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Yearly Archives: 2018

Tax Planning and Hot Spots for 30 June

Tax Planning and Hot Spots for 30 June

With the end of the 2018 income tax year rapidly approaching, this article draws attention to year-end tax planning strategies and compliance matters that you need to consider to ensure good tax health. It focuses on the most important issues for small to medium businesses to consider.

One interesting procedural matter this year is that 30 June 2018 falls on a Saturday, meaning that ATO payments or lodgments due on that day or on Sunday 1 July can be made on Monday 2 July 2018 without incurring a general interest charge. However, where practically possible, all actions, payments or lodgments should be undertaken before Friday 29 June 2018.

This “date shuffling” conundrum should be kept in mind when reference is made to actions to be undertaken by 30 June 2018.

The following is general information. Contact us to find out more.

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How To Establish An Effective Audit Committee

How To Establish An Effective Audit Committee
An Audit Committee is one of the major operating committees of the Board. An Audit Committee is in charge of overseeing financial reporting and disclosure. In some corporations, this committee is combined into a Finance, Risk, and Audit Committee and in this form also takes into its purview the areas of risk management and other financial matters including investment policies. While an Audit Committee is generally a committee of the Board, and therefore will comprise mainly of Directors, one of its main objectives in the oversight role is to be independent of the operational functions surrounding finance, corporate reporting and risk management undertaken by the CEO and staff. Hence, depending on factors such as the size of the corporation and any inherent conflicts of interest, its membership is likely to comprise of those Directors who are not also employees (Non-Executive Directors) of the corporation and is likely to include "independent" Non-Directors. (more…)...
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10 Things Every Small Business Needs To Do To Succeed

10 Things Every Small Business Needs To Do To Succeed
As a business advisor and accountant, I am often asked what a small business needs to do in order to succeed. It's a simple enough question but there are so many things small business owners need to know, need to be, and need to do in their businesses. So I asked a number of my most successful clients what they thought about the question, and, using my own experience gained over the last 30-plus years, I have collated the top 10 things that a small business needs to do to succeed. 1. Make sure that you are marketing effectively. From experience, I cannot stress enough how important marketing is to the success of any small business. The problem is that most small business owners are subject matter experts - they are good mechanics, good lawyers, good accountants, good toy retailers, good garment manufacturers - and this means that they try to make their business succeed by being good at what they do. Unfortunately, that is not enough. A business succeeds only if it finds and continues to find customers. Some of these will come from word-of-mouth or reputation but the volume of these new customers will not be enough to grow your business. So, you...
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Revitalize Your Indigenous Corporation’s Board

Revitalize Your Indigenous Corporation’s Board
I have consulted to many Indigenous Corporation Boards on a multitude of matters from governance to decision-making, strategic planning, succession planning and efficient Board processes. One of the challenges I see these Boards face is that many of their members sit on several different Boards at the same time. Apart from potential conflicts of interest that may arise, this means that many Board members are used to bringing the same Board cultures into each different Board meeting. This leads to staleness, and all meetings start to look the same. This has long-term and pervasive negative consequences for the Boards they serve. Sometimes, they become passive through tiredness, being on so many stressful and important Boards. Respectfully, some of these people may have even stopped working hard or conscientiously. Other members don't apply the very different objectives of each Corporation into their separate Board roles. No matter which Corporation meeting they attend, they ask the same questions, they make the same responses, and they make the same decisions. So, how can you make your Board wake up and act and behave and govern differently within your Corporation? First, I believe you need to re-examine your Corporation's vision and mission. I would do this "off" Board meeting, with perhaps...
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