Budget 2016-17

TARGET PRACTICE The 2016-17 Federal Budget is a budget of targets – broad targets to boost business and innovation and the narrow revenue targets of the wealthy and multi-nationals.  It’s a big, long-term crafted budget designed to give enough pre-election glow but with structural measures to reign in spending and reduce concessions. At one end, the Budget contains board measure to bolster business, investment and innovation including tax cuts and…  Read more

FBT 2016

Recent changes for salary packaged entertainment benefits   The government has recently made changes to how salary packaged entertainment benefits are dealt with for fringe benefits tax (‘FBT’) purposes, and the changes apply from 1 April 2016 (ie. From the start of the 2017 FBT year). These changes include the introduction of a new $5,000 cap on the value of concessionally taxed entertainment benefits that can be provided to you…  Read more

Merry Christmas from Brett and the Team

As we head towards the end of another year at Hansens I’m feeling completely bemused as to how we could possibly be in December already?  So let’s take a look back at some of the issues that our clients, and all small businesses, have faced over the last 12 months – and ponder where the future of Australian small business is heading. I have seen 2015 as the year the…  Read more

Do Amazing Things

Today is the day we turn the final page of the calendar and think to ourselves “December already?! Where did this year go?”, and as we enjoy the Christmas festivities I’d like to take a look back over my year here at Hansens. When I joined Hansens, a little over 12 months ago I believed it to be just like any other accounting firm. I was leaving a creative industry,…  Read more

Cloud Accounting – Why make the switch?

Cloud Accounting – Why make the switch? As a small business owner your main focus should be on how your business operates and the goals and targets you set for it. You shouldn’t find yourself spending hours of dead time processing your financial information using an inefficient system when you know that time can be better invested in the development of the business. Cloud Accounting can help free up time…  Read more

Unwind with Confidence

In my role as Client Relationship Coordinator I am frequently communicating with our clients to ensure they are aware of their ATO lodgement obligations and due dates. Common responses may be: “is it that time again already” or “ you read my mind I’m on to that” or the one that I hear all too often…”I’ve set aside the whole weekend to organise my tax information”.   WHAT!!! The whole…  Read more

Beware of Tax-related Scams

Several of our clients have been contacted recently by scammers claiming to be from the Australian Taxation Office. Telephone scams vary in their level of sophistication, however most sound very convincing and often provide fake reference numbers for the phone call. The most common type of call relates to an “outstanding debt” or a “fraudulent tax lodgement” that needs to be resolved. Some scammers will go so far as threatening…  Read more

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

Why is inventory control important?

Every business that purchases, uses and sells inventory, needs effective inventory control systems and management. From purchasing raw materials for manufacture to storing inventory, right through to selling and shipping finished products to your customers, inventory monitoring and control is essential for the health of your business. Let us take a look at the key factors and see how good inventory control can help your business flourish. Accurate and timely…  Read more

The Federal Budget 2015

It’s that time of the year again where the number crunches in parliament put their heads together to release the Federal Budget. It seems that the focus of this year’s Budget is to spend, spend, spend…… with the government targeting productivity to keep the economy ticking over. BUSINESSES Small Businesses The small business sector has profited the most, with businesses turning over of less than $2 million receiving a reduced…  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

SMSF – Being in control of our own destiny

The world of Superannuation is often met by a grunt and a groan by many Australians. When I talk to clients, friends or associates about Super, I often get the same response – the frustration of not being able to access “your” money until you are too old to enjoy it. But why do we feel this way? There can be a number of reasons: Aussie’s under the age of…  Read more

Welcome

Hello and welcome to the new Hansens website! In response to our growing online presence it seemed only natural to shake up our online platforms and bring them into the ‘now’. Our new website aims to provide you with the latest and most relevant information, news and resources. The team at Hansens have brainstormed a number of interesting and thought provoking blog topics, to keep you in the know all…  Read more

10 quick growth tips for your small business

Small businesses can grow in boom times as well as periods of difficulty by working smarter and taking advantage of opportunities. Put these following effective tips into practise to help grow your business. 1. Utilise new technology Modern technology can save you time, improve productivity and reduce your operational costs. Make use of Facebook, Twitter, Google+ and other social media tools to market your business. Dropbox is a cloud-based service…  Read more

Tax: Love it or hate it?

By Michael Franco Accountants live and breathe the implications, ramifications and even the occasional benefit the tax system offers up every day. It is our job to achieve the most beneficial tax position for each client. However, to the general public, lodging a tax return is nothing but an annoying chore that must be completed at the end of every financial year. In spite of this, by the time you…  Read more

The 2015 Budget has been delivered…

Hansens Accountants – Friday, May 16, 2014 So, the 2015 Budget has been delivered. What is the big-picture outcome impacting the business environment? It is clear that the Government wants to encourage business activity through companies by reducing the company tax rate from 30% to 28.5%. Q: Why? A: To encourage companies to retain most of their profit for re-investment in business, thereby kick-starting our soft economy.  Any excessive profit-taking…  Read more

Key Logistics

Hansens Accountants – Monday, April 28, 2014 By Amy Jenkins   Recently, it has been an often revisited topic in the media – the discussion about the younger generation and their potential to own property one day. Can it be a reality? As a woman in my later 20s it is not such a rosy thought. Whilst I am comfortable with the lifestyle I have chosen, I always thought that…  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

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