Many business owners know that the special purpose financial statements (SPFS) are slowly being phased out. This financial report has long been used by “non-reporting entities” who need to present…
The advantage of owning your own business is that it ensures your progression to financial independence. Instead of relying on an employer to handle your benefits and retirement plans, you…
For decades, the concept of tax write-offs is something that Australian businesses have had quite a bit of difficulty wrapping their heads around. From small mom-and-pop retailers to multinational corporations,…
If there's one thing that can make or break your small business, that's cash flow. When you have a solid cash flow plan, you can help reduce the stress for…
Personal income tax changes Retaining the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year The Government has announced that it will retain the LMITO for one…
One of the most challenging things that every self-employed individual or business owner needs to face is getting taxes in order. Whether they like it or not, handling taxes with…
There are plenty of reasons why the Australian Taxation Office might want to run a tax audit on your business. It’s completely normal for businesses to go through this even…
Understanding the complexities of taxation is essential for businesses of all sizes. As a business owner, you have a range of obligations and responsibilities tax-wise that you need to fulfil.…
Whether you earn money from work or investments, you usually need to pay tax on your income and fill out income tax returns. You can also get tax deductions from…
Technology has made it possible for processes to be a lot easier these days. There are new ways to keep track of your small business’s progress, including your accounting. Online…
