Setting up a separate bank account for business is something that has many people questioning. When do you actually have to set one up? When you start trading there is so much to do and remember. You may need a website, storefront, branding, stock and of course a place for your payments to go.…
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I’ve been a long time follower of Inner West Mums and love their work. My business has been listed on their directory for many years now and I also use their resources personally. Whether it be finding the next best park to take the kids to or finding a local business or service that I…
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With the cost of living rising seemingly every day, it can be hard to make ends meet. Money goes as quickly as it comes in and you seem to be left with nothing by the end of the week. The best way to take control of you finances and get ahead is by creating a…
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It may sound simple, but knowing when to tick the tax free threshold on your employee forms is important. Ticking the wrong box could leave you with a tax debt at the end of the financial year. What is the tax free threshold? The tax free threshold is an amount of money that…
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Organising your books, invoices and expenses as a small business is a tough gig. It can take hours of valuable time that you just don’t have. If you aren’t quite in the position to hire a dedicated accountant to take care of your business accounts for you, then there are options to save you time,…
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Long Service Leave (LSL) first came about in the 19th century so colonial workers could take extended leave to return home to the UK. Now, thanks to Government legislation, LSL is an entitlement of most employees within Australia. It was governed to encourage an extended break from work after usually 10 years of continual service…
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Over the past few years, there has been a clear shift in the way people are employed in the workforce. Whilst most are still traditionally employed by an employer, there is a trend for contractor work and self employed contracting, or freelancing, taking place. A lot of people think of self employed as running your…
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For many of us, the words Private Health Insurance leave tingles up and down our spines, becoming a point of stress for many. The rising premiums and confusion between the insurers and rebates has us all feeling a little overwhelmed. Let’s break it down. What is Private Health Insurance? Private health insurance is taken out…
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Starting your own business or being a sole trader usually involves you managing your own business accounts. Whether it be for financial reasons or because it was just easier at the time, you have managed up until now. Off the shelf programs like Xero, Quickbooks and even free accounting apps like Wave are more than…
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Running a small business, especially as a sole proprietor, comes with its challenges. None more so though than cash flow. Without a predictable or forecast cash flow your business will struggle not to mention your stress levels. Whether your business is sales, online service provider or even a trade it can be hard to predict…
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