Help from a Virtual Chief Financial Officer

Need a Virtual CFO in your life?

Predicting the financial future of your business is not easy

Most businesses understand the need to price their products or services so they cover costs and make a profit. Understanding your business's fixed and variable expenses is the first step in performing a break-even analysis. 

What sets higher performing businesses apart is how they use that information. In understanding your business, it is crucial to know what the numbers are telling you. 

Sleep better at night, knowing your numbers are right!
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Contractor or employee?

Contractor or employee? 

Defining workers in the gig economy

foodA former Foodora Australia delivery rider, Joshua Klooger, recently won an unfair dismissal claim despite a service agreement that classified him as an independent contractor. We explore the implications of the case.

Pivotal to the Fair Work Commission's decision was the classification by Foodora of Mr Klooger as an independent contractor. The "Corporate Rider" was employed under a service agreement titled "Independent contractor agreement". At the initial rate of $14 per hour and $5 per delivery, corporate riders would log into an app (the shifts app) which, at predetermined times each week, displayed available shifts. The shifts identified start and finish times and a specific geographical location where the delivery work would be undertaken. The riders could then decide what shifts they wanted. Read more…

Collins Hume believes in business

Meet two of our accountants getting results with business owners
When we began in 1980 our mission was simply to deliver the best value tax service possible. But the world has changed and so have we.

Jamie DoyleNow, more than ever, there has never been a more exciting time to be in business and our purpose is to assist and inspire business owners to achieve success in meaningful ways, both in business and in life. By providing expert business and financial advice, our team helps business owners achieve extraordinary results to strengthen communities, change lives and, ultimately, create a better world. 

Jamie Doyle – Partner and Business Adviser
Jamie Doyle is Collins Hume's small business specialist working with established businesses and start-ups, streamlining their set up, structuring and software so they can realise their full potential.

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Engaging contractors

What to do if you engage contractors

If you engage contractors, it is essential to get the facts of the relationship right. 

contractorBusiness owners need to take a proactive approach to reviewing arrangements to ensure that the business is not exposed to material liabilities. 

Key factors include:
  • Whether the work involves a particular profession or skill set.
  • The level of control the contractor has over how the contract is executed.
  • The ability of the contractor to delegate work to another person.
  • Whether the contractor supplies his own tools or equipment.
  • Whether the contractor has his own place of business.
  • The contractor's ability to generate goodwill or saleable assets during the course of the contract.
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Tax on shares

ATO extends data matching program

The Australian Tax Office (ATO) is utilising data provided by the Australian Investments and Security Commission (ASIC) to data match share trades.

taxThe ATO is accessing more than 500 million records detailing price, quantity and time of individual trades dating back to 2014. The information complements information that the ATO already holds from brokers, share registries and exchanges.

Utilising this wealth of information, the ATO will explore what has been reported on tax returns, specifically, capital gains on the sale or transfer of shares and the losses claimed.

Given that more than 5 million Australians now own shares, the ATO is keen to ensure that errors are minimised.

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