Unit 11, 61 Flynn St, Wembley, WA, 6014
08 9242 2085 ots@otsmanagement.com.au
Advice from Outside the Square

Monthly Archives: April 2017

I Seem To Be Paying Tax All The Time!

Sometimes, it seems like you are paying a tax bill all the time! We know it can be frustrating, but that's the tax system that we are in! Let's try to reduce the frustration by at least, getting to understand why there are so many tax "bills" and what it all means. We can't reduce the frequency for you, but at least let us explain what they all are. First let's start by acknowledging that everyone in Australia has to pay tax if they earn above certain limits. And by everyone, we also mean certain non-individual "entities" being companies, corporations, superannuation funds, and sometimes, trusts. All of these entities, and you, are "taxpayers" under the system. So, unless you cheat on your taxes, you will be paying something. The more you earn, the more you will pay. That's the system. However, because of the frequency of when you pay tax bills, it sometimes seems you are paying more than your fair share. To explain the different payments, we need to split the different tax bills between your BAS payments and your income tax payments. Let's first take the BAS payments. If you are registered for GST or PAYGW (Pay As You Go Withholding) you will be...
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Tax Updates for April 2017

What's in this month's tax updates:-
  • Ride-sharing Drivers Must Register for GST;
  • Tax Offset For Spouse Super Contributions Change from 1 July 2017;
  • ATO Targets Restaurants and Cafes, Hair and Beauty Businesses in Cash Economy Crackdown;
  • Super $1.6 Million Transfer balance Cap and Death Benefit Pensions Changes;
  • No Deduction For Carried-forward Company Losses;
  • Overseas Income Not Exempt From Australian Tax;
  • GST On Low Value Imported Goods.
(more…)...
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Why Strategic Plans Fail

Most Indigenous organisations have been through a strategic planning process at some time in their history. Well run Indigenous organisations will repeat a strategic planning process once every 3 to 5 years. Strategic plans are important tools in the governance, growth and direction of an organisation. You should have an overall "strategic" helicopter view of where you want to go and how you get there, backed up by the more "on the ground" business plans that tackle detail of the strategies over a shorter time period. They establish strategic direction so that everyone pulls in the same direction and day to day decisions become easier (does it help us in our strategy to get to the desired end-point?). However most readers will say that in their experience, many if not most strategic plans haven't been followed - they have not been implemented. Why is that? Why go through an expensive and time-consuming exercise only to let it slide? (more…)...
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