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Starting a business can be an expensive business. The initial outlay to set up and register as a company may be more than is needed when the services you offer are limited lawn mowing. However, if you have a fleet of lawn mowers working for you and have a turn over on excess of $150,000 a year, setting up a company may save you at tax time.

You and your sister are close. You’re each other’s best friend. Why would you need to set up any structure if your enterprise looks more like a hobby at this stage than a proper business? Because unless everything is laid out very clearly; who’s responsible for what, who’s paying for what, etc, you leave the door ajar to not just lose a great hobby but also you’re best friend. Setting up a simple partnership agreement could save time, angst and a friendship in the future.

In any normal year – i.e. pre-Covid – it was easy to become overwhelmed with what expenses could be claimed on a tax return, understanding the difference between taxable and non-taxable income, and even “am I an Australian for tax purposes”.

Now we have the added confusion of working from home, not working at all, working this week but not next week… Not to mention JobKeeper, whether you’re individually eligible for government assistance as your employment has been affected by Covid or whether you’re eligible for the Covid payment as you were forced to isolate for 14-days.

Deep breathe. It’s okay. That’s what we’re here for.

With Clear Tax in your corner, we can help you stay up to date with the ever changing rules. We can help you work through whether keeping a log book to claim kilometres travelled is better than claiming the maximum without a log book. And, we guarantee to maximise your tax return when the time comes.

But we don’t stop there. If you are audited by the Tax Office or have a tax debt, we can help you deal with that too.

There are all sorts of reasons to set time aside to do some business analysis. And it doesn’t matter if you’re just starting out of have been in business for years. Without taking some time to sit and reflect, how can you be sure you’re business is at it’s peak?

Where is the wastage? If your answer is ‘there isn’t any’, either you’ve recently completed some business analysis or you’re delusional. Seriously. Are you’re workers (including yourself) meeting their KPIs? How long does it take to make one item in the workshop or create a website from scratch?

You may have a turnover of $1,000,000 but keep crying poor. Where’s the money?

The bank wants to see a business plan and three-years of forecasting before they’ll consider giving the business a loan. That’ll take days to prepare – and reams of paper to produce.

For us, writing business plans, budgeting, cashflow forecasts, etc is what we do. It is our passion and our expertise. We understand what exactly the bank wants to see. We understand how to break down costs to work out the break-even point. And we understand that sometimes, taking the time to have a long chat with lovely, old Mrs Miller is more important than hitting the KPIs today.

Better start stretching and warming up for some jumping through hoops!

Setting up and running a NFP is a noble gesture and indicates you’re the type of person who cares about others, wants to give back to the community and is probably an all-round nice guy. However, the rules and regulations aren’t going to make it easy for you.

Who’s going to sit on your board? What’s the organisation structure? Will have charity status or simply NFP? There is a lot to consider, a lot of documentation to provide and very clear guidelines on how you must operate.

NFPs are not for everyone but we can talk you through the process, help you understand what’s being asked of you, help you answer the questions … hold your hand along the journey. We applaud your altruistic, caring spirit.

Whether you’re a business owner or employee, have $100,000 sitting in an industry superannuation fund or $10,000 because you were the stay at home parent, we all think (and sometimes worry) about our financial future.

The news regularly reports on phasing out old age pensions, or pensioners struggling to survive on the small amount they received from the government.

Don’t panic.

Regardless of your lot in life, we can look at your individua situation to work out

-Goal Setting

-Budgeting

-Retirement Planning

-Managed funds

-Investment Bonds

-Self Managed Super Funds

With a plan in place, we will also monitor and tweak the plan as your circumstance and need changes.

That depends. Is it your primary residence or an investment property? How long have you lived in it in the last twelve months? Are you the sole owner of the property or is it owned with another person or entity? Is the title held in your name or a trust?

So many questions.

If CGT is payable, we’ll work out for you exactly what needs to be paid and how to manage it.

While there are many laws regulating what is a taxable item, there are just as many laws regulating tax deductions. You almost need to be an accountant to understand them all!

Just as well we are. We can advise to help you minimise a tax debt now or in the future. We’re not fortune tellers, but taxes generally take a little time become law, so we can give you the heads up before it happens.

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