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 [...]
Self-managing your superannuation isn’t for everyone. Unlike Australians who choose an industry or retail fund, SMSF comes with a lot of extra work. This work starts from the very beginning, with your SMSF investment strategy. Not only is building a comprehensive and cohesive strategy a sensible thing to do if you want to maximise the return on your super investments, [...]
Substantiation: The act of showing something to be true, or of supporting a claim with facts. “The company produced receipts in substantiation of its claim” “The criticisms were without factual substantiation” That’s all well and good… but what does this have to do with your accounting exactly? The reason is simple: many tax deductions and rental claims require evidence to [...]
As a small business owner, you’re accustomed to doing things on your own. In particular, many small business owners feel intense ownership over their businesses, and feel compelled to have a hand in all parts of its operation. In many instances, that includes doing the finances as well. It’s admirable that you’re taking such a hands-on approach to your business [...]
Can your accountant set up your self-managed super fund? More importantly, should your SMSF be handed out to someone else? It’s a self managed fund, after all - giving it to someone else defeats the point somewhat! If you ask us, the answer to both of those questions is a resounding “yes!” Just because it’s a self-managed superannuation fund, doesn’t [...]
