Organising your business for success in the new financial year

PrganiseMYOBI recently accompanied the Australian Minister for Small Business, Bruce Billson MP, as he visited small businesses in Templestowe Village, Victoria. The Minister was out selling the good news in the budget about the immediate deductibility of assets costing less than $20,000 (for small businesses with an aggregated turnover less than $2 million). He talked with young entrepreneurs and owners of businesses ranging from restaurants and dry cleaners, to cafés and specialty fashion retailers. Did you know the deduction was available on purchases from 7.30pm 12 May 2015?

There are two reasons I mention this: read more here.

Sleep easy! Manage Australian payroll tax with ease

PayrollMYOBSuccessful entrepreneurs beware! The easiest way to manage Australian payroll tax is simply not to mismanage it in the first place. Like all taxes, ignorance is no defence, and you will ultimately end up paying your dues, probably plus a penalty and interest.

Small businesses that are growing rapidly and medium sized businesses need to work closely with their business advisors. MYOB has Australia’s biggest network of accountants, bookkeepers and consultants, ready to help you and your business succeed. As small operations ride high on success, it need not be a ‘dangerous’ time for business compliance.

Read full article here.

Marketing your professional services firm

IMG_1970The next graduate arrives, interviewing for a position at a small to medium-sized accounting firm: your accounting firm. This graduate will be one of the top performing employees for the employer of their choice. It takes you a while — nearly fifteen minutes into the interview, to fully realise that they are actually interviewing you.

Methodically, the graduate carefully crafts their answers and questions. When you look up from your notepad, direct eye contact takes a fraction of a second to re-connect: this graduate is absorbing the environment, the workspace and your body language. As you take notes, this graduate is also checking boxes on their own mental checklist: assessing you as a partner and the firm as a whole.

They don’t fit into your standard interview guide or assessment criteria: they are impressive in every aspect that a young aspiring graduate could be. They are energized and prepared to embark on a exciting career — just not with your firm.

Read more here

How much is my time worth?

Photo motorbikesA few years ago, one of my first business coaching sessions was with an entrepreneur who had spent a year and a half in development. He’d given up a well-paid job and spent about $25,000 on developing an App. He had no real business plan. When I pointed out that he had notionally invested about a quarter of million dollars on the App, he drew a deep breath of entrepreneurial fatigue, and said disheartenly, “Well, I suppose so.”

This back of the envelope calculation was done as follows: see calculations and read more here.

A CEO start-up guide to personal taxes

Communities

People depend on the CEO to get things right. A failure to manage your personal taxes may see you damage your reputation, send your startup belly up and let down all those people looking at you as an inspirational start-up CEO.

A chance to be the Chief Executive Officer (CEO) of a startup company can be one of the most exciting, challenging, inspiring, risky and adrenalin-filled periods of your life. Particularly for young innovators and entrepreneurs, the dynamic and fast paced environment can leave little time to reflect on your own tax position or obligations to any new employees.

A lot of great startups come undone by neglecting the mundane — but essential — regulatory or compliance functions. So while I would love to write an inspiring story of innovation and success, Why? Because you are the CEO and it is your job to get it right.

Read my full blog here.

Will your business expenses trigger a personal audit?

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Are you worried your business tax deductions will make you stand out? New techniques and ever evolving technology, may make you more obvious than you think. Photo © Andrew McIntosh CPA

Some of us went crazy with the Game of Thrones grand finale, with the show becoming the most pirated program in history. Australians were the worst offenders. Digital piracy is illegal; so too is tax evasion.

If you have cheated the tax system, it may not impact you now as a struggling entrepreneur or business owner, but perhaps years later when you are held to account for your actions. Long after the moment of greed, or seeming need, you may have a partner, child and a thriving business by then.

Do you participate in the cash or hidden economy? Read the full article here.

Swearing in a new Governor-General, reflecting on Australia’s Indigenous Accountants

Australia is saying goodbye to our first female Governor-General, Her Excellency Ms Bryce AC, and swearing-in General Peter Cosgrove AC MC (Retd) as the new Governor-General of the Commonwealth of Australia. By the end of the day, one will be a Dame and one a Knight.

In the remaining minutes of our current Head of State’s term, I think it is worth reflecting on the current Governor General’s thoughts on the lack of Indigenous Australians in the accounting profession. Typed below is the dispatched Vice Regal (hand written) message to a roundtable on the issue from late 2011.

Described as a “serious issue” and a “grave disadvantage”, Her Excellency stated it was “vital to ensure that talented young ones in particular are given every encouragement and every opportunity to prepare for a career in accounting.” Hence the importance of role models, but also noting it is “essential to business operations, leadership hopes and aspirations and secure futures.”

Two and a half years later, Australia and it’s a major accounting bodies, corporations and every accountant should reflect and ask: have we done enough, can we do more, should we have done more?

I think having very few Aboriginal and Torres Strait Islander Peoples, less than 100, is a sad reflection on our past, a warning for the future, but also an exciting opportunity for energetic and passionate Indigenous Australians make to their mark as business accounting role models and leaders.

The accounting bodies, educational institutions, individuals and others are actively working on the issue… slow but steady. Can we do more to address this “grave disadvantage” to Indigenous Australians?

IAA-GG