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The Federal Budget 2017

Business $20,000 instant asset write-off extended  The popular $20,000 instant write-off for assets purchased by businesses with an aggregated turnover of $10 million or less is extended until 30 June 2018, further improving cash flow. Be mindful that this depreciation only applies to some assets and that they will need to be installed and ready for use by 30 June 2018 to qualify. Assets costing over $20,000 can be allocated to a pool and depreciated at a rate of 15%

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What Not to Do With Your Business Accounts

Keeping on top of the accounting requirements of their small business is usually the least exciting part of being a micro-entrepreneur, but if the owners do not pay it the attention it deserves, poor accounting practices will be their undoing. In fact, it is one of the key reasons why one in three small businesses fails in the first year of operation. If you are thinking about starting up a new business, you are most likely thinking more about how

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Whom Would You Trust With Your Financial Future?

With opinion polls showing that trust in our politicians is at its lowest point since 1969, it is not surprising that we have also become less trusting of other public institutions. Long-term abuse of children by some religious institutions has been laid bare and politicians with a skewed view of their entitlements have been publicly embarrassed. Are Our Business Worlds Still Trustworthy? It does not end there, as our biggest banks have just been called on to remove unfair loan

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What You Need to Know Before Starting an SMSF

Are you one of the many Australians who are looking beyond industry and retail superannuation funds for a better long-term outcome regarding your retirement savings? Then you may be interested in starting your own self-managed superannuation fund (SMSF). You probably already know that superannuation is an excellent vehicle for saving for retirement. It offers generous tax incentives to encourage people to think ahead, rather than relying on the aged pension. Establishing your own fund means making your own investment decisions,

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Start Getting in Shape for the New Financial Year Now!

All over the world, we celebrate New Year’s Day as the time for making resolutions to change things in our lives. With a new financial year starting on 1 July, perhaps we should begin a new tradition by using this date as an opportunity to make financial resolutions. For business owners, it could serve as a “reboot” to existing plans that have lapsed or an incentive to start this financial year in better shape than the last one. Strategic Focus

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Basic Financial Skills Essential for a Business Owner

There is no shortage of entrepreneurs in Australia who have a great idea or product, and the ability to create a “start-up” business to bring their creation to the market. According to a recent survey however, many of these fledgling businesses will not exist beyond 1 to 2 years, largely because their owners lack basic financial knowledge. Early Stage Business Failures due to Lack of Financial Understanding The survey also found that this lack of knowledge differed across a demographic

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