Business
Advantages and Disadvantages of Using a Family Trust for your Business
A trust is a type of business structure often used by family businesses. In this structure, a trustee, who is either an individual or a company, will carry out the operations of the trust on behalf of the beneficiaries. Governing the trust is a Trust Deed which details all the rights and obligations of all…
How To Get Your PAYG Withholding Obligations Right
The rules have changed for pay as you go (PAYG) withholding. There are now changes to the rules surrounding claiming deductions on payments to your employees. As a small business owner, it is important that you keep up to date with and understand what changes have been made. Here is the rule change: What has been changed? …
Changes To QBCC Annual Reporting Requirements for Building & Construction Licence Holders
Written by Elle Sweeney What are the New QBCC Reporting Requirements? Phase 2 of the new minimum financial requirements (MFR) began on 1 April 2019 which requires licensees to report their financial information to QBCC annually (as was the case prior to 2014). The changes aim to improve the standards of financial reporting…
Why The Government Is Stopping Businesses From Accepting Cash Payments Of $10,000 Or More
As of January 1st, 2020, the Government intends to stop businesses making or accepting payments at or over $10,000. This will mean all payments exceeding the limit will need to be made electronically or by cheque. Ignoring this limit will become a criminal offence, you could potentially face penalties up to 2 years in prison and/or a $25,000…
GST and Income Tax for Rideshare Drivers
Driving for a ridesharing service means that you are running your own business. Because of that you will have some tax obligations that you must fulfil throughout the year. As a rideshare driver you are not an employee or contractor of your specific rideshare operator – whether it be Uber, DiDi, Ola or various others. Therefore, you…
Single Touch Payroll Exemption for Directors and Family Members
The ATO has provided concession for small employers from Single Touch Payroll (STP) for payments to closely held payees. On July 1st, 2019 STP was extended, covering all employers. This raised some potential problems for directors of their own business or for family businesses who only employ family members. Often, they do not know exactly what their salary or wages will be until just…
What Can You Claim at Tax Time if You Run a Business From Home?
Over one million Australians choose to run their small business from home. It is not only cost effective but offers fantastic work life balance options that are hard to come by in the world of small business. Each year, relentless advances in technology make it easier than ever to run a business from home, so…
How to Keep Clear of an ATO Audit This Tax Time
Tax agents and their clients should expect greater scrutiny from the Australian Tax Office this financial year after the ATO released its first ever “Individuals not in business tax gap” report last year. The ATO is now looking to crack down on the $8.7 billion tax gap it identified in this report. The ATO also…
My Company is Profitable and I Am Paying Tax, But There is No Cash in the Bank. Why?
Business owners often ask where all the business’ cash has gone. Even after having a profitable year, there is often the harsh reality that there is no extra cash in the bank. First thought may be that the books are wrong or someone has made a mistake. More often than not, the explanation is hidden in the business balance sheet. Sure balance sheets…
3 Tips to Stopping Your Cashflow Problems
Every successful business needs good cashflow. It is an essential component that without it, a business will struggle to stay afloat. Whether your business’ cashflow is positive or negative can be a good indication of how your business is currently performing. If your cashflow is positive, then you are gaining more money than losing, if…