TARGET PRACTICE The 2016-17 Federal Budget is a budget of targets – broad targets to boost business and innovation and the narrow revenue targets of the wealthy and multi-nationals. It’s a big, long-term crafted budget designed to give enough pre-election glow but with structural measures to reign in spending and reduce concessions. At one end, the Budget contains board measure to bolster business, investment and innovation including tax cuts and… Read more
Recent changes for salary packaged entertainment benefits The government has recently made changes to how salary packaged entertainment benefits are dealt with for fringe benefits tax (‘FBT’) purposes, and the changes apply from 1 April 2016 (ie. From the start of the 2017 FBT year). These changes include the introduction of a new $5,000 cap on the value of concessionally taxed entertainment benefits that can be provided to you… Read more
As we head towards the end of another year at Hansens I’m feeling completely bemused as to how we could possibly be in December already? So let’s take a look back at some of the issues that our clients, and all small businesses, have faced over the last 12 months – and ponder where the future of Australian small business is heading. I have seen 2015 as the year the… Read more
Cloud Accounting – Why make the switch? As a small business owner your main focus should be on how your business operates and the goals and targets you set for it. You shouldn’t find yourself spending hours of dead time processing your financial information using an inefficient system when you know that time can be better invested in the development of the business. Cloud Accounting can help free up time… Read more
In my role as Client Relationship Coordinator I am frequently communicating with our clients to ensure they are aware of their ATO lodgement obligations and due dates. Common responses may be: “is it that time again already” or “ you read my mind I’m on to that” or the one that I hear all too often…”I’ve set aside the whole weekend to organise my tax information”. WHAT!!! The whole… Read more
$20k asset write-off Spruiked as a win for small business, this incentive gives you an up-front tax deduction for certain business assets. Remember that these assets would have been claimed as a tax deduction over the next few years anyway. So, what is the real effect of this measure? Simply put, it cashes in your tax deduction for the asset in the one hit, instead of over the next few… Read more
Every business that purchases, uses and sells inventory, needs effective inventory control systems and management. From purchasing raw materials for manufacture to storing inventory, right through to selling and shipping finished products to your customers, inventory monitoring and control is essential for the health of your business. Let us take a look at the key factors and see how good inventory control can help your business flourish. Accurate and timely… Read more