SME MATTERS: Buying a small business? The 5 questions to ask yourself
While some people enjoy the thrill of the start-up business or creating their own from scratch, others may decide that buying a business is the right avenue for them. Choosing the right business to buy however is one of the most important decisions you might make in your life. Is it in the industry you need it to be in? What is the history/reputation of the business? What do the existing agreements? One of the main reasons why most people buy a small business rather than starting one from scratch is for the already established infrastructure and ongoing cash flow. In order to determine whether buying a business is right for you, ask yourself the following five questions. Are you [...]
SME MATTERS: A boost for tackling skills shortages
Have you been thinking about hiring an apprentice for your business? Looking to upskill your employees? Thinking about the ways that you could improve your business’s capabilities? The recent Federal Budget 2022-23 announcements committed support to mitigate the long-standing impacts of the pandemic on businesses and their workforces. If skill shortages, a lack of workers or even availability of funds have been impacting your business, the following may be of interest to you. The recent Federal Budget 2022-23 announcements committed support to mitigate the long-standing impacts of the pandemic on businesses and their workforces. If skill shortages, a lack of workers or even availability of funds have been impacting your business, the following may be of interest to you. Upskilling [...]
SME MATTERS: Incentives to encourage digital technologies take-up
Small businesses will be able to deduct an additional 20 per cent of the cost incurred on business expenses and depreciating assets that support their digital adoption. If you have most recently made investments in digital adoption or plan to before end of 22/23 FY, you may be eligible. Key Takeaways Eligible expenditures may include investments made on portable payment devices, cyber security systems or subscriptions to cloud‑based services. These expenditures are incurred from 7:30pm (AEDT) on 29 March 2022 until 30 June 2023. A small businesses is considered eligible when aggregated annual turnover is less than $50 million. An annual cap will apply in each qualifying income year so that expenditures up to $100,000 will be eligible for the [...]
BUSINESS UPDATE: Patent Box & Australian medical and biotech patents
The introduction of Patent Box will see income derived in respect of Australian medical and biotech patents taxed at a concessional rate of 17% from the 2022-23 income year. This may be extended to the clean energy sector. This could see such companies save up to 13% in income tax. The concessional income tax rate applies to the proportion of the research and development conducted in Australia (as opposed to overseas) and applies to patents included in the Australian Register of Therapeutic Goods (ARTG). Income derived from a United States Utility Patent or from a patent granted under the European Patent Convention can also be included in the Patent Box, provided the patent relates to a substance or invention that [...]
Cryptocurrency for Family Law Practitioners | Nicholes Family Law Podcast
Director Mark Bailey and Senior Forensic Accountant Joshua Ho are special guests in the latest podcast from Nicholes Family Law. In this podcast, hosted by Senior Partner Keturah Sageman, the focus is on the movement towards cryptocurrency as a means of exchange, and the way it has become extremely relevant in the family law landscape, particularly relating to property settlements. Indeed, parties may be secretive as to their cryptocurrency ownership and certain tools can be used to track and trace cryptocurrency holdings. As the cryptocurrency field continues to develop, this podcast has been prepared as an instructive guide for family law practitioners who are navigating this area. Listen to this podcast Key Contact Mark Bailey Director [...]
BUSINESS UPDATE: Are you a director and have your DIN?
As a director of an Australian business, you are required provide your individual Director Identification Number (DIN) in every directorship registration, current and future. Your DIN is unique and used instead of your personal details on public registers. It also allows businesses, communities and government agencies to register, verify and track the corporate history of individual directors and their relationships to companies. It’s essential for you to meet this obligation. Directors appointed from 5 April 2022 must apply before their appointment. Directors appointed between 1 November 2021 and 4 April 2022 are expected to apply within 28 days of their appointment. Directors appointed on or before 31 October 2021 and not yet applied for a DIN, you must do so [...]