Unicorn Business Solutions in Devonport, Tasmania | Business consultant

Unicorn Business Solutions

Locality: Devonport, Tasmania

Phone: +61 3 6423 2695

Address: 64 Best Street Devonport 7310 Devonport, TAS, Australia

Website: http://www.unicornbs.com.au

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23.01.2022 - ITS TAX PLANNING TIME - But what does tax planning really mean? Whats the objective of tax planning for business owners? The objective of tax planning is to best utilise the concessions available, make best use of the company, superannuation and personal marginal tax rates and to avoid unpleasant tax surprises later in the year. And to do all of this without jeopardising cash flow or adversely impacting other commercial objectives. Effective planning also involves allowin...g for Centrelink and other considerations. The process generally involves reviewing and adjusting owners wages and superannuation, reviewing inter entity transactions and considering prepayment of expenses and deferral of income. It is important not to consider minimisation of tax as an objective in isolation. It is common to see business owners make tax driven decisions that damage their business. Remember that a $300,000 tax bill resulting from a $1M profit is better than a $25,000 tax bill resulting from a $100,000 profit. Maximising after tax income is what is important. KEEP READING BELOW...

23.01.2022 - CORONAVIRUS, FIRES, FLOODS 2020 SEEMS TO BE THE YEAR SENT TO TEST US - On Saturday Craig and his family were lucky to experience a magnificent pod of 200 dolphins on an amazing winters day at Wineglass Bay at Freycinet National Park. A reminder that there are still good things out there; we just need to look a little harder.

22.01.2022 An update from Craig on the JobKeeper Subsidy and lessons for business owners from the past few weeks. https://vimeo.com/411884357

22.01.2022 What a year! A massive rollercoaster ride and it isn’t over yet with coronavirus community transmission in the Sydney northern beaches disrupting business and travel. All I want to say in this blog today is thank you. THANK YOU to our amazing small business clients that have triumphed over adversity this year and have been a pleasure to work with.... THANK YOU to the team here at Unicorn Business Solutions that adapted to everything this year threw at them including working from home for 3 months (with 2 hours notice) and relocating offices in July with 10 hours notice. THANK YOU to my 2 youngest kids that made school and work from home a fun experience. THANK YOU to our political leaders for acting with courage and enabling us to deal with coronavirus better than anywhere else in the world. Merry Christmas.

22.01.2022 - JOBKEEPER 3- Last week we provided an update on JobKeeper 2 and the very next day the government announced changes resulting in JobKeeper 3. Everything we told you is still correct except that eligibility for the December quarter is now no longer dependent on a 30% reduction in turnover for the June quarter. Here is the blog from last week suitably amended:

21.01.2022 A saying attributed to Churchill and others is: Never let a good crisis go to waste. What have you achieved during the coronavirus crisis? What skills have you acquired? What positive changes have you made? I suspect that many people achieved little more than binge watching Netflix. But maybe its not too late to make some decisions, take some decisive action and make 2020 your best year ever. Heres an opportunity to help get you underway:... Craig is giving away 10 one hour face to face or video sessions with him to discuss any business problem or opportunity that is keeping you awake at night. No cost, no obligation and no preparation required. Just send Craig an email ([email protected]) with your details and the topic you would like to discuss. Well select 10 responses and contact you to organise the details.

21.01.2022 - Employers missing out on $195,000 JobKeeper Subsidy - Dont think youre eligible? Neither did a lot of our clients and many were pleasantly surprised. JobKeeper isnt a policy based on fairness or equity. It is a flawed policy developed under pressure in a short time frame and in some cases it fails to help those that need help and helps those that dont.... YOU COULD BE ELIGIBLE, CONTACT US TODAY!

21.01.2022 - GOALS - As we all start to emerge from the Coronavirus health crisis, now is a great time to re-evaluate and reset your personal goals. Heres a link to 25 Questions to Create Your List of 100 Lifetime Dreams from Keith Abraham to help you do just that:

21.01.2022 So its official Australia is in recession. Our first recession since 1991 and that means a significant percentage of the population havent lived through a recession and a big percentage of business owners have never navigated a business through a recession. I vividly recall signing a contract to purchase a commercial property in 1989 and watching interest rates soar every day as the settlement date approached. Variable rates rapidly climbed through 15% to 17% with ominous momentum creating enormous panic for housing and business borrowers. In desperation I accepted a fixed 5 year rate of almost 21% through the 1991 recession, which proved to be a very expensive decision because variable rates never reached 20%. READ THE FULL ARTICLE BELOW...

