Business owners, I am going to tell you something you're not going to like to hear... Maybe you have heard this before, maybe not… but it is important for you to be thinking about what your business is worth right now… so when that point in the future when you suddenly decide it’s time to sell you will know exactly what your most valuable assets are, and how much your business can sell for.

Tip-offs to the Australian Taxation Office (ATO) have reached an all-time high with close to 60,000 tip-offs received between June and May 2019 – almost double the number of the previous year. The ATO thinks the number of tip-offs will reach around 70,000 for the full financial year.

What is a ‘Success Zone’ and how do you find yours? When are you able to clearly identify the areas of your business that you are clearly utilising your skills and interests optimally, then you will start to see great efficiencies in your business.

Year on year business owners like you and I sit down with their leadership teams, and perhaps with an external advisor, and map out what they think the following year should look like, goals they want to achieve and even the strategic objectives needed to reach those goals. So where do 80% of businesses go wrong?

I know you are looking for a silver bullet. The easy way out. The magic pill to stop the pain that you are now experiencing from having a business that you once thought would be the solution to all your problems, but now controls you on a daily basis.

A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected. We take a look at the key issues for you, your business and your SMSF.