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Reserve Bank Interest Rate Announcement

by Warren Kruger on May 5, 2011

The reserve bank decided to keep rates on hold at 4.75 per cent despite recent news that inflation was running higher than expected.

It’s good the Reserve Bank have decided to wait and see if the higher inflation is temporary thanks to recent disasters and seasonal factors, rather than attack it with another interest rate rise.

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Tax Tips for Entrepreneurs

by Warren Kruger on May 4, 2011

Considering taxation in the early stages of a start-up is important to long-term success. Generally, when starting up a business, the most immediate concern to new entrepreneurs is profitability, with taxation somewhat near the bottom of the priorities list.

Financial and tax advisors recommend incorporating taxation issues into start-up thinking, especially into the company structure, systems and procedures that are put in place in order to ensure smooth business flow and keep open options for the future. It is important to build some flexibility into your plans and take a long-term view as much as you can.

Here are the top tips for entrepreneurs:

1. Structure the business appropriately from the outset. A lot of Clients trade using company structure for a few years and then decide to sell the business. Problem: They don’t have a great tax structure or that, if they want to change it, it will cost them a lot of money, because if it is put into a new entity it is likely to incur costs such as stamp duty and capital gains tax.

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Disaster Planning

April 14, 2011

Q: I have great sympathy for the businesses which were battered by the floods, fires and cyclones in Australia this year. These things can happen to anyone, any time. What should I do to make my business disaster-proof? A: Identify which data and applications are critical to your business, then ensure you have them backed [...]

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Partnerships

April 14, 2011

Q: My business partner is not pulling his weight. I do all the work while he takes 50 per cent. What should I do? A: Have a robust conversation about the business, the businesses performance and the performance of each partner. Be specific. This conversation is a great opportunity to agree to responsibilities, roles and deliverables [...]

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Flexible Workplaces

April 14, 2011

Q: Some of my staff are happy to be paid overtime, but others prefer time off in lieu. What are the rules around this? A: Firstly, check the conditions of employment in the relevant award or enterprise agreement. If there is nothing in there in relation to how overtime is to be handled, you should go [...]

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How To Get Paid

April 13, 2011

Doing the job is one thing. Getting paid is another. Here is what you can do to make sure your business is getting what it’s due, when it’s due. Good News! You’ve just secured your business a big client. The bad news is firms with 500 or more employees are the worst offenders when it comes [...]

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25 Time-Saving Strategies

April 12, 2011

More Time…That’s what we all long for. The biggest challenge for small business owners is finding enough time to achieve everything they want. Denis Healy, executive director of global productivity productivity specialists PEPworldwide, observed time pressures are not only stressful for individuals, they can also have a negative impact on the business. There are many ways [...]

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Trio of tax cheats brought to justice

April 7, 2011

Three men were today sentenced to over eleven years combined jail time for their involvement in tax fraud worth more $4.5 million. Ian Henke, Robin Huston and Brian Fox were each charged with conspiracy to defraud the Commonwealth for their role as promoters of an asset-stripping scheme which mirrored elements of the infamous ‘bottom of the [...]

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Risk and Reward

April 6, 2011

“Trying to stop thinking in the negative or towards the risks, is like telling someone to stop thinking about a green horse. The more they try to stop thinking about a green horse the more they think about it. The best approach is not to fight thoughts, but to acknowledge them.”  So let’s look at [...]

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Flood Levy Fact Sheet

February 7, 2011

Length of time the flood levy will be in place The Government will apply a flood levy to help fund reconstruction in flood affected areas. The flood levy will apply to individual’s taxable income only in the 2011-12 financial year.   Amount of the flood levy

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