MJ Accountants | Business, Accounting & Taxation Services Coffs Harbour NSW

Fast growing businesses often end up being strapped for cash.  One reason is because of the additional financial resources tied up in the work in progress.  When you're in a service business, it is vial to be in control of Work in Progress Days (WIP Days).

This article explains how small business can benefit from engaging big corporates.

During the bushfires and floods earlier this year, the Tax Office took steps to ensure that affected people, businesses and tax agents were supported. They immediately put in place arrangements to defer tax obligations and continue to offer personalised assistance for when people and businesses are ready to address tax issues.

The small business tax break was introduced earlier this year as part of the Rudd Government’s stimulus measures, and has been applauded by business groups as a way of assisting growing businesses through the downturn and stimulating economic growth by pulling forward investment.

Under the original model, the tax break was set at 30% for assets over $1000 that were purchased between 13 December 2008 and 31 December 2009 and installed by 31 December.

While the Government's decision to increase the small business tax break has grabbed the attention of small businesses, a number of other tax changes could affect the way you run your company.

Despite Prime Minister Kevin Rudd and Wayne Swan talking up the prospect of a horror budget, there were actually a wide variety of spending measures across the economy. 

Click on the below link for a sector-by-sector guide to this years budget.

The federal budget delivers a string of unexpected cuts, concessions and changes, some of which will directly affect your business – and certainly your hip pocket.  The biggest surprise in this budget is the $2.7 billion given to pensioners, largely funded through the change of superannuation rules for high income earners and cuts to the private health insurance rebate for high and medium income earners.

Shell shocked by the walloping tail of recession? Well it's time to spring into action, and guess who you should see first? Your accountant. Now. Before we get busy with the new financial year stuff.  The reason is there is a slug of funds around that your accountant knows about.