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Planning is at the heart of achieving the best results and outcomes whatever task, activity or goal you are pursuing!
Simply put, planning is deciding in advance what to do, how to do it, when and who should do it!
So, when it comes to managing your Business and personal financial affairs and tax obligations, doesn’t it make sound business sense to adopt a ‘tax planning’ strategy. If you are one of the smart operators, you have answered Yes!
Tell me more!
Tax planning is:
- the process of analysing financial affairs from a taxation perspective, with the aim to achieve tax efficiency. That means arranging your affairs, (your financial plan) and functioning to keep your tax to a minimum within the intent of tax laws. Be aware of tax schemes outside the bounds of the law will attract ATO attention.
- an important process that benefits Businesses to plan for their tax requirements. For example, by using deductions to reduce the total taxable income, such as structuring salaries and appropriate business planning.
- proactive planning and structuring all about flexibility, whether you are an existing Business, starting new, thinking retirement, or overseas opportunities. The right fit, structure and ownership model influence many areas, including tax planning and regulatory compliance, asset protection, wealth creation through business, growth and succession.
- compliance with statutory and regulatory reporting requirements.
We know leadership is the action of leading a group of people or organisation and we know also there are differing leadership styles. Likely you have experienced this or relate as a Business leader, CEO, Manager or team member.
We know too that leaders come in all shapes, sizes and abilities! Some excel while others fall short!
And it is for this very reason 'leaders' are sometimes caught in the spotlight for all the wrong reasons, whether in Industry, Sports or Volunteer roles. Descriptions include arrogance sometimes masked as confidence, dictatorships and out of touch. Sound familiar!
But there are those that standout and shine for all the right reasons.
It is well documented that leadership requires more than knowledge or experience.
So what does an effective, leader of substance look, sound and act like!
Qualities of Substance include:
- Leadership that inspires greater commitment, effort and informed action
- Genuinely putting yourself in the ‘shoes’ of others
- Having passion, dedication, humility and integrity
- How you do things matter as much as reaching the end result
- Work hard to accomplish things
- Empowerment of others
- Create an environment that values every team member
Bluey, a talking dog, as 'bonza' as ‘football, meat pies, kangaroos and holden cars’, with the potential to become an iconic Australian cultural export, just like Crocodile Dundee!
Yes Bluey, an animated TV series about a Blue Heeler dog ‘family’, lovable characters born in Brisbane that has attracted and won international acclaim. Bluey has captured the world’s imagination and audiences of all ages!
You might ask ‘have we all gone barking mad’!
With such hype I had to find out for myself! And did so with the flick of the switch!
Bluey, the humble beginnings
- Created by Joe Brumm in a Brisbane – based studio premiered on ABC 2018. The content format is accredited to the talent of the creator and a team of dedicated animators and designers.
- A series about family life, with mum Chilli and father Bandit, caught in the frantic antics and adventures of daughters Bingo and Bluey.
Bluey the influencer!
The endearing nature of the characters, and storylines has developed a following, and audience's kids and adults alike, globally.
Storylines are relatable, emotionally charged reflecting experiences of everyday family life and parenting, the dynamics, ups and downs and challenges.
Episodes usually involve imaginative play, heart-warming moments and family bonding weaving life-lessons into the narrative, without preaching.
Brilliant Success Story
Family run Businesses the backbone of Australia’s economy.
What does it take to keep this essential lifeforce operating!
A question many Businesses face, ponder and deliberate over! You might be one of them!
What are the do’s and don’ts to running a successful family Business and having a happy family!
Here are 8 Tips!
- Open Communication and Respect
- Treat Your Business Like a Business
- Effective Structuring
- Cashflow – Keep on top of it!
- Document Everything
- ATO ramps up warnings on $50b in tax debts.
This warning from the new Tax Commissioner as the ATO chases $50 billion in outstanding debts, claiming increasing numbers of Australian small Businesses operators are falling behind on tax and superannuation obligations.
- At a recent small Business summit in Sydney the Commissioner said ‘it’s critical that all employers, big and small, keep on top of their obligations to their employers first and foremost, as well as their obligation to government in respect to GST, income tax and other taxes’.
- Previously, in November, the ATO warned Business to stop using unpaid tax and superannuation liabilities to prop up their cash flow, stressing its debt book was not a bank.
If these matters concern you, act now, heed the warnings!
Need help? contact Blackburn Accounting, we are experts in taxation matters.
- Tax Debts can affect your credit ratings
Disclosure of Business Tax Debts:
Be aware that in certain circumstance the ATO may disclose your debt information to credit reporting bureaus (also known as credit reporting agencies).
The ATO lists a number of criteria where they may report your Business tax debt. These are provided on the ATO website.
Note: It will not report your debt information to credit reporting bureaus (CRBs) if you are already engaged with them to manage your tax debts and may also decide not to report your tax debt information if you are experiencing exceptional circumstances.
You can find full details on the ATO website.
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