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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 individuals that are Sole Traders. Superannuation Carry forward unused concessional contributions If you … Read more
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
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
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
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
If you have opened your Xero chart of accounts and found a code called Owner A Drawings, and you are not sure what it is for or whether you should be using it, you are in the right place. It is one of the most common questions we get from business owners running their own … Read more
Keen to get into the property market as an investor? Before you start looking, you need to understand that what you’re looking for in a house, that you would occupy, might be different from an investment property. When you’re hunting for an investment property, rather than looking for features specific to your needs; like commute … Read more
