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SavvySME Official, Official Account at SavvySME
There are two methods of calculating FBT on a company car that you can choose from:
1. Statutory Formula Method
2. Operating Cost Method
You can alternate between the two from year to year, so I recommend picking the method that provides you with the lowest taxable value.
Statutory Formula Method:
Vehicle Base Cost x Statutory Rate x Holding Period - Contribution Collected
In this formula:
Vehicle Base Cost is the price to purchase the vehicle.
The statutory rate is the rate provided by legislation. (All leases have a rate of 20%)
Holding Period is the amount of time the vehicle was available for use.
Contribution Collected is any post-tax deductions you received during the year.
Example:
A leased vehicle with a Base Cost of $50,000 and packaged for the entire year would be calculated as so:
$50,000 x 20% = $10,000
If you received any deductions during the FBT, you would subtract that from the $10,000 taxable value.
Operating Cost Method
Total Operating Expenses of the Vehicle x (100% - Business Use Percentage) - Contribution Collected.
In this formula:
Operating Expenses are the total costs of the vehicle for the year. (For example, a lease and all running costs.)
Business Use Percentage is calculated based on the number of km drove for business use as a percentage of overall driving during a 12 week period in which a logbook is kept. (To qualify, you must have held an ATO compliant logbook for at least 12 weeks.
Example:
A vehicle lease with $20,000 in total costs that has a registered business use of 90% would be calculated as so:
$20,000 x (100% - 90%)
$20,000 x 10% = $2000
If you received any deductions during the FBT, subtract that from the $2000 taxable value.
There's also a Fringe benefits tax calculator on the Australian Taxation Office website that's extremely useful. I hope that answered your question :)
Deborah Vella at Support Legal
Mezzanine finance is a type of finance that is part debt and part equity. Essentially, if the debt is not able to be repaid, then the financier has rights to part of the equity in your business or project.
Tom Valcanis, Copywriter at I Sell Words
I am a copywriter, and I could ask myself "Why would I hire an accountant?" Because I'm terrified of numbers. If writing makes you shudder, that's why - on a very basic level, of course!
James William, Content Writer at End of Lease Cleaning Experts Canberra
The decision to outsource marketing or keep it in-house depends on various factors and the specific needs of each business. Here are some pros and cons of both options:
Outsourcing Marketing: Pros:
Cons:
In-house Marketing: Pros:
Cons:
Ultimately, the best approach varies from business to business. Some organizations may benefit from a hybrid model, combining in-house expertise with selective outsourcing for specific services or projects. Assess your business's needs, resources, and long-term goals to determine the most suitable approach for your marketing efforts.
Greg Rogers, Founder and CEO at Rethink HQ
Great question. The short answer and not being flippant is, how can they afford not to!
Anything that you get better at, increase a skill, achieve a higher level of success comes from some form of 'training/practice and coaching'. Sport, hobby, business - there is no difference.
I totally agree with Brian @ Meteorical, there are a plethora of options out there, ranging from the outrageously expensive right through to the 'coach/consultant' who is actually in-between jobs!
Yes, you need to know what it is you want a coach to help you achieve.
Grow your business? Not good enough, what does that actually mean?
A good business coach will help you firstly identify exactly what it is you want to achieve and then work with you to reverse engineer a plan to achieve that.
DOME - Define it, make it observable, measure it, evaluate it.
I can absolutley say from experience that what will be uncovered first is not so much as a 'skill or knowledge' defiency but a mindset one.
For me I see little value in the 'cookie cutter' programs.
8 weeks to 6 figure sales a month.
Transform your business with our blah blah.
Sure there is nothing wrong with having a coach with a program as long as it can be flexible enough for what you need and more importantly has the content you need!
If someone is delivering all of that for you, giving you the result you need and want in your business and can demonstrate how they can leverage that even further...what would you pay?
Increases gross revenue by $100k, what would you pay?
Raises net profitability by 3%, what would you pay?
Provides you with a skill set to achieve all of that and more?
Yes it has to be relative to your position but look at it from the point of view of where you want to be, not where you aware.
Do your due diligence or it will be something you can't afford in more ways than one!
Richard Chalmers, Owner at Tailoredseo Pty Ltd
No one tool is going to be the "be all and end all" for keyword research. I would suggest using multiple tools and systems and then manually review them to get a better understanding of keyword topics.
Hatty Bell, Executive Assistant at Country Road Group
It's often the case that companies have to ensure they have enough costs in the bank to support this or pass it on to their own suppliers!
Yee Trinh, Cofounder at SavvySME
Hi @Wendy Huang .. been doing a bit of this myself so I thought I'd share some great press release distribution sites I've found for free..
1. PRLog
2. Newswire Today
3. PR.com
4. Online PR Media
5. Press Release Point
6. PR Urgent News
7. openPR
8. IssueWire
9. Market Press Release
So far, I've found most of the above rather simple to use.
Will see how the free option goes before exploring the paid packages.. coupling this with contacting media directly.
Good luck to everyone else working on this! Keen to hear if anyone has any tips to maximise press release distribution.
Jef Lippiatt, Owner at Startup Chucktown
Jennifer,
I think that is an interesting proposition. I know that having a writing coach is beneficial to a professional at any career level (but especially to higher level business executives). I'm less sure of how many professionals are interested in writing and selling a book. Is that a fairly big target market / demographic?
I think the idea you have is sound. I'm not sure about the pricing because that may depend more on your target audience and location. It doesn't sound like a terribly high price, but I would test that with potential clients (to help ensure you finding the pricing sweet spot).
I also believe that you may need to educate (via a website or video) the benefits that writing a book could have on their career. I think proper positioning of this will go a long way in growing the client base. There may be interested professionals that aren't really sure if their topic or approach would be embraced. Perhaps they don't know where to begin the process.
I would do some research with your intended customer base to validate the pricing. The rest of the idea sounds solid to me.
Jennifer Lancaster , Marketing Manager at Power Of Words
Thanks for your answer Jef. I like your video idea! Unfortunately I don't exactly know how to reach professionals that are in the market for it, so doing a video series or mini-coaching could work. I'm also speaking on "eBooks as a product" at an event for Inspired Living Events, which will be great for getting people thinking on the topic.
Jef Lippiatt , Owner at Startup Chucktown
You are quite welcome. I'm interested to hear how speaking on "eBooks as a product" goes. Cheers!
Gwendolyn Kestrel, Digital Analyst at seoWorks
I absolutely agree with Steve. If you've done your pricing correctly to cover your materials, labor, overhead (time spent ordering supplies, marketing, etc.) then you'll have a fair price set and won't have to worry about how resellers price your goods.
So, I also suspect that your items are under-charged right now.
Wholesale is a great way for a scale-able business to establish a steady income without having to worry as much about advertising, shipping, etc.
Cliona Elliott, SEO Copywriter at Intrepid Travel
Good question! Registering for GST, PAYG and other taxes at the same time as registering your ABN can help you speed up the process of setting up your business. You can also apply for your TFN at the same time. You don’t need a business registration service to do this (although all types of business registrations are usually offered as part of these services), you can do it yourself when completing your ABN application.
Hope this answers your question!
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