Allied Business Accountants Blog

SMSF Trustee Penalty Regime

By | SMSF | No Comments

On 6 March 2014, the Tax and Superannuation Laws Amendment (2014 Measures No.1) Bill 2014 passed through both houses of parliament, and is currently awaiting Royal Ascent. The Bill gives effect to a new penalty regime for trustees of Self Managed Superannuation Funds. Designed to encourage and ensure trustee compliance with the SIS Act, the regime commences 1 July 2014 and subjects trustees to monetary penalties, mandatory education and rectification directions if found in breach of the SIS Act. Monetary Penalties An administrative penalty is…

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Why Cloud Accounting is Good For Business

By | Accounting Software, Cloud, Starting a business | No Comments

If you want your business to work smarter and faster, cloud accounting software is a wise investment. Working in the cloud will give you better insight into and overview of your finances, and improve collaboration with your team. Accounting software shouldn’t be a chore to use Small business accounting software that’s not available via the cloud can be tedious. Traditionally, it can suck up far too much of your business’ time and effort. This doesn’t add value, and takes the fun out of being in…

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Considering a Franchise

By | Franchise, Starting a business | No Comments

At one time or another, many business owners and operators consider – however briefly – the idea of either franchising their operations, or buying into an established franchise business. As accounting advisors to small and medium sized businesses alike, we are often asked about the pros and cons of both these options. Taking on a franchise can seem pretty attractive compared to starting a business from scratch and in the last two years, the number of franchise systems operating in the Australian business market has…

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