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Facebook business pages are a great way to show the human side of your business and build trust with potential clients by: Posting pictures ...

The Australian economy has been hitting a brick wall for years, bogged down by bureaucracy and indecisiveness. Policies are bundled together only to be ...

Would you be surprised if we told you that the makings of a great accountant are also the makings of elite athletes? In fact, ...

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 ...

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 ...

In simple terms, selling is defined as giving or handing over something in exchange for money. No matter who you are, at some point ...

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 ...

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 ...

Victoria has gone into stage 4 restrictions and many have no choice but to work from home for the foreseeable future. Here are 5 ...

When I started my first business 10 years ago, I wish I knew these 5 things: Registering a business as a company instead of ...

A business confidence index (BCI) provides information on future developments, based upon opinion surveys on developments in production, orders and stocks of finished goods ...

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 ...

This is an incredibly stressful time for everyone in Australia and especially for Victorians who are facing yet another lockdown with no foreseeable exit ...

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 best time to begin a new business venture in Australia is right now! Starting a business is never easy. A whopping 90% of ...

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 ...

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 ...

6 easy steps to supercharge your tax accounting practice on Google maps; Add your practice to Google My Business. Visit Google My Business. Sign ...

Whilst some Australians in desperate need, have used early super withdrawal to pay bills and debts or to invest in their future, others have ...

  Is my data safe? No matter who hosts your data, if it’s online, it can be hacked unfortunately. Your data is arguably safer ...

If you are looking for a higher level of IT security for your accounting practice, here are some areas to consider. Your email and ...

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 ...

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 ...

We are living through unprecedented times. Events and shocks to the health, business and financial systems are unfolding by the hour. We have never ...

To grow your practice, maximimise opportunities and help clients, you must do five things as accountants: Increase client communication. Send every business client details ...

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 reduces your businesses rent costs to nil. For this transaction to occur, and be beneficial to both parties, it ...

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 give employees the flexibility to work from different types of workspaces and choose the workspace that best fits their current work activity. ...

  Background on JobKeeper payment Businesses, charities and not for profit entities impacted by the Coronavirus will be able to access a subsidy from ...

Today the federal government have announced a new wage subsidy package. The key points include: $130 billion committed over the next six months to ...

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 ...

The Government is providing two separate $750 payments to social security, veteran and other income support recipients and eligible concession cardholders. The first payment ...

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 ...

As trusted advisers, we are being inundated with requests for information as clients and businesses turn to us to help navigate through uncertainty. The ...

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 ...

Assigning a lease transfers your rights under the lease to the new tenant. As you are no longer responsible under the original lease from ...

As rent is a fixed cost, increasing sales will reduce the rent cost as a percentage of sales. As a consequence, although the rent ...

Imagine this scenario - There is a coronavirus outbreak in your city during the busiest time of the year July - September. You will ...

Leasing incentives are financial concessions or upfront capital payments that landlords make to prospective tenants to entice them to commit to a binding lease ...

Although your lease agreement is a contract with your landlord, it will contain express (or implied) clauses regarding rent reduction in certain circumstances. If ...

Open plan offices make use of large, open spaces, and minimise the use of small enclosed rooms. Open plan offices have been adopted by ...

Hot desking involves multiple workers using a single physical work station or desk during different time periods. Hot desking is typically used where employees ...

A virtual office provides businesses with the advantages of a prestigious address, landline phone numbers and team support without committing to dedicated office space. ...

Maximising space utilisation involves reducing workspace inefficiencies to reduce rental expenses without negatively impacting employees. Typical strategies to maximise space utilisation include: Reducing the ...

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 ...

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. ...

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 ...

Consolidating space involves consolidating the business over fewer floors or office locations. Consolidating staff into fewer offices reduces rent costs in three ways: The ...

A business that meets all of its employee expectations is called an employer of choice. An employer of choice attracts, motivates and holds on ...

Business process reengineering (BPR) is the redesign of core business processes to achieve dramatic improvements in productivity, costs, cycle times and quality. BPR aims ...

