News and Views

Profit and Cash Flow: What's the Difference?

We often hear from business owners who report a healthy profit at year end, but scramble to pay their bills on time throughout the year. This scenario is especially common for start-ups and companies that work on long-term projects. These types of businesses tend to have a long cash conversion cycle that causes a significant disconnect between cash in the bank and the profit reported on income statements and tax returns. Here’s why.

Paperless Record Keeping- Best Practice

The ATO reminds us on its website that by law, business operators have to keep records, which “explain all transactions, be in writing, be in English or in a form that can be easily converted, and be kept for five years”. Some records, especially in relation to capital gain tax events, may need to be kept for longer. Clients sometimes tell us about their frustration in relation to this record keeping burden. They tell us about running out of space for the piles of paper. However, the ATO tells us that “be in writing” also means “in electronic format” and that “the principles are the same”.
 

 

Moore Stephens explains the latest tax incentives for investment in Australian innovation companies.

On 27 July 2016 Moore Stephens WA held an information session for Investors and Early Stage Innovation Companies (ESIC). 

The speaker panel consisted of Davide Costanzo (Moore Stephens), Jeff Broun (PCP), David Greatwich (Swanson Reed) and Paul Clark (Venturecast).

The event focussed on the new tax incentives that came into play on the 1 July 2016 which can give an investor a 20% tax offset and a capital gains tax (CGT) exemption for their investment in an ESIC.

End of Financial Year Tax Newsletter

As you prepare to collate your 2016 year end financial and tax records for us, we have prepared some information on key aspects which may be helpful.

If you are looking to improve your current bookkeeping process and/or systems (including transition to the cloud), we can assist you in this area, so please get in touch! Call our Tax & Business Advisory Team on (0)8 9225 5355. 
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