Why you should care about Fringe Benefits Tax in your business
The ATO has yet again increased it’s audit focus on FBT. Their recent audit activity has raised $659 million dollars in revenue, and consequently they now have further funding to expand heir audit activities for the 2011 FBT year.
Why are we telling you this?
If you are in business and not registered for FBT, we believe you may be an audit target for the ATO for 2011.
You may not even be aware that you are providing Fringe Benefits.
So if you are not registered for FBT, this year is time to make sure you comply.
This may or may not result in you having to pay Fringe Benefit tax, which is tax deductible.
Importantly you need to make sure you have the necessary records and documentation to support any benefits you may be providing.
Questions you need to answer:
Do you provide Motor Vehicle Benefits from your business?
Do you pay for entertainment for your employees?
Do you pay for expenses for your employees?
If you answered YES to any of these, we recommend you complete our checklist as it is a guide to determine whether you need to do anything further in order to meet your FBT obligations.
To receive a complimentary copy of our questionnaire, simply email kathryn@mbrgroup.com.au
Or, if you are not sure if FBT applies to you, call Kathryn on (03) 9385-7700 for straighforward guidance.
ATO pulls 15 cash economy benchmarks
Cash sales benchmarks withdrawn
The ATO’s cash sales benchmarks, for the 2009 year, released in November 2010 have been withdrawn from use.
The cash sales benchmarks, covering fifteen industries (see table below), are a small part of our comprehensive suite of small business benchmarks across 107 industries that the ATO uses to identify and deter activities in the cash economy.
Cash sales benchmarks identify the expected ratio of cash sales to total sales and are based on credit and debit card sales data provided by financial institutions, as well as information provided by small businesses on activity statements.
A review of the data used to calculate the cash sales benchmarks has identified inconsistencies in the way in which cash-outs paid by businesses to their customers were recorded. (An example of cash-out is when a customer requests additional cash when purchasing goods or services.) Accordingly, the ATO believes it is appropriate to withdraw the cash sales benchmarks at this stage.
The ATO is refreshing the data used to calculate these benchmarks and will release updated cash sales benchmarks for 2010 later this year.
The cash sales benchmark is just one tool used in the course of compliance activities with the key focus remaining on evidence of businesses declaring all income through appropriate record keeping. The ATO only raise assessments based on cash sales benchmarks when there are inadequate or no records to substantiate their declared income.
The current audit work involving these benchmarks will be limited to a review of taxpayers’ records and where appropriate we will provide taxpayers with advice on areas where these records can be improved. The ATO will continue to monitor their performance against benchmarks in future years.
If you would like to discuss how this impacts your business and your record keeping, call (03) 9385-7700 today.
Businesses can continue to use the published performance and input benchmarks with confidence to compare their performance to similar business in the same industry. The ATO continue to use these benchmarks to identify businesses that may not be paying their fair share of tax.
The 15 industries covered
| Beauty services | Fuel retailing | Meat retailing and butchers |
| Clothing retailing | Garden supplies retailing | Newsagents |
| Coffee shops | Grocery retailing and general stores | Pubs, taverns and bars |
| Florists | Hair dressers | Restaurants |
| Fruit and vegetable retailing | Hardware and building supplies retailing | Takeaway food services |
Business growth strategies to get that elusive X Factor
Ever wondered why some businesses flourish – in fact, it seems they can do no wrong – and yet others struggle? Consider the answer is having …
“The Edge”. And here’s your chance to bring that edge to your business and increase your profits immediately …
We’d like to give you a first-hand, no-cost insight into just how quickly and how profoundly that can happen for your business …
So, we’d love for you to join us at our next series of VIP, exclusive events we’re hosting, in April and May 2011 called
“The Edge – Gaining the
Unfair Advantage & Increased Profits”
In this COMPLIMENTARY, hard hitting 3 hour event you will learn specific tools that will empower you to achieve the things you’re dreaming of for 2011, so that you are 100% set for success.
We will take you through some of the best kept secrets of success that we have acquired over the last decade by studying and working with elite individuals and businesses around the world.
This exclusive event is being hosted by MBR Group / 10X Moreland, and it’s literally designed to add value to your business and frankly – your life.
We launched 10X so we can play a far more proactive role in helping you manage and grow your business and expand the value of your very special asset.
10X is designed to help you increase the revenues and profitability of your business – and to help you adopt strategies that over time, improve your quality of life while we’re at it. To begin that important work on your business, you’re invited – on us – to this fantastic event.
Upcoming dates:
Tuesday 12th April 2011 / Wednesday 13th April 2011
Tuesday 3rd May 2011 / Wednesday 3rd May 2011
Venue:
MBR Group / 10X Moreland, Unit 15, 306 Albert St, Brunswick
To reserve your seat or for more information:
Contact Karlie at 10X Moreland, 03 9385 7700, Karlie.hinchcliffe@10x.com.au
Actions define you and your business
It is said that your businesses a reflection of you, and that is certainly the case for business owners.
If you purchased an existing business, then that business reflects what you saw as an opportunity, and it took your action in purchasing it to make it yours.
If you have built your business from scratch, then it is a culmination of many actions over the course of time.
If you are only a part owner, one key action that had to occur was that you had to agree to share ownership. This could have been by merger, acquisition of part interest, or sale of part interest.
