Naturally this can only be general advice as every one's circumstances are different. Contact us to ensure the advice is appropriate for you.
SALARY PACKAGING OF MOTOR VEHICLES can lead to significant tax savings as one can access concessions available in the fringe benefits tax system.
Be aware of the downside of Novated Leasing that would occur if there is a change of employment. Your income may stop but the obligations to pay for the Motor Vehicle will no longer be with the employer but you..
OFFSET ACCOUNTS
Negative Gearing of Rental Properties, and other mortgages. Consider the benefits of offset accounts that allow you to keep control of your funds and save on interest expenditure. There is a significant tax savings should you choose to utilitise the funds built up in your offset account for private - non income related purposes.
USE a SEPARATE CREDIT CARD for business related expenditure.
It makes it easy for you to extract details of deductions related to your business as they are all in one place, and not muddled with private expenditure.
SYSTEMS, SYSTEMS, SYSTEMS
Business is often 99% perspiration and 1% inspiration.
It is quite amazing how many different roles a person in small business needs to take on. Whether it be accounting, finance, marketing, managing payroll, OH&S, business development, client services, operations management and problem resolution.
If we can make the routine easier, more consistent, in less time, you will have the opportunity to delegate effectively and have more time to devote to the inspiration.
What are you doing today to improve your business?
CLOUD BASED ACCOUNTING
Technology has raced ahead in leaps and bounds. Working with MYOB/XERO/QUICKBOOKS in the cloud has many advantages. For an obligation free discussion how it can be applied to your business talk to us. Our business background will help you compare and contrast what is available to meet your requirements.
SELF MANAGED SUPERANNUATION FUNDS
Are they right for you? Should you use them to acquire a property? What are the pros and cons and the hidden traps?.