The Fundamentals of Maintaining Successful Business Partnerships

Business relations come in all shapes and sizes. They can range from your relationship with your supplier to relations with government officials who could be concerned with your business. These relationships are unavoidable and are usually easier to manage than business partnerships. Business partnerships are nearly akin to marriages as far as commitment and self-interest go. However managing the expectations of each other is quite a different ball game where profits and livelihoods are concerned. It should come as no surprise that nearly 80% of business partnerships fail. However, while it’s always great to be a sole owner, it could limit the possibilities of expansion in the nascent stages of your business. So here’s our little input on taking into account some fundamentals that can lead to an effective and long lasting business partnership:
  • Define your...

August – 2017 Practice Update

August – 2017 Practice Update covers following points
  • ATO warning regarding work-related expense claims for 2017
  • GST applies to services or digital products bought from overseas
  • Imposition of GST on 'low-value' foreign supplies
  • New threshold for capital gains withholding
  • Action to address super guarantee non-compliance
  • Change to travel expenses for truck drivers
  • Car depreciation limit for 2017/18
  • Div.7A benchmark interest rate
Click here for: August – 2017 Practice Update...

How to take advantage of the Immediate Asset Write-off for Small Business Entities

For Small Business Entities (SBEs) who purchased equipment during the 2017 financial year and will do so in this 2018 financial year, here are a few tips to be aware of:
  • Am SBE can access the SBE depreciation concessions and claim an immediate write-off for assets which cost less than $20,000. To claim this, you need to satisfy the following:
  1. 1. You are a SBE if your aggregated turnover is less than $10 million.
  2. 2. The asset needs to be either ‘first used’ or ‘installed and ready for use’ for a taxable purpose by 30 June 2018.
  • The $20,000 threshold is applied on a GST-exclusive amount. (For example, if the asset is $21,000 inclusive of GST, the GST-exclusive amount will be $19,091, which is below...
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