The ATO’s top tips for running a small business.
Small businesses are the driving force behind Australia’s economy. In 2022, businesses employing fewer than 20 people contributed nearly $590 billion in value, accounting for approximately one-third of the country’s gross domestic product (GDP) during this period. However, maintaining effective financial management, accounting, and tax planning can present significant challenges for many business owners. To […]
Your upcoming tax calendar for September and October 2024
The new financial year is well underway, and many of you are currently finalising your general ledger accounts to provide us with the necessary information for preparing your 2024 financial statements and tax returns. To ensure you remain compliant with your tax obligations, please take note of the key upcoming compliance dates listed below. It […]
Getting your small business tax in order
As the 2023/24 financial year concludes, it’s important to prepare for submitting your tax return and ensuring that sufficient cash reserves are set aside to meet your company’s tax obligations. This guide is intended to help small businesses understand their end-of-financial-year (EOFY) tax responsibilities, detailing the types of taxes for which you may be liable […]
Changes to Capital Gains Withholding Tax
Changes to Foreign Resident Capital Gains Withholding Tax Rate and Threshold The withholding tax rate for capital gains under the regime for non-residents is proposed to increase from 12.5% to 15%, with the property value threshold of $750,000 being proposed for removal, effectively reducing it to nil. Key Information: Currently, the regime mandates that purchasers […]
Keeping your tax and expenses in check when you are self-employed
Engaging in contracting or freelancing necessitates the assumption of various roles—client relationship management, time tracking, skill promotion, and task execution. Equally important, however, is the establishment of a solid financial foundation and the cultivation of prudent financial practices. Understanding Deductible Expenses Prior to initiating your business activities, it is essential to gain a comprehensive understanding […]
2024–25 Federal Budget Highlights
The Federal Treasurer, Dr Jim Chalmers, handed down the 2024–25 Federal Budget at 7:30 pm (AEST) on 14 May 2024. Described as a “fiscally responsible Budget aimed at alleviating current financial pressures,” the Treasurer has projected a surplus of $9.3 billion for the second consecutive year. The government’s primary focuses, outlined in the Budget, include […]
5 common accounting mistakes (and how to avoid them)
Embarking on a business venture entails grappling with myriad challenges, particularly in the realm of financial management. For those not well-versed in fiscal intricacies, navigating the complexities of bookkeeping and accounting can be formidable. Despite the availability of modern accounting tools, the potential for inadvertent errors persists. What are the common accounting pitfalls encountered by […]
Tax Planning helps you do more with your money
Strategic tax planning is essential for small businesses looking to efficiently manage their finances and legally minimise tax liability. It involves proactively planning ahead to ensure you only pay the taxes you owe, and no more. Working with your tax adviser, you can identify potential deductions, credits, exemptions, and strategies to optimise your tax position. […]
Mastering Financial Fitness: A Comprehensive Guide to Effective Bookkeeping
In the digital age, managing your finances efficiently is a non-negotiable aspect of running a successful business. With a myriad of tools and metrics at your disposal, maintaining accurate bookkeeping practices is the cornerstone of financial health. But why is it so crucial, and what steps can you take to ensure your bookkeeping is up […]
Key ways to access funding for your business
If you’re planning to fund a new business, you’ll need enough startup capital to get this venture off the ground. And once you’re up and running, you’ll need additional business finance and investment at each stage of your growth and expansion along the business journey. But where does this business funding come from? And what […]
