Recent ATO guidance expands the Unrelated Client test for PSI and tax. Just having a social media presence won’t avoid PSI issues.
Lodging a tax return yourself can be both time-consuming and confusing so it pays to seek the help and experience of an accountant/tax agent. One of the biggest pitfalls for people who decide to self-lodge a tax return is failing to claim what they are entitled to. The truth is many people simply don’t know about all the tax deductions they can claim for or they haven’t kept an accurate record of them. Many others forget to report some income or incorrectly enter figures – both of which can lead to interest and penalties. Here are some of the ways to
Data tips to help you grow your small business Almost all small businesses experience growing pains. The truth is, successful growth and expansion requires careful consideration and planning. The best way to make informed business decisions is to analyse and use accurate, up-to-date data. Failing to examine and utilise important data can limit potential growth and result in missed opportunities. In fact, research shows that up to 73 per cent of company data goes unused. It’s a bewildering figure. However, often it’s not a case that the business doesn’t want to use the data, rather that, they don’t understand it or
There are 3 key reasons for small business failure and all are preventable. Set yourself up for success right from the beginning.
Expert help is available I read an interesting article recently in Domain talking about the tough lending landscape, the increasing difficulties around securing a loan and a reminder to always seek expert advice. https://www.domain.com.au/news/tougher-lending-landscape-for-some-homeowners-and-easier-for-others-mortgage-brokers-1080111/ There is no question that the challenges and pressures of COVID19 have impacted some industries and professions more severely than others. However, I felt disheartened reading this article and found myself waiting for the ‘but’ or the offer of help. Our philosophy at Inline Partners has always been to work with our clients to navigate their problems and challenges, from every angle, to find the best solution
Have you ever wondered “What is a Virtual CFO?” As a business owner, have you asked yourself any of the following questions: What is my profit this month or year to date? How does my profit compare to last year or last month? I have made a profit, but why is there no cash in the bank? How can I create a budget for my business? I want to grow my business, where do I start? How can I get a better understanding of my business cash flow? What are the best Key Performance Indicators for the business and how can I measure and track them?
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