Plain English guide to cashflow
Why is cashflow so central to good financial management? Here’s our plain English guide. What is cashflow? Cashflow refers to the movement of money into and out of your business over a specific period. In the most basic terms, cashflow is the process of cash moving out of the business (cash outflows), and cash coming […]
Avoid ATO’S increased tax penalties – reminders and updates
Announced as part of the 2023–24 Federal budget, increased funding has been provided to the ATO to scrutinise taxpayers who have high-value outstanding debts of over $100,000 and aged debts older than two years where those taxpayers are: Increased penalty rates After a recent increase in January 2023 from $222 to $275, Commonwealth penalty unit […]
Proving your ongoing business viability through 5 financial reports
Whether you’re applying for government subsidies, taking out a business loan or seeking investor support, you need to be able to demonstrate your ongoing viability as a business. To prove this viability, it’s important to have the right financial information at your fingertips. This information is also just as important for your own internal planning […]
Prepare for Finalising Single Touch Payroll
It’s nearly time to make a finalisation declaration for Single Touch Payroll. There is no need to issue payment summaries to employees you have reported through STP. Employers must complete the finalisation declaration by 14 July for employees. Employers with a mixture of employees and closely held payees have until 30 September to make the […]
Fringe Benefits Tax and Business
Benefits provided to employees or their associates in addition to salary or wages are known as fringe benefits. These benefits are paid for by the employer from pre-tax earnings, making the provision of benefits attractive to employees as it may reduce their taxable income while receiving payment in other forms. Fringe benefits tax (FBT) may […]
Tax Tips for Trusts 2023
Whether you have a trust set up for investment or business purposes, there are some common elements to getting ready for the trust’s tax return. Contrary to popular opinion, a trust is not actually a legal entity; rather, it is a formal relationship between other entities, where one entity holds property for the benefit of […]
Stepping back: Do you have an exit strategy for your business?
Owning a business can be brilliant, but you might not want to do it forever. Whether you’re ready to retire, want to cash up, or you just need a break, at some point you will probably want to move on from your business. Even before that time comes, you’ll need a plan for stepping back. […]
8 Ways to Save Time (and Money) in Your Business
We all look for ways to save time, business owners and non-owners alike. Every moment spent on admin or fixing mistakes is time that could be spent on business-building work. When time really is money, it is worth finding ways to reduce those tedious and repetitive tasks – and effective use of technology is the […]
Contractor or Employee – What You Need to Know
What is the difference between a contractor and an employee and whose responsibility is it to get right? An employee – typical characteristics works in the business and is integral to that business has rights and entitlements under the Fair Work Act 2009 has a reasonable expectation of ongoing work, agreed hours and duties is […]
