Allied Business Accountants Blog

Jun 07 2014
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Dividends & Distributions Chalkboard

Year End Guide: Distributions and Dividends

By | Strategy, Tax Planning, Taxation | No Comments

Approaching the end of financial year presents a unique opportunity for small business owners to plan for and take action to minimise the income tax payable for that financial year. However, having said that, there are also many considerations that need to be taken into account to ensure that the decisions made are effective and have the desired impact As many small businesses operate using a company or trust structure, this article explores some of the considerations as well as some important requirements when making…

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Jun 03 2014
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Golden eggs on grass

The Secrets of Self-Managed Super Funds

By | Investment, SMSF, Strategy, Taxation | No Comments

Self-managed super funds (SMSF) can be beneficial to securing your financial independence. But is a SMSF the right option for you? What is a SMSF? Self-managed super funds essentially present a do-it-yourself approach to managing your superannuation. SMSFs can be single member, or comprised of up to four members. Members of a SMSF also act as trustee or director of a corporate trustee, and together, the trustees control and and invest the funds assets. Trustees of SMSFs assume responsibility for the overall investment strategy, subsequent…

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May 14 2014
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Federal Budget Summary

By | SMSF, Taxation | No Comments

Below is a summary of the key Budget measures announces in last nights Federal Budget. Please dont hesitate to contact us if you any questions, or would like to know how the measures may affect you. PERSONAL TAXATION Budget Repair Levy – 2% from 1 July 2014 on income over $180,000 The Treasurer announced the introduction of a Budget Repair Levy, which will apply for three years from 1 July 2014. This temporary levy will apply at 2% for income over $180,000 (only levied on the excess)…

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May 08 2014
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Benchmarking for profit improvement graphic

The Case for Benchmarking

By | Business Improvement, Strategy | No Comments

Benchmarking is key to revealing the critical actionable insights that will boost your business performance and increase your profits.       What is benchmarking? Albert Einstein said: “Insanity is doing the same thing over and over again and expecting different results.” This is as true in the business world today as it was for Einstein in science decades ago, yet many business owners are guilty of clinging to the same old operational processes and management strategies that consistently fall flat in the modern economic environment….

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Mar 22 2014
1

Eliminate Tax on Investment Income – SMSF Borrowing Strategy

By | Investment, SMSF, Strategy, Taxation | No Comments

Superannuation is the most tax-effective vehicle for investment. Either taxed on earnings at 15 per cent, or for those funds that are paying pensions to their members, a superannuation fund’s earnings become tax free. The problem however, is that the government knows all too well how concessionally taxed superannuation has become, so it has limited the amount that individuals can contribute to their concessionally taxed superannuation funds. As a result, many people have significant investments outside of superannuation that are taxed a higher individual marginal…

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Mar 21 2014
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SMSF Trustee Penalty Regime

By | SMSF | No Comments

On 6 March 2014, the Tax and Superannuation Laws Amendment (2014 Measures No.1) Bill 2014 passed through both houses of parliament, and is currently awaiting Royal Ascent. The Bill gives effect to a new penalty regime for trustees of Self Managed Superannuation Funds. Designed to encourage and ensure trustee compliance with the SIS Act, the regime commences 1 July 2014 and subjects trustees to monetary penalties, mandatory education and rectification directions if found in breach of the SIS Act. Monetary Penalties An administrative penalty is…

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Mar 13 2014
1

Why Cloud Accounting is Good For Business

By | Accounting Software, Cloud, Starting a business | No Comments

If you want your business to work smarter and faster, cloud accounting software is a wise investment. Working in the cloud will give you better insight into and overview of your finances, and improve collaboration with your team. Accounting software shouldn’t be a chore to use Small business accounting software that’s not available via the cloud can be tedious. Traditionally, it can suck up far too much of your business’ time and effort. This doesn’t add value, and takes the fun out of being in…

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Feb 27 2014
1

Considering a Franchise

By | Franchise, Starting a business | No Comments

At one time or another, many business owners and operators consider – however briefly – the idea of either franchising their operations, or buying into an established franchise business. As accounting advisors to small and medium sized businesses alike, we are often asked about the pros and cons of both these options. Taking on a franchise can seem pretty attractive compared to starting a business from scratch and in the last two years, the number of franchise systems operating in the Australian business market has…

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