21.01.2022 UNEMPLOYED OR UNEMPLOYABLE? We can’t find good employees. We can’t even get anyone to apply! https://unicornbs.com.au/unemployed-or-unemployable/

21.01.2022 Welcome Charlotte! Our newest team member!

19.01.2022 Thought For The Day Thursday!

18.01.2022 - AN IMPORTANT JOBKEEPER UPDATE - JobKeeper has been essential to keep many business afloat and a massive bonus for other business that would have survived the coronavirus crisis without it. Like all government initiatives there have been winners and losers. And our role is to make sure that our clients take full advantage of the benefits on offer whilst ensuring they comply with the rules.... On 21st July the Government announced the extension of the JobKeeper payment from 28th September to 28th March. Further changes were announced on 7th August 2020 to adjust the reference date for employee eligibility and make it easier for businesses to qualify for the JobKeeper Payment extension from 28th September 2020. On 1st September the Coronavirus Economic Response Package (JobKeeper Payments) Amendment Bill 2020 was passed. So what does all this mean? READ THE ARTICLE BELOW

18.01.2022 This year has been a giant rollercoaster ride for most small business owners. Coronavirus health concerns progressed to financial concerns from forced closures etc, and then (for many) an economic recovery fueled by government stimulus has led to the busiest period they have ever experienced. A key to survival and the recovery for many businesses was the JobKeeper subsidy. The eligibility criteria back in April were constantly changed and ultimately enabled almost every busin...ess to qualify through the seven alternative tests even if their turnover hadn’t declined by 30%. My personal experience talking to many business owners (that are not clients) is that many did not apply for JobKeeper because they didn’t think they were eligible. And this was supported by statistics recently released for our local area: READ THE FULL BLOG BELOW: https://unicornbs.com.au/11124-2/

17.01.2022 Small Business - Post Coronavirus

13.01.2022 - JobKeeper 2 - The good news is that despite much speculation the current JobKeeper subsidy will continue to 27th September as originally announced. The even better news is that the system will be extended to 28th March 2021, albeit with changes to both the eligibility criteria and the fortnightly payments. The big change is that to be eligible for the December quarter, turnover must be down 30% for both the June and September quarters compared to the same quarters in 2019.... To be eligible for the March quarter, turnover must be down 30% for the June, September and December quarters compared to the same quarters in 2019. READ THE WHOLE ARTICLE BELOW.

13.01.2022 - 2 FREE 1 HOUR SESSIONS WITH UNICORN RYAN -

11.01.2022 Unexpected JobKeeper wins for business owners. Action required before 26th April. https://vimeo.com/408629130

10.01.2022 WERE MOVING For the last 14 weeks the Unicorn team have all been working from home. So, maybe we really moved 14 weeks ago and we just didnt realise. Whilst we have used our office at Tarleton Street for some of our regular monthly client meetings, the fact is that most of us have enjoyed working from home, productivity hasnt declined and most video meetings have been efficient and effective. Accordingly when a strong international tenant expressed interest in a long term... lease, I decided to lease out our building and move to a smaller building we own at 64 Best Street in Devonport. The lease was agreed at 7:00 pm on Friday, we finished moving out at 1:30 pm on Sunday and Petuna Pty Ltd started moving in this morning. We will continue working at home for another week or two while we set up our new office. Our plan is that the team will have the flexibility to work at home and have an office available when required. Accordingly the new office will be open to clients on an appointment only basis. We will miss this view shown in the above photo taken by my 11 year old daughter (Zara) yesterday, but maybe after 9 years at Tarleton Street it is time for a change.

10.01.2022 - NOBODY STARTED 2020 WITH 2020 VISION OF WHAT THIS YEAR WOULD BRING - If you had seen what was coming, what would you have done differently? Maybe stocked up on toilet paper in February, purchased shares in Netflix or Amazon, extracted your parents from their aged care facility or renovated the home office? The reality is that we will always be impacted by unexpected events outside our control and as Charles Darwin said:... It is not the strongest of the species that survives, nor the most intelligent; it is the one most adaptable to change.

09.01.2022 It is that time of the year again! Tax Planning. There is a special opportunity available for three business owners to have a no-obligation and no-fee discussion to identify possible tax efficiencies. See the blog on the website for more information. T&C's apply https://unicornbs.com.au/its-tax-planning-season/

09.01.2022 - JOBKEEPER SUBSIDY & CASH FLOW BOOST - Any attempt to apply principles of logic or fairness to this legislation will result in frustration. We have clients not adversely impacted by coronavirus that will receive amounts in excess of $500,000, and unfortunately we have a few clients significantly impacted that need more assistance than they will receive.... The eligibility requirements for the JobKeeper Subsidy are confusing and the administrative requirements are complex. Make sure you get this right seek professional assistance.

