Super is on everyone’s minds at the moment - little surprise, given the current economic outlook. According to some reports, 2.6 million Australians have applied for early access to their super, for a total of $42 billion. However, that isn’t the only way people have been using their super to get through tough times. One of the advantages of an [...]
Another financial year, another article talking about the benefits of single touch payroll. We know, we know, we’ve already covered this topic before (twice, as a matter of fact). Take our word for it however: there’s a very good reason we’re retreading this topic again. Single touch payroll is a huge help when it comes to your tax reporting. And [...]
When you first commit to losing weight, you track your calorie intake as well as your kilos. When you bring your newborn home for the first time, you no doubt keep track of their size and weight, comparing these against the averages. Your startup is no different. Starting a business is a major endeavour. Sure, you’ve got a great idea [...]
Buying a house on a quarter-acre block, surrounded by garden and with a huge backyard for the kids to play in - it’s the Australian dream. And it’s also one that many Aussies are finding is increasingly hard to obtain. We’ve all seen how property prices have skyrocketed over the last couple of years. As a result, many homeowners have [...]
Starting up your own business is a big decision, and one that comes with considerable risk. You’ll need to: Arrange financing Find a commercial property Get your ABN and employ staff Come up with systems and procedures Buy equipment and supplies Importantly, figure out what tax obligations you’ll need to meet We know, you don’t really like thinking about tax [...]
Let’s face it, nobody likes paying tax, least of all business owners like you. While we all understand its importance and the crucial things it funds, that doesn’t mean that we’re happy to pay up. Luckily, there are many ways for business owners to reduce their tax burden - namely: Tax exemptions Tax deductions Tax credits Don’t worry, all three [...]
Did you know? 1 in 4 Australians worry about money on a daily basis - a number that has almost certainly gone up due to our current climate. Financial stress is one of the worst kinds of problems that you can face - one that’s made worse by generally low levels of financial literacy among most Australians. However, there are [...]
Tax season isn’t fun - we get that. You have to collect receipts, fill out forms, and spend hours working out your deductions (all of which can be made considerably easier by getting a small business accountant in Melbourne to do it for you). For many small business owners, the only thing that keeps them going (besides the consequences of [...]
Sure, we may only be in April right now. However, with the months rapidly passing - can you believe we’re almost in May? - it won’t be long until it’s time to file your tax return. In particular, you’ll want to start looking into what deductions you qualify for, as well as what documents and the like you’ll have to [...]
It’s hard to believe it’s March already. And with March comes the need to report Fringe Benefits Tax (FBT). Unlike your personal income tax return, FBT doesn’t follow the Australian financial year (1st July - 30th June). Rather, the FBT year ends on the 31st of March - a date that’s only a handful of short weeks away! This isn’t [...]
