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.
It’s crucial small business owners use this time to take stock and analyse the business to try and find small opportunities or improvements that could be made, and make a strong plan for the year ahead.
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.
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.
Bad debts can be bad news for small business. Chris Ridd, managing director of small business accounting software provider Xero Australia, explains how you can deduct them from your tax – and how you can avoid them.
One of the keys to shake-up your business in the new financial year is to keep your records up to date. Doing this increases your business’ value, provides easier access to finance and allows a better insight into how you are performing. Business policy advisor at CPA Australia, Gavan Ord, told Dynamic Business that too […]
