Small Business Valuations in Melbourne: All You Need to Know

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Small Business Valuations Melbourne A business valuation gets to the heart of why people are in business – to generate a realisable and valuable asset and not simply to provide an income stream (as in the well-worn phrase “to buy a job”). A business valuation will help focus the owners on what they are seeking to achieve and, as such, helps to set the strategy of the business. Business valuations are important to any small business owner because it is a measure of what has been achieved. The business value represents the wealth created by the business owner(s) after considering…

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Director ID: A Requirement for Company Directors

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Recent legislation requires directors to obtain a personal director identification number (‘Director ID’). The legislation is designed to : Prevent the appointment of fictitious directors and Better identify directors and Their relationships with companies over time Though existing directors (at 31 Oct 21) have a year to comply, you may as well get your passport and drivers licence out and do the necessary ASAP.  A business opportunity may mean you need your Director ID sooner than you think. And it’s too easy to forget if you put it off.  Failure to comply with these new Director ID requirements may result…

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Are Staff Gifts Tax Deductible?

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Don’t let tax dampen your Christmas spirit!  Find Out What You Need To Know To Claim Staff Gifts And Christmas Celebrations In 2021 After the stresses of COVID and a chain of lockdowns, we are all looking forward to enjoying our staff Christmas party and giving and maybe even receiving thank you gifts. At this time of year, many employers would like to know - are staff gifts tax deductible? Unfortunately, as a party is “entertainment”, there are no tax-exempt parties – some tax must be paid.  But you can minimise tax by avoiding Fringe Benefits Tax (FBT) at 47%…

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Reduce Your Tax by Salary Packaging

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Salary packaging must be put in place in advance so October is a good time to plan to save tax that you can spend over the summer. Our team of in-house financial advisers have curated 4 popular ways of saving tax by salary packaging and conclude with a simple example of how much tax you may be able to save every financial year. Packaging Your Salary “Packaging” as it is commonly called, means sacrificing some of your cash salary to pay specified personal costs. The most common examples are: A car owned by you for personal use. A car owned by…

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