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Emergency finance
Your financial wellbeing is intricately linked to your personal health. Our finances can rapidly spiral out of control without warning and in turn our ...
Apply principles of business management to personal finance – Prioritise, assess, restrain
Appy the 3 principles of business management to your personal finances - prioritise, assess and restrain. Prioritise – Take a good look at ...
Invest long term for predictable high returns
Share and bond markets go through cycles. It is exceedingly difficult to predict the bottom and tops of these cycles. The share market is ...
Using self-control to increase wealth
Self-control is defined as the ability to regulate behavioural, emotional, and attentional impulses to achieve long-term goals. Self-control early in life is a strong ...
Can you afford a rise in the cash rate?
With the Reserve Bank of Australia (RBA) keeping interest rates at historically low levels (currently 0.1 per cent) and competitive mortgage rates as low ...
Debt servicing costs should not exceed 30 per cent of income
Debt is useful for buying assets and leveraging to increase our wealth. But how much debt is too much? For the average Australian, debt ...
Eat your leftovers
The average grocery spend per week in Australia is $140. That equates to $6,720 per year. On average we throw away 20% of our ...
No interest loans
No interest loans can be accessed by those who need an immediate cash boost to get their heads above water. Individuals struggling with money ...
Surround yourself with success
Whether in your personal life, or business, you are only as good as the people around you. Choose successful friends and circulate with high ...
Have the money conversation with you partner
If it looks like your relationship is getting serious, have the money talk as early as possible. Whilst it might not seem romantic ...
Keep good records of your expenditure
Keeping good records of your expenses is essential to building wealth. For example, keeping your purchase receipts is critical for recording any claimable ...
Save money before you get it
The 'save money before you get it' strategy helps those who find it difficult to meet their weekly or monthly savings goals. It prevents ...
Here’s why you shouldn’t buy new!
When purchasing big-ticket items like cars and furniture, it’s tempting to go for the latest model or fashion trend. Whilst marketing campaigns are ...
Do not cosign a loan
At some point in your life, a relative, friend or colleague will ask you to cosign a loan. A cosigner ‘agrees to be responsible for a ...
Automate your savings
Putting your personal finance on autopilot can help you achieve your long and short-term financial goals. Implementation and cost Set up auto deposits into ...
Triple check your insurance
Insurance is an ongoing expense that must be justified. It is therefore important to triple check the fine print every year to ensure that ...
Upskill while employed
Don’t wait until your out of work to upskill. Speak to your current employer about paying for you to upskill right now. Benefits of ...
Get free unmotivated advice from a financial counsellor
Unlike financial advisors, financial counsellors offer free confidential financial advice and support through community, government, and legal centres. The benefit of financial counselling, aside ...
Pay off your student loan
When you attend university or an approved higher education provider, you can get a HECS-HELP loan to pay for your studies. Once your studies ...
Tracking your spending is the first step to financial control
The first thing we must do to take control of our personal finances is to find our how much we spend each month ...
The rise of MyTax and the fall of tax agents
In 2013/14, 74.2% of all individual tax returns were prepared by tax agents. Fast forward six years to 2019/20 and that figure had fallen ...
How to setup an emergency fund
It is important as part of your monthly savings strategy to set aside a specific amount to build up an emergency fund. Life is ...
Build wealth with compound interest
The old saying 'time is money' really is true. Compound interest is defined as interest on a loan or deposit calculated based on both ...
Technology can help you manage your personal finances
Managing your personal finances can be complicated and time consuming. It doesn’t have to be this way. Technology offers many free tools, apps, and ...
Exchange traded funds (ETFs) – Growing your money in a zero interest economy
Exchange traded funds (ETFs) offer a low cost, hassle free method to grow your savings with less risk than owning ordinary shares on the ...
Renegotiating your mortgage could save you thousands!
A mortgage rate is the rate of interest charged by your lender or financial institution for your mortgage. A mortgage is defined as a ...
Budgeting – A simple guide for everyone
Overview A spending plan called a budget allows you to determine how much you should be spending each week or month to reach your ...
Forget about tax and take a holiday in Australia!
It's been a tough year for everyone. From lockdowns and job losses to anxiety and mental health, 2020 has been a year to remember. ...
Taxing knowledge
The first tax on newspapers in Britain was introduced in 1712. Newspaper tax in the United Kingdom reached a height following the Napoleonic wars ...
Remember Twisted Tax Tales?
Do you remember our Twisted Tax Tales short story competition? You can still read over 150 crazy Twisted Tax Tales stories right here. So ...
Tech for Tax Agents in 2020
Here are our top 5 tech tools for tax agents: Logitech HD Pro Webcam C920 - Meet with your clients online with a crystal ...
What to do when your practice receives a fake Google review
Unfortunately we live in a world where some competitors feel the need to use dirty tactics in a futile attempt to rise above the ...
Does my accounting practice need a Facebook page?
Facebook business pages are a great way to show the human side of your business and build trust with potential clients by: Posting pictures ...
Time to fix the Australian economy
The Australian economy has been hitting a brick wall for years, bogged down by bureaucracy and indecisiveness. Policies are bundled together only to be ...
Professional accountant or elite athlete?
Would you be surprised if we told you that the makings of a great accountant are also the makings of elite athletes? In fact, ...
The origin of numbers
A number is a mathematical object used to count, measure, and label. 37,000 years ago, a Lebombo bone (part of a baboon's fibula) was ...
Is my idea strong enough to start a business?
We've all had that Eureka moment when we think wow, that would make a great business. Why hasn't anyone thought of this before? But ...
3 great selling techniques
In simple terms, selling is defined as giving or handing over something in exchange for money. No matter who you are, at some point ...
Success secrets from our top 10 growth practices
The average growth rate for our top 10 tax practices for 2019/20 was 45%. What were their secrets to success? "Franchisor support can make ...
Top 5 ways professional services can support clients during a lock-down
Communicating with clients is crucial for businesses to survive a lock-down. Your staff may be temporarily or permanently working from home. Here are 5 ...
