Working from home due to COVID-19?
There is now a new method you can use to calculate your work from home expenses.
Single Touch Payroll will change the way you report your tax and super
What is Single Touch Payroll Single Touch Payroll (STP) is a new way for employers to report tax and super information to the ATO. It starts from 1 July 2019 for employers with 19 or less employees. You’ll report the following information through an STP ready solution – such as payroll software: payments to employees…
How to Save on Small Business Taxes
Organising expenses receipts can save you money on business income taxes. Sounds too simple, but the truth is most people are not very organised when it comes to filing receipts and keeping records updated for tax purposes. Here are four reasons you should start organising information for next years’ tax returns, and how organising receipts…
Spring Clean your Business (in Autumn!)
You have been meaning to get your business systems in order, but you’ve been too busy. These financial clean-up tasks will benefit your business, any time of the year: 1. Create and Maintain a Business Budget No time to make a budget? Then how do you know you are operating your business effectively? A budget…
How More Sales Can Cause Cashflow Problems
A big boost in sales seems like a dream come true, but there can be a cash-flow sting in the tail. Here’s how to manage increased sales growth like a pro. An age-old question we get asked by business clients is “How come I’ve made more profit but I don’t have any more cash?” The…
Our Unique 5 Step Process for Business Owners
Discover how why our unique 5 step process is important and how it can help you and your business succeed. Step What You Get Why is it important? Protect Asset Protection Analysis Business Structure Advice Estate Planning Review Protect your family’s hard earned assets Get your structure right from the beginning Ensures your estate goes…
Smart Super Strategies: Getting Started
Superannuation can be one of the most effective ways to build you retirement nest egg. There are a range of strategies you can consider to boost your super savings. Consolidate your super If you’ve had several jobs since you started working, you may have money in more than one super fund. More than one super…
Turnover under $2m? Heard about the $20K asset deduction?
Are you making a profit? If your business isn’t making a profit, you will have a much smaller benefit because you aren’t currently paying tax. You will only be able to defer the loss until future years. Basically, there’ll be no immediate cash benefit to your business! It’s not law yet! This announcement is just…
Creating Work-life Balance as a Business Owner
Business owners are known to have busy schedules, with many different and often conflicting responsibilities, and a steady flow of important decisions to make. To remain successful long-term, you need to find a balance between your business and your personal life. Work-life balance refers to the quality of your life, and the satisfaction and enjoyment…
Claiming website development costs
If you pay for a website for your business, here are some things to remember about claiming the costs. If you spend the money: before your business starts – then you claim the cost over five years once you start up after your business starts, and you pay: more than $1,000 you must claim the…