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
This guide aims to help sole traders understand key tax matters, such as the sole trader tax rate in Australia, when you pay tax, what you can claim and what documents are required to submit a successful tax return. The sole trader tax rate. Sole traders operate a business in their personal capacity (as opposed … 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
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