In 2017 we are launching the exciting new Wilson Teis small business mentoring service: Your Biz-Dev Program.

Over the years we’ve worked with hundreds of clients so we know the common issues they face every day. And we’re experienced in helping them successfully tackle those issues.

Your Biz-Dev Program is a highly personalised small business mentoring service that lets us share that knowledge and experience so more clients can improve their profitability and build better businesses.

It’s an optimistic government that builds its budget around a ten-year enterprise tax plan but regardless of the outcome of the Federal election on the 2nd July it's likely most of the measures announced this month will still be enacted.

So it’s worth understanding what they mean for you, and thinking about practical steps you might want to take in light of some of the planned changes.

It’s never too early to plan for tax time and with 30 June less than one month away there are a few things you should be thinking about to get your business in shape.

With flexible working patterns becoming the norm thanks to better internet access and a desire to commute less, more and more people are working from home.

But with work-related tax deductions high on the ATO's tax return audit agenda this year make sure you understand exactly what you can and cannot claim.

Pulling together a set of financial statements at the end of the year can feel like an administrative chore for a lot of businesses. While regularly preparing and reviewing those reports can save you a lot of time and effort come tax time, more importantly it will help your management team make better business decisions throughout the year.

And there are three reports that successful businesses pay close and regular attention to.

The Research & Development (R&D) Tax Incentive is a targeted, generous and easy to access entitlement program that helps businesses offset some of the costs of doing R&D.

The program aims to help more businesses do R&D and innovate. It is a broad-based entitlement program. This means that it is open to firms of all sizes in all sectors who are conducting eligible R&D.

It is expected the ATO will commence assessing tax compliance for professional firms using the new guidelines from the 2014/2015 financial year.

 Are you affected?