Did you know your SMSF can invest in exotic assets such as gold and silver bullion, artworks and collectible coins? To see if these investments are appropriate for your SMSF, please watch this short video and contact KLM Accountants with any queries.
As much as you try to share skills, knowledge and information in your company, you probably have some people who are key to your business’ success. It might be a Director or the CEO, whose vision made it a success in the first place. It might be your star salesperson, or someone in your IT …
Read more “Key Person Insurance: Could your business survive losing one of its key people?”
In a lot of situations, hiring a contractor to get a particular job done makes perfect sense. It may require expertise or skills none of your employees has. You may only need someone for a short timeframe to clear a backlog of work. Or maybe you just want to avoid having to go through a …
Read more “Unmasking Liability: 6 Signs That Contractor Is Really Your Employee”
“You need to work on your business, not just in your business.” Made popular by The E-Myth Revisited author Michael Gerber, it’s advice I’m sure you’ve heard dozens of times over the years (I certainly have). But despite being told over and over again, many small business owners still don’t seem to truly understand what …
Read more “So you’re in business: Are you an entrepreneur, a manager or a technician”
In our previous blog post we answered five questions we often get asked about setting up a small business when you’re still employed. But they were by no means the only questions we get asked. So here are five more things to know if you’re thinking of starting a business and becoming a sole trader …
Read more “5 more facts about setting up a small business while employed”
Are you thinking of setting up a small business and becoming a sole trader, even though you’re still employed? You’re not alone. Quite a few of our clients have done the same thing, or are in the process of doing so. And while each business is different, they all seem to ask us the same …
Most people will quite literally earn millions of dollars in their lifetime. Yet many people struggle financially and live from one pay period to the next. With the ageing population and many Baby Boomers now continuing to work—at least on a part-time basis—past the traditional retirement age, people are working more years than ever. Even …
Read more “Finally. An Easy Way to Track your Personal Spending Patterns.”
Understanding what you could do before and after 30 June 2016 can provide the icing on the tax cake for employees, investors and those in small business. Such things as bringing forward tax deductions or delaying the reœipt of income within the rules can mean less tax this year. When it comes to superannuation, make …
Read more “Effects of Federal Budget on superannuation year-end planning”
Almost everyone dreams of being a property developer, whether it’s finding a great parcel of land to build townhouses or subdividing the land they’re currently living on. But what are the tax implications of property development? Ignoring those who develop properties for a living (i.e. people who regularly buy and sell, or develop multiple properties) …
Read more “What are the tax and GST implications of your property development”
Gross Wages (W1) and PAYGW (W2) are now showing on the Business Activity Statements. For this to work you will need to complete the following steps: As this is a new feature in Xero you should still check the amounts on your Payroll reports agree to the amount showing on the Activity Statement report. You …
Read more “Xero has an (exciting) new feature relating to Business Activity Statements and Payroll”