Leading into the new tax year, now is the ideal time to consider your tax issues and tax planning. Small business owners and individuals need to be made aware of tax concessions that could affect their 2017 financial tax return. Small Businesses $20,000 immediate write-off by 30 June 2017 Great news for small business owners! The recent Federal Budget proposed an extension to the tax concession. Small business can now claim an immediate deduction for assets less than $20,000 they purchase before 30 June. All business owners should take advantage of this opportunity if you are looking to upgrading any business resources. Note: the contract date of the purchase must be prior to 30 June 2017, a
A new financial year is like springtime for your business. Full of opportunities to breathe new life into existing processes and ways of thinking. We love this time of the year for new resolutions. A simple way to start making big changes is by setting a business budget. Sounds like a daunting task but a well-planned budget is the key to good financial health. Tanya has a different approach to setting a budget – she builds a budget from the bottom up. Start by determining what profit you want to make. Then review all expenses, looking for opportunities to reduce costs. Your target revenue is determined by target profit plus all business expenses. It should be bottom line profit that drives t
