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You see a $38,000 cash profit in your profit and loss account (P&L), but your bank account doesn’t reflect this. Here’s a simple breakdown of why this happens and what you can do about it. Understanding these areas can help you manage your finances better, make informed tax decisions, and ultimately create more wealth. Drawings […]
Basic rules It’s not your money – it’s your employees’ money – and the ATO has a different outlook on this than tax debt. You must pay employees superannuation. You cannot tell us to leave out superannuation if you are an employee of your company; this must be paid. Refer to rules 1, 2 and […]
Ha – ha you can’t see me You think that if you don’t sign your BAS the ATO can’t see you or know you owe them a BAS and some money…. Nah! It doesn’t work like that. So here is what is on the sword of Damascus if you use this tactic. If a business […]
Why is it growing Or directors’ drawings or as the insolvency industry calls in “debit loan accounts” Understanding Drawings and Their Impact on Your Business What Are Drawings? Drawings occur when money leaves your business for non-business purposes. This money isn’t an expense, isn’t paying for an asset, and isn’t being deposited into a business […]
f I saw an Anglia Van now, I would stop – WOW, an Anglia Van. You don’t see those anymore. My dad had Anglia Vans for meat delivery in his business, moving staff from one shop to another, and my sister and I used it one glorious summer when we borrowed surfboards and went from beach […]
“According to Doug Putman, the billionaire founder of Canada’s Sunrise Records, who bought HMV in 2019, downloading and streaming have failed to kill the record shop. HMV is posting profits this year with a growth in CD sales and even a resurgence of the cassette tape”. So here is my confession. “I hate all things […]
We have been here before. The normal is constantly changing, so should you and your business. Interest rates and inflation are currently the new normal. Subject to how long in the tooth you are, you may remember the last couple of economic downturns. My first memory of “bad times” was as a child. My parents […]
This is what the ATO strategy is, and it’s not good news. The ATO will first attack a business’s ability to operate and borrow money – weakening a business before it goes through the longer process of chasing money. At Your Business Angels, we see the irony of this. A business unable to borrow or […]
Your Business Angels are financial contributors to “Self Employed Australia”. We do this because they really fight for the Self Employed Australian that does not include “cuddling” up to politicians of any side. They just fight, and they achieve a lot. We haven’t promoted this organisation, we believe that they fight in the political arena, […]
