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Select Accounting Blog

Business owners – what is your end game?

Why do you own a business? It’s interesting to consider this because we are shocked at how many business owners haven’t taken the time to consider this fundamental question. From a big picture perspective, having a business provides you with a lifestyle. That’s it! It gives you cash now to fund your family spending, and hopefully a lot of cash in the future when you sell your business. And it’s very similar to having a Self Managed Super Fund (SMSF ..

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21Sep
2017
(Disabled)

Post By:-
Gen Jones

Five Expensive but Avoidable Financial Mistakes

Years ago everyone looked forward to their “retirement” at age 55. But these days, do you really want to retire? We’ve all heard many stories about people who retire, and they’re dead less than a year later. Why? Because they have nothing keeping them mentally active, nothing keeping them going with real purpose. Instead of aiming for retirement, we believe everyone should be aiming for financial freedom. Freedom to do what you want, when you want.  ..

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31Aug
2017
(Disabled)

Post By:-
Gen Jones

Keeping your Business Alive

What’s your strategy to keep cash flowing through your business? High sales and consistent profits are great aspects to have in your business, but without cash rolling in regularly you won’t be able to pay your suppliers, staff, even yourself! Give yourself some security by preparing a Cash Flow Forecast for your business. What is a Cash Flow Forecast? A cash flow forecast is a projection of all of your income and expenses for your business over the next 12 months,  ..

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24Aug
2017
(Disabled)

Post By:-
Gen Jones

What can I claim against my tax?

What can I claim against my tax? It’s tax time again. What can you claim to reduce your tax? Please take just 2 minutes to read this blog article. We’ll explain: • Deductions you can claim • The importance of a fantastic tax accountant • The “tax trap” you need to avoid • Links to more information about specific deductions Deductions you can claim According to the Australian Taxation Office (ATO) website, there are 3 ..

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15Aug
2017
(Disabled)

Post By:-
Gen Jones

We’re a lucky country, but will you have enough for retirement?

If you were to watch the news recently (by recently I mean in the last 2 decades) you would think that Australia maybe about to lose its ‘Lucky Country’ tag. However research released by Credit Suisse Research Institute has Australia fairing very well in the wealth rankings. The richest nations in the world are classed as those with a wealth per adult figure of over USD 100,000. Below is a table ranking these nations in order of wealth per adult. Rank Nation  ..

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03Aug
2017
0

Post By:-
Gen Jones

More Bang for your Buck

Start planning NOW to maximise your tax refund next year! We do a lot of tax returns. One thing we constantly hear our clients say is “I didn’t know I could claim that!” or “I wish I had kept my receipts!” What’s the best way to avoid disappointment at tax time? Start planning NOW. To help our clients we’ve been giving them a report of what strategies they can implement to maximise their refund next financial yea ..

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20Jul
2017
0

Post By:-
Gen Jones

Are you using the correct award rates?

Happy new financial year! We hope last years was financially prosperous and here’s to another exciting year ahead. However, as it is the new financial year, it’s time to ensure that you’re paying up to the correct award rates. Here is a quick how-to-guide that we’ve put together to make sure you are up to date with the current rates! To find your minimum pay rates: 1. Head over to the Fair Work Pay Calculator 2. Enter in your award or utilise th ..

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11Jul
2017
(Disabled)

Post By:-
Gen Jones

Tax Planning for Individuals

The biggest super and tax changes in the last 10 years will affect you in 2017 and 2018. Now's the time to review what strategies you can use to minimise your tax before 30 June 2017. Imagine what you could do with tax saved? • Reduce your home loan • Top up your super • Have a holiday • Deposit for an Investment Property • Upgrade your Car Key Superannuation Changes While you might not be flush with cash now and able to put large amo ..

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20Jun
2017
0

Post By:-
Gen Jones

An Eye for Now, an Eye for the Future

Let tax planning be more than just getting a bigger refund It’s the last quarter of the financial year. It’s the best time to review your profits, estimate your tax bill and determine what you can do to get your tax bill as low as possible (or your refund as high as possible). While we all love spending money on what we need now, tax planning season is also an opportunity to claim a tax deduction for growing your wealth. With the right planning you will not only be getting mone ..

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06Jun
2017
0

Post By:-
Gen Jones

Last Minute 2017 EOY Minimisation Tips

Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before and just after 30 June. Some of these will help to minimise your tax. We have outlined these action points below to assist you. Date Action Required BEFORE 30 June 2017 Ensure your employee superannuation payments are received and allocated by your employees' super fund prior to 30 June 2017 to ensure ..

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30May
2017
(Disabled)

Post By:-
Gen Jones