Small business is tough – cashflow, sales, marketing, tax, operations, distribution, legal – you have to be an expert in all of them! So it’s our goal to make sure we are truly pro-active in teaching business owners “how to keep getting better in business”.
So what does b-Mail stand for?
b-Mail stands for many things – “business mail”, b-motivated”, “b-proactive”, etc. b-Mail is your premium source of cutting edge business ideas, strategies and tools packed with more “how to’s” and “show me’s” than the “average e-newsletter” can provide.
Have you been doing the numbers and panicking a little recently?
If your super fund is a little ‘light’ as you start to think ahead to your golden years, you’re not alone.
Whoever said, “You can never have too much insurance” obviously never had to pay the premiums. Still, there’s no denying the fact you need it to protect your business and its assets.
Time is running out.
If you want to take a few simple preventative measures to minimise or defer how much tax you will pay for this Financial Year, you need to do two things:
The world has changed. Work has changed.
The possibilities provided by cloud and mobile technologies are beyond what most people would even have considered possible just a decade ago.
As much as you try to share skills, knowledge and information in your company, you probably have some people who are key to your business’ success.
Two things first up: (1) If you want to (or have to) work past the age of 55, you need to read this article; or (2) If you know someone else who that applies to, please forward them this article or a link to it.
They'll thank you for it.
In a lot of situations, hiring a contractor to get a particular job done makes perfect sense. It may require expertise or skills none of your employees has. You may only need someone for a short timeframe to clear a backlog of work. Or maybe you just want to avoid having to go through a formal recruitment process.
Are you worried that your hard-earned money is not working hard enough for you? That your dream of your golden years spent on the golf course or with loved ones on the beach is fading fast?
Most people will quite literally earn millions of dollars in their lifetime. Yet many people struggle financially and live from one pay period to the next.
If a business owner said to you that they run their business without a budget, what would you think? You’d think they were incompetent. Or perhaps lazy? Or both?
There’s a saying in business, “You can go broke making a profit.” And another, “Cash is king. Profit is theory.”
Wishing John a Happy Retirement!
For many, the word ‘budget’ is about as appealing as the word ‘diet’.
It seems to imply what you will go without, rather than what you will achieve.
“You need to work on your business, not just in your business.”
As a business owner, there are plenty of things you need to manage, and two of the most important of these are assets and risks.
In other words, building your wealth and protecting your wealth.
The team at Robson Partners would like to take the opportunity to wish you a Merry Christmas and a fresh and bright New Year!
Robson Partners will be closed for our annual holidays from 12:30PM Thursday 21st December 2017 and reopen Monday, 8th January 2018.
Below is a list of tips from the Australian Taxation Office that should help rental property owners avoid what it has found are the 10 most common tax errors made by rental property investors. The ATO says that avoiding these tax mistakes will save many taxpayers both time and money.
The principles behind winning in business and winning in sport are similar in many ways.
Take tennis, for example. If you’ve ever watched a match on television, you’ll know that along with all the hitting, running and grunting there are a lot of numbers involved.
We speak with Christian Simpson, founder of Chessplus, to talk about what inspired him to develop and refine such an interesting and slightly different concept of the traditional game of chess.
It's never too late to reinvent yourself. Take it from Paul Tasner - after working continuously for other people for 40 years, he founded his own start-up at age 66, pairing his idea for a business with his experience and passion. And he's not alone. As he shares in this short, funny and inspirational talk, seniors are increasingly indulging their entrepreneurial instincts and seeing great success.
Business owners of private companies often borrow money from their own companies for all sorts of reasons. However, there is an area of the tax law that seeks to sanction against situations in which private companies dole out money to those within a business, in a form other than salary or dividends, that needs to be understood by business owners. This is known as Division 7A.
Christmas will be here before we know it, and the well-prepared business owner knows that a little tax planning can help make sure there are no unforeseen tax problems.
Land Tax is a State based Tax consequently if you have properties in various States you will need to meet each states individual land tax regulations. So even if you have properties held by the same entity but in different States this entity will be required to lodge Land Tax Returns for each respective State.
Robson Partners were proud to sponsor the Gosford/Erina & Coastal Chamber of Commerce November event, Lunch with Craig James, Chief Economist for Commsec.
"I have an image in my mind: a pair of eyes, of my grandma, looking at me full of hope." His family back in China, himself working in Switzerland, Tesla He believed in the power of virtual reality and augmented reality technologies to help bring people closer together. Tesla grew up in China with the top education record from Elementary school to University. He came to Switzerland, and enrolled in a Master of Finance program in HEC Lausanne. His grade of the first semester broke the record of the past two years. As a result, he was offered to enter a PhD program directly. Tesla wanted to deliver an impact in industry. Therefore, he gave up this academic opportunity, and took a financial manager position at Nestlé. After two years of valuable experience there, he joined a start-up as a key partner. Together with the founding team, they grew the start-up from scratch to raiding CGF 35 millions. This experience helped him to realise that he enjoys delivering impacts. Now, with his team, they are developing a way to send virtual postcards that allow people to share immersive feelings.