5 great tools to help you work from home
Victoria has gone into stage 4 restrictions and many have no choice but to work from home for the foreseeable future. Here are 5 ...
5 things I wish I knew when I started my first business
When I started my first business 10 years ago, I wish I knew these 5 things: Registering a business as a company instead of ...
Startup companies are a lead indicator of business confidence
A business confidence index (BCI) provides information on future developments, based upon opinion surveys on developments in production, orders and stocks of finished goods ...
Now is the perfect time to buy a franchise
Franchising allows a business to operate under the established brand of another business. You (the franchisee) can sell their products and/or services for a ...
Getting the most out of your accountant during a COVID-19 lockdown
This is an incredibly stressful time for everyone in Australia and especially for Victorians who are facing yet another lockdown with no foreseeable exit ...
Now is a great time to review your career or change jobs
If you are thinking about a career change but have been putting it off, now is the time to make the move. COVID-19 has ...
The perfect time to start a business is right now!
The best time to begin a new business venture in Australia is right now! Starting a business is never easy. A whopping 90% of ...
Where are Australians spending their money?
According to research by Illion, our food delivery spend is up 259% from pre-COVID-19 days. We are buying more furniture than we used to ...
Communication – the most important part of a business continuity plan (BCP)
During a crisis such as the COVID-19 pandemic, we focus on survival. Businesses strip back and place every resource they have into the critical ...
Supercharge your tax accounting practice on Google Maps
6 easy steps to supercharge your tax accounting practice on Google maps; Add your practice to Google My Business. Visit Google My Business. Sign ...
Emergency super spent on pokies, beer, and Uber Eats
Whilst some Australians in desperate need, have used early super withdrawal to pay bills and debts or to invest in their future, others have ...
Enabling two-factor authentication for my accounting practice data
Is my data safe? No matter who hosts your data, if it’s online, it can be hacked unfortunately. Your data is arguably safer ...
IT security for accounting practices
If you are looking for a higher level of IT security for your accounting practice, here are some areas to consider. Your email and ...
$150,000 instant asset write-off for small business
If your business turnover is less than 500 million, you can instantly write-off any asset purchase up to $150,000. You must buy your assets ...
Don’t Let COVID-19 hold you back – Start a business
Thinking of starting a business? Don’t let COVID-19 hold you back. Here are some reasons why now is a really good time to get ...
Will business survive COVID-19
We are living through unprecedented times. Events and shocks to the health, business and financial systems are unfolding by the hour. We have never ...
Grow your accounting practice by helping your clients during COVID-19
To grow your practice, maximimise opportunities and help clients, you must do five things as accountants: Increase client communication. Send every business client details ...
Demand for accounting/tax services will grow over the next 12 months
Accounting/tax practices are fortunate to be providing an essential service during the COVID-19 pandemic. Demand for accounting/tax services will grow over the next 12 ...
Bartering free rent for services
Bartering free rent for services reduces your businesses rent costs to nil. For this transaction to occur, and be beneficial to both parties, it ...
Commercial leasing principles during COVID-19
The government is introducing a mandatory commercial leasing Code of Conduct (the Code). The Code imposes a set of 13 good faith leasing principles ...
Activity-based workspaces
Activity-based workspaces give employees the flexibility to work from different types of workspaces and choose the workspace that best fits their current work activity. ...
$130 Billion JobKeeper Payments
Background on JobKeeper payment Businesses, charities and not for profit entities impacted by the Coronavirus will be able to access a subsidy from ...
JobKeeper payments
Today the federal government have announced a new wage subsidy package. The key points include: $130 billion committed over the next six months to ...
Temporary relief for financially distressed individuals and businesses
On 24th March 2020, the Federal Government’s Coronavirus Economic Response Package Omnibus Act 2020 came into force. This legislation aims to provide temporary relief ...
Tax-Free Payments of $750 to Eligible Recipients
The Government is providing two separate $750 payments to social security, veteran and other income support recipients and eligible concession cardholders. The first payment ...
Temporary Early Release of Superannuation
The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in ...
Tax agents are considered essential services
As trusted advisers, we are being inundated with requests for information as clients and businesses turn to us to help navigate through uncertainty. The ...
Income support for sole traders
Overview The Federal Government has established a new, time‑limited Coronavirus supplement to be paid at a rate of $550 per fortnight. Payments will commence ...
Assign a lease to get rid of rental expenses
Assigning a lease transfers your rights under the lease to the new tenant. As you are no longer responsible under the original lease from ...
Increase sales to reduce rent as a % of sales
As rent is a fixed cost, increasing sales will reduce the rent cost as a percentage of sales. As a consequence, although the rent ...
How can a tax agent business survive a coronavirus outbreak?
Imagine this scenario - There is a coronavirus outbreak in your city during the busiest time of the year July - September. You will ...
Negotiate lease incentives to cut costs
Leasing incentives are financial concessions or upfront capital payments that landlords make to prospective tenants to entice them to commit to a binding lease ...
Demand a rent reduction – It’s the law
Although your lease agreement is a contract with your landlord, it will contain express (or implied) clauses regarding rent reduction in certain circumstances. If ...
Will an open plan office suit my business?
Open plan offices make use of large, open spaces, and minimise the use of small enclosed rooms. Open plan offices have been adopted by ...
Is hot desking just hype?
Hot desking involves multiple workers using a single physical work station or desk during different time periods. Hot desking is typically used where employees ...
Would a virtual office suit my business?
A virtual office provides businesses with the advantages of a prestigious address, landline phone numbers and team support without committing to dedicated office space. ...
Maximise workspace utilisation
Maximising space utilisation involves reducing workspace inefficiencies to reduce rental expenses without negatively impacting employees. Typical strategies to maximise space utilisation include: Reducing the ...
Negotiate a discount for prepaying 12 month’s rent
Subject to having the available funds, prepaying 12 month’s rent in advance has the following benefits: A 5-10% discount on the years rent expense ...
Sign a long-term commercial lease for rental concessions
Landlords prefer commercial tenants sign long-term leases (greater than 5 years), as this provides them with stability of income and a guaranteed ongoing tenancy. ...
