The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.
ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as having the same value for three consecutive years. With many of these assets residential or commercial Australian property, you can forgive the ATO for being incredulous.
Read MoreTopics: Superannuation, Retirement Planning, Accountability
For many small business owners, their business is their largest asset and for many, one that is expected to help fund their retirement. But what is your business really worth and what sets a high value business apart?
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Topics: Business Evaluation, Business Improvement
We sometimes see businesses which are healthy, growing, reputable, and stable… but their cash resources are limited. And that’s an impediment to operations running smoothly and ensuring long-term success.
Read MoreTopics: Business Improvement, Business Planning, Cash Flow
Busy leaders need to focus on the needs of customers, prospects, employees, regulators, suppliers and so on. However, we encourage these leaders to also take an active interest in the FINANCIAL health of their business.
Conducting a periodic self-audit or financial health check helps identify areas for improvement and ensures the business remains on track towards the financial goals.
Here are some important topics to cover in a self-audit.
Read MoreTopics: Business Evaluation, Business Improvement, Accountability
Here are some guidelines to help business leaders manage their tax affairs in conjunction with their Accountants. Effective tax planning helps minimise tax liability, ensure compliance, and improve cash flow.
Read MoreTopics: Business Planning, Tax Planning
