The ATO has been trying to crackdown on the use of trusts for many years and has recently released the following draft ruling, guideline and taxpayer alert relating to trust distributions that have associated reimbursement agreements: Draft Taxation Ruling (TR 2022/D1) – this deals with the ATO’s views on when section 100A will apply; Draft Practical Compliance Guideline […]
The expansion of Single Touch Payroll (STP2 / STP Phase 2), significantly increases the amount of payroll information that needs to be reported to the ATO. It is hoped that this additional reporting will assist in ensuring employees are paid correctly as well as reducing the need for employers to report information about employees to […]
A recent ‘Exit Story’ Panel Discussion was held at Perth-based co-working space Flux. The panel participants were Glen McIvor of Solv, Stephen Langsford of TyreConnect, Olivia Humphrey of Kanopy, and Doug Fitch of Agworld. The interviewer was Derek Gerrard of Purpose Ventures. Here are a few of the key points The time between startup and […]
There are generous tax incentives currently available which are designed to attract and encourage investment into early-stage Australian companies (i.e. Startups & ScaleUps). The Government has announced it will review these tax incentives. These tax incentives include: The Early Stage Innovation Company (ESIC) Tax Offset, which is a non-refundable carry forward tax offset equal to […]
The vast majority of my career of 40 plus years, has been spent in professional services firms. I wouldn’t have had it any other way, because the notion of service is very important, but there have been times when I was tempted to leave the professional life behind, because much of what goes into a […]
AN IMPORTANT MESSAGE TO ALL EMPLOYERS Single Touch Payroll (“STP”) is a new compliance obligation for employers regarding the transmission of payroll information to the ATO (employee name, TFN, wages, tax and super). To satisfy the Single Touch Payroll obligations, employers will either use their own payroll software or engage a third party (e.g. accountant) to […]
Recently I had the pleasure of attending the ASNAF conference in Goa, India. ASNAF is an alliance of accounting firms in various countries across Asia and Australasia; and Munro’s is the only firm in the alliance from Western Australia. Through the ASNAF alliance, Munro’s leverages the local expertise of member firms from countries in Asia […]
Starting a small business usually means taking some financial risks, and for a while, some financial hits. Apart from the initial investment, there may be inefficiencies or errors made during the crucial startup days. According to Dun & Bradstreet, 90% of the small business failures are caused by poor cash flow. For small businesses, the […]
Sadly, it is not uncommon to hear about fraud affecting small and larger businesses alike. I have certainly heard a few stories over the years! And fraud doesn’t discriminate, it can happen anywhere, anytime, no matter how big or small your business is. For every minute fraud goes undiscovered, your business pays! So what do […]
I was invited to visit with one of our long standing station clients last week, ostensibly to start the process on how and when to hand on the station business to the next generation. For our client, they had been mulling over this dilemma for quite some time and they were unsure on what steps […]
So here is what I Googled: “what is ‘the machines’ in Spanish?” and the answer I received instantly was: “The machines – Las máquinas”. And just below that, was a preview of a translation service website: “The new machine helps us do the work much faster. La nueva máquina nos ayuda a hacer el trabajo mucho más rápido.” […]
The Australian Government welcomes business migrants and recognizes their contribution to local employment and the economy. Perth, as one of the world’s most livable and globally connected cities, has a dynamic business environment and is the home city of a third of ASX listed companies. It is also located in the same time zone as […]
Like everything in life, there will be highs and lows and business is no exception. When business declines, you may instinctively cut costs, but there may be other actions you could take and some of the following may be helpful in a downturn. Promotional Strategies Put some time and effort into broadcasting your value proposition […]
There was a time when businesses were largely “top-down” affairs run by managers who knew how to run things. They had the knowledge, the experience, the education and so on and it was their job. Employees lower down the ranks were expected to follow instructions and customers were expected to choose from products or services […]
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