To develop your business further, it will be the actions you take that determine the future.
You may think it is your strategies which matter most. I disagree. The best strategy in the world today is nothing without action.
So do you know where you want to be in 12 months, 2 years and 5 years? Do you know where you want your business to be?
And more importantly, if you know that, have you identified the actions required to take you and your business from where you are to that desired future?
Do that, and the reflection noted above will be brighter and much more attractive to you!
This is just one of the ways we work with our clients to help them grow their business and bring a brighter future to the fore. For more information, you can subscribe to our newsletter, or email me today at adam@mbrgroup.com.au
Do you want a brighter future?
MBR Group in the Community
Although we can all get caught up in our day to day lives, as part of a community I have tried to live by the maxim that “you get out of something what you put into it”.
That has provided me with many unique experiences and some great friendships. I have been Chair of a local Neighborhood House who catered to those newly from the Horn of Africa; Treasurer of our children’s Kindergarten; Auskick coach of 40 boys and girls; Rotarian including a year as President for Brunswick; Treasurer for Brunswick Industries, a supported employment service which has a workforce numbering more that 65; and Junior Cricket Coach for Brunswick Cricket Club.
And every one of those roles has required work, and input, and sometimes you wish you didn’t have to do it.
But every one of those roles has been ultimately rewarding at a much greater level.
So, yes, my business is part of the Brunswick and Melbourne communities, and I do try to give back, but in reality I have gained a great deal from that involvement and look forward to doing so in the future.
In my business, I know that if I focus on the right things, and devote effort to those things, then the returns will come.
What are you putting back into your community? What key actions are you focussing on in your business?
Get these right, and results will follow.
Good luck.
What is holding your business back from even better performance?
I love helping businesses improve performance even more, but with many business owners we work with, there is something (or many things) that holds the business owner back from implement a particular action which they know they should.
One of Australia’s pre-eminent business coaches, Michael Sheargold, has a great quote: “The power of an idea is in it’s implementation”.
This quote makes perfect sense when we realize that without implementation, an idea is simply a dream.
So ACTION is key. Without Action your best decisions will not improve results.
That is why when we work with our business clients and look at growing revenue, or profit, or cash-flow (or preferably all three) we look at the Actions that will drive performance improvement.
And to do that we need to help you break through what might be holding you back.
By identifying the Key Performance Actions that your business needs to improve even more, we work with our business clients to develop plans to implement, and then most importantly, put in place a system to ensure they are actually implemented. We build accountability for ACTION into the plan.
What are your Key Performance Actions? How will you make sure they happen tomorrow?
By answering these questions we can help you break with the old ways, and look forward to the supercharged performance that accompanies your breakthrough.
If you would like to read more about Key Performance Actions, register for our newsletter now by going to www.mbrgroup.com.au. Our next issue has a great article to help you get started with your Key Performance Actions.
KEY PERFORMANCE ACTIONS
If you want to grow your business, you need to know its Key Performance Actions
What are Key Performance Actions?
They are those key actions taken in your business today that impact performance from the way your phone is answered,* to the way your products and services are delivered. These actions of today will impact the performance of tomorrow.
But what about KPI’S everyone talks about?
Key Performance Indicators are measures of past performance, a logging reflection of past actions. Valuable from a review and analysis perspective, and intelligence useful for understanding the Key Performance Actions, but in themselves they measure rather than drive performance.
Do you know what your Key Performance Actions are, and, more importantly does your team understand them?
If not, you have a fantastic opportunity to take advantage of our Key Performance Actions model.
At MBR Group we are determined to help business owners drive performance, not just measure it.
If you would like to know more, subscribe to our e-newsletter from our home page or email me today at adam@mbrgroup.com.au
Your business in 2011, There Has Never Been a Better Time
As the new year rolled around, there is a fair chance that you all turned your mind to the opportunities the new year offered. A fresh start? An operational re-boot? A new market? More Profit? More Cash?
With the new year 3 weeks old, now is a great time to ask what actions have you taken to bring those opportunities toward reality?
If you have let those 3 weeks slip by (or have been enjoying holidays), have you got an action plan in place?
The best decisions in the world are simply dreams without action!
We have already been working with our business clients on their action plans, all designed to improve their business results even more.
If you want to turn your decisions and dreams into actions and results, we can help you!
And if you know what you want in your business, but are not sure how to get there, we can help with that too.
Please don’t let 2011 be the year of missed opportunity. Contact our office today for a complimentary 60 minute YOUR BUSINESS DREAMS & GOALS meeting.
You can call our office on (03) 9385-7700 or email me direct on adam@mbrgroup.com.au start.
So now is the time for action, NOW..
Are you financially well organised?
Most of us would like to be able to answer a confident yes, but most also wonder exactly what that means.
Complete this simple questionnaire to see how you rate, and receive our complimentary report to identify opportunities.
All you need to do is click here
Go on, find out the real answer…
Our Northern Neighbors
On behalf of the entire MBR Group & 10X Moreland team,
we wish all Queenslanders safety during the next few hours, days
and weeks as they deal with the growing #Flood Crisis. The images
we are seeing are incredible and the force of nature constantly
amazing. But images are nothing compared to what you are all going
through. Our thoughts are with you. The MBR Group & 10X
Moreland team. To donate: http://www.qld.gov.au/floods/donate.html