As with anything in life the saying goes “fail to plan, plan to fail’. If you want to create a successful and profitable business then you need to create a business plan. If you want to grow your business you'll need a Business Development Plan. What exactly is a business plan? It’s basically the road [...]
According to a MYOB Snapshot 80% of small business owners lose sleep at night. According to Natalie Feehan, Executive Group Marketing at MYOB, the first thing a business needs to operate well is a healthy owner. So what exactly did the research show? 91% of small business owners admitted stress from their business impacts other [...]
Single Touch Payroll (STP) started on 1st July 2018 for businesses employing 20 or more employees. Small employers with 5 to 20 employees will be required to start reporting any time from 1 July 2019 to 30 September 2019. The ATO has advised they will grant deferrals to any small employer who requests additional time [...]
If you’re an Australian resident for tax purposes and you receive income from overseas you generally need to declare it on your Australia tax return. If you have paid tax in a foreign country you might be able to claim that as a foreign tax credit offset to reduce your Australian tax liability. This sounds [...]
Are you over 60 but not maximising your allowable $25,000 annual super concessional amount? Did you realise that if you are between 60 and 64 and still working, you are able to access up to 10% of your super balance, and re-contribute it back to Super to claim a tax deduction. This can apply whether [...]
When it comes to rental properties make sure you don’t fall for any of the common tax mistakes people fall for this year. Here’s our top ten tips for you to ensure your claims are successful – Always keep evidence to support your claims, like your receipts. Make sure your property is genuinely available for [...]
It's not just about the tax returns! A good Accountant can be a great asset to a small to medium sized business and is important in all stages of your business life from start up through growing and then selling. Now I’m sure you’re wondering why finding a great accountant is so important, I mean [...]
If you’re claiming a tax deduction for work-related expenses there are certain guidelines that you must follow and these are – You must have spent the money yourself and weren’t reimbursed It must be directly related to earning your income You must have a record to prove it Of course you can only claim the [...]
When it comes to any work related expenses claim it must meet certain criteria – You must have spent the money yourself and weren’t reimbursed It must be directly related to earning your income You must have a record to prove it Also note that you can only claim the work-related part of expenses. You [...]