Buy your business premises in your SMSF
This strategy involves purchasing your business premises in your self-managed super fund (SMSF). This has the following advantages: Your superannuation is used to partly ...
Consolidate your business space for immediate cost savings!
Consolidating space involves consolidating the business over fewer floors or office locations. Consolidating staff into fewer offices reduces rent costs in three ways: The ...
How to become an employer of choice
A business that meets all of its employee expectations is called an employer of choice. An employer of choice attracts, motivates and holds on ...
What is business process reengineering and does my business need it?
Business process reengineering (BPR) is the redesign of core business processes to achieve dramatic improvements in productivity, costs, cycle times and quality. BPR aims ...
Supercharge productivity with employee surveys!
Employee surveys are used by businesses to gain feedback and measure employee engagement, workplace culture, commitment, employee morale, and performance. Conducting regular employee satisfaction ...
The financial benefits of outsourcing
The financial benefits of outsourcing include reducing labour costs, increasing efficiency and reduced capital costs. The most important business benefit is that it enables ...
Is my business green and why should I care?
Sustainable businesses or green businesses have minimal negative impact on the global or local environment, community, society, or economy while maintaining a profit. In ...
All employees should sign an employment agreement
A written employment agreement is used to outline the wages and conditions for employees and will include information such as employer and employee details, ...
Is your business doomed to fail?
Although every business is started with optimism and hope, the reality is creating a profitable, successful business is tough. Statistically, 30% of businesses fail ...
Foreign Controlled Australian Company
An Australian resident company is a foreign controlled Australian company if any of the following apply: A group of five or fewer foreign entities ...
What are your obligations as a foreign company in Australia?
A foreign company intending to carry on a business in Australia is generally required to register with ASIC as a 'Registered Foreign Company'. Registered ...
How does Australia define a foreign company?
A foreign company is an entity that satisfies the definition of ‘foreign company’ in section 9 of the Corporations Act 2001 (Corporations Act) – ...
Delisted Company
Delisted companies are companies that have been removed from the Australian Stock Exchange (or the state-based exchanges), Newcastle Stock Exchange or the Bendigo Stock ...
ASX Listed Companies
The Australian Stock Exchange Ltd is an Australian public company that operates Australia’s primary securities exchange, called the Australian Securities Exchange (ASX). The ASX ...
Unlimited Public Companies with a Share Capital
An unlimited public company is a public company whose members have no limit placed on their individual liability to contribute to the debts of ...
Public Company Limited by Guarantee
A public company limited by guarantee is a specialised form of public company designed for non-profit organisations. 'Limited by guarantee' means that upon the ...
No Liability Companies
A no-liability company is a limited liability public company whose principal activities are restricted to mining or oil exploration. These companies are called 'no-liability' ...
Sexually Transmitted Debt
Sexually transmitted debt is where one person in a relationship becomes responsible for their partner's financial debts usually after being convinced or misled into ...
How to Grow Your Fees 31% in a Year
The ten fastest growing accounting practices in the Success Tax Professionals group increased their fees by an average 31% for the 2019 financial year. ...
5 Marketing Strategies to Grow Your Fees
Here are our top 5 marketing strategies to grow your business today. These strategies will stand the test of time regardless of changes in ...
Unlimited Proprietary Company (With a Share Capital)
An unlimited proprietary company is a private company whose members have no limit placed on their individual liability to contribute to the debts of ...
Software Review – Xero Tax
Andy Asiandi, (Payneham, SA) reviews the Xero Tax software. XERO Tax advantages: Free for Bronze Partners. Xero tax returns integrate nice and easily with ...
Difference Between Tax Agents and Tax Planning Specialists
Although Australia has 42,561 registered tax agents, less than 1% of these actually provide any specialist tax planning advise to their clients. Ninety nine ...
Should You Lodge Your Own Tax Return?
The Australian Tax Office (ATO) expects over 3 million Australians to lodge their 2019 tax returns through MyTax for free. You should do away ...
7 Unusual United States Tax Deductions
The United States tax code allows for many unusual but legitimate tax deductions and tax credits. Here are our top 7: Clarinet Lessons: A ...
Professional Gambler Winnings Are Tax Free
Australians are the most prolific gamblers in the world and lose over $24 billion per year gambling. Australia’s gambling losses of $1,200 per adult ...
The Top 10 Errors and Bias We Make When Making Decisions
Decision making is the cognitive process involving judgement to make choices. We make thousands of decisions each day and their importance and effect of ...
Are You Breaching Your Directors Duties?
Australia has over 2.5 million companies registered with ASIC, of which 98% are proprietary companies. All companies have directors, with proprietary companies requiring a ...
What does the Board of Directors Do?
The board of directors are the individuals responsible for the governance, control, management and strategic direction of the organisation. Boards are responsible for: Appointing ...
Tax Planning Referral Marketing System
Referral marketing is a method of promoting products or services to new customers through referrals, usually word of mouth. Such referrals often happen spontaneously ...
Tax Planning Software
Over the last the ten years tax planning software has taken an adhoc, manual, time consuming process to a new level of efficiency and ...
Calculating the Fee – Value Pricing
With value pricing the fee is based on the value added to the client, not the number of hours you spent working on the ...
Focus on Existing Clients – Not New Clients
When selling our services to clients we need to focus our attention, time and energy on our existing clients, not chasing new clients. Research ...
Educating Clients on Tax Planning
This involves educating taxpayers on the opportunities they have available to personally save tax. This step involves no selling at all, and is strictly ...
Tax Planning vs Tax Avoidance
'The difference between tax planning and tax avoidance largely comes down to intent. Tax planning, is organising your clients’ tax affairs in the most ...
10 Countries with No Income Taxes
Australia is a high taxing country and has a corporate tax rate of 27.5% or 30%, and marginal tax rates for individuals as high ...
5 Additional Services Small Businesses Would like to Receive from Their Accountant
The NAB ‘Key insights into the Australian accounting industry’ report found that accountants are failing to provide the services their business clients demand. The ...
