Breaking News - R J Tyrrell & Co merge with R J Sanderson
Effective from 10th December 2018 R J Tyrrell & Co has merged with R J Sanderson
Please continue to the new website:- www.rjsanderson.com.au
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Breaking News - R J Tyrrell & Co merge with R J Sanderson
Effective from 10th December 2018 R J Tyrrell & Co has merged with R J Sanderson
Please continue to the new website:- www.rjsanderson.com.au
Read More…
How to Reduce Your Business Risk
Running your own business can be rewarding. You get to follow your passion, choose who you work with and potentially make more money. It sounds irresistible with the flexibility, independence and freedom, however, there is a catch. There are risks but there are also strategies to help reduce those risks… Read More…
Ho, Ho, Ho! It’s coming up to the Holiday Season and you might be thinking of throwing an office break up party or providing your staff with Christmas presents. Without being The Grinch, there are Fringe Benefits Tax implications for both of these scenarios that you need to be aware of. Read More…
Cash Flow – The Lifeblood of Your Business
With Christmas and the holiday season fast approaching, businesses may find their cash flow suffering particularly if current invoices don't get paid until February next year. This can be catastrophic for seasonal businesses so let’s look at some ways to help improve your cash flow. Read More…
Tax Office Launch Mobile Strike Teams
The Tax Office has deployed what they refer to as "mobile strike teams" to uncover business owners attempting to avoid tax, especially to target the cash economy. With plans to visit some 10,000 small businesses in the 2019 financial year nationwide, this follows on from their earlier successful blitz of cash-centric suburbs around Australia. To this end we outline some of the common mistakes the ATO has recently observed. Read More…
Cents per Kilometre Rate Change
The rate for work-related car expenses has increased for the income year starting 1 July 2018. It is now 68 cents per kilometre.
This applies if you have chosen to use the cents per kilometre method for calculating work-related car expenses and will remain in place until the Commissioner decides it should be varied.
If you are paying your employees a car allowance in excess of 68 cents per kilometre, you need to withhold tax on the amount you pay over 68 cents.
Read More…
Financing Your Start Up Business
One of the most challenging aspects of starting a new business is sourcing finance. Once you know how much funding you require it’s time to explore your finance options and there are 6 sources of funding available. Read More…
The Foundation Stones of A New Business (Part 6) Legal Issues & Contracts
There are numerous issues to consider when starting a new business. In this article we examine one of the most important issues, the need for legal advice and guidance with contracts, leases and other legal matters. Read More…
Expand Your Customer Base With Facebook Advertising
Facebook remains every marketer's dream, with access to around 15 million users Australia wide. Advertising on Facebook may provide your business with the opportunity to expand your customer base without costing an arm and a leg. Read More…
Aretha Franklin, the Queen of Soul, recently passed intestate (no Will) leaving a purported estate worth US$80 million. A number of claims from interested parties have already been lodged against the estate, which highlights the importance of having a Will. Let’s look at the administrative taxation process involved when you’re left to deal with a loved one’s estate. Read More…
What’s on the ATO’s Hit List this Year?
The ATO has indicated they are casting a wider net when it comes to claims for home office expenses, work-related expenses and ride-sharing income. Find out what’s under the microscope this financial year. Read More…
Law Changes Impacting Business Owners
As a business owner and employer there are a number of legislative changes that came into effect on July 1, 2018 which you need to be aware of including Single Touch Payroll, the continuation of the Superannuation Guarantee Charge Amnesty, increased Minimum Wage Rates as well as changes to Penalty Rates and the Unfair Dismissal Threshold. Read More…
The Foundation Stones of A New Business (Part 5) A Business Plan and Cash Flow Budget
Eureka! You’ve had that brilliant idea for your new business. Before you can open your doors, there are numerous issues to consider and one of those important issues is having a Business Plan and Cash Flow Budget. Read More…
Don’t Be Tempted to Just Claim ‘Standard Deductions’ This Financial Year
The Tax Office warns individuals and business owners not to claim ‘stock standard’ deductions on their tax returns this tax time. Taxpayers mistakenly claim expenses not directly related to their work. Read More…
The Foundation Stones Of A New Business (Part 4) The Right Business Insurances
Before you start your new business there are numerous issues to consider. One of the most important issues is making sure you have adequate and appropriate insurances. Read More…
The Foundation Stones Of A New Business (Part 3) The Right Business Registrations
It’s exciting when you have that light bulb moment and you’re hit with an idea for your new business. Before you can open your doors, there are numerous issues to consider and you must navigate your way through a maze of rules, registrations and regulations. One of those importance issues is making sure you carry out the right business registrations. Read More…
