If your focus remains solely on revenue, you may be overlooking a crucial aspect of sustainable business growth. […]
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As a business owner, you need to manage your cash flow, keep a close eye on your expenses, and make sure you have enough revenue to keep the business going. Follow these simple steps to stress less about money in your business. […]
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The New Year is a time to set new goals and start fresh. As a small business owner, it’s essential to stay on top of your tax and super responsibilities. Here are five new year’s resolutions to help you keep your finances in order for 2023. 1. Know if you’re in business or not:If you’re […]
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As a business owner, it’s important to prioritise good planning and spend your time wisely to focus on areas that can help your business succeed. The Australian Tax Office (ATO) recognises this and is offering two webinars in January and February to help streamline processes and improve profitability. The first webinar, “Connecting Online with the […]
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Electric cars have been gaining popularity due to their eco-friendly nature and lower operating costs. As an employer, you now have the option to provide electric cars to your employees as a tax-exempt benefit. Previously, employers were required to pay Fringe Benefits Tax (FBT) on electric cars provided to employees, but as of July 1, […]
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With recent cyberattacks exposing millions of individuals’ personal information to the World Wide Web, now is the time more than ever before to strengthen your data from future attacks. With these 3 easy steps, you can prevent your data from being leaked. 1. Update your device and applications Updates not only provide new features to […]
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Gone are the days of paper based submission and lengthy processing times. Employees can complete tax file declaration forms using their myGov linked ATO account. Once your new employees are logged into the ATO portal, all they need to do is navigate to Employment > New Employment and complete the designated form. No input will […]
Director of companies in Australia have until the 30th of November to apply for their director’s ID number. Failure to obtain a director ID before the cut-off day is an offence under the Corporations Act 2001 and can result in heavy penalties of up to $13,200 criminally or $1,100,000 civilly. In the case of intending […]
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If you have logged into your MyGov account recently, you may have noticed it has changed, and we’re pretty happy about it. The brand new interface makes it much easier to navigate, it has some great new features and all the government-related information you need all in one place! We’ve also noticed it runs a […]
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Tax time is a busy, stressful time of year for business owners. You’re busy with the day-to-day demands of operating your business and then have to add the additional challenge of preparing for the end-of-financial year. During this labour-intensive time, it’s important to take care of yourself and prioritise the well-being of your staff members. […]
You only claim the business-use portion of an expense that’s for a mix of business and private use.You have records of each claimable expense. It’s important to know that there are two key types of deductions, operating and capital. Operating expenses are day-to-day operating costs such as office stationery and wages, which you must pay […]
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What is a director ID? A director ID is a unique identifier you apply for once and keep forever. It’s managed by Australian Business Registry Services (ABRS), which is governed by the ATO. The director ID aims to help prevent the use of fictitious director identities and create a fairer business environment by improving data […]
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If you’re a business owner, you’ve probably heard about eInvoicing. But what is it, and why should you care? eInvoicing is the new, standardised way to send and receive electronic invoices directly through your accounting software. It’s not the same as sending an email or PDF through your software. Instead, invoices are sent directly between […]
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Generally, GST-registered businesses are entitled to a credit for most types of fuels acquired. This includes for use by vehicles and certain non-vehicle uses, such as for plant and machinery. Exclusions include aviation fuel and the fuel used by vehicles weighing 4.5 tonnes or less travelling on public roads. The exclusion means, for example, that […]
Leading up to the end of financial year it’s a good idea to brush up on your tax knowledge. Here’s a little quiz to test your knowledge to see if you’re tax ready. The TestAre the following statements True or False? Cash, cryptocurrency, online sales, capital gains and income from the sharing economy are all […]
One expense many companies will be dealing with this year is the purchase of COVID-19 RAT tests. Fortunately, COVID-19 tests purchased from 1 July 2021 for work purposes are tax-deductible. Anytime you have provided, or reimbursed, the cost of COVID-19 tests for your employees you will able to add it as a tax deduction. If […]
Have you known a business that shut down to avoid paying debts, only to “rise from the ashes” and pop up again under a different company name without any debt? The practice is known as phoenixing and it’s illegal, costing the Australian economy somewhere between $1.78 and $3.19 billion annually. A phoenix company generally keeps […]
More and more, cybercriminals are targeting small businesses with email scams. The fraudulent emails and usually created with the scammer posing as a legitimate business contact or staff member, requesting a change in bank account details for a business payment. The emails may come from hacked email account or websites with domain names similar to […]
Changes to the way you can update your ABN details with the Australian Business Register means you can now add more information to your listing, giving a holistic view of your business and its operations. From now on, you can now include up to four additional business activities under your ABN, while maintaining your central […]
The Covid-19 Pandemic has made conditions tough for many businesses in the last year. If you have a small business that’s experienced difficulty recently, there may be services available to help you through. The ATO has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or […]