Top 10 Tax Policies of the Australian Labour Party
Most bookmakers have the Australian Labour Party as unbackable favourites to win the May 2019 Federal election. As such, subject to successfully negotiations with ...
7 Weird Tax Deductions
Breast implants – In the US Chesty Love (a stripper) received a tax deduction for her size 56N breast implants as they were required ...
Eight Pets That Can Be Tax Deductible
Dogs on farms for rounding up sheep, cattle and other livestock.Fish at workplaces (office and factories). Birds at the workplace. Guard dogs at factories.Dogs ...
Finance Brokers Smashed by Banking Royal Commission
Since the Banking Royal Commission released its final report on 1st February 2019 finance brokers have not stopped crying. For Australia’s 16,000 finance brokers, ...
Property Values in Freefall
A negatively geared rental property is where borrowed funds are used to invest in property and the income generated (at least in the short ...
Ten Deductions Employees Should Never Have Claimed
Adult industry workers claiming breast implants.Employees claiming cigarettes for stress relief at work.Driving instructors claiming speeding and parking fines.Prescription glasses, contact lenses and hearing ...
Ten Unusual Work Deductions
Adult industry workers can claim costumes, lingerie, fetish equipment, and adult novelties - if used solely for income earning purposes.Bar staff can claim a ...
Abolish the Breastfeeding Tax
With the abolition of the tampon tax on 1st January 2019, women have now started campaigning to have the breastfeeding tax removed as well. ...
Government Targets $50 Billion Black Economy
The ‘Black Economy Taskforce’ report released in October 2017 shows the black economy has grown to 3% of GDP (up from 1.5% in 2012). ...
Black Economy Grows 100%
Since 2012 Australia’s black economy has grown 100% to $50 billion per year. This dwarfs the growth in Australia’s legal economy over that period ...
Tampon Tax Abolished on January 1, 2019
Eighteen years after its introduction, the 10% tax on tampons and pads was removed after states and territories agreed to make sanitary products exempt ...
Accountants Fail as Business Advisors
Australia has 2.2 million businesses, of which 2,065,523 are defined as small businesses (employing less than 19 people). The ATO statistics show 96.7% of ...
Accountants Obsessed with Themselves
With the explosion of social media over the last decade, accountants (like a large percentage of the population), have become obsessed with themselves. A ...
Business Profitability a Dismal 3.8%
Australia’s 2.2 million businesses produce an average return on shareholders’ funds after tax of only 3.8%. This paltry return is less than the risk ...
5% of Tax Practitioners are Breaking the Law
The Tax Practitioners Board (TPB) 2017/18 annual report highlights that only 95% of practitioners are compliant with all aspects of the law. For the ...
Registered Tax Practitioner Numbers Surge to 77,749
As at 30th June 2018 there are 42,561 tax agents, 15,638 business activity statement (BAS) agents and 19,550 tax (financial) advisers regulated by the ...
Where are the Innovative Accountants?
Have a read of the average accountant’s website, and the word ‘innovation’ keeps popping up. There is no doubt accountants have heard of the ...
Only 1% of Accounting Practices Provide Tax Planning Services
For the year ended 30th June 2018, 42,561 tax agents (RTA) and 19,550 tax (financial) advisers generated $330 million in tax planning revenue. This ...
Average Accounting Firm only has $257,625 Revenue
For the year ended 30th June 2018, 33,870 accounting firms produced revenue of $20b, a 1.5% increase over 2017. The Top 100 accounting firms ...
Top 100 Accounting Firms Record $11.3 Billion Revenue
The Australian Financial Review Top 100 accounting firms for 2018 billed $11.3 billion revenue. Amongst the top 100 firms there is a big divergence ...
Four Types of Introverts
It has been estimated that over 75% of accountants are introverts. This compares to the general population which has a 50/50 split between introverts ...
Accountants Failing to Invest in Themselves
The Tax Practitioners Board (TPB) Code of Professional Conduct (Code) requires registered agents to meet continuing professional education (CPE) obligations. The object of this ...
Role of the Accountant
Accountants who are members of professional bodies are required to act in accordance with the highest professional and ethical standards. These professional standards require: ...
Accountants Preparing Legal Documents
Accountants in public practice generally want to help their clients. Some accountants will do anything for their clients, even break the law. The most ...
Life Insurance for Dead People
Charging life insurance to dead people – how would that work? Just ask AMP - as highlighted in the Banking Royal Commission, AMP has ...
Financial Planners – More Than a Few Bad Apples
The Banking Royal Commission has delivered a scathing interim report on the practices of the financial planning industry. Unfortunately, it’s not just a question ...
The End of an Era for Accounting Practices
Accounting practices, as they are currently organised and operate, is coming to the end of an era – in the type of work they ...
The Fat Smoker
‘Strategy and the Fat Smoker’ is a book by David Maister which has the central theme that knowing what to do is usually easy ...
Accountants Stuck in the Inertia Trap
All the professions, accountants included, realise change is occurring with the professions. Most professionals realise that change in other professions is happening, is good ...
Tax Return Review Services
Subject to complying with the ATO amendment periods, all tax returns can be reviewed, and amended where necessary. Taxpayers who have changed accountants, or ...
78% of Tax Agent Prepared Returns Have Errors
The ATO’s ‘Individuals not in Business Tax Gap Report’ has found that 78% of tax agent prepared returns have errors. Paul Drum, CPA Australia ...
Unhappy with Your Tax Refund?
Taxpayers are often unhappy with the size of their tax refund, believing it should be bigger. Sometimes the taxpayers are right and they are ...
MyTax at Tipping Point
My Tax is at tipping point and accounted for 46% of all 2018 tax returns lodged up to 13/08/18. The ATO advised that at ...
Measuring Your Web Site Traffic
Measuring website traffic is the process of analysing the users who visit your website. Website traffic is measured in sessions or visits. The most ...
Top 10 Tax Planning Strategies for 2018
Tax planning is the process used by individuals and businesses to structure their affairs to legally reduce their tax liability. For the 2018 financial ...
