By David Hill, National Managing Partner, Deloitte Private
Many private business owners I talk to tell me they’re so busy with the day to day running of their businesses that at any point in time they don’t have a clear or accurate view of how their business is performing overall. They also regularly tell me there are times when they find themselves drowning in unwanted admin.
“The next 12 months will be a watershed for many entrepreneurs and private business owners who make the move to the cloud”
It’s that time of the year again, when the tax man comes knocking and you empty the old shoebox on your accountants desk. But what can you actually claim? Keith Hardy from Deloitte Private Tax provides some guidance on what can be deducted for your home office.
“The most appropriate method to determine the deductible amount is to apportion the total expense incurred on a floor area basis”
My view of the transport and logistic sector is that Australian operators are facing a ‘perfect storm’ and public and private operators must lift their game and collaborate to form an agile transport eco-system. Planning for these issues is not going to be cheap and may require significant capital investment or consolidation which presents another issue in itself.
“Public and private operators must lift their game and collaborate to form an agile transport eco-system”
The fifty50 series are gender balanced boardroom discussions in a supportive environment, which encourages robust conversations, varied perspectives and generates all-inclusive decision-making.
In our 2012 Deloitte report, Digital Disruption: Short Fuse, Big Bang? [i] we found that one third of the Australian economy faces a dramatic change in revenue sources within the next three years. The report emphasised that businesses need to elevate their digital strategies to avoid becoming digital ‘road kill’.
“small businesses with high digital engagement enjoy better business outcomes, with an average increase of 20% in annual income”
Recent research from Deloitte, 2014 Private Wealth Outlook Championing growth, highlights how balancing the diverse needs and desires of various family members can be very difficult when large amounts of wealth are involved.
“I am finding that competition remains intense for the business of ultra-high net worth families and the family office model is an attractive option for wealthy families.”