2015 Budget: Impact on Business

$20k asset write-off Spruiked as a win for small business, this incentive gives you an up-front tax deduction for certain business assets.  Remember that these assets would have been claimed as a tax deduction over the next few years anyway.  So, what is the real effect of this measure?  Simply put, it cashes in your tax deduction for the asset in the one hit, instead of over the next few…  Read more

My Friends Often Ask Me…

Sole Trader Vs Company Assuming you’re running a business (and not just an employee), you may have asked the question: Should I be a Sole Trader, or should I start a Company? Here is a simple guide to help you make the right choice. Sole Trader Being a Sole Trader simply means you run your business as yourself.  So, you only need to lodge one tax return – your own! …  Read more

Am I Paying Too Much Tax?

Imagine that your tax affairs are arranged neatly as pieces on a chessboard.  Are you just starting out in the game, awaiting your first move?  Is your business already well established in the game, and looking for a better position?  Perhaps you are nearing the end-game, with retirement in sight, and looking for that final exit strategy. THE CHESSBOARD AND THE TAX MAN Our tax system is not unlike the…  Read more

Make the necessary evils easy and dare we say it

Hansens Accountants – Friday, April 04, 2014 …fun!   By Karl Schoenmaekers Ok, it’s almost BAS time again and almost time for you to send your accountant or bookkeeper the figures for the quarter so you can pay another GST bill. Spreadsheet, MYOB file, Quickbooks file, shoebox, no matter how you send it, it is still going to require you to export, backup, compress, photo copy, dive into the filing…  Read more

What is your “why”?

Hansens Accountants – Wednesday, March 21, 2012 To put this question into some kind of context for you I need to go back a couple of weeks. Strange as it will seem I was beside myself with excitement to be attending the annual Proactive Accountants Network conference on Hamilton Island.  As I’m not an accountant it wasn’t the thought of spending long hours into the night (over a sparkling mineral…  Read more

SMSF Hot Topics

Hansens Accountants – Wednesday, March 05, 2014 By Brett Hansen Recently I ventured up to Brisbane to attend the Self-Managed Professionals Association of Australia (SPAA) National Conference. After an absence of a couple of years, I was looking forward to numerous sessions over the three days to see what has been happening in the world of Self-Managed Super, the hot topics and what is on the horizon. The Conference is…  Read more

Kickstart Your Business in 2013

Hansens Accountants – Wednesday, March 21, 2012 Remember that Business Plan you have tucked away in a top drawer somewhere? You know the one, the bank wanted it when you last applied for finance or someone told you it would be a good idea. If you’re like most small business owners it does its job at the time and is then never referred to again. Over the last couple of…  Read more

Self Managed Super Funds – PROPERTY IN A SMSF

Hansens Accountants – Thursday, February 16, 2012 PROPERTY IN A SMSF By Craig Wright – Head of Investment Property @ RUN A few years back, I was exploring other ways I could continue to invest in property and grow my portfolio. I discovered there were some recent changes to the Superannuation Act which enabled me to now borrow funds for investment, with my superannuation as the deposit. With any new…  Read more

Self Managed Super Funds – Administration and Compliance

Hansens Accountants – Thursday, February 16, 2012 Spouse Contributions Splitting   Did you know you can split your Superannuation Contributions in a Self Managed Superannuation Fund? Following the end of the financial year a member can elect to split their contributions with their spouse, to help their Super balance grow, and also potentially reduce the amount of tax you may pay. Contributions can be made in a number of ways…  Read more

What is the most effective GST outcome for your business when financing asset purchases?

Hansens Accountants – Monday, February 13, 2012 Avoid the disappointment of some business owners who found out after financing an asset purchase such as vehicles, computers, plant or equipment that the type of finance arrangement was not the most effective in ensuring the best GST outcome was achieved. A hire purchase arrangement is an agreement where you can obtain goods by hiring them over the repayment term and the transfer…  Read more

Hooray the rug rats are back to school!

Hansens Accountants – Monday, January 30, 2012 After weeks of school holidays the kids are finally back to school. Here’s how we can reduce the burden of sending the kids back to school by maximizing your education tax refund. You can claim the education tax refund if you had eligible education expenses during the financial year for a child enrolled in a primary or secondary course provided at a school…  Read more

Testamentary Trusts

Hansens Accountants – Monday, January 16, 2012 There are two things certain in life – death and taxes. But with some effective planning tax payable can be minimized when a loved one passes on. A testamentary trust is simply a trust that is established by a will. Many individuals during their lifetime establish trusts to hold their investments, to conduct an active business, or for other purposes. A testamentary trust…  Read more

They are called a “Self Managed” Super Fund for a reason people, so let’s start managing them!

Hansens Accountants – Wednesday, November 30, 2011 I’m a slave to the fashions and a dancing diva, but oddly, numbers are my thing….more specifically Superannuation. Inspired by the culture and passion at Hansens, my number one goal is to think creatively of ways to help increase your wealth, predominantly through your Self Managed Super Fund. They are called a “Self Managed” Super Fund for a reason people, so let’s start…  Read more

Cloud – light and fluffy to look at, but in this instance…SO much more.

Hansens Accountants – Monday, November 07, 2011 Cloud computing is not a new term, in fact its been around for a few years now, its just that most of the world is finally understanding the incredible benefits and how it could change the way you do business. What is it though? Here’s a brief overview: Instead of installing a suite of software for each computer in your office, you’d only…  Read more

Let’s SHARE

Hansens Accountants – Thursday, October 20, 2011 According to www.wiktionary.orgVerb. 1.To give part of what one has to somebody else to use or consume. 2.To have in common. 3.To divide and distribute Historically Accounting and Business Advisory services have always kept information to themselves, the ‘how’ and the ‘what’ we do seems to remain a mystery to the greater population. Hansens Accountants aim to change this stigma. We are not…  Read more

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