Chris Karkanis

Debt Inherit - Tips to Protect your Family from Inheriting your Debt in Australia #AMadvisory #maheshthapa #investmentproperty #tax #CA #accounting #financialgrowth #Business #EstatePlanning #wealthcreation #lifeinsurance #mortgage #repayments

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How to Invoice in your business if you have an ABN. Invoicing is a critical component of running a successful business. It ensures you get paid on time and maintains a clear record of your financial transactions. If you have an Australian Business Number (ABN), there are specific guidelines you need to follow when issuing invoices. This article will guide you through the process of creating and managing invoices to keep your business operations smooth and efficient. It is generally not advisable to invoice under one Australian Business Number (ABN) and get paid into the bank account of another ABN unless there is a legitimate reason for doing so and the parties involved are aware and in agreement with this arrangement. #smallbusinesstips #smallbusiness #abn

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Came across this interview by Kerry Packers accountant. As we are nearing the end of the financial year the main take away is that as a business owner you should be always PLANNING during the whole year. https://lnkd.in/gcn2NkJa #cfo #cashflow #businessperformance #importexport #manufacturing #familybusiness

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Where are the latest investment property hotspots and where should you considering buying? We look at the latest data and you may be suprised... #propertyinvestment #propertyoutlook

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Businesses consider closure amid rising costs Almost half of small business owners have considered closing in the last 12 months. The 2024 Small Business Conditions Survey compiled by the Australian Chamber of Commerce and Industry (ACCI) found that 40% of small businesses will make a reduced or significantly reduced profit in the 2023-24 financial year, compared to the previous financial year. According to the survey, the biggest challenges facing small businesses are: * Increasing input costs * Skills and worker shortages. * Red tape and regulations “The current environment makes it hard for small businesses to create jobs and employ people,” said ACCI chief executive officer Andrew McKellar. Mr McKellar said small businesses are the backbone of the economy and need help from government, not more admin. “Small businesses need more consideration from governments, especially when they decide to change rules and regulations. Governments tend to be very good at introducing new regulations but not so good at explaining those changes.” #accountant #bookkeeping #business

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Get your business fundamentals fit to drive economic value! In today's dynamic business world, understanding the basics is crucial for creating value. In our latest article, co-authored by myself, Jade Dixon, and Susie Salmon, we outline four essential fundamentals for Australian private businesses. Core fundamentals: • Strategy and planning: Develop a clear strategy to navigate growth and challenges. • Financial management: Leverage data and tech for efficient decision-making. • Governance: Strengthen governance to boost value and ensure compliance. • Working capital: Optimise for better cash flow and stability. Whether you're starting, scaling, or selling, these fundamentals are key. 🔑 📚 Read the full article to set your business up for success: https://bit.ly/3zqDCL1 If you’re interested in attending our upcoming virtual event send me a message! #pwcprivate #CFO #businessfundamentals #privatebusiness

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Navigate the complexities of business funding with our expert guidance. Whether you're seeking capital for expansion, equipment upgrades, or working capital, we connect you with suitable financing options tailored to your business goals. Our network and knowledge in small business finance ensure you access the resources needed to fuel your growth ambitions. Explore your funding possibilities and take your business to the next level with confidence. #businessfunding #smallbusinesssupport

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😵Tax time got you frazzled? Get prepared for tax time with these 5 essential tasks to keep you on track and away from the last minute panic button 🚨 👉MicroChilli’s got your back with bookkeeping, advisory and now income tax services too! Visit the website to learn more. #SMEaustralia #taxtime #ato

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Eyes on the Budget 2024-25 👀 The 2024-25 Federal Budget is the third for the Albanese Government and consistent with previous years, the primary themes are expected to be the cost of living and the economic shift to net zero. 1. Stage 3 Tax Cuts The redesigned stage 3 tax cuts have been passed by Parliament and will apply from 1 July 2024. The amendments broadened the benefits of the tax cut by focusing on individuals with taxable income below $150,000. 2. Investment incentives for small business It remains to be seen whether an increased instant asset write-off threshold will apply to smaller businesses in the 2024-25 income year. The increased threshold to $20,000 announced in the 2023-24 Budget still has not passed Parliament (the Senate increased the threshold to $30,000). 3. Energy bill relief The Prime Minister has hinted at another round of energy bill relief to ease the cost of living pressures for low-income households and small businesses. The measure is subject to support from State and Territory governments. #2024budget #Albanesegovernment #hemisphereaccounting #smallbusinessincentives #taxcuts #smallbusinessinvestment

