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19/11/2018 by Collins Hume - We Believe in Business | Ballina Byron Bay 02 6686 3000Are your tax liabilities up to date?
Many small businesses have previously treated the ATO as an overdraft or line of credit to fund their business when cash flow has been tight.
While this was never a great idea, it is now worse than ever to do this.
But why?
Firstly, until this year the ATO never reported your debt to the credit reporting agencies – but they do now, meaning that your credit rating can be adversely impacted by not paying your tax (and this includes your GST payments).
Secondly, most lenders are now asking you to provide a report from the ATO showing that you have been paying your liabilities promptly – this report routinely goes back 12 months. So if you pay late it will impact on your ability to obtain a loan for at least 12 months unless you have a really good reason.
Your business growth
14/11/2018 by Collins Hume - We Believe in Business | Ballina Byron Bay 02 6686 3000Making the most of business growth opportunities?
Business owners are passionate about their businesses and, when we talk to our clients, they always have great ideas about how to grow their businesses.
The enthusiasm goes beyond owners. Surveys (with Australian small and medium business in Q1 2018) show more than half (53%) of business owners believe their team is engaged to grow their business.
But perhaps business owners are not making the most of their opportunities. Only 39% of those surveyed had made Growth Plans.
Cryptocurrency guidelines
12/11/2018 by Collins Hume - We Believe in Business | Ballina Byron Bay 02 6686 3000Cryptocurrency guidelines updated
The Australian Tax Office (ATO) has updated their guidelines on the tax treatment of cryptocurrencies, following community consultation in 2018.
The updated guidelines help you learn more about the tax implications of cryptocurrency, including the practical issues of exchanging one cryptocurrency for another and associated record-keeping requirements.
If you have purchased, traded or profited from the sale of cryptocurrency, you may have tax-related obligations of which they are unaware.
Tax treatment of cryptocurrencies
The term cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on a blockchain. Cryptocurrency generally operates independently of a central bank, central authority or government.
Board of Advice program
07/11/2018 by Collins Hume - We Believe in Business | Ballina Byron Bay 02 6686 3000Managing your future business needs
Business owners, your wealth and well-being are inextricably linked to your business.
It is your source of income, your most important asset and, frequently, its sale will fund your retirement.
At Collins Hume, we want to support your goals so you can retire financially secure by providing you with independent and objective advice, tailored to meet your specific circumstances.
The key objective of our Board of Advice program is to support you and maximise your opportunities to achieve your future growth, improvement, succession and estate planning aspirations.
New rules for gift cards
05/11/2018 by Collins Hume - We Believe in Business | Ballina Byron Bay 02 6686 3000New rules for gift cards – what you need to know
In Australia, around 34 million gift cards are sold each year with an estimated value of $2.5 billion. On average, an estimated $70 million is lost because of expiry dates.
Until recently, there was no national regulation for the minimum length of time a gift card should last. In late 2017, New South Wales introduced laws* requiring a minimum three year expiry period for gift cards sold in that state and South Australia was in the process of enacting laws, but no uniform standard applied across Australia.Applying from 1 November 2019, new laws are in effect that