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Government Gives Away $476 Million for Trainng

The $476 Million Industry Training Fund is Open - Apply Now for Your Slice of the Pie

The $476 million Industry Skills Fund – Growth Stream (the fund) is a key element in the Australian Government's Industry Innovation and Competitiveness Agenda and will provide up to 200,000 training places and support services over four years.

The fund prioritises SME's, including micro businesses, and is delivered through the single business service, which streamlines access to essential information for all Australian businesses. The fund assists industry to invest in training and support services, and to develop innovative training solutions. The fund will help build a highly skilled workforce that can take advantage of new business growth opportunities and adapt to rapid technological change.

We recommend our clients consider applying for this where they have a specific training need that will enable them to grow. There are conditions, of course, but the application process is reasonably straight forward. >>> Click Here for more information.

$20,000 Immediate Asset Write Off - Save up to $6,000 in Tax

2015 BUDGET UPDATE: Small Business Can Write Off Asset Purchases Up to $20,000

If you are thinking of buying that new piece of plant & equipment, maybe some new computers for your office, or upgrading your office furniture now is the time to be looking. All qualifying asset purchases completed by 30 June qualify for an immediate write off this tax year. This means if you are trading through a company you stand to save up to $6,000 in tax, other entities can save even more depending on the relevant marginal tax rates.

Need funding for the purchases? No problem either, use our FREE in house finance service and get loan approval within days.

While we applaud this incentive we also wish to exercise a bit of balance. Cash is king and while you may be able to receive a tax reduction in the current year your cash flow will ultimately determine whether such investment is affordable for your business. In that respect we advise caution - and of course a robust cash budget which we can help you put together!

For more information call us on (07) 54391600 to upgrade your business and save on your 2015 tax bill.

Understanding Financial Reports - The Cashflow Statement

Why You Need to Review Your Cashflow Statement

Cash flowing through your business is like blood flowing through your body. Quite simply, without it you die! 

We have all heard the stories and probably observed first hand the business(es) that had booming sales and a seemingly bright future but somehow still managed to fail. While we understand there are many reasons for these failures a common thread linking most business failures is Cashflow. Well, actually I would say the common thread is inattention to Cashflow to be more precise.

Read more…

Don't Lose Your Franking Credits

45 Day Holding Period Rule - Don't Give Your Money Wings

Next Saturday, May the 16th is an important day for all share investors. The reason this day is so important is that it is 45 days out from the end of the tax year.

So why is that important I hear you ask?

Because there is a little known provision in the tax law called the Holding Period Rule. In its very simplest form the Holding Period Rule denies shareholders credit for franking tax credits attached to dividends they earn on their shares when they have held those shares for less than 45 days. Therefore any franking credits attached to dividends on shares acquired cum dividend between May 16th and June 30th are potentially lost.

The Fine Print and the Solution

As with most things tax the rule is not as simple as summarised above, but the risk most certainly is that simple.

Don't let your money fly away, a 30% franking credit is a significant part of your income to lose, and remember you will still be taxed on the money you never received!!

The solution is quite simple though - If you are planning on buying shares between May 16th and June 30th and those shares are cum dividend then make sure you understand this rule and its technicalities. The easiest way to do this is to give us a call on (07) 5439 1600 or CLICK HERE TO MAKE AN APPOINTMENT to see one of our qualified advisers.

SuperStream - The Time is Ticking

SuperStream - Time is Ticking for All Employers

SuperStream changes the way all employers have to pay their superannuation contributions and it starts for ALL EMPLOYERS from 1 July 2015.

 

This video provided by the ATO contains more useful information. Alternatively just pick up the phone and give us a call on (07) 5439 1600 or CLICK HERE to make an appointment with one of our specialist advisers.

For more information:

CLICK HERE for a useful checklist also provided courtesy of the ATO.

CLICK HERE to read our previous post on SuperStream

 

 

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