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 include reducing labour costs, increasing efficiency and reduced capital costs. The most important business benefit is that it enables ...

Sustainable businesses or green businesses have minimal negative impact on the global or local environment, community, society, or economy while maintaining a profit. In ...

A written employment agreement is used to outline the wages and conditions for employees and will include information such as employer and employee details, ...

Although every business is started with optimism and hope, the reality is creating a profitable, successful business is tough. Statistically, 30% of businesses fail ...

An Australian resident company is a foreign controlled Australian company if any of the following apply: A group of five or fewer foreign entities ...

A foreign company intending to carry on a business in Australia is generally required to register with ASIC as a 'Registered Foreign Company'. Registered ...

A foreign company is an entity that satisfies the definition of ‘foreign company’ in section 9 of the Corporations Act 2001 (Corporations Act) – ...

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 ...

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 ...

An unlimited public company is a public company whose members have no limit placed on their individual liability to contribute to the debts of ...

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 ...

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 is where one person in a relationship becomes responsible for their partner's financial debts usually after being convinced or misled into ...

The ten fastest growing accounting practices in the Success Tax Professionals group increased their fees by an average 31% for the 2019 financial year. ...

Here are our top 5 marketing strategies to grow your business today. These strategies will stand the test of time regardless of changes in ...

An unlimited proprietary company is a private company whose members have no limit placed on their individual liability to contribute to the debts of ...

Andy Asiandi, (Payneham, SA) reviews the Xero Tax software. XERO Tax advantages: Free for Bronze Partners. Xero tax returns integrate nice and easily with ...

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 ...

The Australian Tax Office (ATO) expects over 3 million Australians to lodge their 2019 tax returns through MyTax for free. You should do away ...

The United States tax code allows for many unusual but legitimate tax deductions and tax credits. Here are our top 7: Clarinet Lessons: A ...

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 ...

Decision making is the cognitive process involving judgement to make choices. We make thousands of decisions each day and their importance and effect of ...

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 ...

The board of directors are the individuals responsible for the governance, control, management and strategic direction of the organisation. Boards are responsible for: Appointing ...

Referral marketing is a method of promoting products or services to new customers through referrals, usually word of mouth. Such referrals often happen spontaneously ...

Over the last the ten years tax planning software has taken an adhoc, manual, time consuming process to a new level of efficiency and ...

With value pricing the fee is based on the value added to the client, not the number of hours you spent working on the ...

When selling our services to clients we need to focus our attention, time and energy on our existing clients, not chasing new clients. Research ...

This involves educating taxpayers on the opportunities they have available to personally save tax. This step involves no selling at all, and is strictly ...

'The difference between tax planning and tax avoidance largely comes down to intent. Tax planning, is organising your clients’ tax affairs in the most ...

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 ...

The NAB ‘Key insights into the Australian accounting industry’ report found that accountants are failing to provide the services their business clients demand. The ...

Most bookmakers have the Australian Labour Party as unbackable favourites to win the May 2019 Federal election. As such, subject to successfully negotiations with ...

Breast implants – In the US Chesty Love (a stripper) received a tax deduction for her size 56N breast implants as they were required ...

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 ...

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, ...

A negatively geared rental property is where borrowed funds are used to invest in property and the income generated (at least in the short ...

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 ...

Adult industry workers can claim costumes, lingerie, fetish equipment, and adult novelties - if used solely for income earning purposes.Bar staff can claim a ...

With the abolition of the tampon tax on 1st January 2019, women have now started campaigning to have the breastfeeding tax removed as well. ...

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). ...

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 ...

Eighteen years after its introduction, the 10% tax on tampons and pads was removed after states and territories agreed to make sanitary products exempt ...

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 ...

With the explosion of social media over the last decade, accountants (like a large percentage of the population), have become obsessed with themselves. A ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

The Tax Practitioners Board (TPB) Code of Professional Conduct (Code) requires registered agents to meet continuing professional education (CPE) obligations. The object of this ...

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 in public practice generally want to help their clients. Some accountants will do anything for their clients, even break the law. The most ...

