Cash flow management for sole traders

Cash flow - Sole traders

In business, good cash flow management is critical to success. When you are a sole trader, poor cash flow management can land you in trouble quickly. It’s stressful and can bring creditors knocking at your door demanding payment. At Teamwork Accounting we want to equip sole traders with the tools and insights to effectively manage … Continue Reading

Must a sole trader register for GST?

Payment for goods purchased

In this guide, we will help sole traders understand their obligations and guide them on whether they need to register for GST or not. A sole trader is a type of business structure in which a single individual owns and operates the business. This is a common structure choice for tradies, hairdressers, photographers and other … Continue Reading

The Ultimate Guide To Running A Sole Trader Business

If you’re starting a new business or considering your current business structure, you may be unsure if you should operate as a sole trader or take the plunge and register as a company. In Australia there are four main types of business structures to choose from. Chat to us if you need help choosing the … Continue Reading

Making tax easier

Tax is one of those things in life you can’t avoid. Each year, tax season rolls around, and whether you’re prepared or not, you must lodge your taxes. Whether you’re planning on doing it by yourself or getting assistance, this 2022 master tax guide will be your roadmap to tax season. Before lodging your tax … Continue Reading

Office re-opening and COVID policy

face to face meetings

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

Sole Trader Tax: The Complete Guide

The complete guide to sole trader tax - Teamwork accounting

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 Tax Australia – Important Update

Crypto Crackdown Featured Image

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

Lockdown 4.0 – Government Support Packages

small business barber shop covid 19

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

What to do when buying a business

How to buy a business

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

[7 Finance Tips] How to start a business

7 Tips to start a successful business - Teamwork Accounting 900x600

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