News & Blog

Do you operate your business or hold investments in a discretionary trust? If you answered yes, then read on… As the 2024 financial year comes to an end, it’s important to ensure no detail is left unattended to. When it comes to the administration of a trust, the biggest hint I can give you is the following: • Make sure a trust distribution resolution is made and validly executed by 30 June or earlier if required under the terms of the trust deed (rulebook of the trust). • If you don’t, the resolution will be ineffective for income tax purposes.

The Fringe Benefits Tax (FBT) year ends on 31 March 2024. You may be asking what is FBT and how does it apply to me as a business owner? Let’s first start with an overview of FBT and how it came into play.

The retail trade data for December 2023 was released on 30 January 2023, showing a 2.7% fall from the previous month. The fall was no doubt influenced by the huge Black Friday and Cyber Monday sales boom in November as consumers sought bargains for non-essential items to cope with cost of living pressures. The retail figures are a timely reminder of how vital cashflow is for a business. Cash is the main element of any business. A business needs a strong cash flow to cope with uncertainty. Of course, making sales is good for any business. But if the gap between the date you invoice your customer/client and the date they pay you is too long, your business may be in trouble.

When we think about starting the new year, what instantly comes to mind for me - and for many - are new year resolutions. It is amazing how enthusiasm levels peak in the lead-up to 1 January every year, only to find sticking to those great intentions is easier said than done. New year resolutions are often seen as a commitment to your personal goals, such as health or fitness. However, it’s also a time for business owners to focus their time and energy on what they want over the next 12 months so they can drive change and light the way forward for their business.

As a business owner, staying ahead of the curve requires more than a creative and innovative mindset. Understanding the state of your business and pinpointing the areas needing attention is one crucial yet often overlooked area. This is where a business health check comes into play.

Tax Deductions for Working from Home

Many small business owners had heard of remote working and were aware of its growing popularity a couple of years ago. However, for many, the need to plan for, implement and manage a remote working model seemed too difficult. The covid-19 pandemic forced many businesses to switch to a remote working model. In some cases, this switch happened overnight. The sudden change left many small businesses vulnerable to cybersecurity breaches. While offices are generally equipped with secure measures to protect a business’ data, it is the home networks of employees that have become easy targets for cyber criminals. Fortunately there are steps you can take to strengthen your barriers and protect your business data while you and your employees work remotely. It is critical your entire team follows best practice to protect your business and client data from cybersecurity threats. Exposure to a cyber security breach can lead to significant business interruption, reputation damage and costly litigation. The following are 5 cyber security practices to help you and your team when working remotely. 

How are the leaders in your business doing? Perhaps they are thriving in these business conditions or maybe a different approach is required. In this article, we look at some leadership skills which are proving to be really valuable as businesses find a path forward this year and beyond.

Every business owner would like to improve the profitability of their business. However, this is often easier said than done. In the first of our short video series, we will provide you with 6 ways to improve the profitability of your business.