Accountability

As the principal of one of NSW's most trusted chartered accounting firms, Alan McGillivray's experience and insights have been used by everyone from state and federal government agencies through to small business and individuals.

$20,000 Small Business Tax Write-Off

Remember! The $20,000 instant asset write-off threshold has been extended to 30 June 2019. 
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CAPITAL ASSETS AND EXPENSES

Assets that have a longer life are called capital assets. Examples include buildings, motor vehicles, furniture, machinery and equipment.  
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DIVORCE AND YOUR BUSINESS

It's a fact of life that in Australia, one in three marriages end in divorce.

The emotional stresses can be immense, while the financial strains are no less concerning.

Complicating all this is if one or both spouses enjoy an interest in a business or professional practice.

While most business owners only ever think a business valuation is needed when buying or selling - marital, partnership and trust disputes are also reason enough.

Different valuation methods are employed for businesses that are wholly or partially owned by the parties, and for those which are closely held.

Remember, when a business is valued for the purposes of a property settlement, it is not the same as the value a business would be sold for.

In a property settlement, the valuation looks at the value to the owner/s, in other words, what are the benefits the owner/s would receive if they retained their interest in the company.

All businesses have their own story, so there is not one set method that is used to value a business.

Whether a business is ongoing or operations have ceases, earnings stability and whether the business has any "goodwill" are just a few of the many factors which must be considered.

The common objective of most business valuation assignments is to estimate the “Fair Market Value” of the business,

The dilemma in all this (and any valuation where disputed entitlement is concerned) is each party will have a very different opinion on the value of the business…depending on how they might stand to benefit.

Divorce or separation is trying, what you don't need is additional grief and burden. A professional business valuer can put together a written valuation report that transparently addresses all of the relevant matters where any subjectivity is possible.



 
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THE 'BLACK' ECONOMY

The so called 'black economy' is rife. 
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SINGLE TOUCH PAYROLL - ARE YOU EXEMPT?

Did you know may be exempt from reporting through STP for the 2018-19 financial year, or exempt from reporting certain payments?  
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5 ACCOUNTNG PROBLEMS YOU 'CAN' AVOID

Like it or not, accounting (no matter what the size of the business) is a fact of life. Getting your systems sorted early will save you long term problems and short term headaches. 
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ARE YOU ENTITLED TO A TAX REFUND?

It should come as no surprise that as far as leisure time activities are concerned, doing a tax return is pretty low on the list. 
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MANUFACTURING BUSINESS? WHO DO YOU TURN TO?

When it comes to manufacturing, understanding and classifying your inventory can help you plan and budget to achieve your business goals. 
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SMALL BUSINESS GRANTS

Looking for grants or assistance to start or run your business? While the government generally doesn’t offer funding just to start a business, there may be other forms of assistance available to help you. 
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QUESTIONS TO ASK WHEN BUYING A BUSINESS

Buying a business? There's a multitude of questions which you first need to ask yourself and then ask both a valuer and your accountant. 
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About Alan McGillivray & Associates

With more than 20 years experience, we service clients ranging from small businesses to medium sized enterprises up to $50M in turnover. Our goal is to help you achieve success in growing your business sustainably and profitably.

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