Wow! What a month it has been. I’m not talking about the state of the market or the latest opinion polls regarding our government, I’m talking about more important things:
The AFL grand final
The Melbourne Cup
The start of the cricket
With all the doom and gloom we hear about every day we need to take solace in something that brings us joy. Even the weather put a dampener on things. I went to Exmouth in June for a fishing trip and copped a once in 10 year storm!
Start planning ahead for your Christmas holidays because with just 8 weeks to go, it’s all guns blazing until then.
In this newsletter we’ve got some handy hints when buying a business and what traps to look out for, some new legislation that will affect property transactions going forward, the ever changing landscape known as superannuation and the buzz word of the moment…disruption.
If you’re ever in Ossie Park, pop in for a café.
Enrico De Pietro
WHAT TO DO WHEN BUYING A BUSINESS
Most people prefer to buy an existing business rather than start from scratch. They see it as a much safer option as they’re acquiring a business that already has a loyal customer base, regular cash flow and hopefully a solid amount of goodwill, especially with certain franchises. It is necessary to undertake the minimum amount of due diligence to ensure you’re not buying a dud.
Once you’ve decided to take the plunge you need to start looking for the right business. There are always plenty of businesses for sale, it’s just matter of finding the right one.....MORE.. ..Enrico De Pietro
ANYONE HEARD OF A CLEARANCE CERTIFICATE?
Did you know that if you sell a property worth $2m or more after 30 June 2016 you could be facing a nasty surprise at the time of settlement?
Since 30 June 2016 a foreign resident capital gains withholding clearance certificate is now required to be provided by all vendors (seller) to the purchaser (buyer) prior to settlement. The purpose of the certificate is twofold....MORE- Phil Carulli
GO ON, PLAN TO DISRUPT THINGS AT YOUR COMPANY
Successful companies don’t get complacent. Rather they are constantly looking for new growth opportunities – even if those are frightening to the industry – or a product set that the company operated within.
Here are the top five ways to disrupt yourself:
Get comfortable with calculated risk. Risk-taking is fundamental to growth. Without appropriate levels of risk-taking, we will become less and less relevant. Late last year, during a news conference to announce Nokia being acquired by Microsoft, the Nokia Chief Executive ended his speech saying “We didn’t do anything wrong, but somehow, we lost.” Perhaps Nokia should have done more “wrong things.” Fear of failing, or of doing “the wrong thing” needs to be replaced with a hunger for trying new things and accepting that many of them may fail but some will succeed spectacularly...MORE.. Phil Nolis
SOURCE : The Financial Review - Peter Bradd
Christmas Holiday Office Hours We will be closed from Friday 23rd December, 5:00pm and will reopen Tuesday 3rd January 2017
We will also be close on the following days:
Friday 25th November 2016 - OP Personal Development Day
Friday 16th December 2016 from 11:30am - OP Staff Christmas Party
THE EVER CHANGING WORLD OF SUPERANNUATION
On 27 September 2016 the Government changed their mind again and released further draft legislation which will change a number of the superannuation announcements in the 2016 Federal Budget.
Most of these changes will apply from 1 July 2017 so now is the time to start planning on how to manage your superannuation and whether not the impact will require a change in direction for your planned superannuation goals. ....MORE ..Liz Gibbs
ATO Lodgements November/December 2016
With Andrea Allen - Accountant
Taxpayers who are registered for GST must report their tax obligations to the ATO on a Business Activity Statement or BAS. Depending on the turnover of your business you have the option of reporting and paying your tax obligations on an annual, quarterly or monthly basis. When you register for GST it is important to check whether you are lodging on a cash basis or a non-cash (accruals) basis as this may have an effect on cash flow.
Here is a brief summary of the common labels you may need to complete when preparing your next BAS...MORE
Do you really know why your employees leave?
Do you care?
You should! Every time you have to hire a new employee and train them (takes about 3 months for them to be fully functioning) it costs you valuable time and money. Not only advertising, selecting and interviewing candidates, but the training and settling in period impacts the whole team.
Recent data indicates that one in five employees leave within the first three months! The top 3 reasons are:
The role was not what I expected 57%
My manager was not what I had hoped 32%
Received another job offer 27%
What can you do about it?
Clearly define the role – overselling or underselling the role will not result in positive outcomes. Be honest and upfront about the role portraying both the positives and the challenges. Candidates need to be able to consider if the role is right for them just as much as you are considering if they are right for the role.
A well-informed candidate is likely to stay – a win-win outcome for everyone!
Don't forget to ask us about signing up for the client portal where we can upload documents for your action, review, signature or information and the reverse is also possible, where you can upload documents for our attention.
Once you are set up in the portal, every time we upload a document, you will receive an email message advising you, with a link to your portal for ease of access. Conversely when you upload a document we will receive an email.
The portal will also allow electronic signature on your tax returns, streamlining the process for you and saving you time – simply access your tax return, review and, if happy, it is simply the click of your mouse and the tax return is returned with your digital signature.
One point to note – each person who has a tax return processed must have their own email address.
If you are interested in setting up your Portal, please contact our Business Manager, Coral Graham via phone or email on firstname.lastname@example.org and she will arrange to set you up and help you through the process.