As a small business owner, it might seem easier to manage the accounts yourself. After all, no one knows your business like you do, right? You can pay invoices, manage accounts, keep the cash flowing and even maintain the payroll. And all in your spare time between midnight and dawn! …are you really a…
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Poor tax planning for business could cost you dearly. While most of us don’t like to even think about tax, it’s something that doesn’t go away. Head in the sand doesn’t work unfortunately. I know, I’ve seen many a business owner try and fail. So, what is tax planning? Tax planning is the…
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Superannuation and Self Managed Super Funds (SMSF) are two topics that have quite complex responses. Last week we delved into the world of Superannuation and explained exactly what it is and why you need it. Now we head a little deeper and tackle the Self Managed Super Fund side of the business.
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Superannuation is one of those things we should all know and care about. But instead, it tends to be one of those topics we brush over or leave for another day. Welcome to “another day”! Let’s talk Super. What is Superannuation? Super is a compulsory Australian Government initiative that was introduced in 1992…
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Trust Accounts are held and managed by several industries for the purpose of holding over funds for a third party. For example, a bank or trust company (acting as an authorized custodian) will hold funds for a specific purpose such as to pay property taxes and/or insurance premiums associated with a mortgaged property. It may…
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You might be surprised how many people fall into small business from a hobby. What might start off as a few cushion covers for friends or a couple of birthday cakes, soon turns into something much bigger than anticipated. But how do you know when you’ve reached that turning point where your hobby becomes a…
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You may have heard Capital Gains Tax (CGT) mentioned when referring to property, but being another tax, you’ve put it in the too hard basket. I get it. No one likes to talk about tax, but, like clearing out drains, someone’s gotta do it! So, at the risk of boring you, I’m going to…
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How exciting, you’ve seen a business for sale that you really want to buy but how do you know if it is a good buy? Buying a business is probably one of the most stressful and hardest decisions you will have to make. It is comparable to buying a house. When you buy a house,…
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On 1 July 2018, Single Touch Payroll (STP) came into effect, aligning your reporting obligations to your payroll processes. In short, it is streamlining the reporting of salaries and wages, super contributions, PAYG withholding and other deductions made at the time of processing employee payrolls. What is Single Touch Payroll? Single Touch Payroll…
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When it comes to getting ready to lodge your tax return, there are common questions I get asked. One of the main ones is what can I claim and what can’t I claim. Knowing what you are eligible to claim and not claim can vary from person to person depending on your circumstances. However there…
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