We all would like to reduce our tax exposure and minimise the risk of an audit by the regulators. This end of financial year update series outlines the actions you can take to do exactly that! This particular blog is targeted for those that have a Trust entity. ATO focus areas TFN reporting Has your … Read more
If you want information on any subject nowadays you usually ‘google it’! For this reason, it’s essential to make sure your online listing is accurate and up-to-date. It’s easy to claim your free Google listing and update the information that will show up on Maps and Google’s Local Finder, plus you give your business more … Read more
Small business budgets are empowering. They give you the knowledge and insight to eliminate wasteful spending and get to profitability faster. Planning for business success with a solid budget When you’re running a business, it’s easy to get caught up in the cycle of busyness day in and day out fixing problems and forget the … Read more
Every business has been on a path to success only to find a sudden roadblock or issue that needs to be overcome. Change can be hard for owners and employee, but if the plan is on track the resistance will be overcome when the pain is too much. Research by Kotter International found that more … Read more
Each quarter, GST registered businesses lodge a business activity statement, or BAS, with the Australian Taxation Office. It sets out the GST you collected from customers and the GST you paid to suppliers, so you can work out what you owe or what you are owed. Depending on your business it also covers PAYG withholding … Read more
For us and many of you, the internet is not just an intrinsic part of our lives, it’s integral to how we do business. We took time out last week to join Harwood Andrews Annual Law Breakfast to ensure we are well informed of how we can stay ahead of technology risks for Business Edge … Read more
Contracting or freelancing requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits. Understand your deductions Before you start, it’s essential to … Read more
From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. What employers need to report will also be extended to include certain salary sacrificed amounts. Employers with 20 or more employees have been required to … Read more
Why are people losing sight of cash flow? Everyone knows a business needs to stay in the black. It’s not a new idea. So it can be hard to imagine why a business would lose sight of cash flow. Until you’re in business yourself and you realise tracking small business cash flow isn’t as easy … Read more
Overheads, let’s start the beginning, in accounting jargon, to define ‘overhead’ is to refer to ongoing business expenses that aren’t related to labour costs, materials costs, or third-party expenses billed directly to customers like shipping or freight. Overheads can is also sometimes known as ‘operating expenses’, but we’re not here to try an confuse you. … Read more
