Tips and Tricks
Free credit health report for all Australians
August 12, 2020 | Business, Tips and Tricks More than ever, a healthy credit score means an easier process when it comes to borrowing for personal or business needs. NAB have developed a free credit health check tool which will be available for all Australians. The tool can be used by anyone (even non NAB customers) and will allow you to see your credit score…
Cryptocurrency tax tracking and calculating
August 6, 2020 | Tax, Tips and Tricks How are cryptocurrencies taxed in Australia? The Australian Tax Office (ATO) has released a guide that the treatment of any gains/losses made on cryptocurrencies (such as Bitcoin) are taxed in Australia. Essentially, capital gains tax (CGT) applies to an asset at the time it is sold, traded…
Buying a car with the new instant asset write off limit increase
July 9, 2020 | Tax, Tips and Tricks A few weeks ago, we shared that the $150k Instant Asset Write-Off has been extended to 31 December 2020. Since then, the most common question we received from clients is: Can we buy an expensive car (i.e., a Tesla) and write that off immediately? Unfortunately, the answer…
Managing debtors and cashflow for small business owners
July 9, 2020 | Accounting, