Tax
The ATO is helping Australians to better monitor their tax deductions with the introduction of a new online tool called myDeductions. The tool will allow users to capture work related expenses on the go. Recognising that tracking down one years’ worth of receipts is often be the most time-consuming aspect of lodging a tax return, […]
According to national SME finance specialist, Scottish Pacific, many small businesses may be using the Australian Tax Office (ATO) as a line of credit being unaware of alternative funding solutions. Scottish Pacific CEO, Peter Langham said the ATO was owed $35.3 billion in 2013-14 according to a recent report by the Inspector-General of Taxation. “It […]
Part of our role as small business accountants is to act as a barrier or intermediary between the tax office and the small businesses of Australia. It’s not that we don’t trust the two different interests to get along but it’s more about using our experience and knowledge to protect the best interests of the […]
More Australians are encouraged to venture into the SMB world and are on the lookout for savvy business advice. Here are 5 must-know tips.
An individual earns income, pays income tax and then pays expenses with what’s left. A business basically pays for expenses with pre-tax dollars whereas an individual pays expenses with post-tax dollars.
As easy as it might be now to juggle a full-time job and work as a freelance writer in your spare time, you may not have considered the tax implications – a mistake that can leave you out of pocket for several thousands of dollars when your tax bill comes in.
Three-quarters of small business employees, and not to mention the majority of freelancers, maintain an office in their home. But a proper workspace at home doesn’t come cheap.
With the end of the financial year behind us now is the time of year to come up with resolutions, especially for small to medium sized enterprises.
As 30 June looms once again, the more than 2 million small businesses across Australia are going through multiple receipts reviewing what can and can’t be claimed to lower their impending tax bill.
The recent budget has given small businesses a lot to think about, and it’s no wonder some are struggling to prioritise what needs to be done in the next couple of weeks.
The top 1 per cent of Australia’s high incomes couples set for retirement in 2055 will be receiving over $5 million in government assistance, according to estimates revealed by Industry Super Australia (ISA).
Medium and large-sized businesses now have more time to ensure they are SuperStream compliant after the ATO extended the June 30 due date.
With the End Of The Financial Year on the not so distant horizon, it’s a good time to organise your financial affairs and assess whether your investments are structured to give yourself the best tax advantage.
There were certainly plenty of announcements for small businesses across Australia to think about in this budget. Let’s take a walk through the major announcements…
As a small business owner, you need to be clear what this means, where you can save money and what new legislation you are able to take advantage of. Here’s what you should note…
If this time of year fills you with regret and disappointment, don’t despair. There is still time left to get to work on finishing this year off as well as we can. Set out to make it a Personal Best.
After going over endless details of starting your own business, you’re finally ready to make your dreams a reality, but you don’t want to go at it alone. Like any other form of business, a partnership business has many pros and cons.
If you think that bookkeeping and accounting fees are high, consider this horror story, which could be the one tale that gets business owners thinking about their own business.
A business with good systems in place will know when a cash crunch is coming and will be ready for it. Unfortunately, most SMEs are not as well organised and, when a problem occurs, it tends to hit them right between the eyes.
The ATO has today announced the extension of information sharing powers for Phoenix and Trust Taskforces, aiming to tackle Australia’s phoenix businesses and misused trust structures.
