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The accounting profession is full of acronyms, phrases and terminologies that can make it difficult for small business owners with little or no accounting experience to understand what’s going on. But while accounting sounds confusing on the face of it, once you understand a few basic accounting concepts, there isn’t all that much to it.…
The tax considerations of being self employed in Australia are unique. Legally minimising your tax burden and taking advantage of every available deduction requires careful and informed forward planning of tax minimisation strategies. If undertaken without professional guidance, tax management can be riddled with missed opportunities for claiming tax benefits. Unanticipated and unnecessarily large tax…
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Are you paying the right amount of income tax? In a surprising number of cases, businesses and individuals are paying more tax than they need to! Here we take a look at the current Australian tax rates, as well as what you can do to ensure you’re not paying more tax than you should be.…
We often see the abbreviation Pty Ltd tacked on the end of the names of many companies. We can probably say with some confidence that most people don’t give those six little letters a second thought, if they ever notice them at all. As a business owner, however, this small collection of letters can have…
Although some of the restrictions imposed due to the pandemic have now eased, many businesses are continuing to face significant financial hardship. For some, this means there are difficult decisions to be made regarding taking on new staff and/or retaining existing staff members. Apprentices and trainees are particularly vulnerable: not only are employers reluctantly considering…
ACN (Australian Company Number) and ABN (Australian Business Number) are two identifying numbers that serve very different purposes. While every Australian business needs an ABN, only businesses registered as companies require an ACN. For someone about to start up a business, or who is considering what structure is going to be most appropriate for their…
With the social distancing and shut-down measures that have been imposed in order to combat the spread of Covid-19, many businesses are really feeling the financial pressure. In order to enable as many enterprises as possible to survive, and even thrive, during and after the current wave of Covid-19 restrictions, the government has put together…
At the beginning of each financial year, the Australian Taxation Office (ATO) announces a Tax Ruling. This outlines any changes made to the effective lives of assets – typically plant, equipment, and commercial property assets. This year, however, in tax ruling (TR) 2019/5, the ATO detailed several changes to residential property assets. These changes are…
The Taxable payments annual report (TPAR) gives the ATO valuable information about payments made to contractors for providing services. The ATO uses these reports to identify and follow-up with contractors that haven’t met their tax obligations. Do I need to lodge a TPAR? A whole variety of businesses and entities are required to lodge a…
Claiming deductions for personal super contributions Have you made personal super contributions in the last financial year? You may be eligible to claim a tax deduction. In this article, we’ll discuss your eligibility to claim tax deductions, as well as how to make a claim. Let’s jump right into it. What kind of superannuation contributions…