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5 marketing strategies for growth

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

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 ...
xero software

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 ...
accountant vs tax planning

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 ...
Lodge my own tax return

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 ...
bodybuilding oil

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 ...
Gambling

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 ...
Decision making

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 ...
director duties

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 ...
Board of directors

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 ...
Referral

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 softtware

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 ...
Value pricing

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 ...
existing clients

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 ...
education

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

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 ...
qatar

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 ...
food truck

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 ...
Tanya Plibersek Labor Party

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 ...
breast implants

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 ...
tax deductible pets

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 broker

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, ...
houses

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 ...
smoking

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 ...
adult industry

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 ...
breastfeeding

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

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

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 ...
fail

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 ...
self obsessed

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 ...
dismal business performance

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 ...
Tax practisioners board

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 ...
innovation

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 ...
tax planning services

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 ...
accountant

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 ...
melbourne

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 ...
Introversion

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 ...
ducks in a row

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 accountant

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: ...
prison

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 ...
dead people

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 ...
bad apple

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 ...
era

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 ...
bearded man smoking

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 ...
inertia

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 ...
previous tax return

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 ...
errors

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

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 ...
tipping point

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 ...
Google analytics

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 ...
private vehicle

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 ...
Referral Network

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 ...
referal accountants

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 ...
fast cheetah

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 ...
business failure

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 ...
J.P. Morgan

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 ...
tax deductible dog

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 - ...
toyota hilux ute

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

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 ...
black economy

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

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 ...
black economy

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 ...
Terminated accountant

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 ...
Tax Help

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 ...
GST tax gap

$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 ...
Nurse

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 ...
incorporated

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 ...
Somber woman with Unbrella

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 ...
ATO debt

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 ...
death

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: ...
unethical

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 ...
notifable data breaches

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 ...
tax debls

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 you go

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. ...
Turkey

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 ...
outsourcing overseas

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 ...
2 heads

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 ...
accountant automation

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

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 ...
Melbourne CBD

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 tax practice

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

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 accounting

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 ...
Google posts

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. ...
effective client communication

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. ...
Client feedback

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

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

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

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 ...
client satisfaction

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

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 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 ...
compliance tax agent

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 ...
Practice investment

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 ...
Money back gaurantee

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 ...
new services

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 ...
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 ...
good office

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 ...
accounting software tools

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 ...
Tax accountant software tools

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

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

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

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 ...
KPI

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 Debtors

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

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 ...
Delegation

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 ...
Confusing activity with productivity

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 ...
Failure to change

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 ...
accounting hobby

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 ...
Training and development

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 ...
scott morrison

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 90 percent

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

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 investment

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 ...
strategic planning

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 ...
buying an investment properrty

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 options

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 accountants

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 ...
stuck in the middle

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 ...
purple cow in field

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 ...
cost leadership accounting

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 ...
uber differentiation

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 ...
Aldi

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 ...
Financial planning

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 value added

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 ...
financial planning added 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. ...
Morgage broker

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 ...
Dwight Eisenhower

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 ...
business structure

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

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

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 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 thumbnail

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

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 ...
mygov thumbnail

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 thumbnail

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 thumbnail

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 ...
strategy thumbnail

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 ...
business opportunity

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 thumbnail

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 ...
shunning accountants thumbnail

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 ...
Australian accounting industry

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

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 ...
6 hour work week

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

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 Advisory Day

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 ...
right office accountant

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 ...
small business

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 accounting services

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

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 ...
Consulting an accountant

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 ...
wooly mammoth

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 ...
Kongo Gumi

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 ...
line in sand

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 compliance

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 ...
compliance tax agent

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 ...
Cloud accounting

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 ...
Australian Resident

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 ...
business success

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 ...
bad employee

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 ...
Warren Zevon

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 ...
Pareto Principle

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 ...
director penalty regime

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 ...
accountant graduate

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 ...
code of professional conduct

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 bankrupt

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 ...
bern switzerland

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 ...
Tasmania Tax

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 ...
Accountant questions

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

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 ...
women business skills

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 ...
Early investor incentives

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 practisioners board

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 ...
Dick smith

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 ...
Australian Dollar

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 ...
Chess strategy

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 ...
starting a business australia

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 ...
gold silver standards

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 ...
Bitcoins

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 ...
Customer Value

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 ...
business structure

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. ...
Australian Taxation Profession

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 ...
client contact

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 ...
business accounting services

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 ...
pathway to success

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 ...
purchasing clients

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 ...
ATO Director penalty regime

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

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

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

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 ...
partners

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 ...
Lego London Bridge

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 ...
Australian Accountants

84 locations across Australia

Find the closest Success Tax Professionals nearest to you.