How to Build a Referral Network
Word-of-mouth referrals are the number one method professional services firms get leads and gain new business. As 82% of business owners use referrals from ...
How Business Owners Search for Accounting Services
Australia has 2.2 million businesses with the average business owner being over 50 years old, and 84% over 35. The over 35 business owners ...
77% Fees Growth in 2018
The 4 fastest growing Success Tax Professionals practices for 2018 achieved an average 77% fees growth. The top 4 practices based on fee increases ...
Top 7 Reasons Businesses Fail
Although every business is started with optimism and hope, the reality is creating a profitable, successful business is tough. Statistically, 30% of businesses fail ...
The 3 Most Famous Accountants Throughout History
Luca Pacioli - the ‘Father of Accounting’ Luca was the first person to publish detailed material on the double-entry system of accounting. He was ...
Top 10 Tax Deductible Dog Breeds
Dogs can be a legitimate tax deduction when used for work or business purposes. The top 10 working dog breeds are: Labrador Retriever - ...
Top 10 Tax Deductible Utes
Utes used for work or business purposes will create tax deductions such as depreciation, lease payments, fuel, repairs, insurance, cleaning, and registration. The percentage ...
Phoenix Company
A phoenix company is a commercial entity which emerges from a collapsed insolvent entity. The new company trades under the same or similar name ...
2018 Federal Budget Targets the Black Economy
Australia’s black economy is a growing economic and social problem. It undermines the community’s trust in the tax system, creates an uneven playing field ...
Cashless Society
A cashless society exists when financial transactions are conducted not with money in the form of physical banknotes or coins, but rather through some ...
The Black Economy
The black economy is a clandestine market or transaction that involves illegality. This includes the drug trade, counterfeiting, prostitution (where prohibited), smuggling, illegal currency ...
Tax Agents Terminated by the Tax Practitioners Board (TPB)
The Tax Practitioners Board (TPB) regulates tax practitioners and administers the Tax Agent Services Act 2009 (TASA). They want to protect the consumers of ...
Free Tax Returns Through Tax Help
Low income earners can get their tax returns completed and lodged with the ATO for free through Tax Help. Tax Help is a network ...
$5 Billion GST Tax Gap
The tax gap is an estimate of the difference between the amounts the ATO collects and would have collected if every Australian taxpayer was ...
Nurses Rated Most Trusted Profession
The Roy Morgan Image of Professions Survey 2017 found that nurses topped the list of the most highly regarded professions. Over 94% of Australians ...
Company Incorporation Costs Slashed
Australia currently has 2.5 million registered companies and incorporates another 600 new companies every day (on average). Companies are a popular business/investment structure as ...
Garnishee Notices
Garnishee notices are a tool used by the ATO to collect outstanding tax debts from delinquent taxpayers. It is normally only used by the ...
No Escaping ATO Debts
ATO tax debts, like all debts, are legally enforceable obligations. The ATO collects these debts on behalf of the Australian Federal Government. If taxpayers ...
SMSFs Grow in Popularity
Self-managed super funds (SMSF’s) continue to grow in popularity with 30,000 new funds being established each year. Today, Australia boasts over 600,000 funds holding ...
Self-Funded Retirees to be Taxed to Death
The age pension provides basic income support for Australians who are above retirement age (currently 65) but are unable to fully support themselves by ...
ATO Help for Drought-Affected Businesses
The ATO has a variety of measures in place to help drought-affected taxpayers in financial hardship to manage their tax. The ATO assistance includes: ...
Is your Financial Planner Ethical?
This is a very important question that every financial planning client would definitely like to know the answer to. But in practice, how would ...
Notifiable Data Breaches Scheme
Effective from 22nd February 2018, the Privacy Amendment (Notifiable Data Breaches) Act 2017, establishes the Notifiable Data Breaches (NDB) scheme in Australia. The NDB ...
Disclosure of Tax Debts to Credit Reporting Bureaus
The Federal Government is legislating to allow the Australian Taxation Office (ATO) to disclose information on businesses tax debts to registered credit reporting bureaus ...
How Low Can Compliance Fees Go?
Compliance services are now completely commoditised. The commoditising of compliance services was inevitable really, and the only surprising thing is how long it’s taken. ...
Five Signs Your Tax Accountant is a Turkey
Although it may be politically incorrect to say so, the reality is not all tax accountants are equal. Just as all drivers are not ...
Accountants Embracing Outsourcing Overseas
Over ten years ago, forward-thinking Australian accounting practices started outsourcing part of their work and processes overseas. Initially, the outsourcing started with basic bookkeeping ...
Two Heads are Better Than One
The Australian accounting services industry is growing 1.5% pa and currently generates $20bn revenue (IBIS World Industry Report M6932). The industry is comprised of ...
How Long Before a Business Owner Does Not Need an Accountant at All?
Rob Nixon, in his latest book ‘The Perfect Firm’, asks this question ‘How long before a business owner does not need an accountant at ...
SMART Criteria
Specific, Measurable, Assignable, Realistic, Time Related SMART is a management acronym giving criteria to guide in the setting of objectives in project management, employee-performance ...
Australia’s Company Tax Rate Must Fall to 20 Percent
In December 2017, the US legislated through large tax cuts which reduced their company tax rate from 35% to 21%. With the UK company ...
Shop-Front Ground Level ‘Vs’ First-Floor Accounting Practices
We often get asked as to what is the percentage of walk-ins for shop fronts compared to say first floor or upper-level offices when ...
Tendering
Strategies for successful tendering Tendering is the process of choosing the best or cheapest company to supply goods or do a job by asking ...
Customer Segmentation in the Accounting Industry
An accounting practice has six main customer segments; Salary and wage tax returns Retirees and investors Self-managed super funds Micro small businesses Medium sized ...
Competitive Advantage for Accountants that use Google’s New Posts Feature
If you own a small accounting practice, you would know that a Google Maps listing is essential for your business to be found online. ...