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Use the government R&D scheme to fund your research & development expenses*. The Australian government will subsidise part of your R&D expenses, which can be injected back into the business, allowing you to fast-track your growth plan. *Only available to eligible entities with eligible R&D expenses . . . . . #Innovation #RandD #FreeMoney #BusinessGrowth #GovernmentGrant #ResearchAndDevelopment #Technology #StartupLife #Investment #EconomicDevelopment

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Another successful sale of a Sydney accounting practice. Interestingly, the Vendor was aged only in their thirties. It's a trend we have seen increasingly of late with owners looking to sell earlier to embark on career and / or lifestyle changes.

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CGT 6 Year Rule Over View:- The 6-year rule under Australia’s Capital Gains Tax (CGT) regime is a key rule you should learn to help clients save significantly when selling their property. This rule allows homeowners to treat their property as their main residence for CGT purposes even while renting it out—offering tax relief for up to 6 years! Let’s break down two real-life scenarios with calculations to see how this rule works in practice: Scenario 1: Full CGT Exemption 🎉 Client’s Property: Purchased for $700,000. Lived in it: 5 years. Rented out: 4 years, then sold it for $800,000. Ownership -9 years. How the 6-year rule applies: The property was sold within 6 years of renting, so the entire gain is CGT-exempt. Capital Gain: $800,000 (sale price) - $700,000 (purchase price) = $100,000. CGT Payable: $0, because the full 6-year exemption applies. ✅ This means your client walks away with 100% of the $100,000 gain—completely tax-free! Scenario 2: Partial CGT Exemption 💼 Client’s Property: Purchased for $600,000. Lived in it: 3 years. Rented out: 8 years, then sold for $1,000,000 Ownership:11 years. How the 6-year rule applies: Since the property was rented for 8 years, only the first 6 years qualify for the exemption. The 2 extra years will attract CGT, and the gain is apportioned. Step-by-Step Calculation: Total Gain: $1,000,000 (sale price) - $600,000 (purchase price) = $400,000 capital gain. Apportion the Gain: The property was rented for 8 years, but only 6 years are exempt. Taxable portion: 2 years out of 8 = 25% of the gain. Taxable Gain: $400,000 x 25% = $100,000 subject to CGT. Avail 50% CGT discount on $100,000, thus taxable gain reduces to: Final Taxable Gain: $100,000 x 50% = $50,000. CGT Payable: Tax is only due on $50,000, significantly reducing the burden compared to the full capital gain. (If the Property rented first, then lived in everything will change) Key Tips for Accountants: 1️⃣ Track dates meticulously: Knowing exactly when the property was a main residence, rented, or vacant is essential for accurate calculations. 2️⃣ Depreciation impact: Be mindful of depreciation claims on rented properties, as they may increase the CGT liability.

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Are you succeeding at Succession? Our Business Radar report this month focuses on succession planning. Key takeaways from the report:   * Business confidence has stabilised and is boosted by solid demand, but still being chipped away by increased costs.  * Australia’s middle market leaders are thinking about succession planning but are not actively planning * Barriers included lack of time to develop a plan, not being a priority, discomfort with the discussion and a lack of people to discuss with. Do you need assistance with your succession plan? Read the attached Radar in the link below and please contact us if you wish to discuss. https://lnkd.in/gURu4mg6

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What stops Australian small and medium enterprises (SMEs) from business structuring? Prior research has revealed advisors’ perceptions that most SMEs had not adopted an appropriate business structure due to an absence of advice at the inception stage of the business. There are many reasons why business structuring may be considered necessary by advisors and operators of SMEs. These can include facilitating new investors, facilitating a business succession plan, allowing access to generous tax concessions only available to certain business structures, and to address legacy issues (such as a complicated structure). Our research found a difference between the factors that impact an established business compared to a new business. Our analysis demonstrates that for established businesses, transfer costs such as capital gains tax (CGT) and stamp duty are more frequently mentioned by advisors as inhibitors. Whereas for new businesses, the more frequently mentioned inhibitors are establishment costs and client understanding. For more details see: https://lnkd.in/ewY8bNUu Barbara Trad Craig Cameron

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