For your practice to grow through tax planning referrals it must be referable, and must implement an effective referral program.
Over the last the ten years tax planning software has taken an adhoc, manual, time consuming process to a new level of efficiency and effectiveness.
Educating taxpayers on opportunities to personally save tax. This step involves no selling at all, and is strictly focused on client education.
10 countries with no income taxes including Bermuda, United Arab Emirates, Bahrain, Monaco, Qatar and Saudi Arabia.
Subject to successfully negotiations with the Senate, these policies will become law. 49% top marginal tax rate for taxpayers with income greater than $180,000.
Chesty Love received a tax deduction for her size 56N breast implants as they were required for work purposes and deemed ‘unsuitable for everyday use’.
A pet’s food, vet bills, bedding, cages, toys, etc, will be a tax-deductible business expense as the benefits of pets in the workplace are well documented.
Home values have plunged by up to 25 per cent in real terms across five of Australia’s eight capital cities in the past decade.
Adult industry workers claiming breast implants. Employees claiming cigarettes for stress relief at work. Driving instructors claiming speeding.
Adult industry workers can claim costumes, lingerie, fetish equipment, and adult novelties – if used solely for income earning purposes.
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 breastfeeding tax is the 10% GST that applies to breastfeeding aids. The breastfeeding aids include breast pumps, nipple shields and supplemental nursing systems. Although the ATO only collects $2 million a year from mothers on breastfeeding aids and equipment, the tax is deeply unpopular. It doesn’t make any sense that infant formula is GST exempt Read More…
Eighteen years after its introduction, the 10% tax on tampons and pads was removed after states and territories agreed to make sanitary products GST exempt.
The Tax Practitioners Board (TPB) 2017/18 annual report highlights that only 95% of practitioners are compliant with all aspects of the law.
42,561 tax agents, 15,638 business activity statement (BAS) agents and 19,550 tax (financial) advisers regulated by the Tax Practitioners Board.
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.
Subject to complying with the ATO amendment periods, all tax returns can be reviewed, and amended where necessary.
The ATO’s ‘Individuals not in Business Tax Gap Report’ has found that 78% of tax agent prepared returns have errors.
Taxpayers are often unhappy with the size of their tax refund, believing it should be bigger.
My Tax is at tipping point and accounted for 46% of all 2018 tax returns lodged up to 13/08/18.
Tax planning is the process used by individuals and businesses to structure their affairs to legally reduce their tax liability.For the 2018 financial year, the top 10 most used tax planning strategies are.
The 4 fastest growing Success Tax Professionals practices for 2018 achieved an average 77% fees growth.
Dogs can be a legitimate tax deduction when used for work or business purposes.
The TPB takes firm action if it determines that registered practitioners have not complied with their obligations under the TASA, including the Code of Professional Conduct (Code).
Low income earners can get their tax returns completed and lodged with the ATO for free through Tax Help.
The GST tax gap is estimated at $5 billion and is the difference between the theoretical GST liability estimate and the actual GST collected.
Garnishee notices are a tool used by the ATO to collect outstanding tax debts from delinquent taxpayers.
ATO tax debts, like all debts, are legally enforceable obligations. The ATO collects these debts on behalf of the Australian Federal Government.
Self-managed super funds (SMSF’s) continue to grow in popularity with 30,000 new funds eing established each year.
The Federal Government is legislating to allow the Australian Taxation Office (ATO) to disclose information on businesses tax debts to registered credit reporting bureaus (CRBs).
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.
As a taxpayer looking for a new tax accountant, you want to avoid the turkey and deal with an above average accountant.
Rob Nixon, in his latest book ‘The Perfect Firm’, asks this question ‘How long before a business owner does not need an accountant at all’?
In the UK in 1974, passive investment income was hit with a 15% investment income surcharge which took the top rate to an incredible 98%.
Without a doubt, if Australia’s company tax rate stays at the current 30% rate, then future overseas investments in Australia will be impacted and reduced.
Ground floor in the right area near anchor businesses is always superior. You don’t get walk-in business to level 1 as such.
The key to exceptional business results is consistency. If you do nothing else, be consistent. Provide predictable, reliable results every time.
To maximise client retention, you should do five things.
Client retention is about exceeding the client’s expectations so that they become loyal advocates for your practice.
Established practices have less funding needs than new practices as they are well established and producing ongoing revenue that covers the practice costs and owner’s living expenses.
Accounting practices, like all businesses, require funding to start, operate, and grow. The funding requirements of practices vary depending upon whether they are a new practice, established practice or an expanding practice. The practice funding can be provided by the practice owners from their personal savings and assets, through debt financing, or a combination of the two. With new practices funding is required to cover the initial practice set-up costs. These costs include the office fitout, office signage, furniture, equipment, Read More…
This strategy is about creating new services that you can provide to your existing client base. It is similar to the low hanging fruit strategy, but involves more work. The practice has to create the new services, train the staff on delivering the new services, and develop a marketing plan. When considering what new services to provide ask yourself two questions. Firstly, what service would provide immense value to existing clients? Secondly, does the practice team have the skills or Read More…
The first step to providing more existing services to existing clients is to identifying which services each client currently uses.
Value adding software tools include modules on budgeting, scenario planning, business planning, valuations, profit improvement, tax planning, risk management, etc.
A good pricing strategy is one which is a good balance between the price floor and the price ceiling.
Approximately 4% of accounting practices outsource overseas at least part of their clients accounting, taxation and superannuation work.
An accounting practice’s key performance indicators (KPIs) are the set of quantifiable measures that are used to gauge or compare performance.
The objective of debtor management is to minimise the time between issuing an invoice to a client and collecting payment in full.
Working capital management involves ensuring a practice has positive working capital so it is able to continue its operations.
Principals often spend too much time on activities that have no value. The Pareto analysis can be applied to time management.
As the business environment changes, practice owners must change. To not do so is to get left behind.