Blog – Maddern Financial Advisers

Be ahead of the news in accounting, private wealth and finance

Bookkeeping - taxes

Make selling your business less taxing

Team Maddern
08/Aug/2020
Selling a business you have spent so many years building up can be a difficult process, but getting the best price is not the only consideration. Tax has a big role to play in the financial result. That means the ATO will be paying close attention. Selling a business is considered as disposing of an asset, so it triggers a capital gains tax (CGT) event. If your sale isn’t handled correctly, you could find yourself on the receiving end of a hefty tax bill and a lot less profit than you expected.
Tax time

How COVID-19 changes tax time

Team Maddern
06/Jun/2020
As this financial year draws to a close, it will be viewed as a year like no other. COVID-19 (coronavirus) has impacted everybody’s life, albeit in different ways for different people.
working from home

Calculating your working from home deductions. New tax shortcut!

Team Maddern
16/May/2020
With many people now working from home because of COVID-19, some of the expenses your employer normally covers – such as electricity, heating and cooling – are coming out of your pocket instead.
Taxes

Tax concessions: helping small businesses

Team Maddern
25/Jan/2020
Running a business keeps you pretty busy, so it’s easy to overlook the help that’s available. Many small businesses don’t realise the government offers a range of valuable concessions that can make a real difference to their annual tax bill. Depending on your annual turnover, these can include reduced tax rates, asset write-offs, simplified depreciation rules and tax-free restructuring.
Festive season

Tax and the festive season

Team Maddern
24/Nov/2019
As the festive season approaches it’s time to start thinking about celebrations and spending time with friends and family. For most business owners, it also means it’s time to start thinking about saying thanks to your employees for another year of hard work. But it’s important to be aware of the tax implications of any gifts and celebrations you provide, as the rules can be complex.
Safe harbour

Finding safe harbour when business is rough

Team Maddern
26/Oct/2019
Australia’s economy is growing at a slower pace than many would like, with small businesses in some sectors doing it tough. Recognising the warning signs of potential insolvency is key to trading through difficult times.
Carving pie

Carving up your GST

Team Maddern
28/Sep/2019
Apportioning your GST obligations For many small businesses, reporting the GST you collect after issuing tax invoices to customers can be a headache. But there is a way to save time and make the bookkeeping process a bit easier – if you meet the ATO’s eligibility criteria.
Tax planning

How to make tax time less taxing

Team Maddern
25/Mar/2019
Tax time comes around with alarming regularity, so why is it that we tend to wait till the 11th hour to get all our affairs in order? Good tax planning is about more than simply maximising deductions. It enables you to focus on the big picture so you can arrange your business and personal affairs in the most tax-effective way, make the most of our services and tax updates throughout the year.
Finance

Financial rules to live by in 2019

Team Maddern
14/Jan/2019
Australia has enjoyed almost three decades of economic sunshine. But it’s worth remembering that dark clouds can appear without warning over both individuals and economies. You may have little control over being caught up in a round of redundancies or experiencing the fallout of an international trade war. But you can choose to manage your finances in a way that lets you keep your head above water come what may.
Online retail growth

Keep your cash flowing

Team Maddern
09/Dec/2018
As we head into the Christmas holiday season you are most likely looking forward to some relaxing times ahead, but one thing that should not be taking a break is your cash flow. Invariably there will be a blowout in your personal spending over the Christmas period on food, presents and holidays, while the normal household bills keep rolling in. It’s much the same for businesses. It can be all too easy in the busy lead-up to Christmas to let chasing bad debts and invoicing clients take a back seat. But if you don’t act now, you may not see any cash until February. Meanwhile your regular bills will still be coming in and wages will also need to be paid. So what can you do to make the holiday season financially stress free?