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
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