How to Turn Your Website from an Electronic Billboard into a Marketing Machine (Part 3)
In this series we examine the 9 essential website features you need to convert your website from a static electronic brochure to a lead-generation Marketing Machine. In this article we look at the importance of Headlines, a Live Chat feature, Testimonials & Social Media Links. Read More…
Don’t Leave Profit On The Table
Profit is the way we keep score in business. It is achieved through making the right management decisions and it impacts on your business valuation. You simply can't afford to leave any profit on the table. Read More…
2018-19 Federal Budget Overview
The Federal Treasurer, Scott Morrison, handed down his third Budget on the evening of Tuesday May 8th. We provide a round-up of the changes that may impact you or your business. Read More…
The Foundation Stones Of A New Business (Part 2) The Right Accounting Software
It’s exciting when you have that light bulb moment and idea for your new business. Before you can open your doors there are numerous issues to consider and you have to navigate your way through a maze of rules, registrations and regulations. One of those issues is the right accounting and bookkeeping software. Read More…
End of Financial Year Tax Planning Guide
The end of another financial year is fast approaching. Our 2018 Tax Planning Guide for the end of the 2017/18 financial year highlights some end of year tax planning opportunities which you may wish to consider before June 30, 2018. Read More…
How to Turn Your Website from an Electronic Billboard into a Marketing Machine (Part 2)
In this series we examine the 9 essential website features you need to convert your website from a static electronic brochure to a lead-generation Marketing Machine. In this article we look at the importance of Calls to Action and Lead Magnets. Read More…
The Foundation Stones Of A New Business
It’s exciting when you have that light bulb moment and you’re hit with an idea for your new business. Before you can open your doors, there are numerous issues to consider and you must navigate your way through a maze of rules, registrations and regulations. One of those issues is the right business structure. Read More…
How to Turn Your Website from an Electronic Billboard into a Marketing Machine (Part 1)
In this series we examine the 9 essential website features you need to convert your website from a static electronic brochure to a lead-generation Marketing Machine. In this article we look at the importance of blogs, mobile responsiveness and video content. Read More…
A Reporting Change for Employers - Single Touch Payroll
All employers need to perform a headcount as at 1 April 2018 to determine when they need to implement the latest ATO digital initiative - Single Touch Payroll. Employers with 20 or more employees will need to start reporting through Single Touch Payroll from 1 July 2018. Let’s look at what employers need to be doing right NOW. Read More…
When Can You Access Your Super?
Can’t I use my superannuation? This is a very common question we get asked and in this post we look at what the government restrictions are on accessing your super and the impact of preservation age. Read More…
Half Of Australian Small Businesses Don't Have A Website - Surely Not!
According to a recent Telstra survey, only 50% of Australian small businesses have a website. Surely this can't be true! With the same report finding that 62% of customers will stop considering a small business if they can't find information about it online - there can be no doubt that having a website is a fundamental weapon in your marketing arsenal. Read More…
ATO Audits - A Blitz on Cash-Based Businesses
The ATO conducted a blitz in Box Hill because it was identified as a suburb having 'high cash economy risk behaviours'. Due to its success, the Tax Office will maintain its audit focus on cash-based businesses. Could yours be next? Read More…
Franchising is big business in this country and while buying into a franchise can often be promoted as a ‘gold mine’, the reality is, franchises can also fail. Let’s examine some of the most important things you need in place when buying a franchise. Read More…
Cash is King, make no mistake, but managing cash flow remains a constant challenge for today's small business owners. In this article we examine the differences between cash flow and profit and the importance of understanding your numbers to maintain a positive cash flow. Read More…
Website Essentials if You're Looking for New Customers
Your marketing could be the difference between Gloom, Doom or Boom in 2018. We outline 4 Website Essentials you need if you're looking for new customers. Read More…
The Warning Signs of a Cash Flow Crisis
Cash flow is the life blood of any business. In fact, it can be the difference between success and failure with a lot of business owners walking a tightrope. Let’s briefly examine some of the most common causes of a cash flow crisis. Read More…
Industries with the Highest Work-Related Expense Claims
The highest expense claiming industry claimed three times more than average... This variation in work related expenses is significant and supports the fact that every industry is different. Read More…
What is This Thing? This Inbound Marketing?
