Deciding on a business structure isn’t a quick decision, we’ll outline four of the main business structures.
With the easing of restrictions, our office has re-opened for face-to-face interaction with clients. In terms of the Victorian Government mandate, we have had to implement a COVID-19 vaccination policy for our staff and clients. At Teamwork Accounting we are committed to protecting the health and wellbeing of our employees and clients. This has never … Continue Reading
Crypto Crackdown Interest in cryptocurrencies has exploded in the past year. Bitcoin reached highs of more than $80,000 at the beginning of 2021. The internet meme, dogecoin, saw its value rise by 12% in May. Recently, the Australian Tax Office (ATO) announced that they will be continuing with their data-matching program in an attempt to … Continue Reading
There have been several support packages announced by the Victorian government as well as one from the Federal government. The following is a short summary of each with the links to the guideline details. BUSINESS COSTS ASSISTANCE PROGRAM There are 2 categories under this grant: Businesses that were directly affected by the circuit breaker industry … Continue Reading
We get asked these questions often: How do I buy a business? What documents should I request and how do I value a business that I want to buy? We’ve broken it down into these tips so that you don’t buy a bad business. 1. What type of business are you buying – franchise or … Continue Reading
Let’s look at 7 finance tips for starting a successful business. Avoid the common mistakes that new business owners make. In our 20+ years of experience giving advice to local entrepreneurs, we’ve seen a few things that work and a few things that don’t. Whether your business is online or not, this advice should help … Continue Reading
With JobKeeper coming to an end it might be worth considering if you are eligible for the JobMaker Hiring Credit. In summary the JobMaker Hiring Credit is a scheme whereby employers will receive a contribution towards employment costs of an additional employee starting employment between 7 October 2020 and 6 October 2021. The employee must … Continue Reading
When it comes to bookkeeping, small business owners don’t always have time for it, forget to do it and, let’s be honest, don’t really want to either. When searching for a bookkeeper there are a few important questions to ask yourself: What’s covered by bookkeeping services? Why shouldn’t I just do my own books? Can … Continue Reading
Wondering what the best way to take money out of your company is? Or how to correctly use company assets for personal use? This information will help you if you are a director or shareholder of a company that operates a small business. It will help you understand when you can take money out of … Continue Reading
True or False: I don’t need to separate my business bank account and personal account. I can run my personal expenses out of my business account if I want to. True. You can. But you can also use your knuckles to hammer in a nail. It’s not necessarily a good idea. One of the most … Continue Reading
Operating on a tight budget? We all share a desire to grow our businesses. A common question we come across though is: “How do you grow your business without money?” In our 50+ accumulated years of experience dealing with a wide variety of clients, here are 5 things we’ve seen help to grow a trades … Continue Reading