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
The planned federal budget for 2020-2021 will be Australia’s largest with a forecast deficit of $214 billion for the 2021 fiscal year. Business summary The key points for business are: The temporary full expensing deduction of capital assets until 30 June 2022 for businesses with turnover up to $5B. JobMaker Hiring Credit JobTrainer Fund Fringe … 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
Here is the ultimate guide to successfully prepare your personal tax return. Before meeting with you to prepare your tax submission, you need to gather certain information that applies to your circumstances for the year. There’s no denying that the ATO’s pre-filling service takes care of a lot of the traditional paperwork, however most of … Continue Reading
ATO’s view on Work-Related Expenses and deductions being claimed Work-Related Expenses and what to do about them There have been numerous media reports of late about the ATO’s view on work-related deductions being claimed by individual taxpayers. This is on the back of work-related expense claims in 2017 reaching a record $21.2 billion. Reports suggest … Continue Reading
Asking yourself how to set up an SMSF? Read this first. Everyone has a superfund, but not everyone has their own superfund. Setting up a self-managed super fund (SMSF) gives you control over how your super is working for you. While you still can’t access the money before you retire, once you reach retirement, the … Continue Reading
Wondering how your investment can help with tax? Here’s an overview. Buying an investment property not only gives you rental income, it presents a great opportunity for tax deductions. Here is a general overview of what you can and can’t claim, but remember, it is general and you should always get professional advice regarding your … Continue Reading
Learn about the four main types of business structure in Australia For every business you own, there is a structure that comes with it. Deciding on a business structure isn’t a quick decision, as each one has its own advantages and disadvantages. To help you figure it out, we’ve outlined four of the main business … Continue Reading