Money you earn from renting out a room in your house is rental income, according to the Australian Tax Office (ATO). This applies to rooms rented by traditional means or through a sharing economy website or app. You can only claim expenses related to the part of the house you rent out and you need…
Estimate the likely depreciation deductions for your investment property Mitchell Partners’ new Tax Depreciation Calculator helps you to estimate the likely depreciation deductions claimable for all types of property including residential, commercial and manufacturing buildings. Click here to start using our Tax Depreciation Calculator now. Talk to us Want to order or find out more about…
Contents Understand your Key Performance Indicators Time for a change… and quickly! Don’t just reverse the risk – remove it Read the October edition here. Forward to a friend Know someone who might be interested in this newsletter? Why not forward this email to them. Disclaimer The contents of this newsletter is general in nature and…
Consider this fundamental point in business; whenever a customer makes a purchase, they take a risk that the product or service will work. When you think about it logically, the fact that they’re taking a risk must hamper the decision-making process. In a lot of cases, it must put off the decision. The product or…
Ever heard the expression “time is money”? Well, it’s never more true than when it comes to making changes to your business. While change is not something that most people embrace quickly or open-heartedly, if it’s done too cautiously it can flatten revenues, eat profits and lead to business failure. This is particularly true for…
As business owners, we all work hard to get the most profit from our business. So why would you take a stab in the dark at the true cost of producing a product or service? Using the accounting approach of job costing is a great way to provide transparency to particular jobs or projects in…
Every time you print a P&L report, print a column of percentages beside each expense line. This percentage figure is a percentage of sales. To get these percentages it is a simple matter of ticking a box in your reports creator in your software. This percentage figure becomes your Key Performance Indicator (KPI), which is…
Way back when I started in business, I figured that if I was taking in money and only spending the money I had then I was in a profit situation, right? After all, my accountant seemed happy. Then accounting software took the world by storm and bookkeeping got easier. At about that time I started…
Contents Think Big! How to Free Up Cash by Reducing Receivables Case Study: IT Consultancy Works with Accountant to Turnaround Flagging Results Click here to read our Sept 2016 edition.
How to free up cash by reducing receivables The most effective way to manage receivables is to put into place a system that allows management the ability to: Provide credit to eligible customers only Keep track of receivables in a timely manner Trigger follow-up calls/emails/letters for reminders/past due/legal action and Trigger when management intervention or…