THINKING OF SELLING YOUR BUSINESS?

If the time has come for you to consider selling your business, there is much to take in to account.

One of the most significant decisions will be whether to sell the business as a whole, as a going concern as part of the entity is currently operates within, or to sell some or all of the business assets out of the entity. There are many factors impacting this decision, both commercial and taxation based, and it will also be impacted by the vendor and the potential purchasers wishes.

Trading history, physical location of the business, key contracts, stock on hand and the value the current owners bring to the business will all form part of the valuation and the negotiation process.

In addition, vendors and purchasers both need to ensure they have a good understanding of any capital gains implications and concessions, GST impacts, transferable employee entitlements, state duties, income tax and franking credits and the list goes on.

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  


 

DID YOU START A SMALL BUSINESS IN 2016?

Did you start a small business in 2016? The rules have changed around the deductibility of certain start up costs. Previously these have been deductible over five years but now the legislation allows for immediate write off for the following: 

• Professional, legal & accounting advice
• Australian government fees & charges  

For more information please contact us or see the following from the ATO:

 

https://www.ato.gov.au/Newsroom/smallbusiness/General/Did-you-start-a-new-business-this-year-/

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  

 

 

 

DON'T MISS OUT ON YOUR SUPER DEDUCTION!

As most business are now using Superannuation Clearing Houses to pay their superannuation you must ensure that you leave enough time for the superannuation payment to pass through the clearing house and be received by the superannuation fund.

All superannuation payments, both Superannuation Guarantee Contributions (SGC) as well as salary sacrificed amounts, are not considered ‘received’ by the ATO until the funds are in the members superfund account. 

The exception is when you are using the ATO Clearing House. The ATO considers SGC to be ‘received’ when the funds are received by the ATO Clearing House. Please note that this is not the case when contributing salary sacrificed amounts.

In order for salary sacrificed payments to reach the superfund by 30 June 2016, they must be received by the ATO Small Business Clearing House by no later than 6pm (AEST) Thursday 23 June 2016.

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  

PRIMARY PRODUCTION LIVESTOCK ACCOUNTING

If you operate a primary production business, large or small, the recording of livestock head count can have a big impact on your year-end taxable income. Whether it be cattle, horses, bees or any other livestock, it’s important to maintain accurate records of all increases and decreases in head count. This includes:

· Purchases, recording both number and price paid

· Births, including insemination costs if any

· Sales, recording both number of amount received

· Deaths

· Stock killed for own use

· Total stock numbers at 30 June, being simply the number of stock you own at the end of
   the tax year

With 30 June 2016 fast approaching, now is a good time to commence counting your livestock to avoid the frustration of trying to “back track” after year end.

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.