"BiziNet Magazine #97 - Jul/Aug 2019" BiziNet™ Articles

More than likely, many real estate agents across Australia breathed a sigh of relief late on Federal Election night, 18 May. Regardless of one's political leaning or preference, any new taxes, particular property related ones, never bode well for the property market. Changes to negative gearing, capital gains tax, franking credits and a possible death duty on property would no doubt have already affected the declining property markets across Australia.

Before we crack open the champagne, we need to put these statistics into perspective rather than looking at them in isolation – specifically let’s look at what appears to have been happening in the economy over the past few years to get a deeper sense of what might be in store down the track and what households and business owners should focus on.

Every business has some intellectual property (IP). IP is at the centre of many businesses today. Apple, Microsoft, Disney and Procter and Gamble are examples of those at the 'big end of town' whose activities are IP focused. IP allows businesses to differentiate themselves from their competitors. Both Coke and Pepsi manufacturer and sell a carbonated cola soft drink. What differentiates them are their IP.

To ensure you have a more profitable business you need to stop the focus from being on taxation. Taxation is mandatory. It is a requirement at the end of each year. Every business must submit an income tax return. Many business owners are focused on solving the problem of "how can I pay less tax", "how can I increase my deductions?" or, "is there a way I can reduce my income?"

The Hills Shire Council has partnered with Service NSW to facilitate the Easy to Do Business Program which aims to make NSW the easiest place to do business.