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Do you have a Business Exit Strategy?

There are several factors to consider when owning and running a business. One of those includes your business exit strategy.

What is a Business Exit Strategy?

An exit strategy is a set plan for a business owner to sell his or her part of the business. This can be to another company or investors. If a business is prepared for the exit of the business owner, it often has a higher chance of succession post ownership transfer. It can also help to ensure entrepreneurs see a return on investment if their business is successful.

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Do you Have a Business Exit Strategy

ATO to notify taxpayers if bank account details are incorrect

ATO to notify taxpayers if bank account details are incorrect

Taxpayers will soon be notified by SMS text message from the ATO if bank account details are incorrect in their income tax returns where a refund is due.

Impacted taxpayers will be advised of the following:

  1. The refund cannot be processed due to incorrect bank details; and
  2. To contact the ATO on 13 28 61 to advise correct bank details.

If the correct bank details are provided to the ATO within 7 days, any refund due will be issued electronically.

It is strongly advisable to exercise a high degree of caution when dealing with SMS text messaging from (or purportedly from) the ATO due to an increase in recent tax fraud attempts.

Should the authenticity of any ATO correspondence be questionable, it is recommended to call the ATO to verify on 1800 008 540. Alternatively, please do not hesitate to contact our office to ask our accounting staff if you are unsure of any correspondence received.

How Can Accounting Help Small Business

How Can Accounting Help Small Business

Starting your own business can be tough. We can find ourselves sitting for hours on end, trying to figure out the best ways to cut business costs and work efficiently.

It is important to understand the accounting and financial side of your business, to avoid short term financial issues and potential future blunders. An accountant can help guide you through not only the start-up phase of the business, but also the operations, and growth stages.

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How Can Accounting Help Small Business? Aspect Accountants and Advisors

Changing from Sole trader to Company – Am I ready?

Changing from Sole trader to Company – Am I ready?

It can be a daunting process to transition from a Sole trader to a Company structure. Within this transition, a lot of changes are needed to be put into place. Whether it be a change in your workspace, the number of employees, payroll system or a whole new business model and structure, it can feel overwhelming.

It is important to seek professional advice when making the change in business structure to understand which structure is best for you and your new legal obligations as a company director.

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Changing from Sole Trader to Company. Am I Ready? Aspect accountants and Advisors