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Level 1, 230 Victoria Rd Gladesville NSW 2111 |
Locked Bag 5030 Gladesville NSW 1675 |
Tel: (02) 9879 7005 Fax: (02) 9879 7525 |
1. Stock Take
If your business holds stock for re-sale, an accurate stock count must be carried out on 30 June.
2. Prepare/Print Out a list of Accounts Receivable (Debtors) as at 30 June
1. Prepayments
If your business has gross revenue for 2011 of less than $2,000,000 you will qualify as a “Small Business Entity” (SBE). SBE’s can claim a deduction in this tax year for prepayments. So, if you are an SBE, and your business is showing good profits, consider prepaying up to 12 months of future costs such as those listed below:
The key to great success in business has always been to gather a great team around you. That team includes your staff, your professional advisers, and your suppliers. But even with a great team, some businesses don’t do as well as they could or should. Why? Because they don’t have a great leader!
As the owner of a business, you have to become a leader. Whether you enjoy the role or not, and how effective you are as a leader will have a direct result on the success or otherwise of your business. As the leader of your organisation, you are directly responsible for the commitment and productivity of your team. Here are a few tips to help you get the most out of your team.
The Gillard government’s new Paid Parental Leave Scheme (PPL) takes effect from 1 January 2011. The scheme is quite complex, and to make it a little more understandable, we have summarised some of the basics.
A parent who has a child (either by birth or by adoption) after midnight on 31 December 2010 may be eligible to receive Paid Parental leave payments.
Women have more to worry about than men!
At Prime Partners, we are noticing an increasing trend of women coming to us for advice about planning their financial futures irrespective of whether they’re single or in a relationship.
Quite apart from the fact that many of our planners are good looking guys, the other attraction is that women need to carefully plan their finances for the following reasons:
Harry is a manufacturer of specialised components used in the automobile industry. His business is relatively small, employing 6 staff and turning over $1.5m per year. But he was doing OK, making a comfortable living. He owned his home outright and had purchased the small factory premises that he operated his business from. Everything was looking good - until the Global Financial Crisis hit and the demand for cars, (and therefore the demand for his components) fell through the floor.
Your car gets serviced at the mechanics, your teeth checked at the dentist, but when is the last time you booked your home loan in for a health check?
A regular home loan health check ensures you’re still getting the best deal and the maximum benefit out of your biggest investment. As your personal circumstances change over time, it’s important to make sure your home loan meets your needs and evolves with your lifestyle.
Here’s what a health check might uncover about your loan. You may need to, or be able to:
Whenever we undertake a business growth program for clients, one of the first things we do is to review the client’s pricing strategies. Frequently we recommend price increases – at least in relation to the higher volume products or services.
The most common client reaction is “What ?? This is an extremely competitive industry. If I increase my prices I’ll lose customers!” Our follow up question is “how many customers will you lose?”
Running your own business is similar to going on a quest for lost treasure. If you’re successful, the rewards can be huge, but the journey is perilous and if you’re not clever, you could lose everything. Given that it is almost a certainty that all of us will get it wrong at some point of our careers, choosing the right legal structure for your business is critical in limiting the amount of damage that may be inflicted.
Recently, the Government somewhat brutally limited the amounts we can all contribute to superannuation, leaving many of us paying more tax on our savings. If you are on maximum tax rates, that could mean the on your investment income increases from 15% to 46.5%!
If you are trying to save for your children’s education, your own retirement or simply trying to accumulate a bit more wealth, increased tax of this level can have a serious detrimental impact on your final outcome.
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