Fatboy’s Cheese Steaks The mobile food van that is really going places!

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When Antony Hocking of Shepparton  of Shepparton added – Tony started to look for a small restaurant or café to get started in his first small business, nothing seemed to pop up. Antony believed it all seemed too expensive for the returns.

In his searching and investigations Antony finally saw a food truck business that looked interesting, but after much negotiation Antony thought he could do better and opted to build his very own food van from the ground up and ...

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ASIC Targets Growing Companies in Audit Crackdown

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ASIC is in the midst of a concerted campaign targeting private companies that have outgrown the reporting exemptions.

ASIC requires companies to prepare and lodge a financial report and a directors’ report each financial year, and have the accounts audited unless the company is exempt. Most small companies are exempt from the compliance requirements, as are small foreign owned companies in certain circumstances.

Utilising data from the Australian Taxation Office (ATO), ASIC is contacting companies that have moved beyond, or not complied ...

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We are making every step count for ‘Steptember’!

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The crew at JH & Co have three teams participating in the Steptember challenge!
The challenge runs from 4th September to 1st October.
Our teams are Journal Junkies, Ledger Lovers & Accountaholics.

Our aim is to do 10,000 steps a day each, increase our activity and get fit and healthy, all while helping raise valuable funds for cerebral palsy. We believe it will also help our combined office health and productivity.

We are putting it out there to ask for donations to ...

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Super Guarantee – What Happens When You Get It Wrong?

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The ATO receives around 20,000 reports each year from people who believe their employer has either not paid or has underpaid compulsory superannuation guarantee (SG). In 2015-16 the ATO investigated 21,000 cases, which raised $670 million in SG and penalties.

The ATO’s own risk assessments suggest that between 11% and 20% of employers could be non-compliant with their SG obligations and that non-compliance is endemic, especially in small businesses and industries where a large number of cash transactions and contracting arrangements ...

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Directors’ fees: What and How to Pay Them

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The issue of Directors’ fees often comes up – should we pay directors, and if we do pay fees how should they be paid? We answer the common questions for private companies.

Can you pay a Director?

Directors who work in the company, executive directors, would generally have an agreed executive remuneration structure that takes into account their service including attending Board meetings (so, generally no extra fees for service outside of the agreed remuneration structure).

For non-executive directors, companies can only pay ...

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Main residence exemption removed for non-residents

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The Federal Budget announced that non-residents will no longer be able to access the main residence exemption for Capital Gains Tax (CGT) purposes from 9 May 2017 (Budget night).  Now that the draft legislation has been released, more details are available about how this exclusion will work.

Under the new rules, the main residence exemption – the exemption that prevents your home being subject to CGT when you dispose of it – will not be available to non-residents.  The draft legislation ...

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Super concessions for first home savers and downsizers

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Does superannuation offer an avenue to help downsizers and first home savers? The Government seems to think so. Late last month the detail of the housing initiatives announced in the Federal Budget were released for consultation. We explore what’s on offer and the implications.

Super concessions for downsizers

If you are over 65, have held your home for 10 years or more and are looking to sell, from 1 July 2018 you might be able to contribute some of the proceeds of ...

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Generational succession: Do your kids really want to take over your business?

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Generational succession – handing your business across to your kids or family – sounds simple enough. But, many families end up in dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed as closely and diligently as if you were selling your business to a stranger to avoid misunderstandings and disputes – you need to make sure that everyone understands what the transition will mean and everyone is aware ...

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GST on imports: new rules for goods under $1,000

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Last month, Parliament passed legislation that will see GST applied to all consumer imports regardless of their value. Currently, imports below $1,000 are excluded from GST.

The perceived preferential treatment of internet shopping has been a contentious issue for a while with the retail sector lobbying hard to ensure that where a business is benefiting from sales to Australian consumers, the purchase is taxed in the same way as local retailers.

While the start date of the change has been pushed back ...

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Super Reform: What SMSFs Absolutely Need To Consider Before 30 June

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The wide-ranging superannuation reforms come into effect on 1 July 2017. With the changes come a series of issues that Trustees need to be across, even if they don’t immediately affect you or your fund:

Understand the value of assets at 30 June

At 30 June 2017, SMSF Trustees will need to know the total superannuation balance held by members. If you have assets such as real estate in your SMSF, and to an extent other assets such as collectables, and artwork, ...

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