The Coronavirus outbreak: COVID-19, is wreaking havoc across the nation, leaving business owners around Australia counting costs. Fortunately, the government have put measures in place to support our economy and assist business owners with their cash flow during this difficult time. Cash flow boost for employers Businesses with an aggregated annual turnover under $50 million, … Continued
Are you a business owner that purchases assets primarily for business use? Are you aware of the increased amount of claiming an instant asset write off for newly purchased assets, for the 2019 income year, be it brand new or second hand? Using the instant asset write-off, you can claim a deduction for each asset … Continued
Most of us are concerned when it comes to closing off our 2019 accounts, and unfortunately, many small businesses forget to pause to plan for the year ahead. What we want you to do is ask yourself: Have I written it down to share with my staff, so I am not struggling to remember? Did … Continued
Often when starting out in a business, the simplest and cheapest structure to use is either an individual (i.e. sole trader) or partnership. The cost to setup these structures are low, and with the expectation of low revenue in the initial years, it can also be the most tax effective. For a little more money, … Continued
With a recorded rainfall of 57mm below average this autumn, it’s little wonder Australian farmers are turning to donations and relief funds to help maintain the vitality of their crops and cattle. While you may wish to make a donation yourself, it is important to first find out whether the recipient is aware of the tax implications associated with receiving crowdfunding payments. What is … Continued
There are dangers in engaging an individual as a ‘contractor’ without having a proper understanding of the law. You may find that the individual is considered to be an employee at law, and this brings with it a range of legal obligations – and liabilities if you get it wrong. An employee generally works in a business … Continued
The Turnbull Government announced that they will provide the ATO with additional funding for a Superannuation Guarantee Taskforce. The taskforce will crackdown on employer non-compliance. The ATO released a media statement on 29 August that the super guarantee gap for the 2014-15 year is estimated to be $2.85 billion, which represents 5.2% of the total … Continued
International research has suggested that the following characteristics consistently play a role in successful small businesses: 1. Owners leading by example The owner or manager leads by example. He or she is usually the first to arrive, the last to leave. The owner knows everyone by name and their presence is obvious. They show a … Continued
Are you a small business in NSW? Have you recently or are you thinking of hiring an employee for a new job? If so, you may be eligible for the NSW Small Business Grant. The NSW Small Business Grant is designed to encourage small businesses that do not pay payroll tax to employ new full-time, … Continued