Landlord insurance
Just like we protect ourselves with life and income protection insurance, and our home with building and contents insurance, it is important to adequately protect our new investment property with not just building insurance but with landlords insurance too. Many investors make the very costly mistake of assuming that building insurance is sufficient, however building […]
AirBnB Hitting Rural Motels Hard
The past year has been tough for smaller operators as the impact of technology continues to increase and businesses struggle with significant fixed costs that may not be achieving a realistic return on investment. Airbnb is here to stay and traditional accommodation providers (motels and serviced apartments) are under pressure.
Present Owners Fare Better in Hospitality
For businesses that are struggling now, the prognosis is not great, and without significant change there is unlikely a panacea to the improvement of the business. It’s been no surprise that more active and present owners have been more willing and able to adapt, making for businesses that fair better through market changes or periods of decline.
Myths around contractors
The Tax Office says that it has encountered several myths and assumptions adopted by both workers and employers when it comes to trying to decide the tax status of a job appointment. It found that employers continually rely upon some inaccurate factors when making distinctions about what makes a worker an employee or contractor — […]
Contractor or Employee?
Most independent contractors take care of their own tax liabilities (instead of the employer withholding employees’ tax under the PAYG withholding system) and therefore may require an Australian business number (ABN) to avoid having tax deducted at maximum rates from payments made by recipients of the contracting service. Contractors may also need to register for […]
Observations on Food Retail in Australia 2018/19
Our year in food retail has seen the widespread closure of outlets, rather than regeneration. It has been a tough year, with the dual influence of rising costs and external pressures. There has been an escalation in shutdowns as marginal operators have started closing the doors earlier and walking away from unrealistic leases.
Press in this area has been increasing and there has been a slew of prominent restaurants closing their doors.
Are tips assessable?
Have you ever gone to pay for your coffee or lunch and saw the tip jar at the local café counter, and wondered how (or if) the business and/or its staff accounts for tax on that money? Depending on a number of factors, this can add up to quite a sum over a year, assuming the café owner empties the jar each day. Not surprisingly, the taxman has thought of this scenario, and has devised guidance for dealing with “tips and gratuities”.
Tips for Cash Flow
Issue and collect invoices faster A troubling trend has developed in Australia. On average, invoices are serviced 26.4 days late beating out Mexico (18.6 days) for the world’s longest overdue rate. This concerning statistic should give pause to review your organisation’s invoicing architecture and if necessary, spur corrective action. To improve your invoicing function, here’s […]
Cash flow management
A solid cash flow allows your business to service debt, fund growth, and enjoy financial flexibility. The key to managing cash flow for any company, is to promptly follow up the funds coming in, while delaying expenses where reasonable.
Labour Hire Licence
The practical approach for clients that operate a labour hire business would be to quickly undertake a fair assessment as to whether their company will pass the financial viability test. If there are legacy issues, payment plans, overdue statutory debts or aging of trade creditors then passing the financial viability test may not be a […]
