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February 1, 2019 webMaster
ANALYSING TRENDS TO IMPROVE BUSINESS

Analysing trends to improve business

Analysing your business performance is valuable if you take action to improve your business results, however one trend by itself, is not that useful.  If, for example, your employee wages are trending upwards, you need to also look at turnover, and profit; and then analyse the ratios of wages to profit. Doing financial calculations, and analysing ratios will allow you to step back from the day to

day operations of your business and look at the overall business performance. Remember, it is only useful if you act on the results.

  Make sure you can substantiate ALL of your tax deduction claims. Please contact me if you need assistance.

February 1, 2019 webMaster
BUSINESS STRUCTURES

BUSINESS STRUCTURES

The most common business structures are:

Sole Trade, Partnership, Proprietary Limited Company, or Trust.

There are advantages and disadvantages to each of these structures. To choose your business structure, consider your personal situation, the nature and objectives of your business venture and the costs and risks of operating under each structure.

The choice of business structure needs to be made by you.

Your tax liabilities can be minimised and your private assets protected by choosing the right business structure for your situation.

Please contact me if you need more information or assistance.

  Make sure you can substantiate ALL of your tax deduction claims. Please contact me if you need assistance.

February 1, 2019 webMaster
CONTRACTORs under the ATO’s radar

CONTRACTORs under the ATO’s radar

Contractors will be targeted to ensure that they are not really employees in the eyes of the ATO. Whether a worker is an employee or a contractor depends on the working arrangement and specific terms and conditions under which the work is performed. Factors to consider:

  • Control over work-Contractors can exercise their own discretion how their services are performed unless specified in their contract
  • Independence-Contractors perform only the services as specified in their contract
  • Payment-Payment is dependent on the performance of the contracted services
  • Commercial risks-Contractors bears legal risk in respect of their work and must remedy defects at their own cost
  • Ability to delegate-Contractors can subcontract or delegate their work
  • Tools and equipment-Contractors provide their own tools/equipment

Employers-make sure you categorise and pay your workers correctly.

  Make sure you can substantiate ALL of your tax deduction claims. Please contact me if you need assistance.