Charging life insurance to dead people – how would that work? Just ask AMP - as highlighted in the Banking Royal Commission, AMP has ...

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 ...

Accounting practices, as they are currently organised and operate, is coming to the end of an era – in the type of work they ...

‘Strategy and the Fat Smoker’ is a book by David Maister which has the central theme that knowing what to do is usually easy ...

All the professions, accountants included, realise change is occurring with the professions. Most professionals realise that change in other professions is happening, is good ...

Subject to complying with the ATO amendment periods, all tax returns can be reviewed, and amended where necessary. Taxpayers who have changed accountants, or ...

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 ...

Taxpayers are often unhappy with the size of their tax refund, believing it should be bigger. Sometimes the taxpayers are right and they are ...

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 website traffic is the process of analysing the users who visit your website. Website traffic is measured in sessions or visits.  The most ...

Tax planning is the process used by individuals and businesses to structure their affairs to legally reduce their tax liability. For the 2018 financial ...

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 ...

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 ...

The 4 fastest growing Success Tax Professionals practices for 2018 achieved an average 77% fees growth. The top 4 practices based on fee increases ...

Although every business is started with optimism and hope, the reality is creating a profitable, successful business is tough. Statistically, 30% of businesses fail ...

Luca Pacioli - the ‘Father of Accounting’ Luca was the first person to publish detailed material on the double-entry system of accounting. He was ...

Dogs can be a legitimate tax deduction when used for work or business purposes. The top 10 working dog breeds are: Labrador Retriever - ...

Utes used for work or business purposes will create tax deductions such as depreciation, lease payments, fuel, repairs, insurance, cleaning, and registration. The percentage ...

A phoenix company is a commercial entity which emerges from a collapsed insolvent entity. The new company trades under the same or similar name ...

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 ...

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 is a clandestine market or transaction that involves illegality. This includes the drug trade, counterfeiting, prostitution (where prohibited), smuggling, illegal currency ...

The Tax Practitioners Board (TPB) regulates tax practitioners and administers the Tax Agent Services Act 2009 (TASA). They want to protect the consumers of ...

Low income earners can get their tax returns completed and lodged with the ATO for free through Tax Help. Tax Help is a network ...

The tax gap is an estimate of the difference between the amounts the ATO collects and would have collected if every Australian taxpayer was ...

The Roy Morgan Image of Professions Survey 2017 found that nurses topped the list of the most highly regarded professions. Over 94% of Australians ...

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 are a tool used by the ATO to collect outstanding tax debts from delinquent taxpayers. It is normally only used by the ...

ATO tax debts, like all debts, are legally enforceable obligations. The ATO collects these debts on behalf of the Australian Federal Government. If taxpayers ...

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 ...

The age pension provides basic income support for Australians who are above retirement age (currently 65) but are unable to fully support themselves by ...

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: ...

This is a very important question that every financial planning client would definitely like to know the answer to. But in practice, how would ...

Effective from 22nd February 2018, the Privacy Amendment (Notifiable Data Breaches) Act 2017, establishes the Notifiable Data Breaches (NDB) scheme in Australia. The NDB ...

The Federal Government is legislating to allow the Australian Taxation Office (ATO) to disclose information on businesses tax debts to registered credit reporting bureaus ...

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. ...

Although it may be politically incorrect to say so, the reality is not all tax accountants are equal.  Just as all drivers are not ...

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 ...

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 ...

Rob Nixon, in his latest book ‘The Perfect Firm’, asks this question ‘How long before a business owner does not need an accountant at ...

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 ...

In December 2017, the US legislated through large tax cuts which reduced their company tax rate from 35% to 21%. With the UK company ...

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 ...

Strategies for successful tendering Tendering is the process of choosing the best or cheapest company to supply goods or do a job by asking ...

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 ...

If you own a small accounting practice, you would know that a Google Maps listing is essential for your business to be found online. ...

Effective client communication will retain more customers than any other method. Here are five strategies that will help you communicate effectively with your clients. ...

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 ...

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 is defined as ‘the number of clients, or percentage of total clients, whose reported experience with a business, its products, or its ...