There has been a fundamental shift in the way consumers make their purchasing decisions. The availability of free, high-quality information online has changed the way consumers buy and Inbound marketing has replaced traditional Outbound marketing methods. Read More…
How To Build Your Email Subscriber List
As a savvy business owner, it’s important to use email marketing. The benefits of Email Marketing almost sound too good to be true – a 4300% ROI for starters! This article will guide you through the first step – how to build your email marketing subscriber list. Read More…
7 Trends Rocking Video Marketing in 2017
Video is no longer an option for businesses looking to grow, it’s essential. These are the video marketing trends that you need to be aware of in 2017 to stay ahead of your competitors. Read More…
What You Think You Know About Work Clothing Tax Deductions... Is Wrong!
Over the past five years, claims for uniform and laundry tax deductions have increased. The ATO had sat up and take notice. The ATO AC, Kath Anderson has stated that too many taxpayers’ beliefs around how to claim clothing deductions are wrong. Here, we provide helpful advice and tactics to ensure you're getting your tax deductions right. Read More…
Planes, Trains and Automobiles
You might be surprised to know the range of assets you can actually finance. While cars, trucks and equipment are items commonly financed, it is possible to finance boats, buses, planes, computers, dental chairs and office fit outs. Read More…
Tax Time: The Work-Related Expense Claims the ATO is Watching This Year
Australians claimed about $23 billion of work-related expense deductions in 2015/16, however, the ATO believe a significant proportion of this amount is the result of over claiming of expenses.
As a result, the ATO have stated that they will be monitoring higher than expected claims. These are the areas you should brush up on to keep your work related expenses clear.
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7 Deadly Wins to Lead Generation
Your website looks good, but it’s not getting visitors, generating leads and converting to sales.
The primary difference is that the brochure style websites are all about the company, while lead generation websites are all about the customer.
Let’s examine the seven must-have online marketing tools that can help you turn your old website into a lead generation machine.
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Airbnb is big and getting bigger. We answer the most common questions on the taxation implications, deductions and declarations around renting out all or part of your property on this very popular service. Read More…
Disclosure of Tax Debts by ATO to Credit Reporting Agencies
The Australian Taxation Office (ATO) have for some years engaged external debt collectors to pursue small debts but they are changing their approach... Read More…
SMEs Come Under the ATO Microscope
Over 400 SMEs are about to receive a visit from the ATO as part of a crackdown on cash based businesses. Here are some ways to avoid attention. Read More…
Uber is looking for more drivers and Airbnb is seeking more hosts, but what are the implications of becoming part of this new 'sharing economy'? Read More…
Avoid These Common Errors on Your BAS
There is clear evidence that business owners continue to struggle to complete their Business Activity Statements (BAS). To help you we have identified three common errors... Read More…
Is Your Website Generating New Business?
It wasn’t that long ago that most websites were simply electronic brochures. They simply listed the who, what and where of the business but times have changed. Read More…
How to Get Your Business Off to a Flying Start
Starting a business can be a maze of research, registrations and red tape. No amount of passion can guarantee your business success but the proverb, ‘failing to plan is planning to fail’ serves as both great advice and a warning for new entrepreneurs. Read More…
More Website Traffic with Search Engine Marketing (SEM)
When Google displays its search engine results page they display three different types of results including organic, pay per click and local search results. Let’s explore how they all work. Read More…
Your website should effectively be your home base on the internet but how does it actually work and what is hosting and domain names? Read More…
Your Online Presence in the Digital Age
In the digital age your online presence could make or break your business. While your website should be at the hub, your digital presence needs to extend beyond a website. Read More…
Negative Gearing Traps Exposed
Creating wealth through purchasing a negatively geared investment property is a well established practice in this country. We have identified some common areas where property investors often trip up including claiming interest on loans. Read More…
Business Structures – The Family Trust
In Australia there are a range of business structures available and in this blog post let’s specifically look at the family trust option. Read More…
Thinking of Buying a Business?
Starting a business can be a mine field and the risks are high which explains why so many budding entrepreneurs look to buy an existing business or franchise operation rather than start from ‘scratch’. Read More…
Financing Cars and Equipment - Lease or Chattel Mortgage?
Clients often ask, what’s the best way to finance a car, truck, piece of machinery or equipment for their business - lease or chattel mortgage? Read More…
Starting a Business – The Right Foundations
As any entrepreneur will tell you, starting or buying a business involves research, risk, passion and planning. To be successful you need to make the right opening moves and ... Read More…
Starting a Business - Do the Numbers Stack Up?
