Accountant Allied Health Annuity Apps Asic Asset Finance Asset Planning Asset Protection Asset Protection Strategies Assets and Risks Ato Auction Audit Insurance Australian House Market Report Baby Bonus Binding Death Benefit Nominations Binding Financial Agreement Binding Financial Agreements Body Corporate Bonds Borrowing Brexit Budget Budgeting Business Business Tax Deduction Capital Gains Tax Capital Gains Tax: Will Capital Protection Cgt Checklists Commercial Loans Commercial Property Concessional Superannuation Contribution Corporate Trustee Darren Foster Debt Debtors Deceased Estate Depreciation Economic Update Economy Estate Planning Executor Fbt Federal Budget Federal Election Finance Finances Financial Plan Franking Credits Gst Holiday House Hybrid Unit Trust Individual Ownership Insurance Insurance In Super Interest Rates Investment Investment Loan Investment Loans Investment Property Investments Joint Ownership Ken Burk Land Tax Lending Life Insurance Linda Hamilton Loan Repayments Loans Lvr Margin Loans Margin Scheme Market Update Medical Expenses Mortgage Mortgage Broker Mortgage Broking Mygov Negative Gearing Offset Account Paris Financial Pat Mannix Payg Variation Pension Practice Valuations Private Wealth Property Property Development Rebecca Mackie Redraw Facility Refinance Renovating Research & Development Retirement Retirement Planning Retirement Savings Salary Sacrifice Scams Self Managed Superannuation Self Managed Superannuation Fund Seminar Shares Small Business Smsf Smsf Borrowing Smsf Property Smsf Self Managed Superannuation Fund Steve Golding Steve Wildes Strategic Business Structuring Structures Subdividing Property Succession Plan Superannuation Superannuation Fund Tanya Hofbauer Tax Tax Benefits for Super Tax Concession Tax Deduction Tax Investment Property Tax Offset Tax Planning Tax Savings Tax-Free Tenants in Common Tessa Testamentary Trusts Transition to Retirement Trust Trusts Ttr Will

Five Areas Of Concern For Growing Businesses In 2019

Five Areas Of Concern For Growing Businesses In 2019

If you’ve got a growing business, these are the main areas you need to be concerned with this year.

1… Your People.

Your staff are your number one asset. Look after them. Get your industrial relations right with your employees. Pay them correctly. The Fair Work Ombudsmen in Australia is cracking down on employees’ underpayments, so you’ll need to get them on the right pay rates asap.

2… Single Touch Payroll.

From 1st July, small businesses with less than 20 employees will need to have STP. So, start looking at software now.

3… Negative Gearing.

Billy Shorten is looking at changing negative gearing. For many business people who are starting to grow, they want to develop their property portfolio. The mooted changes of negative gearing won’t be good for small business, but we’ll have to wait and see what happens.

4… Capital Gains Tax.

Low or no CGT is a key part of businesses being able to grow their wealth. It’s going to be vital to keep an eye on this area to see if any changes occur post election.

5… Franking Credits.

Company franking credits help small businesses by helping them to run cash flow. The government may or may not make significant changes in this area. Unfortunately, any changes could be bad for small business people.

 

Whatever you do as a business owner, don’t make decisions until the law officially changes. Even then, don’t make decisions without the right tax advice.