If you want to understand the basics of taxation for small business this is a great quick guide to put you on the right path. MYOB quite succinctly explains how with good accounting software and advisors you can trust you can minimise risk of incorrect tax claims and maximise the benefit of your returns. Above all it states the obvious..."Don't trust "Dr Google" or your mates when wondering what you can and can't claim." Truer words were never spoken...
With only two weeks until year end, its time to take stock. Take a look at your business, what you have achieved and where you could do better. This is the time for business planning. At the very least grab a bit of butcher's paper and scratch it out. As a small business owner you should set clear goals, have a vision for the year ahead and assess your financial position. Some good questions to ask yourself are what went well? What did not? What would you like to improve upon next year and where you see your business heading. It's important to take both business and lifestyle into account, work life balance is vital for ongoing success. Set achievable financial targets and establish a budget. Perhaps most important of all, how are you going to implement this plan and bring it to fruition. We're here to help. Speak with your Porters advisor today and ask how we can help you set your business goals. The sooner you set a plan the quicker you'll move toward that goal.
The Australian Financial review has recently published an article giving us a glimmer of hope that what we are currently facing is closer to market correction than recession. This is good news for those of us investing in the share market but not an indication that you should jump in without professional advice. We strongly recommend that you speak with a qualified financial advisor before investing. We are happy to provide referrals to recommended advisors. Contact us for an introduction.
When we fall in love, sometimes discussing finances can be a deal breaker. It's important that both people go in with their eyes open. Having those discussions early might help to reduce problems in the long run.
As CPA's we are often asked to sign off on a client's certification to become a Sophisticated Investor. While this may seem a purely administrative task, it's not. We take this service very seriously as it carries for the investor and for us a high risk. A sophisticated investor is a type of investor who is deemed to have sufficient investing experience and knowledge to weigh the risks and merits of an investment opportunity. The criteria for becoming a sophisticated investor however only determines if the applicant meets the asset or income requirements. This does not confirm that the applicant to has any knowledge or understanding of investments. Therein lies a real problem. "Everything we do carries a risk," says Porters director Joe Porter, "some things are a great risk than others. For accountants some things carry a societal burden. Sometimes we are society's gatekeeper to protect the public from crooks, to protect people from schemes and to protect them from themselves.