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Blog

News, Advice & Information.

Too many companies are missing out on the R&D tax incentive

We’re exceptionally fortunate to be living in a country that prides itself on the potential of its people and takes active steps to support that talent in their business endeavours. The research and development tax incentive, arguably Australia’s premium government business incentive, is one of those active steps. However, there is a problem. Unfortunately, too many businesses in Australia simply aren’t aware of the significant cash flow benefit they could be adding to their business by making use of the tax incentive. According to Lior Stein, Director at Rimon Advisory, around 60 per cent of its clientele simply didn’t know...
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Buy/Sell agreements and succession planning

Businesses who fail to plan for death or serious illness of a principal may live to regret it! Imagine this – one of your co-owners falls seriously ill and needs to exit the business. Can you pay them out? How will you plan for the future? If they die, you could be in business with their spouse. Is that OK? Considering how unpalatable this prospect is, it’s surprising that more businesses don’t plan for death, continuing physical or mental incapacity or even a short-term absence. It’s called succession planning, and it’s not as hard as it sounds. Sole trader/practitioners If...
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Why startups need to avoid an “eyes on the prize” mentality

I have seen one big similarity between startup founders and a certain behavioural tendency of university student – compartmentalisation. If you were anything like me all I wanted to do in uni was pass the subject, never hear about it again and hit the town with my friends – to stick the subject in a compartment somewhere in my mind where if I ever needed it again I would need scuba diving gear to go and fish it out. The journey of a startup founder can at times be like the view out of an F1 driver’s cockpit in the...
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Everything founders and investors need to know about the new startup tax incentives

A number of months ago the government introduced tax incentives for early stage investors whereby from 1 July 2016, if you invest in a qualifying early-stage innovation company (ESIC), you may be eligible for tax incentives. A few of the startups we work with have contacted us and asked: “I have an investor who wants to put in money but they want to make sure they are going to get the tax incentive, what do we need to do?” There are three things that need to be considered: What do the investors need to know? Does your company meet the...
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Record keeping

Does your office look like this:   Or this:   Xero has functionality to save down invoices against the payment in the system. Takes less than 10 seconds to attach an invoice to a payment in Xero and forever saved in the system. Record keeping is required to be retained by the ATO for 5 years after the tax return is lodged. Also for audit purposes we could extract invoices from Xero to provide to auditors with no disruption and impact to the practice. There is a client at Castle Hill who we do the book keeping and accounting function...
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