Calls for the company tax rate to be cut in the budget is a perennial issue, and one that small business inevitably weighs in on. There have been calls for small business to benefit from a lower tax rate for decades. In the three major tax reviews conducted since the early 1970s, (Asprey, Ralph and Read More…

An ATO pilot program – the external compliance assurance process – that allowed taxpayers to self assess has been named success and could be rolled out more widely. According to a Fairfax report, the program involving 56 companies with an annual turnover between $100 million and $5 billion, allowed the choice of using a registered Read More…

If you’re a business, the lifeblood of your business comes down to one thing – cash flow. If you have bottlenecks in cash flow, it makes life tougher and it can be hard to catch up. When cash flow is tight, you may feel that necessary asset purchases such as cars or equipment need to Read More…

Three months after the 2015 Budget announced a $20,000 tax break to small businesses, Tim Reed, CEO of MYOB, provider of business management solutions, shares his professional view with Dynamic Business on the effect these budget measures can have on the Australian small business community. Commenting on the $20,000 tax break, Mr Reed said “small Read More…

Instead of just complying with the fringe benefits tax legislation, why not use it to your advantage? Salary packaging can maximise take-home pay and attract talent. Could salary packaging be a cost-effective way to attract and retain talent? By combining cash salary with other benefits, organisations have greater flexibility to negotiate remuneration, but that’s just one Read More…

Xero has announced a number of strategic partnerships today at Australia’s largest accounting technology conference in Melbourne, Xerocon Australia. In a keynote speech to over 1600 attendees at Xerocon Australia today, Xero Australia Managing Director, Chris Ridd, also announced that this week Xero expects to reach more than 250,000 paying subscribers using the global accounting Read More…

A survey involving more than 400 practices across Australia shows that accounting firms are embracing cloud technology for themselves and clients. According to The Cloud Readiness Survey from Digital First, 43 per cent of accounting practices are anticipating a shift to cloud software in the next 12 months. The survey revealed that accounting firms understood Read More…

The ATO is helping Australians to better monitor their tax deductions with the introduction of a new online tool called myDeductions. The tool will allow users to capture work related expenses on the go. Recognising that tracking down one years’ worth of receipts is often be the most time-consuming aspect of lodging a tax return, Read More…

According to national SME finance specialist, Scottish Pacific, many small businesses may be using the Australian Tax Office (ATO) as a line of credit being unaware of alternative funding solutions. Scottish Pacific CEO, Peter Langham said the ATO was owed $35.3 billion in 2013-14 according to a recent report by the Inspector-General of Taxation. “It Read More…

Part of our role as small business accountants is to act as a barrier or intermediary between the tax office and the small businesses of Australia. It’s not that we don’t trust the two different interests to get along but it’s more about using our experience and knowledge to protect the best interests of the Read More…

More Australians are encouraged to venture into the SMB world and are on the lookout for savvy business advice. Here are 5 must-know tips.

An individual earns income, pays income tax and then pays expenses with what’s left. A business basically pays for expenses with pre-tax dollars whereas an individual pays expenses with post-tax dollars.

As easy as it might be now to juggle a full-time job and work as a freelance writer in your spare time, you may not have considered the tax implications – a mistake that can leave you out of pocket for several thousands of dollars when your tax bill comes in.

Three-quarters of small business employees, and not to mention the majority of freelancers, maintain an office in their home. But a proper workspace at home doesn’t come cheap.

With the end of the financial year behind us now is the time of year to come up with resolutions, especially for small to medium sized enterprises.