Five Strategies for Effective Client Communication
Effective client communication will retain more customers than any other method. Here are five strategies that will help you communicate effectively with your clients. ...
The Importance of Client Feedback
Client satisfaction feedback is critical if we are to improve the weaknesses in our client servicing, while continuing to build-on our strengths. We need ...
Consistency
The key to exceptional business results is consistency. If you do nothing else, be consistent. Consistency doesn’t mean being the best at something, or ...
Client satisfaction
Client satisfaction is defined as ‘the number of clients, or percentage of total clients, whose reported experience with a business, its products, or its ...
Maximising client retention
To maximise client retention, you should do five things. Firstly, keep a record of the clients lost, and clients gained. This includes the type ...
Five Factors Affecting Client Retention
The five factors affecting client retention are client satisfaction, client delight, client switching costs, client relationships, and client service standards. Client satisfaction - Unsatisfied ...
Client retention
Client retention is really any activity that a practice undertakes in order to reduce client losses. Client retention is about exceeding the client’s expectations so ...
The Trouble With Debt
The three ways accountants can get in trouble with debt financing their practice are: Using short term debt to make long term investments. Doing ...
Funding Established & Expanding Practices
Established practices have less funding needs than new practices as they are well established and producing ongoing revenue that covers the practice costs and ...
Funding New Accounting Practices
Accounting practices, like all businesses, require funding to start, operate, and grow. The funding requirements of practices vary depending upon whether they are a ...
Service Guarantee
The 18th century entrepreneur Josiah Wedgewood pioneered the satisfaction-or-money-back guarantee as a marketing strategy on the entire range of his pottery products. He took ...
Introducing New Services to Existing Clients
This strategy is about creating new services that you can provide to your existing client base. It is similar to the low hanging fruit ...
Selling Existing Services to Existing Clients
For a practice wanting to achieve organic growth this strategy is best described as ‘low hanging fruit’. It is simply about ensuring that every ...
The Effect of a Good Office on Productivity
Productivity studies show that the most significant factor in determining an employee’s ability to focus is their physical environment. A well-designed office can increase ...
Value Adding Software Tools
Value adding software tools include modules on budgeting, scenario planning, business planning, valuations, profit improvement, tax planning, risk management, etc. There are an almost ...
Software Tools for Accountants
We purchase tools to make a job quicker, easier, and ensure it’s completed to a high standard. This is the case whether buying tools ...
Strategic pricing
Pricing is the process whereby a business sets the price at which it will sell its products and services. In setting prices, the business ...
Outsourcing Compliance Services
‘Do what you do best and outsource the rest,’ says legendary management consultant Peter Drucker (1989). From Drucker’s perspective, a company should outsource functions ...
Benchmarking Accounting Practices
Benchmarking involves comparing your accounting practice processes and performance metrics to the best accounting practices in the industry. From the benchmarking report’s we can ...
Accounting Practices KPI’s
An accounting practice’s key performance indicators (KPIs) are the set of quantifiable measures that are used to gauge or compare performance in terms of ...
Managing the Practices Debtors
The objective of debtor management is to minimise the time between issuing an invoice to a client and collecting payment in full. A practice’s ...
Working Capital Management
Working capital management involves ensuring a practice has positive working capital so it is able to continue its operations and have sufficient funds to ...
Practice Sin 7 – Poor Time Management
Principals often spend too much time on activities that have no value. The Pareto analysis can be applied to time management. This is the ...
Practice Sin 6 – Dreadful delegation
Delegation is one of the practice principal’s most important management skills and if done well, saves you time, develops your people, and is a ...
Practice Sin 5 – Confusing Activity with Productivity
Clients are very demanding and are like baby chicks in some ways (with their constant squeaking for attention and assistance). Accountants can fall into ...
Practice Sin 4 – Failing to Change
As the business environment changes, practice owners must change. The ‘old’ ways of doing things must be changed when technology makes the new ways ...
Practice Sin 3 – Operating the Practice Like a Hobby or Vocation, not a Business
Operating an accounting practice can be very personally rewarding and satisfying as principals have the freedom of being their own boss plus the satisfaction ...
Practice Sin 2 – Underinvesting in Personal Professional Development & Training
Too many practice principals do not take the advice of Stephen Covey (Seven Habits of Highly Successful People) and spend the time to ‘sharpen ...
Abolition of Tax Deductions in the 2017 Federal Budget?
The Federal Government is once again looking at the abolition of work related tax deductions. Why? Because there $16 billion annual cost would go ...
Sturgeon’s Law – 90% of Accountants
Sturgeon's revelation - commonly referred to as Sturgeon's Law, is an adage commonly cited as ‘ninety percent of everything is crap’. It is derived ...
Sturgeon’s 10% of Practices
If a Purple Cow practice is not achievable, then being part of Sturgeon’s 10% of practices would still be a worthy goal. This would ...
Practice Sin 1 – Failing to Reinvest in the Practice
The number 1 sin for an accounting practice is failing to reinvest in the practice. There can be the temptation in business to run ...
Importance of Strategic Planning
A business strategic plan details the methods by which a business sets out to achieve its objectives. Typically a business strategy will cover a ...
Tax Considerations with Investing in Property
When buying an investment property it is important to see your accountant first. Often buyers get a building inspection report and a pest inspection ...
SMSF Advice Options
At June 2015 the ATO advised that there were 556,998 self-managed super funds in Australia with 1,049,840 members. During the 2015 financial year 32,073 ...
Focus Strategies for the Accounting Industry
Two focus strategies for the accounting industry include narrow service line and customer segmentation. The narrow service line involves practices providing a very narrow ...
Accounting Practices Stuck in the Middle
According to Michael Porter the worst strategic error is to be stuck in the middle, or to try simultaneously to pursue all the strategies ...
A Purple Cow Practice
‘Purple Cow: Transform Your Business by Being Remarkable’ is a 2003 book by Seth Godin. The book advocates that companies produce remarkable products and ...
The Cost Leadership Model is not Profitable
The overall cost leadership model is not a profitable strategy for accounting practices for four reasons: Practices with no staff where the principals do ...
