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Taking Over An Existing Business

Taking Over An Existing Business

Taking over an existing business, whether it is buying an established business or taking over the family business requires careful analysis and planning. When buying a business, some aspects to consider include: Why is the business being sold? What is the vendor’s history with the business? Are there any sales patterns or trends? What is

Personal Property Securities Register

Personal Property Securities Register

The Personal Property Securities Register (PPSR) is where details of security interests in personal property can be registered and searched. Transitional arrangements have been in place for the last two years. The transitional arrangements for the PPSR expired on 31 January 2014. Suppliers of personal property who failed to register their security interest during the

Common Tax Questions Answered

Common Tax Questions Answered

In the words of the late Kerry Packer: “I am not evading tax in any way, shape or form. Now of course I am minimising my tax and if anybody in this country doesn’t minimise their tax they want their heads read because as a government I can tell you you’re not spending it that

Great New Product Ideas

Great New Product Ideas

Here are several ways to obtain great ideas for new products: Run informal sessions where groups of customers meet with company engineers and designers to discuss problems, needs and brainstorm potential solutions Allow staff time off to work on pet projects Survey your customers and find out what they like and dislike in your competitor’s

Mediation is Better Than a Legal Trial

Mediation is Better Than a Legal Trial

Litigation is in decline in the business community. Alternative forms of dispute resolution are now becoming more popular and, in some circumstances, are mandatory. All family law disputes since 2006, for example, have required compulsory mediation. Mediation is a cost effective avenue for parties in dispute. The process can cost large sums, but the process

Teams Versus Groups

Teams Versus Groups

In business, ‘groups’ and ‘teams’ are not one and the same. As it can often be difficult to distinguish between the two, management should define and clarify the difference. A ‘work group’ interacts primarily to share information and make decisions to help each member perform within their area of responsibility. The performance of the work

General Year End Tax Planning Strategies

General Year End Tax Planning Strategies

With 30 June 2013 just behind us, these are some strategies that you may find helpful when looking towards 30 June 2014. For most small business owners the end of the financial year requires a review of their operations – not only their tax planning strategies but also their cash flow requirements. Small businesses, defined

Protecting Your Business

Protecting Your Business For Customers' Insolvency

Running a business is all about managing risk – most acutely to avoid bankruptcy or insolvency. When providing services or goods to a customer, there is always the possibility that your customer will unexpectedly be unable to pay you according to your agreed trading terms or even leave your debt unpaid. This has been highlighted

Insolvency Law Reform Bill 2013

Insolvency Law Reform Bill 2013

Late last year, the draft Insolvency Law Reform Bill 2013 was released by the government for comment and suggestions. The first changes made under this Bill are to commence from September this year. The Bill will amend the Corporations, Australian Securities and Investments Commission and Bankruptcy Acts. It aims to: Align and modernise the registration

Motor Vehicle FBT Changes

Motor Vehicle FBT Changes

In July this year the Federal Government announced that motor vehicle Fringe Benefits Tax (FBT) rules were to be changed to remove the statutory formula method of calculating fringe benefits tax. Current novated leases or company vehicles will not be affected provided there is no material change to the lease condition. Car leases signed after

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