Harper News

Entries for February 2015

Franchisee or Independent

Over the various important breaks, where public holidays exist, there seems to be an opportunity for the Independent Coffee Shops! In a street dedicated to several different Coffee Shops, some includi...

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How to Increase the Revenue of your Business

There are realistically two major avenues for your business to increase its annual revenue: #1 is to increase the volume of people buying from you, and #2 is to increase the price achieved at the time...

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Build Your Business to Sell

When you started your business, what was the long-term goal? Did you want to keep the business forever and pass it down to your children or grandchildren? Whatever it is, what really matters is that y...

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Change Your Product Mix

What you sell, who you sell it to, and where you sell it has a massive bearing on the sales, profits and wealth your business generates. Therefore, changing your product mix (what you sell) has some...

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Selling Your Business and Using Planning to Increase Value

When it’s time to move on from your business, what’s your exit strategy? If you don’t have one, you’re leaving too many things to chance and opening yourself up to real problem...

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Purchase From Overseas

In this new global community, you have potential suppliers from every country throughout the world. Each country has different cost bases to work from, different base wages, different supply costs, di...

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Generate Healthier Profits By Cutting Head Office Fat

Have you ever noticed some of the fastest growing and most profitable companies here in Australia are also some of the leanest. Take Aussie Home Loans for example; Founder John Symond grew Aussie, not...

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Planning to Build a Strong Team

If you’re a sports fan you know that a championship team don’t just come together. It takes planning, and lots of it, to create a team that can be considered the best of the best. When it ...

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Reduce All Expenses by 10%

In most accounting software packages e.g. Xero, MYOB, QuickBooks etc. there is an ability to print out a detailed list of your expenses and the % this expense item has in relationship to sales. If i...

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Cash Flow to Grow Your Business

The most dangerous period for many business owners is not when they start up, but when they scale the business for growth. When you first start a business there is more flexibility, mistakes are more ...

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Employee or contractor? 12 common myths

The Tax Office says that it has encountered several myths and assumptions adopted by both workers and employers when it comes to trying to decide the tax status of a job appointment. It found that employers continually rely upon some inaccurate factors when making distinctions about what makes a worker an employee or contractor — and therefore the tax treatment that applies in these cases. 

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Changing the makeup of a partnership through ‘reconstitution’

Over time, or due to circumstances, the composition of a partnership can change – for example, a partner may retire or die, or a new partner is admitted. In many such situations, the existing partnership may need to be dissolved and a new partnership formed at general law.

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Income averaging: Who is eligible, how it works

Australian tax legislation recognises that certain taxpayers, due to the nature of their work, can make inconsistent levels of income from year to year. In light of this, there is a concessionary tax treatment available that allows for a reduction of the otherwise unreasonable tax rates that would apply in higher income years, in effect smoothing out these income spikes to come to a fair level of tax overall.

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The taxation implications of ‘debt forgiveness’

“Pardon” is a word that can sound somewhat archaic — which could be why the term “debt forgiveness” is barely mentioned in discussions on “bankruptcy”, even though the two concepts are related. Bankruptcy is dramatic, Hollywood; debt forgiveness seems dated, even mildly medieval.

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Tips and traps for SMSFs investing in property

Many SMSF trustees contemplate investing in real property as part of the fund’s investment strategy. However a recent Tax Office notification raised its concerns that some trustees may not fully consider the risks and issues associated with holding a real property investment and how this can affect other aspects of the fund, such as benefit payments.

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When you have to deal with a natural disaster

The recent bushfires across much of the country are a reminder that as well as the more obvious immediate devastation inflicted on people’s property, these destructive events can also mean loss of income for many affected people — not only directly, but also in terms of damage done to workplaces, income-earning tools of trade, vehicles and essentials such as computers and other equipment.

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Planning to Align Business Owners

Do you want to be aligned with your goals? Do you want to feel like you’re in step with what’s going on in your business? If you ever feel like your business is like a runaway train and yo...

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