Starting Your Own Business

Starting your own business is exciting and fun, however, there are a few things you need to know, including: the tax implication of your business structure (e.g. sole trader, trust, company, partnership) the deduction you can claim the records you must keep and for how long registering your business (ABN & Business Name) setting up… Continue reading Starting Your Own Business

Why You Should Not Keep Your Own Books

Accurate book recordings are fundamental for a great and successful business. Precise information from the reports will allow business owners to make better decisions, and if this information is not accurate, our decisions won’t be either. Keeping your books requires a good and solid knowledge about bookkeeping, how to record transactions, etc. Also, you have… Continue reading Why You Should Not Keep Your Own Books

Payroll Responsibilities for Business Owners

Business owners face lots of tasks and responsibilities every day, and BOOKKEEPING is just as important as making your sales, as they say, YOU MUST KNOW YOUR NUMBERS! Hiring a professional bookkeeper will take away the burden of GST and many other things, including payroll. Payroll is one of the most important activities bookkeepers do,… Continue reading Payroll Responsibilities for Business Owners

2022 Federal Budget Update

On the 29th of March 2022, the 2022-2023 Federal Budget has been released. In this article, I have summarised the main points for you, in an easy and comprehensible way 🙂 For Business Owners– Small companies will see a tax reduction, from 30% to 25%.– Additional tax discount for small businesses from 5% (2015-2016) to… Continue reading 2022 Federal Budget Update

Superannuation for Business Owners

As the end of Financial Year approaches many business owners think about their own superannuation contribution. What is Superannuation?Superannuation is a regular payment that employers make every quarter to their employees’ superannuation funds, or, in other words, is the employee’s pension. Superannuation is mandatory in Australia, which means that each employer must pay 10% of… Continue reading Superannuation for Business Owners

Natural Disasters & Tax

The recent flood in South East Queensland and NSW has left us all overwhelmed and unprepared. Many lost their houses, vehicles, and so much more, and the last thing people might think of is their due or overdue tax. How does the ATO support those who have been affected by natural disasters? In case of… Continue reading Natural Disasters & Tax