The time has come to venture out and become your own boss.

You have the enthusiasm and the drive to make your own business work. But before you do anything, it is essential to consider all the pros and cons of what lies ahead. Starting a business is a big commitment and there is a lot to think about, including longer hours and the additional financial responsibility of generating an income…Read more (pdf 36KB)

Market research

The economic viability of your business needs to be considered in light of the industry sector you are considering entering. How will you compete as a new entrant against more established brand names or companies? You will also need to clearly define the market your product or service will be targeting. You may need to carry out some market research on the environment, competitors and your target market before you develop your strategic plan…Read more (pdf 36KB)

Legal structure

How should your business operate? You will need advice to help select and implement the legal structure for your business for tax…Read more (pdf 36KB)

Location, location

Right idea, wrong position? The best business venture can fail to attract customers thanks to inconvenient location…Read more (pdf 36KB)

Source of funding

To what extent are advertising and other promotional activities necessary? Identify which media are the most effective to reach your target customers and prepare a budget that covers your business launch and requisite ongoing activity…Read more (pdf 36KB)

Marketing

How much cash is available from your personal resources and/or if relevant, your business partner(s)?…Read more (pdf 36KB)

Staffing

Is it going to be a family business – or will you need additional, possibly more experienced, staff? The hours you operate will also impact on your overtime costs and penalty rates…Read more (pdf 36KB)

A CPA is best equipped to help you with strategies to start your business…Read more (pdf 36KB)

Have you taken your business's temperature lately?

Like many small business proprietors you probably spend most of your time and energy on the day-to-day running of your business. You only have time to focus on the moment, due to the constant pressure you are under to meet orders, service clients and deliver promised results… Read More (pdf 15.6KB)

Structured budgeting is the key to keeping your business on track. To implement structured budgeting, you need to calculate your true operating costs – all forms of input should be costed: capital, intellectual, physical and material. A properly detailed budget reveals what prices should be set to cover all expenses, including the cost of goods sold or services provided…Read More (pdf 15.6KB)

You may be starting a new venture, or need additional funds to expand. Naturally, the best capital is the money that costs you the least. You have several choices and each has a different impact on your cash flow. You may consider an overdfraft facility, a fixed interest loan, business loan, commercial bill or fully drawn advance…Read More (pdf 15.6KB)

Ongoing planning is vital to the success of your business. However, your plans should not only incorporate potential threats or risks to the success of the business, but also address these potential risks with contingency plans or fall-back strategies…Read More (pdf 15.6KB)

A CPA is the best equipped to help you with strategies to grow your business.

CPAs are leaders in business, finance and accounting advice. The right to use the CPA designation is only given to degree-qualified professionals who have undertaken rigorous and comprehensive post-graduate study, the CPA Program…Read More (pdf 15.6KB)

Good tax planning need to make financial sense, be consistent with overall business objectives and not run foul of either specific or general anti-avoidance provisions of the tax legislation…
read more (37.66KB)

Tax planning should initially concentrate on your business structure – operating as a sole trader, partnership, trust or company are the main options. All produce different tax results. The choice of structure will depend on a number of factors, particularly the characteristics and size of the business, however, tax implications will also play an important role in the decision…
read more (pdf 37.66KB)

You could set up a business as a partnership (e.g. with a spouse) to enable you to split the income and ease the tax burden, but personal tax rates could still higher than the company rate. Partnerships also have other problems in that they lack flexibility and do not provide limited liability...
read more (pdf 37.66KB)

Effective planning needs to deal with a range of taxes including income tax, GST and FBT, as well as any recent tax reform measures (e.g. tax consolidations) that may be relevant.

More traditional planning activities will also remain relevant and can involve deferring income to 'manage' the tax burden, e.g... read more (37.66KB)

An audit is undertaken on the initiative of the business owner, a request by a third party, or as a requirement of legislation or a trust deed. The auditor must be a skilled professional whose objective is to provide an independent review on the reliability of a matter that is the responsibility of another party. An audit is performed and a report is prepared by CPAs who have the requisite training and experience in auditing…Read more (pdf 20.5KB)

If you've never had a professional audit of your business's financial affairs, why consider it now?
Because the benefits are extensive. Depending on the audit mandate, an audit can put your business on a sounder footing because it:… Read more (pdf 20.5KB)

Having an auditor's report on your financial reports puts your business in a stronger negotiating position.
If you're looking to sell a part of your business, merge with another organization or simply restructure your business, then audited financial reports will be the key supporting documents in your negotiations with third parties… Read more (pdf 20.5KB)

An audit can encompass more than examination of your accounts and financial reports. An audit can look into the way the business operates and provide you with important information about your business, such as, whether:… Read more (pdf 20.5KB)

A CPA is best equipped to help you audit your business. CPAs are leaders in business, finance and accounting advice.
The right to use the CPA designation is only given to degree-qualified professionals who have undertaken rigorous and comprehensive post-graduate study, the CPA Program… Read more (pdf 20.5KB)

To get yourself into the best possible shape for a tax audi

Verify the cost of all assets so that depreciation claims may be confirme

Check all records of capital expenditure to ensure that none have been used for non-business purposes.

Ensure that all sales have been properly recorded.

Check that you have substantiation of all motor vehicle expenses.

Check the accuracy of all FBT declarations.

Check that you have substantiation for all travel expenses.

Check that you have full details of any payment to subcontractors, including names and addresses and amounts paid.

