The Great Australian Nightmare is when a person with a growing small business decides to pay off their home loan and chase the Great Australian Dream. In most cases they are inadvertently paying 100’s and 1000’s too much in tax and there’s nothing sweet about that. They should be thinking the opposite. DON’T pay off your home loan. Instead put spare cash into investments and you will likely save 15 to 20%. Where can you find returns like that? And all because you are not chasing the Great Australian Dream and taking quality tax advice….I explain more here….
Single Touch Payroll (STP) – make sure you and your business is set-up before 1 July 2018! That’s right people, you only have a few months to get ready if you haven’t already!
If you have made the plunge and found a bookkeeper with scrupulous loyalty and high attention to detail like Walter Payne then you’ve got the main key to the financial side of your business. Counter to engaging a God Like bookkeeper who you trust with all your business finances there is always the chance that you have employed the Devil Incarnate.
A Street Fight is what you are asking for when you put in a professional indemnity insurance claim. The insurance Company lawyers don’t care if you’ve made a genuine mistake. In fact they’re looking for you to make more mistakes when you are discussing your claim. So have a listen to this, those in white collar professional businesses, because if you go in blind you will be mauled by the lawyers.
KICS – Keep It Complex Stupid – If you have a growing small business you need to setup in a trading trust and make sure you are perfectly set for both asset protection and legitimate tax minimisation. To do this successfully you will need the right advice and although complex it will save you. So have a listen and pass on your thoughts.
Bookkeeping is for bookkeepers and tax is for tax champions! Get your bookkeeper to do all your bookkeeping , accounting and BAS, let us the Tax Champions concentrate on tax!