Differentiating Your Accounting Practice
Differentiation is the process of distinguishing a product or service from others, to make it more attractive to a particular target market. The concept ...
Cost Leadership Strategy
An overall cost leadership strategy involves providing products or services at a lower cost than your competitors and then charging lower prices than your ...
Cons with Establishing a Financial Planning Division
The problems practices encounter once they have established their own financial planning practice include: The accountant’s personality. Most accountants are not sales people and ...
Strategies for Providing Value Added Services
Accounting practices that want to grow their value added practice revenue should: Firstly, procrastinate no-longer. Just get started with one easy to implement value ...
Pros of Establishing a Financial Planning Division
The removal of the accountants’ exemption on the 1st July 2016 in relation to SMSF advice provided a strategic wake-up call to many practices. ...
Pros and Cons of Establishing a Finance Broking Division
According to the industry body, the Mortgage and Finance Association of Australia, in 2015 the total new home lending attributed to mortgage brokers was ...
Time Management
Time management is the act or process of planning and exercising conscious control over the amount of time spent on specific activities, especially to ...
How Should I Structure My New Business
When clients come in to see me about starting a new business they have many different questions depending on the type and size of ...
Defining Value Added Services
Value added services are a large category of services which meet one test – they actually add value in some way or form to ...
Growth Pathways for Compliance Based Practices
Compliance based accounting practices that want to grow their practice revenue and be financially rewarded should: Firstly, recognise that the world has changed and ...
Body Language Secrets
Body language is the non spoken word of communication. It is subtle in its form, but it can be recognised and understood by another ...
Luca Pacioli the ‘Father of Accounting’
Luca Pacioli (c.1447 – 1517) was the first person to publish detailed material on the double-entry system of accounting. He was an Italian mathematician ...
Digital Disruption in Compliance Practices
Unfortunately for compliance based practices, the technology and digital disruption affecting many industries is starting to impact on the compliance accounting practice. Compliance fees ...
Checklists Save Lives and Money
Every time you visited an accountants’ office, were you daunted by their comprehensive checklist with over 50 Items on it? A few would have wondered why ...
70% of myGov Users Are Making Mistakes
The Australian Taxation Office has introduced a simple tool for individuals (including sole traders) to lodge their own tax return electronically for free – ...
Uber: A Threat and a Lucrative Opportunity
Uber can be a tremendous opportunity, with the benefits of it derived by those who approach it with an entrepreneurial mind. The optimum results ...
Religious Organisations and Tax
Though most organisations pay tax on their taxable income, religious institutions are exempt from this liability. In addition, certain fringe benefits paid to religious ...
70% of Accounting Practices Have No Strategy
70% of Australian accounting practices have no clear strategy for their business. The strategic error According to Michael Porter the worst strategic error is ...
Identifying Business Opportunities
Operating a small business is one of the most rewarding yet challenging experiences and the difference between business success and failure is sometimes marginal. ...
Accounting Industry Performance 2015/2016
For 2015/16 the total Australian accounting industry revenue only grew 3.2% or $580m to $18.7bn. In contrast the big 4 accounting practices grew their ...
Under-35s Are Shunning Accountants
A recent survey has shown that for under 35’s – 50% prepare their tax return themselves or get family and friends to do it ...
State of the Australian Accounting Profession
Survey results of key performance indicators in Australian accounting firms over the last 12 months show: The average firm is a two partner practice ...
Client Reviews Are Essential to a Successful Marketing Strategy
Client reviews affect the trust your customers have for your brand, as well as the overall credibility of your business. They are very important ...
The Benefits of a Six Hour Work Day
The eight-hour day movement had its origins in the Industrial Revolution in Britain, where industrial production in large factories involved working from ten to ...
Sharpen The Saw
Sharpen the Saw is Habit no 7 from Steven Covey’s best-selling book, The Seven Habits of Highly Effective People. Sharpen the Saw means preserving ...
Business Lessons Learned at the Business Advisory Day 2016
I was impressed with the story of Tom Panos who is the leading Real Estate coach in Australia and New Zealand. The then seventeen ...
A Good Office is an Accountant’s Best Investment
Good offices have the following five characteristics: Easily to find Clients seek convenience, so choose an office that is easy to get to. If ...
What I Want from My Tax Accountant as a Small Business Owner
I run a digital marketing business, Pixelpi. As a small business owner, I don’t have a lot of time to spend on accounting. In ...
Commoditisation of Professional Services
According to a Deloitte Access Economics report in 2015, digital technologies contributed $78.8 billion to Australia’s GDP. By 2020, it’s forecast our digital economy ...
Salary Sacrifice, Super and Tax
Salary sacrifice is forgoing salary to receive another benefit (which could be a fully maintained motor vehicle, holiday, etc.). In this case additional employer ...
The Importance of Consulting an Accountant before Buying a Business
I believe that if you don’t consult an accountant before starting or buying a business maybe you should not be in business. Most accountants ...
Four Ways Accountants Are Destroying Their Practices
Accountants, like all business owners, can become complacent and run down and destroy their practices profitability and eventual sale value. The four most common ...
Corporate Immortality
All businesses, like people, must eventually die and cease to exist. Ten years ago the then world’s old company – Kongo Gumi, aged 1,428 ...
Five Strategies to Grow a Compliance Practice
Compliance based accounting practices that want to grow their practice revenue and be financially rewarded should: Firstly, recognise that the world has changed and ...
Digital Disruption Affecting Compliance Accounting
Unfortunately for compliance based practices, the technology and digital disruption affecting many industries is starting to impact on the compliance accounting practice. Compliance fees ...
Why Have Compliance Services Been So Profitable?
Compliance services have traditionally, and currently still, account for between ninety to one hundred percent of the fees revenue of the majority of the ...
Why Every Accountant Should Be Using Cloud Accounting
Every accounting practice should be using cloud accounting for their practice for three reasons: Access to real-time (daily) accounting data showing the practices current ...
Tax Implications of Australian Tax Resident vs Foreign Resident
Australian resident for tax purposes: Tax payer is required to declare worldwide income earned on tax return. Tax payer on a temporary visa, being ...