Check that any declarations of interest or dividends match the amounts credited in your bank or dividend statements… Read more (pdf 20.5KB)

The possibility of being selected for a taxation audit is increasing each year as the Australian Taxation Office (ATO) widens the scope of its audit activity. However, the likelihood of being targeted for a tax audit is highest among those whose tax returns reveal that:… Read more (pdf 27.8KB)

Audits are conducted in a variety of ways: some by mail and phone and other by face-to-face meetings with the audit officers. If you are selected for an audit, you will receive written notification and you may also receive verbal notification as well… Read more (pdf 27.8KB)

There are several kinds of audits. They include:

Record keeping audits
Audit officers interview taxpayers at their business premises to ask questions about their record-keeping procedures and may also examine their records. Where irregularities are found, further audits may follow… Read more (pdf 27.8KB)

The ATO instructs its audit officers to adhere to a set of principles in carrying out audits. These principles entitle audit subjects to expect that audit officers will:… Read more (pdf 27.8KB)

You do not have to face an audit alone. You may choose to have your accountant present at any meeting or interview. As your professional advisor, your CPA will be able to answer all technical questions… Read more (pdf 27.8KB)

To get yourself into the best possible shape for a tax audit:…Read more (pdf 27.8KB)

If you are involved in a business that is showing signs of trouble, react quickly. This will dramatically increase your business's chance of survival. You, together with the business's shareholders or directors, must consider the situation objectively. Should you continue trading, or stop trading and put an action plan in place? Read more (pdf 28KB)

Seek advice from your CPA. They will be able to assess if your business requires the assistance of a specialist. CPAs who specialize in Insolvency and Reconstruction can advise you on how to restructure your business, how to change your business strategy or, if more appropriate, on the range of insolvency options available to you. Your CPA's objective is to explore all the options to help you save your business, if commercially and practically possible. Read more (pdf 28KB)

If the business is deemed insolvent, or unable to pay expenses as they fall due, the directors of the business must take appropriate action to avoid continuing to trade while insolvent may include: Read more(pdf 28KB)

Voluntary Administration (VA)
When scope exists to restructure the financial affairs of the business, entering into VA can be a viable alternative to winding up the business. VA also provides for a moratorium on any outstanding debts, except for secured creditors. These measures provide directors with 'breathing space' to focus on the most effective means of resolving the financial problems. Read more(pdf 28KB)

The downside of an insolvent business is the effect it can have on you personally. You, and any other stakeholders, may be called upon to meet the liabilities of the business personally. Common examples include, payment for secured debts, and rent when the business has been operated from leased premises… Read More (pdf 28KB)

Invest in a failed business venture? Constantly juggle credit card balances: Have a mountain of outstanding bills and debts:

Today, personal insolvency is an undeniable issue. Finding yourself in financial difficulties can place significant pressure on your health and relationships. Heed the warning signs and take the requisite steps to regain control as early as possible… Read More (pdf 28KB)

As experts this area, a CPA who specializes in Insolvency and Reconstruction will critically review your business and advise on the most appropriate solutions available to you… Read more (pdf 28KB)

The time to act quickly is when:… Read more (pdf 28KB)

Your Business needs a new computer system, updated machinery, or it's time to upgrade your vehicle. However, you don't want to dip into your capital reserves, so how do you acquire it?… Read more (pdf 37.66KB)

You can enter into a commercial hire purchase arrangement or negotiate a business loan with a bank or financial organization… Read more

Each of these alternatives has different outcomes for a business, with tax benefits attached to each option. Assuming the item to be acquired will improve the cash flow or profitability of the business, the choice between leasing, commercial hire purchase and loans will depend on costs, interest rates and depreciation allowances… Read more (pdf 37.66KB)

A CPA is best equipped to help make sound financing decisions… Read more (pdf 37.66KB)

Will acquisition of the financed item really improve your net cash flow or net profit?

Will your cash flow comfortably meet the costs of the financing package?… Read more (pdf 37.66KB)

Financial planning can change your life by putting you on the path to wealth.

But it will only have that effect if it is a genuine financial plan, which incorporates your earning potential, taxation and loan liabilities, saving capacity, insurance obligations, and superannuation and investment needs into a single coordinated plan… Read more (pdf 37.9KB)

A sound financial plan will seek to achieve:
A realistic and affordable utilisation of cash flow (income from salary and other sources) to create real capital growth… Read more (pdf 37.9KB)

What does it take to create wealth?… Read more (pdf 37.9KB)

Many of our members now hold an additional designation, Financial Planning Specialists (FPS), and are fully qualified licensed financial planners…Read more (pdf 37.9KB)

A CPA is best equipped to help you with strategies to start your business…Read more (pdf 37.9KB)

If there's one thing you don't want to get wrong in your life, it's your retirement income plan… Read more (pdf 24.06KB)

To satisfy your needs, your financial plan will need to generate income for living (food, petrol, fares) and discretionary expenses (gifts, travel, social outings). It will also need to allocate your income and capital to cover both fixed (rates, insurance premiums, car registration) and discretionary commitments (holidays, upgrading your car, and so on)… Read more (pdf 24.06KB)

The 10 key factors that must be taken into account in allocating your assets are:… Read more (pdf 24.06KB)

An important consideration when putting a retirement portfolio together is to allow for changes in the economic climate. You should know how your portfolio will react to rises and falls in inflation, interest rates, and to fluctuations in the stock market, and be in a position to change or modify parts of your portfolio as necessary… Read more (pdf 24.06KB)

Many of our members now hold an additional designation, Financial Planning Specialist (FPS), and are fully qualified licensed financial planners. Therefore, in addition to offering you more insightful tax advice, your licensed CPA (FPS) can offer you a greater depth of knowledge and innovative thinking on the ways to achieve real financial independence… Read more (pdf 24.06KB)

Content