The Top New Financial Year Resolution That Will Improve Your Business

Financial Year Resolution

Planning

Surprise, the most effective new financial year resolution is not financial at all!

It is to plan what you aim to achieve in your business during the year, set goals and work out how you will achieve them. Of course, some of these will be financial but not all.

In the modern world, some will relate to technology for most businesses. Even if you are working in a business where technology is not directly part of what you do, you most likely depend on a mobile phone and may use the internet or social media for marketing. Just think back to the last time you had something repaired. Did the tradespeople carry mobile phones? I’m sure they did.

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Find Out The Depreciation Available Before You Buy

Crunch the numbers for your commercial property and save

Before purchasing a commercial investment property, make sure to crunch the numbers correctly. That next bargain may actually be more affordable if property depreciation is claimed.

Astute investors will usually consider the potential return of the property, surrounding commercial infrastructure along with rental vacancy rates in the immediate area. They may also like to factor the current tenancy contract in place with historical growth.

They should also work out the tax deductible costs and other deductions involved in owning the property, such as property management fees when required, rates, interest, repairs, maintenance, fit-out costs and property depreciation.

These deductions add to the investor’s net cash return and every deductible dollar comes back to the owner at the marginal tax rate.

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Credit Card Debt

Top Tips for Tackling Credit Card Debt

Plastic fantastic – Flexible ways to reduce your credit card bill faster

Credit cards. Our plastic friends that are great at getting us out of a tight squeeze when we need them; like helping fill the car with petrol when cash is tight or picking up the weekly shopping if the pay transfer hasn’t hit the account yet! But these good mates can turn into nuisances when the amount owing has grown and you find yourself struggling to keep up with the minimum payments let alone trying to knock down the overwhelming balance.

So, when the bill has ballooned and you find yourself staring credit card debt in the face, what’s the best way to start paying off that balance? Follow these tips and you’ll see that figure falling before you know it.

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End of Financial Year – Sales on the Way

Are you planning to make a technology purchase?

The end of financial year makes many people think about tax and hurriedly scramble to organise deductible expenses in time. At the same, savvy large technology retailers and department stores hold tempting sales. It is very easy to get caught up in the frenzy and make a purchase you might regret. A little groundwork can leave you ready for a win-win situation – you buy in time for the tax benefit, find a good deal at the sale and make sure you have what your business needs so you are left with a device or program that you are happy to use.

Where do I start?

Start by thinking about your business. What are you doing now that would be easier with new technology? What are your competitors offering that makes smart use of technology?

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Commercial Property Depreciation

Five Facts For Commercial Investment Property Owners

What commercial property investors should consider

Commercial investment property owners are often unaware they are entitled to make a claim for property depreciation. According to Bradley Beer, the Managing Director of BMT Tax Depreciation, around 80 per cent of commercial property owners don’t take advantage of property depreciation and therefore miss out on thousands of dollars.

“Claiming depreciation is paramount for commercial property investors. A depreciation claim can provide the difference in income for owners to turn a negative cash-flow property into an investment with a positive cash-flow,” said Bradley.

To help commercial properties owners earn more from their property, here are five facts about tax depreciation to assist them in the lead up to the end of financial year.

1. What is depreciation and what can be claimed?

The Australian Taxation Office (ATO) requires investors to report any income earned from a commercial property as part of preparing their income tax assessment. Commercial investment property owners are entitled to claim depreciation. Depreciation is a deduction available due to the wear and tear of a buildings structure (capital works deduction) and its fixtures and fittings (plant and equipment items) over time. It is considered a non-cash deduction, meaning investors do not need to spend any money to be able to claim it.

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