Connolly's Accounting Services | Blog
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Why Worship Cashflow

Why Worship Cashflow Its scary the amount of newly formed business or those established but struggling have no idea the amount of money they are making or that the business Cashflow is king. Monitoring Cashflow should be their number one priority and this not just involve looking at the bank statement, or the profit & loss made for the time period. Common Cashflow problems consist of but not limited to are; Difficulty to pay salaries, and employees super, at due dates Trade Creditors in Arrears Taxation Liability in Arrears Just surviving day to day Lack of funds...

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New Business Start-Up

We know that a new business start-up of a new venture can be daunting. We also know that the reasons the majority of small businesses go broke because of many do not have the skill set to manage cash flow or basic management requirements. It’s not scary if you know what you’re doing, and we can help you with that. We can only stress that one of the most significant decisions to make is to seek advice from the very beginning of your journey. Statistics show that for the majority of failed...

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Beware of the ATO Grinch Coming to your Party!

Beware of the ATO Grinch Coming to your Party Except in limited circumstances, deductions are generally not allowable for entertainment expenses. 'Entertainment' is defined in s32-10 as: (a)        entertainment by way of food, drink or recreation, or (b)        accommodation or travel to do with providing entertainment by way of food, drink or recreation.   Below is a summarization list to be aware this year   Benefits Provided FBT Liability Income Tax Deduction GST Claim Christmas party/Meal Entertainment Food & Drink Provided on Business Premises    Employees         Property Fringe Benefit (actual)    Associates         Property Fringe Benefit (actual)         Minor Benefit    Clients       No(1)   Yes(2) No(3) No     No   Yes No No     No   Yes No No Off Premises (eg; restaurant)    Employees and...

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Partnership protection & Succession planning

  Like most accountancy firms we have a lot of sole traders, companies. partnerships and individuals we prepare tax returns for: Over the years you get to see a lot of things happen to these businesses. one area that can often remain forgotten is what would happen to the business if one of the key people passed away. If you are in a partnership or shareholder in a company, you should ask: what happens to the share in your business if you pass away? does your spouse continue as a shareholder in the business? is there...

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