News

The realities of insuring against cyber crime

The realities of insuring against cyber crime

July 7, 2020

Think your business is too small or that your data and information isn’t important enough to be targeted by hackers? Think again. Much of our communication, be it personal or businesses-related, has increasingly moved online in the last two decades, and continues to do so, especially in these recent times of COVID-19 with nearly everyone…

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Remote AGMs and document signing allowed

Remote AGMs and document signing allowed

July 7, 2020

Companies should note that the government made a determination just before the end of the financial year that permits companies to hold annual general meetings by electronic format. Also, companies may execute a document, without using a common seal, by electronic communication. The determination is to be repealed on 6 November 2020. ANNUAL GENERAL MEETINGS…

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Succession planning for family businesses

Succession planning for family businesses

February 4, 2020

Photo by Photo by Sabine van Straaten on Unsplash For most family businesses as well as private groups, succession planning (sometimes known as transition planning) involves considerations around the eventual sale of your business, or the passing of control of it to other family members when you retire. Depending on your circumstances, this may include…

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E invoicing is on its way

E-invoicing is on its way

December 2, 2019

Photo by Clay Banks on Unsplash Along with a more automated exchange and processing of invoices, e-invoicing also promises reduced payment times and better cash flow. The headline above may give the impression that electronic invoices are a futuristic concept, but of course even today there is a version of e-invoices – think PDFs and…

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Personal services income explained

Personal services income explained

December 2, 2019

Photo by Element5 Digital on Unsplash The personal services income (PSI) rules apply to income that is earned mainly from the personal efforts or skills of a person. It does not matter whether the income is earned by the individual in their own name or through an entity such as a business. The rules do…

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CGT CONCESSIONS Does your business qualify

CGT CONCESSIONS: Does your business qualify?

December 2, 2019

Photo by Ashley Batz on Unsplash Wondering if you’re eligible to claim the small business CGT concessions can be settled by answering a few basic questions. In addition to the capital gains tax (CGT) exemptions and rollovers available more widely, there are four additional concessions that allow a small business to disregard or defer some…

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If you’re in business you need to know about the PPSR

If you’re in business, you need to know about the PPSR

December 2, 2019

Photo by Matthew Waring on Unsplash There is a simple step that many businesses can take to better manage the risk that can attach to certain assets. Not so many years ago, a new scheme was introduced, which also established a national register, that could affect anyone who answers “yes” to any of the following…

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Small business Low cost assets the threshold rule

Small business: Low-cost assets & the threshold rule

November 8, 2019

Photo by Pawan Kawan on Unsplash There is a rule in the tax law that allows a business that doesn’t use simplified depreciation to claim an immediate deduction for most business expenditure of $100 or less to buy tangible assets. Known as the threshold rule, this can help small business owners save time as well,…

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Is it just a hobby or are you in business

Keeping busy: but is it just a hobby, or are you in business?

August 7, 2019

It is important to understand the differences between a hobby and a business for tax, insurance and legal purposes among other things. For one thing, there will be certain tax and other obligations that start once you are in business. However it’s a myth that there is a dollar threshold to be in a business…

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Small businesses need to get active to pay less tax

Small businesses need to get “active” to pay less tax

August 7, 2019

For small business owners who are disposing of assets that have risen in value during the time they have owned and used them in their business, accessing one or more of the available small business capital gains tax (CGT) concessions can greatly reduce any consequent tax liability. Indeed, many small business owners find they can…

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