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Priority Industries

12 months ago, we had hardly heard the term “priority industries”. However, the term is very applicable to the Australian government’s newest grant, ‘Industry Skills Fund’. The government has once again elected to show preference to priority industries. These are the industries that the government believes enjoy a competitive advantage and are likely to exploit favourable market...

Challenges For 2015

There are a number of key challenges facing the accountancy industry in Australia that are going to have significant effects on operations in 2015. Now is the time for accountants to finalise strategies to overcome these challenges. Which include: Digital Disruption The Australian Taxation Office’s “Red Tape Reduction”; Australian Economy; Turbulence in Politics – The Effects on...

Business Plans Are Important For Businesses

It’s nearly the start of a new calendar year and it’s an appropriate time for accountants to be encouraging small/medium enterprise clients to prepare or update their business plans for the forthcoming calendar year. Business plans are like ‘maps for tourists’. If you don’t know where you’re going to go, how will you know when you get there? All members of the team should be...
Last week, the Australian government’s Entrepreneurs’ Infrastructure Program released the details of the final grant, Accelerating Commercialisation. Accelerating Commercialisation assists entrepreneurs, researchers, inventors, start-ups, commercialisation offices (associated with universities and research centres) and small/medium enterprises address the challenges associated with...
Speaking at the Australian Technology Showcase for Accountants (ATSA) Conference, held in Melbourne in October, the Second Commissioner of the ATO, Geoff Leeper, outlined the ATO’s policy relative to Standard Business Reporting Strategy (SBR Strategy). Mr Leeper indicated that the ATO had advised the Productivity Commission that the ‘Red Tape Saving’ from the introduction of the SBR...
According to Geoff Leeper, Second Commissioner of the Australian Taxation Office (ATO), the ATO’s ‘Red Tape Reduction Strategy’ will reduce accountants’ income. Mr Leeper was speaking at last week’s Smithink 2020 ATSA Conference in Melbourne. “The ATO’s Red Tape Reduction Strategy will reduce the cost for SMEs, from the Small Business Reporting (SBR) strategy, by $500million a...

PPSR: Insolvency events

Understanding incidents relating to insolvency practitioners, the Personal Property Securities Act (PPSA) and the Personal Property Securities Register (PPSR) will assist accountants in their services to businesses. There’s been a steady flow of incidents, which relates to ‘insolvency events’, the PPSA and the PPSR, including: Inventory supplied to stores seized by a liquidator...

PPSR: A time bomb for businesses

Lack of knowledge of the Personal Property Securities Act (PPSA) and the Personal Property Securities Register (PPSR) could be a ‘time bomb’ for businesses. Millions of dollars has already been lost by businesses who paid for an asset but haven’t registered that asset on the PPSR. Whilst it’s voluntary to register, if your client is going to register, he/she has to register within a...
Planning services for ‘disrupted’ industries is certainly a topical subject at present, following the publication of the updated Deloitte report, ‘Digital disruption – short-fuse, big bang?’ Deloitte have identified 17 industries, comprising 65% of the Australian economy, which will face significant ‘disruption’ by 2017. Introducing a business advisory services strategy to your...
A young accountant, who participated in a business advisory services training program, sent me an email at the end of the training and said: “Thank you, I now feel like I’m offering real accounting services.” Deloitte has predicted significant ‘digital disruption’ to professional services firms (of which accounting services are part), amounting to a 32% drop in business activity....

Introducing Your General Manager

Many business operators run out of time and they ask their accountants who can assist them? A new organisation has been formed in Sydney in the last couple of months called “Your General Manager” (YGM) which offers a very unique service in supplying a wide range of business expertise to assist owners and managers of small/medium enterprise businesses. The sort of skills that the YGM team...
The Australian government has announced changes to the Business Growth Grant program, commenced in July this year. The government has announced withdrawal of the following industries from the program: Defence Energy, Water and Waste Management Tourism Sector Creative Industries Medical Practices and Hospitals from Medical Technologies and Pharmaceuticals The revised list of industries...
The Personal Property Securities Act (PPSA) contains potential risks to your clients.  Millions of dollars have already been lost by businesses, both small and large, caused by ignorance of the PPSA and not registering on the Personal Property Securities Register (PPSR). The PPSA is the most far-reaching legislation introduced into Australia in the last 200 years. Title is no longer king....

Tourism Grants – Great For Business

The Australian government’s Business Evaluation Program, which can then lead to a business being eligible for Business Growth Grant, is great news for some businesses operating in the tourism industry. To be eligible, businesses must derive a significant portion of their revenue from tourists. The types of businesses include: Tourism Accommodation Tourist Attractions Local Food and...
Welcome to Accountants Minute.  I'm Peter Towers, Managing Director of ESS BIZTOOLS, ESS BASIP and ESS BIZGRANTS. Accountants, business plans are "real accountants' work", and that's what I want to talk to you about today.  "Real accountants' work". The majority of small/medium enterprises want more information, more commercial information, and more business information from their principal...

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