Year-end planning highlights further steps to optimise your savings and prepare for the following year to yield greater benefits. Keep reading if you want to take this strategic opportunity to review your obligations and strengthen your financial trajectory. 4 Key Components of Year-End Planning June 30th marks the end of the fiscal year, obliging many businesses to organise their taxes.…
The Australian Taxation Office (ATO) strives to unite up-and-coming businesses in lowering the country’s carbon emissions and making greener choices. It offers various financial and tax incentives, enabling investments into energy-efficient equipment to yield long-term benefits. Whether you’re a small business owner looking to adopt sustainable practices, seeking tax savings, or both, you’ll want to check this guide. 2 Incentives…
Selling your small business can mark the start of fresh beginnings. Amid the process, you’ll need a strategic handle on the sale’s tax implications to remain compliant and secure a successful transaction. Follow this guide to decode the meaning of capital gains tax and learn how to minimise your liabilities. Which Taxes Apply to Small Business Sales? Tax liability usually…
Independent contractors are self-employed individuals, sole traders, or companies that complete work for your small business. They aren’t directly owned or employed by your entity. Instead, you pay them an agreed fee for work like IT handling, cleaning, or maintenance. Although they work with your businesses, you don’t hold the same tax obligations as you do with employees. Let’s figure…
Appealing employee benefits, like financial initiatives and memberships, retain existing employees and entice new talent. It enables you to “give back” to your employees, fostering a positive, supportive workplace culture. Although sustaining high employee morale is key to productivity, a decent benefits program can impact your annual tax bill. Follow this guide if you want to balance the benefits…
Having a quality accounting system goes a long way in simplifying your overall financial processes, whether you’re a start-up or another kind of small business. So, throughout this article, we’ll be walking you through some of the steps you’ll need to take to properly set this up. Define Your Financial Goals and Objectives Before diving into some of the more…
When you’re running a business, sales tax, commonly referred to as the Goods and Services Tax (GST), is a key concept you’ll need to get familiar with – both for financial stability and to stay compliant with the Australian Taxation Office (ATO). So, in this article, we’ll be providing an overview of all you need to know about GST and…
Generally speaking, having a clear process to handle your business’ payroll not only means your employees are being paid properly and promptly, but it also helps you stay compliant with tax and legal regulations throughout the country. Still, depending on how many employees you have, it can be easier said than done to have effective payroll management. So, we’ve put…
Record-keeping procedures involve tracking and storing manufacturing, financial, research, and legal information. Effective record-keeping management protocols can streamline key responsibilities, such as filing taxes, where the legal implications of submitting incorrect figures could be detrimental. Review the importance of good record-keeping to prevent bad habits from manifesting. Ongoing Tax Compliance Accurate record-keeping enables you to share the correct amount in…
