Tax, Accounting and Bookkeeping
Late payment is becoming an epidemic that is threatening the future of many small and medium sized organisations Australia wide. Australia often sees itself as an egalitarian society, the land of the fair go – well where is the fairness in not paying supplier invoices in a timely manner!
More than half of small and medium businesses are not aware of important changes to the instant asset write-off scheme, according to a recent poll.
Most people know something about self managed super funds (SMSFs), the do-it-yourself version of compulsory superannuation. But for many people, the many benefits of SMSFs – as well as the potential costs – are unknown.
Have you completed your proper due diligence on your business contracts? It’s crucial to plug the holes in your business contracts before you find yourself sinking.
To optimise cashflow management for small business, it is imperative that Goods and Services Tax (GST) registration suits the business operations. This step-by-step guide will help you understand how to take GST reporting from cash to accruals basis.
Outsourcing aspects of your business shouldn’t be seen as failure. Rather, procuring the help of people who are better at doing those jobs than you are could be the key to your success.
They say there aren’t too many benefits of ageing, but a scheme called the Transition to Retirement Pension allows for bit of nifty restructuring that can reduce wages and increase cashflow – two benefits not to be sniffed at.
Claiming car expenses can be minefield for some business owners, as deduction methods vary depending on your work situation. This simple two-part method will help you decode whether you can claim vehicle expenses, and which methods will help you achieve the best deduction.
Remember the changes announced in the Federal Budget in May? No? Well the beginning of the new financial year means that many of these measures have now commenced. Use this list of changes to ensure you’re compliant.
The word “budget” can evoke a range of different feelings: dread and disappointment or pride, a sense of direction and achievement. However you might feel about them, the truth of the matter is budgets are a highly underrated business tool.
With only a week and a half to go, time’s running out to get your year-end actions in order. If you’re unsure whether you’ve missed any EOFY opportunities, here are 110 ideas to help you ensure you’ve got all bases covered.
Working for yourself means not only do you need to market your products and services and bring in new business, but you also need to manage your own financial accounts. You have to keep on top of the money coming in and out if you want to survive the first year in business. These five tips will help.
If you employ the services of any building and construction contractors, from 1 July the ATO will be adding some new reporting requirements. Here’s what the new obligation will mean for your business.
Thanks to changes outlined in the 2012/13 budget, business owners need to be aware of a number of superannuation contribution changes due to come into effect on July 1. Use this expert advice to ensure you don’t break the law.
A struggling company can quickly become a serious liability, and the flow-on effects can impact on a director’s personal assets. Here’s a look at one way a director can become liable and what can be done to avoid it.
After the Wayne Swan’s rhetoric about his Government being one for small and medium business, the Federal Budget delivered last week turned out to be remarkable in that if contains no new meaningful support to businesses that aren’t loss making.
No matter what type of business you run or what stage of its life cycle you’re working through, the biggest issue that plagues SMBs is cashflow, cashflow and more cashflow. Here’s some expert advice for getting this vital aspect of your business under control.
Having your business annual financial reports completed can be met with the same level of enthusiasm as a visit to the dentist. But there are number of very good reasons, beyond preparing a tax return, as to why business owners need to keep on top of their reporting.
Last financial year, the ATO evaluated 1.4 million SMBs against its risk detection systems, which led to 16,000 being investigated. Here’s how to plug your EOFY knowledge black spots and escape the attention of the tax office.
The end of the financial year (EOFY) is less than eight weeks away now, and it’s important small business owners know what tax obligations and changes need to be accounted for, before June 30.