7 Predictors of Business Success
On average, 44 small businesses are closing their doors each day according to the Australian Bureau of Statistics data. Approximately 80% of small businesses ...
Nine Predictors of a Bad Employee
Good employees are the backbone of any business and are a critical factor in a business’s long term success. As such, these employees need ...
Lawyers, Guns and Money
“I was gambling in Havana I took a little risk Send lawyers, guns and money Dad, get me out of this” By Warren Zevon ...
Can Your Business Benefit from the Pareto Principle
The Pareto Principle (also known as the 80–20 rule) states that, for many events, roughly 80% of the effects come from 20% of the ...
What Directors Need to Know about the Director Penalty Regime
Under the ATO Director Penalty Regime directors have a legal responsibility to ensure that the company meets its PAYG withholding and superannuation guarantee charge ...
Is Your Business Accountant Still Working as a Graduate
Too many experienced accountants are still working like graduates. That is, spending their days preparing basic employee tax returns that instead should actually be ...
The Code of Professional Conduct (Code)
The Code of Professional Conduct (Code) regulates the personal and professional conduct of all registered tax agents, BAS agents and tax (financial) advisers. The ...
Business Lessons from United Nations
The United Nations (UN) was established on 24th October 1945 after World War II in order to prevent another such conflict. At its founding ...
Accountants in Bankruptcy
Accountants are well known as the most trusted advisors for small businesses. An accountant is often the first person a small business turns to ...
Taxing Like the Swiss – Lessons for Australia
With the death of the mining boom the associated revenue windfall it brought is now just a distant memory to many Australians. It’s like ...
Tax Havens – Turning Tasmania into Another Zug
Tasmania today is a really awesome place to holiday, but an economic wasteland. Tasmania has the distinction of ranking the lowest of all Australian ...
Five Questions to Ask Your Accountant
To decide who should be your new accountant, or whether to replace your current accountant, you need to interview them. Do not accept that ...
Business Lessons From Paris
Paris is the world’s number one tourist destination and receives over thirty three million visitors per year. The top three attractions for visitors are ...
Hadel Mikho | The Special Skills Women Bring to Business
I graduated with a Bachelor of Business Administration, however, I always enjoyed working with numbers so I thought doing a Masters in Business (Professional ...
Tax Incentives for Early Stage Investors
Malcolm Turnbull’s Innovation Statement released on 7th December 2015 provides tax incentives for early stage investors. The tax incentives will encourage early stage investment ...
Tax Practitioners Board Strikes Down Tax Agents
Over the last twelve months the Tax Practitioners Board (TPB) has cancelled the tax agent registration of over twenty accountants for failing to meet ...
The Sinking of Dick Smith
Two years ago Dick Smith Holdings Ltd (Dick Smith) was floated on the Australian Stock Exchange in an IPO at $2.20 per share that ...
Zero to $50,000 Fees in Five Months
After commencing practice in Alice Springs on 1st July 2015 with no clients I have now broken the $50,000 fees barrier in only five ...
The Power of the Strategic Plan
A business strategic plan details the methods by which a business sets out to achieve its objectives. Typically a business strategy will cover a ...
The Death of Work Related Tax Deductions
Eliminating work related tax deductions makes a lot of sense. Since Malcolm Turnbull became Australia’s 29th Prime Minister on 15th September 2015 tax reform ...
Lessons Learnt Starting a Business in Australia
It has been 13 years since I joined Success Tax Professionals and started my practice in Joondalup. In this time I have developed my ...
Five Practice Growth Standards
Accounting practices, like all businesses, need to continually grow total fees each year to grow profits, increase the business sale value, and ensure the ...
Is Bitcoin Right for Your Business
Should you be accepting payment of Bitcoin for your goods or services? Ed Gebert thinks so, and is the first accounting firm in Australia ...
What Is the True Value of a Client
Have you really considered the true value of a client? One of the first salary tax return clients I gained when starting my accounting ...
8 Reasons to Choose an Appropriate Business Structure
One of the most important choices you make when starting a new business, is the type of legal structure you select for your business. ...
An Overview of the Australian Tax Profession
The accounting and tax market in Australia is massive with over 17 billion of revenue for the year ended 30th June 2015. The industry ...
How Often Should You Stay in Touch with Your Clients?
All accountants should be in contact with their clients a minimum of 12 times per year. The benefit of doing this outweighs the cost ...
Tax Practice vs BAS Practice vs Bookkeeping Practice
A tax practice involves the preparation of tax returns for individuals, businesses, and self- managed super funds. It also involves the provision of accounting ...
Four Pathways to Your Own Accounting Practice
Essentially to own and operate your own accounting practice requires two things; experience and a client base. The four main pathways to achieving this ...
Accounting Practice Acquisitions | Purchasing Clients to Speed Growth
It is possible to expand business rapidly if you have extra funds or can borrow/finance a 'fee parcel purchase' or 'practice acquisition'. Points to ...
The ATO Director Penalty Regime
Under the ATO Director Penalty Regime, directors have a legal responsibility to ensure that the company meets its PAYG withholding and superannuation guarantee charge ...
Six Types of Accounting Practices
The accounting and tax market in Australia is comprised of over 32,920 accounting practices/businesses and employs over 136,000 people generating $17 billion in annual ...
MyTax | an Opportunity and Threat to the Tax Profession
Over the last 25 years between 74% to 75% of salary and wage earners have paid a Registered Tax Agent to prepare and lodge ...
Accountants vs Financial Planners
Is your most trusted advisor your accountant or your financial planner? Numerous surveys consistently have clients (whether individuals, investors or small business owners) rating ...
Critical Factors That Affect a Partner’s Accounting Practice Profit
The five most critical factors affecting a partner’s accounting practice profit are: The fees per partner The average suburban practice now has $1,000,000 fees ...
We Built the Lego London Bridge
Over the weekend, we built the Lego version of the London Bridge, the Lego Tower Bridge! It was a long process as you can ...
