Self-managed superannuation funds, or SMSFs, are relatively self-explanatory–they’re private superfunds overseen by you and up to six other trustee members. Each member invests in the fund to build a secure retirement savings pot. If you want better control over your retirement savings, keep reading. We’ll outline an SMSF’s core benefits and highlight what’s involved. 5 SMSF Benefits For Future…
Sole traders are individual business owners who sometimes employ a workforce to provide goods and services to customers. When registering for this business structure, you become liable for paying all work and employment-related taxes, including superannuation. While this can seem like a long line of bills, there are multiple ways to reduce your overall costs. Read on as we confirm…
An asset is a resource or item that holds and yields financial or tangible value. As such, the sale of a business is essentially the sale of an asset, meaning various taxes may apply. With over 25 years of experience helping businesses financially, we understand how much time, knowledge, and resources selling an entity consumes. Find answers to your…
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…
Accounting and bookkeeping are incredibly time-consuming and technical areas that link to several implications if not done correctly. Behind many successful businesses are outsourced specialists aiming to lighten your workload so you can focus on other crucial aspects of your business. Choosing the correct accountant is a significant decision with the potential to yield numerous benefits, driving your business…
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…