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Small Business

We are pleased to announce Riverwood Group now offers a fully tailored bookkeeping service.

Shelley Wilson is an experienced bookkeeper who joined the team in August and has been busy setting up systems, processes and procedures and assisting clients with their bookkeeping needs. Shelley is Xero certified and so has a detailed understanding of Xero and the way it works. If you are not using Xero, Shelley is also skilled in the other small business accounting systems and can help with the set up and day to day processing in those other packages. Read more →

Small businesses can immediately deduct assets costing less than $20,000 purchased since 7.30pm 12 May 2015. The asset deduction is claimed in the income year in which the asset is first used or installed ready for use.

What’s changed?

The instant asset write-off threshold has increased to $20,000 (up from $1,000). This allows an immediate deduction for the business use portion of a depreciating asset that costs less than $20,000. This applies:

  • to assets acquired after 7.30pm on 12 May 2015 until 30 June 2017
  • on a per asset basis, so several assets each costing less than $20,000 would qualify
  • to new and second hand assets

Read more →

What is Crowdfunding?

Crowdfunding uses the internet and/or social media to find supporters and raise funds for different types of projects and ventures. It is rapidly evolving and gaining momentum with platforms such as Kickstarter and IndieGoGo providing access to a worldwide audience.

In many cases it is used by individuals and groups to raise money in the form of donations for various causes. It is also often used to prove a business idea. If funding is successful the business moves from prototype to production, already has cashflow, gains publicity and has a core group of customers for the business to build on.

ATO Provisional Guidance

The question of course is what are the income tax consequences of money raised by crowdfunding? The answer, as with all things involving tax, isn’t necessarily straightforward. Read more →

Once you have decided to establish a business, there are a multitude of complex questions to be addressed such as business name, location, registrations and insurance. But one of the most important decisions to make is about business structures. Which business structure are you going to operate your business under? The problem is none are perfect and what works in one situation may not necessarily be appropriate in another. Business structures affect taxation, asset protection and when you sell your business, capital gains tax. Adding to the problem, moving from one structure to another is not necessarily easy either. Read more →

blog-director

If  you are a small business company director or thinking about a company structure for your business you need to be aware of the responsibilities of company directors.  There are numerous and important legal responsibilities imposed on directors under the Corporations Act 2001 and other laws, including general law. These apply to directors of all companies no matter what their size.

To assist small business owners to understand their role and responsibilities as company directors, ASIC has released a new online resource ASIC Guide for Small Business Directors. ASIC Commissioner Greg Tanzer said,  ‘Whether  you’re a current director of a small business, or newly appointed, it’s important to understand what’s expected of you.’ Read more →

blog-advisor

Business Advisory Services.  What are they and why would you need them? As the name suggests Business Advisory refers to recommendations and advice in relation to your business and how to make it run smoothly and efficiently.  Specifically business advice in relation to how you can improve your business.  How you can improve some key areas of your business including cashflow, debtors, creditors, stock, business profitability and the ultimate worth or value of your business.

Did you know that your level of debtors and stock can adversely impact your cashflow and therefore your ability to pay your creditors? These areas of your business are interrelated.  If one of these areas is not at the right level there can be some unwanted consequences for and in other areas of your business.

Read more →

 
 
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