribute income or losses between themselves…

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Filed Under: Business Advisory, Growth, Structure

Image for Why Should You Use A Corporate Trustee Instead of Individuals For A Family Trust?

Why Should You Use A Corporate Trustee Instead of Individuals For A Family Trust?

A family trust is a great structure.  It provides tax flexibility whilst giving you asset separation in two directions.  But what does asset separation in two directions mean? And why might we suggest it to you as a recommendation? Asset Protection First of all, why do you want asset separation?…

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Filed Under: Business Advisory, Growth, Structure

Image for 5 small business strategies for kick-starting the financial year

5 small business strategies for kick-starting the financial year

How often do you give your business finances a tidy-up? As another end-of-financial year nears, now is as good a time as any to undertake a bit of housekeeping. The stresses of running a small business often see us rushing, unprepared, towards June 30th. It’s that time when we draw…

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Filed Under: Business Advisory, General

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Capital Gains Tax and My Small Business

It’s every small business owner’s nightmare. You work hard building up a business from scratch, over the years. Often you sacrifice your own salary to keep the business going. Then you decide to sell off an asset or exit the business entirely, only to be hit with a bill for…

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Filed Under: Business Advisory, Small Business Tax, Tax

Image for Make sure you update your ABN: It can be vital

Make sure you update your ABN: It can be vital

Government agencies regularly access data contained in the ABN registration, and where this is not up-to-date the taxpayer may be missing out on stimulus measures, grants, and other government support. This became painfully evident during the 2019-20 bushfires, and is now re-surfacing during COVID-19 when it was found that a…

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Filed Under: Business Advisory, Compliance