A business becomes liable for car parking fringe tax where it provides parking for more than four hours on its premises to its employees, and is situated within one kilometre of a commercial car park where the minimum all day cost is more than the current parking fringe benefit threshold ($8.66 a day for the 2017-18 FBT year).
Have you or someone you know considered taking up ride-sharing (also called ride-sourcing) to earn extra income, or even as an alternative form of employment?
After waiting for what seems like an eternity, the government has finally put to Parliament its draft legislation around two of its schemes.
We speak with owner, Nicole Dimech, on the successful expansion of the family business, and discuss the challenges faced when merging two businesses.
What if you knew what your coworkers really thought about you and what they were really like? Ray Dalio makes the business case for using radical transparency and algorithmic decision-making to create an idea meritocracy where people can speak up and say what they really think - even calling out the boss is fair game. Learn more about how these strategies helped Dalio create one of the world's most successful hedge funds and how you might harness the power of data-driven group decision-making.
The CGT relief concessions that are available to small businesses can be very generous. However they can also be complex and confusing, so knowing a few of the finer details can go a long way to ensuring your small business can take best advantage of them.
When a life insurance policy has been held by a taxpayer for 10 years or longer, reversionary bonuses received on that policy are generally tax-free. For policies held for less than 10 years, stipulated amounts are included in the taxpayer's assessable income, and a tax offset is available.
Interest can be claimed for the cost of funds borrowed to purchase a rental property and to meet maintenance costs or running expenses while the rental property is being let (or is available to be let) under a commercial arrangement to generate assessable income.
Why do so many companies make bad decisions, even with access to unprecedented amounts of data? With stories from Nokia to Netflix to the oracles of ancient Greece, Tricia Wang demystifies big data and identifies its pitfalls, suggesting that we focus instead on "thick data" - precious, unquantifiable insights from actual people - to make the right business decisions and thrive in the unknown.
One overarching fundamental that SMSF trustees should ideally keep in mind is the sole purpose test - that is, every decision made and action taken is required to be seen as being undertaken for the sole purpose of providing retirement benefits for the fund's members.
Confused by what all the facts and figures mean on your super or pension statements? Don't despair - here's how to translate them.
The ATO has issued guidance on making claims for mobile phone use as well as home phone and internet expenses, and says that if you use any of these for work purposes you should be able to claim a deduction if there are records to support claims.
The hard choices - what we most fear doing, asking, saying - are very often exactly what we need to do. How can we overcome self-paralysis and take action?
Tim Ferris encourages us to fully envision and write down our fears in detail, in a simple but powerful exercise he calls "fear-setting." Learn more about how this practice can help you thrive in high-stress environments and separate what you can control from what you cannot.
Just when many Australians are considering getting away for a mid-winter break, the ATO is reminding taxpayers that it is paying close attention to rental properties located in popular holiday destinations around Australia.
If you're coming in soon to discuss your tax return for yourself or your business, try not to turn up completely empty handed, or at least to turn up prepared with some records or electronic access to them.
Thousands of computers around the world are becoming infected by a fast spreading ransomware. Big businesses are getting hit. An entire hospital is shut out of its system, and suddenly, it's everywhere - the next big ransomware attack.
Robson Partners were proud to sponsor business excellence on the Central Coast at the Annual Gosford/Erina & Coastal Chamber of Commerce awards night on Saturday, 1st July 2017.
Financial literacy isn't a skill - it's a lifestyle. Take it from Curtis "Wall Street" Carroll. As an incarcerated individual, Carroll knows the power of a dollar. While in prison, he taught himself how to read and trade stocks, and now he shares a simple, powerful message: we all need to be more savvy with our money.
You generally make a tax loss when the total deductions that can be claimed for a financial year exceed the total of assessable and net exempt income for the year.
The general rule is that you can claim deductions for expenses your business incurs in its task of generating assessable income. Many of these deductions are obvious - rent, materials, supplies and so on - but there are also some less obvious options left available just before the end of the income year, should your circumstances suit, to further reduce your enterprise's tax burden for the year.
The ATO has progressed its talks and work with industry to implement events-based reporting in the SMSF sector, and reassured professionals it may not be as regular as some had initially thought.
The 2016 Budget saw some changes announced by the Government which are now in place, with key reforms coming into effect from 1 July 2017.
These are the BIGGEST changes to happen in Superannuation for over a decade, and they will have an impact for decades to come.
