Medical professionals study long and hard to establish their careers.
Medicos choose their path to make a difference – to the lives of their patients and to their own futures and that of their families.
But whether you are a GP working with patients in a suburban practice or a Medical Specialist with consulting rooms and an operating list, it always pays to remember that, essentially, a medical practice is a small business.
Successful medical practitioners realise that to achieve their goals and be properly rewarded after the years of hard work and study, they need to get both the medicine and business working together towards a common outcome.
To do this, you need to get the right advice and gather a good team around you – preferably as early as possible in your career. And during your hospital training years can be an ideal time to start.
Truck Drivers – both long haul or short haul – are an essential part of the lifeblood of any western nation.
Whether it be our food, fuel, building materials, furniture, motor vehicles or any other general parcel – they all need to be trucked around our country and within our cities.
Trucking is not for the faint-hearted, with professional drivers often spending up to 300 days per year on the road. And when things go wrong and bad accidents occur it is always a tragedy for all concerned.
Our farms and other small business depend on the trucking industry. And most truck drivers, themselves, are small business owners who are trying to earn a living and feed, house and clothe their family.
As accountants and financial advisers, we have spent more than 25 years helping family owned trucking businesses. The following are some helpful suggestions gleaned from more than 25 years of dealing with these hard working small business owners.
While Santa is double checking his naughty and nice lists, small business owners should make and review their own list of tasks to ensure the festive season shut-down and return to work is a jolly time for all concerned.
Get into the festive spirit
December is a busy time of year for most businesses trying to wrap up work before the holidays. But don’t forget that the end of a year is also a great time to celebrate and acknowledge the hard work and achievements of your team over the past twelve months. Start by creating a festive environment and getting creative with Christmas decorations, activities and events. If you use social media, then include festive season themes in this communication.
The following ten tips will help rental property owners avoid common mistakes.
Getting these things right will reduce the risk of failing an ATO audit and save the investor time and money
1. Keeping the right records
You must have evidence of your income and expenses so you can claim everything you are entitled to. Capital gains tax may apply when you sell your rental property. So keep records over the period you own the property and for five years from the date you sell the property.
2. Make sure your property is genuinely available for rent
Your property must be genuinely available for rent to claim a tax deduction. This means that you must be able to show a clear intention to rent the property. Advertise the property so that someone is likely to rent it and set the rent in line with similar properties in the area. Avoid unreasonable rental conditions.
Business owners are, by nature, optimists.
To open and run a small business you have to believe in your industry, your ideas, your team and yourself.
Working with potential business owners to buy or set up a new business is an exciting time for all concerned.
Everything is bright, shiny and new – and pointed towards successful outcomes.
Many, via working hard and smart, achieve their growth and profit goals. Successful businesses can produce strong income for the owners and sometimes eventually be sold at a substantial profit.
But the sobering statistic is that 66% of small businesses in Australia fail within the first six months.
Goods and Services Tax (GST) was introduced more than
17 years ago.
Most people understand the basics, but there are still some
areas that prove tricky to understand.
Imported Services and Digital Products
From 1 July 2017, Australian GST applies to imported services and digital products.
Some common examples of imported services and digital products include:
• online supplies of software
• digital trade journal/magazine subscriptions
• website design or publishing services
• legal, accounting or similar consultancy services.
In the wake of the confusion surrounding which companies may qualify for the new lower company tax rates, the government (via Treasury) has released draft legislation on how the rules may apply.
The draft legislation outlines that companies will only qualify for the new lower 27.5% tax rate if:
- The company carries on a business in the relevant tax year
- Its aggregated turnover is less than the applicable threshold ($10M for the 2017 year) and
- Less than 80% of the company’s assessable income is passive in nature
Tax issues associated with ride sourcing services such as Uber remain a hot topic of debate.
How to claim car expenses related to these activities is one frequently asked question.
In simple terms, the rules for ride sourcing vehicles are no different than that for any other taxpayer. Car claims need to be made using either the cents per km or log book methods.
The cents per km method applies to vehicles doing up to 5000km for business per year. This will suit more part-time drivers. There is no need to keep any sort of specific records, but you may be asked to justify how the kilometres were calculated (diary records etc).
As a small business owner, do you consider your quarterly BAS to be a necessary evil? Or see it as a chance to pause and check the financial temperature of your business?
Each quarter almost every small business throughout Australia has to calculate and lodge a Business Activity Statement (or BAS).
Many small business people object to being the government’s tax collector every quarter and get the BAS off their desk as quickly as possible.
Others, while not enjoying the tax collection aspect, also recognise each BAS as an important opportunity to assess the some of the key numbers in their business.
Selling the family home is one of the major economic and personal decisions faced by Australians as they approach retirement.
There are many potential advantages, but the trade-off can be the unintended or underestimated emotional and financial costs of the move.
Motivations to move can be many. But so can the potential traps.