That ‘light bulb’ moment and idea for your new business is exciting but it's only the beginning of the journey for an entrepreneur. The moment of truth comes when start to list all the costs and ... Read More…
Helping You With Your Online Marketing
As accountants, the number one thing our business clients want is advice to help them grow their business. In the digital age we believe the secret to growth is marketing and it could be the difference between boom and gloom for any business. Read More…
Grow Your Business by Increasing Process Efficiency
In this final post in the series we look at the fourth way to grow your business - increase the effectiveness of each process in your business. Read More…
How to Increase Your Average Sale
Every entrepreneur wants to grow their business but there's no simple formula that guarantees success. In this series of posts we are up to the third way to grow your business, how to increase the value of each sale. Read More…
How To Increase the Number of Times Customers Come Back
Clearly, everyone wants to grow their business. Unfortunately there is no magic potion or silver bullet but we do know there are only four ways to grow a business. In this blog we examine the second method, how to increase the number of times a customer comes back and buys from you. Read More…
If You're Thinking of Buying a Franchise ...
Buying a franchise might sound like a guaranteed money spinner but some recent media reports suggest this isn't the case. Read More…
4 Ways to Grow Your Business #1
Everyone wants to grow their business, however, there is no 'magic marketing bullet'. Fundamentally there are only four ways to grow a business including, increase the number of customers of the type you want. Read More…
Lessons From the Shark Tank #3
I must admit I don’t watch a lot of television but I did enjoy the latest Australian season of Shark Tank where budding entrepreneurs seek funding from a panel of wealthy investors (the sharks). While it’s another form of reality TV the show does provide business owners with some valuable business lessons. In this edition we ask the question, should you swim with sharks? Read More…
Lessons From the Shark Tank #2
I must admit I don’t watch a lot of television but I did enjoy the latest Australian season of Shark Tank where budding entrepreneurs seek funding from a panel of wealthy investors (the sharks). While it’s another form of reality TV the show does provide business owners with some valuable business lessons including the importance of knowing your numbers. Read More…
I must admit I don’t watch a lot of television but I did enjoy the latest Australian season of Shark Tank where budding entrepreneurs seek funding from a panel of wealthy investors (the sharks). While it’s another form of reality TV the show does provide business owners with some valuable business lessons including the importance of business planning. Read More…
We have been inundated with queries regarding the accelerated depreciation write-off for assets up to $20,000 acquired by small businesses since it was announced in the May budget. Read More…
Respond to Your Customer Needs!
At the start of 2013 we noticed about 10% of our website traffic was coming from hand held mobile devices. By late 2013 this figure had jumped to about 15% but in 2015 we find close to 25% of our website visitors are using mobile devices. Why is this important you might ask? Read More…
What You Need to Know Before You Set Up a SMSF
In this blog we will explain what a Self-Managed Super Fund is and some of the advantages and disadvantages of having your own Self-Managed Super Fund. Read More…
What Accounting Software Suits Your Business?
In this blog we are going to look at what you need to know before you select an accounting software program to use in your business. We will then look at specific software programs on the market including MYOB, Xero, Reckon, Saasu and Cashflow Manager. Read More…
The 5 Things Every Investor Needs to Know about Negative Gearing and Property
Before you buy an investment property there are five things every investor needs to know about ‘negative gearing’. Read More…
The 5 Things Every Business Start Up Needs to Have Before They Launch
Starting a business is a bit like a game of chess, to succeed you need to make the right opening moves. Let’s look at five opening moves you need to address before you launch your new business. Read More…
Registrations for a Start Up Business
The types of business registrations you will require will depend on a number of issues including your type of business structure, your anticipated turnover and whether you also intend to employ staff. Read More…
Alternative Business Structures
In this blog we are going to examine some of the most popular business structures used in Australia. Let me say upfront, it’s almost impossible to recommend a particular type of business structure without an understanding of your business, your industry, your family structure and your personal financial situation. Read More…
Marketing and consumer behaviour has changed. You can now buy almost anything online and for most businesses, your website is your silent sales person working 24/7 to generate leads and sales. Read More…
When You Employ Your First Staff Member
As a business owner there are a number of issues you need to address when you employ your first member of staff. Read More…
Negative Gearing by definition is where you borrow to acquire an investment or asset and the interest and other tax deductible costs you incur exceed the income you receive from the investment. In this blog post we discuss Negative Gearing and some important points you need to understand. Read More…
Just as evolution in animals dictates that only the fittest survive, in a recession it is generally survival of the smartest.
In this country we seem to have a recession-like economy happening every seven to nine years and almost 75,000 Australian businesses were wiped out in the last downturn. To survive business owners must find a way to plan their way past potential threats including rising interest rates and fuel prices plus declining consumer confidence.
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