#Callaughan Partners
What you need to know about Fringe Benefits Tax
Putting systems in place to ensure data is captured and accurately categorised for FBT purposes throughout the year could save you and your accountant a big chunk of time and effort at the end of March. Here’s some expert advice to get you on the right track.
Don’t misjudge the importance of a good accountant
Every small business owner needs a good advisor and many need help to stay on top of record keeping, which is where a good accountant can lend a hand.
Get your new year goal setting off to a good start
The New Year is a perfect time to begin setting business goals, and Brad Callaughan has some advice about how to actually achieve them this year. “Remember, your goals don’t have to be a secret, tell someone close to you so they can keep you on track to achieve your goals.”
12 golden accounting tips for your business
Brad Callaughan imparts 12 golden tips for getting your numbers right now so you can start the new year with a bang.
Christmas gift-giving and the FBT
With Christmas approaching fast, Brad Callaughan looks at the Fringe Benefit Taxes payable on gifts to employees, suppliers and clients. “Fringe Benefits Tax is a tricky subject, and if not understood and addressed before you spend that money it could leave you a large hole in your pocket from the FBT payable.”
Promoting a positive work environment
Brad Callaughan blogs about creating a positive work environment for the benefit of your business. “Your business is only as successful as its staff, therefore, it is of utmost importance that you develop a positive work culture in your business.”
Tips for financing a car
Brad Callaughan looks at the methods a business owner has at their disposal for purchasing a car. “Buying a new car under your business can be confusing. With so many options available, which one do you go with and what will be best for you?”
Tips for increasing your profits
Brad Callaughan delivers 20 easy ways you can improve your business’ profits. “Raise your prices. You’ll be surprised how few complaints you’ll get about a 5-10 percent price increase. A slight increase each year is less noticeable then one large increase.”
Preparing your business for sale
Brad Callaughan blogs about the preparation that goes into selling a business. “Selling your business shouldn’t be a spur of the moment decision. Succession planning should be looked at over a number of years to determine the best road forward. Not only do you have to decide on either passing your business down or selling it but you also need to look at the tax implications…”
Should you ask for referrals?
Brad Callaughan blogs about the right way to ask for customer referrals. “There’s no harm in discussing your services with client or customers. Constructive criticism is a fantastic way for you to see how your clients feel about your services, because they’re the people that are talking about your business…”
What you need to know when employing
Brad Callaughan has a checklist for you to tick off when employing your first employee. “Congratulations! Your business has grown to the point where you require your first employee. Apart from finding the ideal employee, you also need to fill out some relevant paperwork and make sure the correct registration and insurances are in place.”
Getting your business structure right from the get-go
Brad Callaughan blogs about choosing the right business structure from the very beginning. “As a general rule, you need to look at the future projection of income you expect to earn. If you’re starting a small business that contains no risk and you’re looking at not exceeding turnover of $75,000, I would be comfortable for a start-up to operate as a sole trader or partnership.”
Differentiating your business
Brad Callaughan blogs about creating a point of difference between you and your competitors. “It could be that you promise to deliver your product or service more quickly than your competitors. If you wish to differentiate your business on this basis then offer a guarantee, to ensure you deliver.”
How to track your business
Brad Callaughan blogs about setting KPIs to keep track of your business success. “Think of KPIs as your new year’s business resolution. You need to sit down and formulate a move forward, just like in a game of chess, you need to be formulating with your next move.”
Managing cashflow in shaky economic times
Brad Callaughan delivers 5 tips to ensure your cashflow is well-managed in difficult economic times. “You need to understand the significance of cashflow and how it keeps your operation afloat – it’s a potentially fatal mistake to focus on your profit & loss because healthy profits can mask an impending cashflow crisis.”