A Virtual CFO (Virtual Chief Financial Officer) is a good way for small and medium sized enterprises (SMEs) to get top-notch financial advice, but at an affordable price. That advice can be of huge benefit to SMEs. And it can come at a fraction of the cost of a traditional bookkeeper.
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Having a CFO is not the same as having an accountant, nor does the CFO replace the accountant. CFOs and accountants work together, along with other advisers. The CFO has a different perspective and more closely-focused responsibilities as an internal member of the management team.
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Some of the common questions about the arrangements for JobKeeper from 4 January 2021 are detailed below.
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Finally we have a release of the newly made law ‘JobKeeper 2.0’.
This impacts JobKeeper payments from 28th September 2020 to 28 March 2021.
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How is your business really going? How do you know if it is succeeding or failing?
Find 5 KPIs that will help give you a clearer perspective on the real performance of your construction business.
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Land tax reduction increased to 50% for eligible landlords and new 25% reduction for owner occupiers
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JobTrainer provides a 50% reimbursement to eligible employers for the cost of apprentice or trainee wages up to $7,000 per quarter
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The ATO is reporting an increase in errors relating to the settling of properties where GST is due on settlement.
To prevent delays, the ATO advises:
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If your business turnover is greater than the $10m aggregate annual turnover test, you will no longer meet the eligibility criteria for the small business tax concessions.
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If the subdivision is the mere realisation of a capital asset, you will need to establish a cost base of the subdivided land. This is calculated as a proportion of the cost base of the land. Which is commonly determined on land size. Remember, It is not the market value at the date of subdivision.
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The Commissioner of Taxation recently released a taxation ruling, TR 2018/3, which provides guidance on reporting profits derived and losses incurred from long-term construction contracts. While the understandings are not vastly different to a previous release from 1987 (IT 2450), it is a healthy reminder that long-term construction contracts must be correctly accounted for to ensure tax payments are suitably timed.
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