Business Forecasts and Budgets
Business Forecasts – Why do I need them? Here at Advivo Accountants and Advisors, we’re always preaching about the importance of having a functional business forecast or budget. “Why do I need a business forecast” I hear you ask? The short answer is “because you can’t afford not to”. Everyone has heard the phrase “you […]
ATO Tax Time Focus Areas
It's tax time again! As you gather your receipts and other assorted tax documents, you should also turn your mind to what the ATO is paying close attention to this year. This year, the ATO is focusing on taxpayers who claim "other" work-related expense deductions at label D5 on individual tax returns. According to the [...] Don’t Miss These Changes Effective 1 July 2018!
[heading] Legislative Changes That Might Affect Your Business [/heading] Minimum Wage From 1 July 2018, the national minimum wage will increase in Australia by 3.5% The new national minimum wage is $719.20 per week, for a 38-hour week, or $18.93 per hour. The increase applies from the first full pay period starting on or after [...] Advivo June Business Navigator 2018
Well, it is that time of year again! As usual, 30 June is always a very busy time for us in business. A time full of all of the extra things we have to do for those damn accountants. As well as the things we need to do before 30 June to save tax and [...] Strategies for Growing Your Business Without Murdering Its Cash Flow
How to Grow Your Business Without Murdering Its Cash Flow A business often needs to spend cash fulfilling orders before payment is received for these orders, so working capital is needed to fund the timing gap. When revenue is growing, this is exacerbated because more sales = more working capital needed until customers pay for [...] Funding Options for Business Growth
Written by Chris Morris “What’s the best way to fund our growth strategy?” This is a question I’m often asked, and whilst there will always be some options that are better for you than others, the answer is never as straightforward as we’d like. In all cases, it depends on the strategy being implemented, the [...] Tax Treatment of Insurance Proceeds for Destroyed Assets
Case Study on How Tax is Treated For Insurance Proceeds For Destroyed Assets When an asset is unexpectedly destroyed, business owners usually focus on maximising insurance entitlements under their policy – and the tax treatment of the proceeds are an afterthought. Often, insurance proceeds will result in a damaged item being replaced. Compensation may also [...] Keyperson Insurance
Why a Key Person Insurance is Important for Businesses What would happen if a key person in your business was unable to work? For small to medium business owners, if the Keyperson in your business suddenly became unable to work it could put the business at risk of collapsing. In this instance, you cannot afford […]
Cyber Security: Is Your Small Business Safe?
What's the Danger of Cyber Threats on Small Business? Cyber-threats can exist under a number of guises. Denial of service attacks overload systems – for example, by flooding a website with more requests than it can handle. This kind of attack was reportedly behind the failure of the Australian Bureau of Statistics' site during Census [...] The Safe Harbour is Now Open!
The Australian Government Passed Safe Harbour Legislation Written by Linda Cornacchia Recently, the Australian Government has passed new ‘Safe Harbour’ legislation. This is an important change providing useful opportunities for companies when restructuring. The new law means that directors will be able to trade on their company when its solvency is questionable. The safe harbour […]