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Tips and articles to help you implement Profit First and take control of your Australian small business
Tax Planning Tips – Personal Superannuation Contributions
In a previous edition of this tax tips series I looked at the tax planning benefits of paying your employees superannuation contributions early. This time I'm focusing on your own, personal superannuation contributions. …but before I do, a quick disclaimer!...
Profit First Australia – FAQ’s – Sole Traders
I'm often asked about modifying the Profit First system specifically for different types of business structures. It is true that each business structure type, and how the structure is used, will present unique challenges. However, the fundamentals of the Profit First...
Tax Planning Tips – Time Your Capital Gains
Taking a smart approach to the sale of particular assets can have a big impact on the amount of tax you pay on the profit. In this week's tax planning tip I'm looking at how Capital Gains Tax can be managed by carefully selecting the date on which you sell. A bit of...
Profit First and The Tax Reduction Myth
It is tax planning season for Australian accountants. This is the period during which you should be meeting with your accountant to estimate your tax liability for this financial year and discuss any possible management strategies. In the Profit First book Mike...
The 5 Stages of Implementing Profit First in Australia
Profit First is a behavioural methodology. It seeks to achieve real change by taking advantage of your natural, human tendencies rather than trying to fight them. The implementation process itself is not all puppy dogs and rainbows. There are plenty of challenges...
Better business bookkeeping for Profit First success
One of the reasons I love Profit First is that it allows business owners to manage their cashflow and improve their profitability without the need for complex financial reports. But Profit First can’t do all the heavy lifting! You need to give yourself the best...