Self Managed Superannuation Funds can breathe a sigh of relief after the Government handed down a Budget that largely left superannuation untouched.
Elon Musk discusses his new project digging tunnels under LA, the latest from Tesla and SpaceX and his motivation for building a future on Mars in conversation with TED's Head Curator, Chris Anderson.
The concept of a "going concern" exemption for the purposes of the goods and services tax (GST) can still cause confusion when businesses are sold.
Phishing emails remain the most popular method to deliver malware.
Given the state of the property market in Australia these days, a not-uncommon situation can arise where a residential property owner seeks to demolish and subdivide the block containing the family home and build residential units.
In every workplace, there are three basic kinds of people: givers, takers and matchers. Organisational psychologist Adam Grant breaks down these personalities and offers simple strategies to promote a culture of generosity and keep self-serving employees from taking more than their share.
Salary sacrifice can be a great way to get a part of your remuneration in a form other than cash - and not personally pay tax on it.
Mum and dad investors in receipt of dividends from their share portfolio often benefit from investing in blue chip shares because they usually have franking credits attached.
Trusts are an important and very useful concept for managing one's financial affairs, as well as estate planning.
From 1 July 2017 the ATO will be allowed to disclose information about any business with an ABN to credit reporting agencies if the business has tax debt over $10,000 and is at least 90 days overdue.
Career analyst Dan Pink examines the puzzle of motivation, starting with a fact that social scientists know but most managers don't: Traditional rewards aren't always as effective as we think. Listen for illuminating stories — and maybe, a way forward.
After a person dies, and the usual arrangements are completed, there will come a time when other matters, such as tax and superannuation issues, must be looked after. The person who takes on the responsibility for administering a deceased estate is commonly referred to as the executor, but could also be known as an administrator or a legal personal representative.
The small business capital gains tax concessions are extremely valuable. For small business owners who need to dispose of assets that have risen in value during the time they have owned them, accessing these concessions can mean greatly reducing any consequent tax liability, even to zero.
Every year, the ATO collects new data from financial institutions and matches this data with its own information, which is sourced from income tax returns, activity statements and other tax records.
As we commence a new year, it may feel like the changes to the Asset Test for the Aged Pension have just been drawn up, however, these were announced in the 2015 Federal Budget.
You may be asking yourself, “what does this really mean for me – and what are my options?”
Are we throwing the baby out with the bath water?
Legislation was recently enacted that will make drastic changes to the way our Superannuation System will operate from 1 July 2017.
Dan Bricklin changed the world forever when he co-developed VisiCalc, the first electronic spreadsheet and grandfather of programs you probably use every day like Microsoft Excel and Google Sheets. Join the software engineer and computing legend as he explores the tangled web of first jobs, daydreams and homework problems that led to his transformational invention.
Soap operas and telenovelas may be (ahem) overdramatic, but as Kate Adams shows us, their exaggerated stories and characters often cast light on the problems of real life.
In this sparkling, funny talk, Adams, a former assistant casting director for "As the World Turns," share four lessons for life and business that we can learn from melodramas.
The Christmas party decision tree - this flowchart will help businesses work out the general tax implications of the year-end Christmas party.
Legislation introducing changes to the superannuation regime were recently passed by Parliament.
The festive season is here again, and as with other years it is always brimming with the spirit of giving. The list of practical ways in which Australians spread goodwill is as endless as a Christmas wreath. The ATO also gets into the spirit of the season, but of course feels required to set some limits.
This month's Client in Focus is the well-known Mega Save Chemist, Erina.
We chat with owner, Luca Boffo, about how he got into pharmacy and how he, his business and his team have developed and tackled challenges.
This month's Business in Focus is Intouch Hair Creations.
We speak with owner, Amanda Kassis, on the recent startup of her new hairdressing business and discuss the challenges she and her team have overcome.
Something profound is changing our concept of trust, says Rachel Botsman. While we used to place our trust in institutions like governments and banks, today we increasingly rely on others, often strangers, on platforms like Airbnb and Uber and through technologies like the blockchain. This new era of trust could bring with it a more transparent, inclusive and accountable society - if we get it right. Why do you trust?
It's a question that the ATO has been asked very infrequently, but after the third such request it decided to issue a ruling - which still stands.
When a legal expense is incurred in relation to the operation of a business for the purpose of producing assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it is specifically excluded by another section of income tax legislation, or is incurred in earning exempt and non-assessable non-exempt income.
A dictionary definition of a trust is: “A fiduciary relationship in which one person (the trustee) holds the title to property (the trust estate or trust property) for the benefit of another (the beneficiary).”
Why create a trust?
Economic growth has been slowing for the past 50 years, but relief might come from an unexpected place - a new form of manufacturing that is neither what you thought it was nor where you thought it was.
