Posts by Tracy James
Abolition of Tax Deductions in the 2017 Federal Budget?
The Federal Government is once again looking at the abolition of work related tax deductions.
Read MoreSturgeon’s Law – 90% of Accountants
If we believe Sturgeon’s Law is true, then it goes without saying that 90% of accountants fit in that category too.
Read MoreSturgeon’s 10% of Practices
If a Purple Cow practice is not achievable, then being part of Sturgeon’s 10% of practices would still be a worthy goal. This would be financially rewarding of course with annual principal profits of $1m plus. If you are already achieving this, well done. If you are not, how do you get there? Firstly, you…
Read MorePractice Sin 1 – Failing to Reinvest in the Practice
The number 1 sin for an accounting practice is failing to reinvest in the practice. Reinvestment can significantly increases net profits.
Read MoreImportance of Strategic Planning
A business strategic plan details the methods by which a business sets out to achieve its objectives. Typically a business strategy will cover a period of three to five years.
Read MoreTax Considerations with Investing in Property
Buyers get a building inspection and a pest inspection report prior to buying their property but they don’t make an appointment to see their accountant.
Read MoreSMSF Advice Options
At June 2015 the ATO advised that there were 556,998 self-managed super funds in Australia with 1,049,840 members. During the 2015 financial year 32,073 funds were established and 1,350 funds closed (by either the members or ATO). On 1 July 2016 the accountants’ exemption was repealed and ‘Recognized Accountants’ can no longer recommend the establishment…
Read MoreFocus Strategies for the Accounting Industry
Two focus strategies for the accounting industry include narrow service line and customer segmentation.
Read MoreAccounting Practices Stuck in the Middle
The worst strategic error is to be stuck in the middle, or to try simultaneously to pursue all the strategies (i.e. low cost, differentiation, and focus).
Read MoreA Purple Cow Practice
To make a Purple Cow practice is extremely difficult and probably only one in a thousand practices will be able to achieve this.
Read More