There are a huge number of tax laws that may change this year as a result of the upcoming 2019 Federal Election. Individuals could be affected by: Losing franking credit refunds to their Self-Managed Super Funds and to themselves Paying higher capital gains tax Losing tax benefits from negative gearing into investment property Businesses could…
Tip Tuesday: 5 Unusual Tips for Starting a Small Business
Starting, running and growing a small business can be challenging and daunting. Whether you are driven by passion, an extra stream of income, monetising a hobby or simply a more flexible working environment, entrepreneurs must constantly face up to uncertainty. As a result of the competitive nature of small businesses, looking at your company plans…
Tip Tuesday: Understanding online payroll for small business
If your business employs people then you’ll need to come to terms with payroll. It can seem daunting at first, but the right approach and the right software will help make the payroll process fast and easy. What is payroll? Payroll is a word with two possible meanings. It can mean the accounting process of…
Blog: Instant Asset Write-Off to Increase Small Business Growth & Investment
The Government’s announcement to increase and extend the instant asset write-off is expected to stimulate small business growth and investment. According to business accounting software company, MYOB, 28 per cent of small businesses find cashflow a real pressure. “Anything that helps small business invest in the future of their business is something that should be…
Tip Tuesday: How to make small business accounting fun
Owning a small business is exciting. You get to do what you love, day in, day out. But traditionally, small business accounting isn’t exciting. So how can we change this stereotype and make accounting fun and easy? Small business accounting challenges When we talk to the small business community and accountants and bookkeepers, several things…
Blog: Construction Accounting Basics
Construction is unlike any other business. Building projects can last for months or even years – and you might be both an employer and a contractor. So how do you learn the basics of construction accounting? Why is construction accounting different? If you work in the construction industry, you’ll know there’s rarely a fixed business…
Tip Tuesday: What is depreciation and why should I care?
Depreciation affects your bottom line, your tax bill, and the value of your business. Those are three good reasons to learn what depreciation is and how it works. Here are the basics. What is depreciation? Depreciation is what happens when a business asset loses value over time. A work computer, for example, gradually depreciates from…
Blog: I’ve been targeted by the ATO for a tax audit. What should I do?
Welcome to the club! The first thing you should do is not panic – being targeted doesn’t mean that you’ve done something bad, it just means that the ATO needs to verify details of your tax return submission to make sure you haven’t claimed incorrectly. In fact, you are far from alone. The ATO has…
Tip Tuesday: 16 Tips for Business Owners’ 2019 ‘To Do’ Lists
January is like the first blank page in a new notebook. What you do during that month can set the stage for success for your business for the entire year. Getting your business off to a great start in a new year requires planning, critical thinking and dedication to executing your strategy. In a recent…
Tip Tuesday – How To Start A Personal Services Business
As our population ages, more and more entrepreneurs are seizing the opportunities in the Aged Care and other Personal Services industries. In particular, the Hunter Valley and Central Coast are growing fastest in the 70+ age bracket across NSW. This strong growth in the higher age brackets is leading to a sharp increase in demand…