Grant Thornton Blog

Tax Services: What you need to know before 30 June 2013

The Privately Held Business Team — Tue, 18 Jun 2013 00:14:34 +0000

As the 2013 financial year draws to a close, it is important that business owners, large and small take the time to focus on tax planning issues before 30 June 2013.

A large number of tax changes apply in the 2012/13 income year and over the coming weeks there may be advantages in acting on some of these before 30 June 2013.

So it’s time to get your year-end tax planning strategies in place to ensure that you achieve the best tax outcome possible.

Business Income & Expenses

Recent tax development affecting corporate taxpayers

The Privately Held Business Team — Fri, 14 Jun 2013 06:45:09 +0000

The 2012-13 year has been a busy period for the Government, with significant activity on the tax front in the form of enactments, exposure draft releases and consultation documents introduced in respect of a number key tax measures. Several of these reforms have been rushed through the parliament and their start dates may have escaped your attention.

Some of the key measures companies should be aware of include:

How to retain your talent

The Privately Held Business Team — Thu, 06 Jun 2013 02:52:15 +0000

The ability to retain talented employees is one of the keys to a successful business. While all industries and businesses are different, they can each achieve a strategic advantage over their competitors with loyal and committed employees. Excessive staff turnover can have a negative impact on the business and result in decreased morale, loss of intellectual property and a reduction in productivity as new employees are trained. The question is, how do you retain your talent?

Protect your personal wealth

Dennis Eagles and Justin Frohnert — Mon, 03 Jun 2013 01:41:01 +0000

We hope that you have been following along with our practical guidance series on growing your business in a difficult economic climate, and are seeing the benefits throughout your business. Fostering growth and creating wealth is one thing, but it is equally important to protect it.

Having a clear view on how to separate personal wealth from business finances, is critical. While the two are often intertwined, particularly in difficult times, it is important to protect what you’ve acquired.

Aligning performance and rewards

The Privately Held Business Team — Wed, 08 May 2013 23:12:58 +0000

Motivating employees during difficult economic times is a challenge experienced by many business owners. Having a motivated and empowered team is essential to ensuring the success of strategic business objectives.

Keep an eye out for bargains

The Privately Held Business Team — Wed, 24 Apr 2013 01:11:05 +0000

A downturn does not automatically equal doom and gloom; it could mean exciting opportunities for your business to stand out from the crowd. Strategic mergers and acquisitions could allow your business to expand at a bargain price.

Sanity check new investment plans

The Privately Held Business Team — Wed, 10 Apr 2013 01:49:30 +0000

All investment activities are cash outflows meaning parting with money that could be used elsewhere. There is a big difference between investing and spending - and getting this wrong can be catastrophic for any business.

Want vs. Need

Your guide to Fairer Superannuation

The Privately Held Business Team — Mon, 08 Apr 2013 07:08:14 +0000

On 5 April 2013, the Government announced reforms to the superannuation system with an intention to “improve the fairness, sustainability and efficiency”. This Super Hot Spot outlines those proposed reforms.
One interesting aspect of this announcement is that they are in the shadow of the Federal Election in September. Despite 1 July 2013 commencement for some aspects, the Government concede that these will not be legislated before the election.

Get smarter on tax

The Privately Held Business Team — Wed, 27 Mar 2013 00:12:52 +0000

Tax, in its various forms, is a significant cost to any business. Smart businesses manage these costs and cash flow impact by:

Re-visit your strategy

The Privately Held Business Team — Wed, 13 Mar 2013 05:32:35 +0000

The importance of a clear, well considered and consistently monitored strategy has never been greater for businesses than in today’s environment. Gone are the days when a business was able to set and implement a strategy that could set the direction for a business for many years with only minor modifications along the journey.