Industrial systems thinker Olivier Scalabre details how a fourth manufacturing revolution will produce a macroeconomic shift and boost employment, productivity and growth.
There are times where business owners, whether voluntarily or involuntarily, may need to wind up their business.
It is generally less complicated to wind up the business of a sole trader (who has declared "bankruptcy") than to wind up a business run through other structures.
For companies, the terms typically used would be to "go into administration" or "liquidation"
A sole trader is less complicated to wind up because the principal of the business is also personally responsible for all debts and liabilities accrued by that business.
There is an under-used gem hidden within the small business simplified depreciation rules that in some circumstances can widen the opportunity to access this valuable deduction.
New research has revealed that most retirees do not spend as much as has been thought in retirement, and that this does not vary as much as expected regarding income levels - apart from the lowest income households. The study also suggests that policy proposals regarding superannuation tax concessions may miss the mark as far as influencing the ability of retirees to fund their lifestyles.
It happens to all of us - you unsubscribe from an unwanted marketing email, and a few days later another message from the same company pops up in your inbox.
Comedian James Veitch turned this frustration into whimsy when a local supermarket refused to take no for an answer. Hijinks ensued.
Our Olympian contingent arrived back from from Rio with a collective 29 medals, eight of them gold, securing Australia 10th place overall. But our Olympic champions take extra comfort knowing that they are back in a country where self managed superannuation funds are consistently taking 1st place and standing on the highest podium to take the gold medal for best performance.
Many investment property owners may be missing out on valuable property depreciation entitlements, simply by not being up-to-speed on what is and is not depreciable.
As digital customers, we use the internet everyday to login to personal and banking accounts, check news updates or to log on to social media. We perform so many tasks using the internet, believing that it's safe, that we tend to neglect security and preventative measures to deter cyber-criminals and fraudsters.
This month's Business in Focus is New Zealand resident and property developer Stuart Pinfold who is building an exciting new development on the shores of lake Wanaka, New Zealand, called Stackbrae, Lake Wanaka.
We speak with Director Stuart Pinfold to learn more about this amazing development and the attractiveness to both Australian and New Zealand property buyers.
What do you do when your firmly held benefits turn out not to be true?
When Casey Gerald's religion failed him, he searched for something new to believe in - in business, in government, in philanthropy - but found only false saviors. In this moving talk, Gerald urges us all to question our beliefs and embrace uncertainty.
The 2016-17 Budget, announced by NSW Treasurer Gladys Berejoklian recently, has tweaked the government's Jobs Action Plan, which provides payroll tax rebates for eligible businesses hiring new staff.
Starting from July 31, 2016, businesses will only be eligible for the rebate if they employ 50 or less full-time equivalent (FTE) employees.
From sporting clubs or environmental groups to many charity associations, volunteers are an indispensable workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or survive.
For many people, their tax refund is treated like a mini lottery win. This tax time, consider putting your "gift" from the ATO to good use and silencing the part of you that wants to fritter it away on things that expire.
New withholding rules on the sale of property by foreign residents have been introduced. This essentially turns property buyers into potential tax collectors.
Trust: How do you earn it? Banks use credit scores to determine if you're trustworthy, but there are about 2.5 billion people around the world who don't have one to begin with - and who can't get a loan to start a business, buy a home or otherwise improve their lives.
Wrapping a car into a salary package is a popular choice. Doing so by salary sacrifice often raises the topic of novated leases. Is it worth it?
The ATO says that this year it will pay extra attention to people whose deduction claims are higher than expected, in particular those claiming car expenses.
The expenses the ATO says it will be scrutinising can include claims by those transporting bulky tools, and deductions for travel, internet and mobile phone as well as claims for self-education expenses.
We speak with Director, Victoria Karozis, on behalf of owner, Alma Bogie on the success of her seafood restaurant and discuss the mindset shifts within the business.
Is it possible to run a company and reinvent it at the same time? For business strategist Knut Haanaes, the ability to innovate after becoming successful is the mark of a great organisation.
He shares insights on how to strike a balance between perfecting what we already know and exploring totally new ideas - and lays out how to avoid two major strategy traps.
Smart budgeting is a crucial component of long-term financial success for people of all ages, even if you are financially stable and hold healthy reserves of assets and wealth.
Business email scams are an increasingly common fraud and many businesses around the world are losing hundreds of thousands of dollars. The FBI stated that thieves stole US$2 billion from US businesses from October 2013 to February 2016. Many Australian businesses are also being targeted.
Trust structures and their use can often be misunderstood - we demystify some of the jargon.
We are pleased to announce Office Manager, Ros Mitchell, as our Top Gun Award winner for July 2017. Robson Partners would like to thank Ros for being a great asset to the company, bringing with her a "can-do" attitude towards any challenge she approaches, and being a huge support to her peers. Well done, Ros!