Gold Coast Titans – Back to Business
Posted 14 Jun '17
Posted 14 Jun '17
On a recent CPA industry visit of the Gold Coast Titans new performance centre at Parkwood a room full of accountants (what a crowd right!) was treated to a presentation by current club CEO Graham Annesley & Shane Billings CFO on the chequered financial history of the club.
What we soon learned was that the predicament of the Titans back in 2015 and the learnings since that are a great lesson for any small business.
Prior to the NRL taking over in 2015 and saving the club from financial collapse, Shane described a normal business day at the club…do any of these sound familiar?
The Titans and current CEO Graham Annesley have since worked tirelessly in turning around the financial fortunes of the club. Cutting club operating expenses, increased sponsorship and increased financial governance of the club have all definitely helped.
However one of the biggest takeaways for us on the night was for years and years the Titans operated without a budget, crazy right! What was the moral of the story? You can’t effectively run a business without a budget, even football! Any business, big or small, football club or accountant, at the end of the day we all need a financial plan to work towards and keep ourselves accountable to.
If you want to improve your financial position for the new financial year, would like help getting started on a budget, or feel like you are so poor you can’t even pay attention – please contact us on 07 3124 0244 or luke@empireaccountants.com.au
Empire Accountants is located in Brisbane and on the Gold Coast – We specialise in working with business owners to achieve their business goals. Learn more here.
With the end of temporary full expenses, it is important to be aware of the updated rules for asset depreciation and the benefits of the instant asset write-off (IAWO) scheme. This breakdown of changes and guide will help you understand these changes and how they might affect you and your business.
It’s important to keep in mind that the Australian Taxation Office (ATO) has become more strict on these deductions, so it's crucial to understand the rules and keep accurate records. This guide is here to help you, understand what is required when you claim home office expenses on your tax returns. By following these tips, you can maximise your tax return and stay compliant with tax regulations!
As June 30th rapidly approaches, it's important to consider strategies that can help you minimise your tax liability for 2024. Whether you're a chippie, doctor, engineer, sales rep or architect, considering some of these tips below and whether they apply to your circumstances may save you paying more in tax than necessary.