To maximise client retention, you should do five things. Firstly, keep a record of the clients lost, and clients gained. This includes the type ...

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 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 three ways accountants can get in trouble with debt financing their practice are: Using short term debt to make long term investments. Doing ...

Established practices have less funding needs than new practices as they are well established and producing ongoing revenue that covers the practice costs and ...

Accounting practices, like all businesses, require funding to start, operate, and grow. The funding requirements of practices vary depending upon whether they are a ...

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 ...

This strategy is about creating new services that you can provide to your existing client base.  It is similar to the low hanging fruit ...

For a practice wanting to achieve organic growth this strategy is best described as ‘low hanging fruit’. It is simply about ensuring that every ...

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 include modules on budgeting, scenario planning, business planning, valuations, profit improvement, tax planning, risk management, etc. There are an almost ...

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 ...

Pricing is the process whereby a business sets the price at which it will sell its products and services. In setting prices, the business ...

‘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 involves comparing your accounting practice processes and performance metrics to the best accounting practices in the industry. From the benchmarking report’s we can ...

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 ...

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 involves ensuring a practice has positive working capital so it is able to continue its operations and have sufficient funds to ...

Principals often spend too much time on activities that have no value. The Pareto analysis can be applied to time management. This is the ...

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 ...

Clients are very demanding and are like baby chicks in some ways (with their constant squeaking for attention and assistance). Accountants can fall into ...

As the business environment changes, practice owners must change. The ‘old’ ways of doing things must be changed when technology makes the new ways ...

Operating an accounting practice can be very personally rewarding and satisfying as principals have the freedom of being their own boss plus the satisfaction ...

Too many practice principals do not take the advice of Stephen Covey (Seven Habits of Highly Successful People) and spend the time to ‘sharpen ...

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 revelation - commonly referred to as Sturgeon's Law, is an adage commonly cited as ‘ninety percent of everything is crap’. It is derived ...

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 ...

The number 1 sin for an accounting practice is failing to reinvest in the practice. There can be the temptation in business to run ...

A business strategic plan details the methods by which a business sets out to achieve its objectives. Typically a business strategy will cover a ...

When buying an investment property it is important to see your accountant first. Often buyers get a building inspection report and a pest inspection ...

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 ...

Two focus strategies for the accounting industry include narrow service line and customer segmentation. The narrow service line involves practices providing a very narrow ...

According to Michael Porter the worst strategic error is to be stuck in the middle, or to try simultaneously to pursue all the strategies ...

‘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 overall cost leadership model is not a profitable strategy for accounting practices for four reasons: Practices with no staff where the principals do ...

Differentiation is the process of distinguishing a product or service from others, to make it more attractive to a particular target market. The concept ...

An overall cost leadership strategy involves providing products or services at a lower cost than your competitors and then charging lower prices than your ...

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 ...

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 ...

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. ...

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 is the act or process of planning and exercising conscious control over the amount of time spent on specific activities, especially to ...

When clients come in to see me about starting a new business they have many different questions depending on the type and size of ...

Value added services are a large category of services which meet one test – they actually add value in some way or form to ...

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 is the non spoken word of communication.  It is subtle in its form, but it can be recognised and understood by another ...

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 ...

Unfortunately for compliance based practices, the technology and digital disruption affecting many industries is starting to impact on the compliance accounting practice. Compliance fees ...

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 ...

The Australian Taxation Office has introduced a simple tool for individuals (including sole traders) to lodge their own tax return electronically for free – ...

Uber can be a tremendous opportunity, with the benefits of it derived by those who approach it with an entrepreneurial mind.  The optimum results ...

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 Australian accounting practices have no clear strategy for their business. The strategic error According to Michael Porter the worst strategic error is ...

Operating a small business is one of the most rewarding yet challenging experiences and the difference between business success and failure is sometimes marginal.  ...

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 ...

A recent survey has shown that for under 35’s – 50% prepare their tax return themselves or get family and friends to do it ...

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 affect the trust your customers have for your brand, as well as the overall credibility of your business. They are very important ...