08.01.2022 - OMISSION, COMMISION AND THE PLACES IN BETWEEN - Another impressive blog from Seth Godin’s yesterday: Omission, commission and the places in between... If you accidentally leave the gate open and foragers end up destroying 1000 acres of crops, the guilt feels different than if you went and actively burned down the fields, even if the damage is identical. In our society, we treat errors of omission differently from the decision to commit a crime. But there are countless places in between. What if you should have known? What if you could have known but didn’t bother to do the work? What if you promised you’d do the work to find a path, but then didn’t? One reason we hide is that we’re afraid of being on the hook, of making a promise we can’t keep, of showing up and taking responsibility for our intentional actions. But, as information becomes more widespread and our leverage increases, we’ve already put ourselves on the hook. Could, should and would not only rhyme, they exist on a continuum. It caused me to reflect on a meeting I had with a business owner last week. He had asked me to investigate if he was eligible to receive the JobKeeper extension from 28th September and also to review why he wasn’t eligible for the initial JobKeeper subsidy from 30th March. I determined that he should have in fact qualified in August and had missed out on $130,000 in badly needed government assistance. He was extremely disappointed in his accountant who had told him in April that he wasn’t eligible, but failed to subsequently review eligibility or point out that was possible. READ THE BLOG HERE.

08.01.2022 "Every problem should be solved at the highest level possible."

07.01.2022 Why are the expenses on your Profit & Loss reported in alphabetical order? Is this the most useful way to view this information? Would it make more sense if they were grouped by Administrative Expenses, Finance Expenses, Employee Expenses, Motor Vehicle Expenses etc? Why doesn’t your system have a standard Profit & Loss report that shows the current month compared to the previous two months, the some month last year and a year to date total? Because mostly things are done the... way they have always been done without question. Would an annual Wealth Summary showing all your assets (at market value rather than cost) and liabilities across all of your entities on one page be more useful than a standard Balance Sheet? Want an accountant for your business who asks the right questions and helps you find the answers? Want an accountant with a genuine care factor about you and your business? If so, give us a call and schedule a time to talk to Deb Badcock to see if you meet our Client Selection Criteria.

07.01.2022 - WHAT WOULD YOU DO IF YOU COULDNT FAIL? - I have asked seminar participants to write down what they would do if they couldnt fail. I then ask them to think about and write down what is the worst that could happen if they did this, and finally what are the odds of this worst case outcome. The result of this simple exercise is almost always that they have been procrastinating about doing something with enormous upside potential where the consequences of failure from that ac...tion are both not serious and also not very likely to occur. READ THE FULL ARTICLE BELOW....

07.01.2022 My son, Joel, is unusually (for a 16 year old) interested in self development and entrepreneurship. He has read extensively on these topics and may have even been influenced by me. He is currently choosing his year 11 subjects for next year and told me he is considering Economics as an option. I suggested to him that whist it is useful to have an understanding of how the market forces of supply and demand interact and impact the economy, industries, business and individuals, ...it is more useful for an entrepreneur to understand how to create their own economy. What do I mean by that? READ THE BLOG HERE...

07.01.2022 - HOW TO MAKE $1M EVERY YEAR - I have been fortunate to work with some great small business clients over a lot of years. I’ve been in the privileged position of trusted advisor, where I am able to ask whatever I want to know and my questions are answered honestly. I am told the truth because there is no need for them to make things seem better than they really are. In fact, if they were to do that it would make it less likely that I could help them. My best clients make prof...its of more than $1M, have long term key employees and have a reputation that enable them to attract business at a premium price. From time to time I reflect on how they did this and what set them apart from other business owners that constantly push sand uphill and struggle to make a decent living. Here’s what I came up with: READ ON BELOW.

03.01.2022 - The 80/20 Principle - Richard Koch, author of The 80/20 Principle, claims the key to success is "productive laziness". He explains how you achieve about 80% of your results with about 20% of your activities; the rest is wasted effort. Even if you are hard-working, you can learn to become lazy.... Here are some key points you should consider in your business now: - Focus on the 20% of products and customers that produces 80% of your profits - Reward the minority of employees who produce the most value - Improve the performance of the other 80% of products, customers or employees or get rid of them Here is a summary of The 80/20 Principle by Richard Koch: www.getabstract.com Everyone can benefit from this. Read the summary and then read the book.

03.01.2022 THOUGHT FOR THE DAY THURSDAY!

03.01.2022 The train is going faster in the current coronavirus environment!

02.01.2022 Thought For The Day

02.01.2022 "You do not rise to the level of your goals. You fall to the level of your systems." - James Clear This is profound. It is profound because it isnt the way we normally think about success. We are taught that successful people are successful because they are highly motivated individuals that want success more than us mere mortals. But it turns out that the wanting of success is not as important as developing and following the systems or habits that move you towards success. ... READ THE WHOLE BLOG BELOW.

02.01.2022 IDWISIWD - what is it?

01.01.2022 - MY CUSTOMERS ARE ONLY INTERESTED IN PRICE - When you compete for business on price and miss out on the work, you lose. When you compete for business on price and win the work, you also lose. Being the cheapest is the toughest way to make a profit. Instead, differentiate your product or service so that no one else offers what you do. If this isnt possible, differentiate the packaging, the delivery or the guarantee. Do whatever you have to do to provide increased value inst...ead of reducing prices. And if none of this is possible find a different business before it is too late. READ THE WHOLE ARTICLE BELOW...