Monthly Archives: March 2017

What Happens Behind The Scenes When We Prepare Your Accounts?

So what happens behind the scenes when we prepare your accounts? So far as you know, we collect your books, data file and information, disappear for a week or so, then bother you by sending you a list of questions, disappear for a while again, and then send you your accounts and tax return with a bill attached. Well a lot happens behind the scenes, some of which explains some of the things we ask from you, and some of which will explain why we stand by the process and finished product. We thought it would be useful for you to walk with us through the process. (more…)...
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FBT Return Action Checklist

In another couple of weeks, the Fringe Benefits Tax Year End draws to a close, on 31 March. If you would like us to take the headache away from you so that you can get on with running your business, contact us by calling us for an appointment or getting over to www.otsmanagement.com.au and click on the Contact Us tab to arrange an obligation-free first meeting. However, if you are preparing your own FBT Return, we provide¬†below an Action Checklist to help ensure that you have considered all the major issues. We hope you will find it useful. (more…)...
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Tax Updates for March 2017

In this Tax Update:- Intangible Capital Improvements Made to a Pre-CGT Asset Personal Services Income Diverted to SMSF Depreciating Assets: Composite Items Overtime Meal Expenses Disallowed Because No Allowance Received Time Extension to Review Objections Decision Disallowed - Again! No Deduction or Capital Loss for Apparent Guarantee Liability Taxpayer Denied Deduction for Work Expenses of $60,000 (more…)...
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Recruiting an Independent Director for an Indigenous Corporation

In my honest opinion it is encouraging that more and more Indigenous corporations are seeking to appoint one or two independent Directors to their Boards. While it is important that the cultural priorities and prerogatives of an Indigenous organisation are held up as part of their Mission and Vision, to my mind this is not incompatible with having independent views on the Board. This can provide experience in areas where the Indigenous Board members do not yet have enough experience; can provide specific expertise in areas such as finance, the law and commerce; and can bring with it a wider network to help the organisation fulfil its mission in the wider world. However, due to the inexperience of Indigenous organisations in finding independent Board members, the process is fraught with danger. What should be the process? How do you actually recruit the right person? (more…)...
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