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 is Habit no 7 from Steven Covey’s best-selling book, The Seven Habits of Highly Effective People. Sharpen the Saw means preserving ...

I was impressed with the story of Tom Panos who is the leading Real Estate coach in Australia and New Zealand. The then seventeen ...

Good offices have the following five characteristics: Easily to find Clients seek convenience, so choose an office that is easy to get to.  If ...

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 ...

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 is forgoing salary to receive another benefit (which could be a fully maintained motor vehicle, holiday, etc.).  In this case additional employer ...

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 ...

Accountants, like all business owners, can become complacent and run down and destroy their practices profitability and eventual sale value. The four most common ...

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 ...

Compliance based accounting practices that want to grow their practice revenue and be financially rewarded should: Firstly, recognise that the world has changed and ...

Unfortunately for compliance based practices, the technology and digital disruption affecting many industries is starting to impact on the compliance accounting practice. Compliance fees ...

Compliance services have traditionally, and currently still, account for between ninety to one hundred percent of the fees revenue of the majority of the ...

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 ...

Australian resident for tax purposes: Tax payer is required to declare worldwide income earned on tax return. Tax payer on a temporary visa, being ...

On average, 44 small businesses are closing their doors each day according to the Australian Bureau of Statistics data.  Approximately 80% of small businesses ...

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 ...

“I was gambling in Havana I took a little risk Send lawyers, guns and money Dad, get me out of this” By Warren Zevon ...

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 ...

Under the ATO Director Penalty Regime directors have a legal responsibility to ensure that the company meets its PAYG withholding and superannuation guarantee charge ...

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) regulates the personal and professional conduct of all registered tax agents, BAS agents and tax (financial) advisers. The ...

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 are well known as the most trusted advisors for small businesses. An accountant is often the first person a small business turns to ...

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 ...

Tasmania today is a really awesome place to holiday, but an economic wasteland. Tasmania has the distinction of ranking the lowest of all Australian ...

To decide who should be your new accountant, or whether to replace your current accountant, you need to interview them. Do not accept that ...

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 ...

I graduated with a Bachelor of Business Administration, however, I always enjoyed working with numbers so I thought doing a Masters in Business (Professional ...

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 ...

Over the last twelve months the Tax Practitioners Board (TPB) has cancelled the tax agent registration of over twenty accountants for failing to meet ...

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 ...

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 ...

A business strategic plan details the methods by which a business sets out to achieve its objectives. Typically a business strategy will cover a ...

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 ...

It has been 13 years since I joined Success Tax Professionals and started my practice in Joondalup. In this time I have developed my ...

Accounting practices, like all businesses, need to continually grow total fees each year to grow profits, increase the business sale value, and ensure the ...

Should you be accepting payment of Bitcoin for your goods or services? Ed Gebert thinks so, and is the first accounting firm in Australia ...

Have you really considered the true value of a client? One of the first salary tax return clients I gained when starting my accounting ...

 One of the most important choices you make when starting a new business, is the type of legal structure you select for your business. ...

The accounting and tax market in Australia is massive with over 17 billion of revenue for the year ended 30th June 2015. The industry ...

All accountants should be in contact with their clients a minimum of 12 times per year. The benefit of doing this outweighs the cost ...

A tax practice involves the preparation of tax returns for individuals, businesses, and self- managed super funds. It also involves the provision of accounting ...

Essentially to own and operate your own accounting practice requires two things; experience and a client base. The four main pathways to achieving this ...

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 ...

Under the ATO Director Penalty Regime, directors have a legal responsibility to ensure that the company meets its PAYG withholding and superannuation guarantee charge ...

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 ...

Over the last 25 years between 74% to 75% of salary and wage earners have paid a Registered Tax Agent to prepare and lodge ...

Is your most trusted advisor your accountant or your financial planner? Numerous surveys consistently have clients (whether individuals, investors or small business owners) rating ...

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 ...

Over the weekend, we built the Lego version of the London Bridge, the Lego Tower Bridge! It was a long process as you can ...

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