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

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

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

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

Just a reminder that as of 1 July 2013 the super guarantee was increased to 9.25% and the upper age limit has been removed.

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

The Government has decided to defer the introduction of the $2,000 cap on work related education expense deductions until 1 July 2015. Upon announcement of the policy change, there were widespread protests from the education sector and professional associations. The government have stated the delay will allow them to further consult on how to best

Budgeting For The 2013-14 Financial Year The end of a financial year provides an excellent opportunity to prepare Budgets and Cash Flows for the forthcoming year. Budgets and Cash Flows provide a timely resource. They give business owners an opportunity to reflect on their business and also look to the future. If you do need

By recognising the warning signs of insolvency and implementing strategies to minimise risks, accountants, owners and managers may potentially avoid business failure and take steps to minimise personal risk. To determine whether a business is insolvent, a number of factors must be considered. Accountants, owners and managers need to assess their solvency and the following