Succession planning for the family businesses has a number of factors that could impact the decision to pass the business onto the next generation. Namely, you’ll be looking for someone in the family who is willing to assume the responsibility. But if you intend to pass your business down the family tree there are also…
Most people will want to keep as much money in their superannuation account for as long as possible. One of the primary reasons behind this is that the longer the superannuation has a chance to stay within the account, the more returns may be seen (depending on how the investment assets are performing). Often, people…
GST is an area that commonly has mistakes made in it – mistakes that can be costly and require additional measures to correct it if they aren’t caught in time. Many small business owners continue to make errors when claiming GST credits in their GST returns or Business Activity Statements. A vast majority of these…
When you are first setting up a business, understanding exactly what you are setting out to achieve can be a daunting task. But a business plan takes some of that stress away by helping to cement your business idea into achievable goals. It can be as simple as dot pointing your strategy on the back…
Disasters, be they natural or man-made, can happen to anyone. It could be a car accident, a tree crashing through the roof, or a bushfire hitting your residence. In any case, an event that causes significant harm or impact that affects someone’s everyday life in an adverse way is never pleasant. Thankfully, as a society,…
As a part of your employees’ employment contracts, do they receive benefits such as a car space, gym membership or even a car to drive? These are what’s known as fringe benefits, which is a ‘payment’ to an employee that takes a different form to salary or wages. This incurs a specific kind of tax…
After the stress of the holiday period, there are plenty more times throughout the year that cashflow issues can become a recurring problem that you need to get on top of. Small businesses with cash flow problems may put themselves at risk of failing or suffering significant financial hardship. Cash flow provides a business with…
Involvement in an SMSF can put certain responsibilities in their trustees hands, and those who overlook important details or find themselves reported to the ATO for failing to fulfil those responsibilities may risk incurring financial, civil or criminal penalties. As SMSFs often involve multiple members, the risk of non-compliance grows. You might be doing the…
Been hearing a lot about business activity statements, and feeling more than a little pressure? Kicking off the new year for your business shouldn’t be shrouded in the darkness that can be a looming BAS. But how can you be certain that your business is prepared? To start with, demystifying the BAS might alleviate some…
Are you an SME who has been impacted economically by COVID-19, and who could use financial assistance to get back on their feet? The SME Recovery Loan Scheme has been extended to 30 June 2022 with a reduced Government guarantee of 50 per cent. This is known as the 2022 Scheme expansion, where loans will…
Patane Accounting Pty Ltd is a CPA Practice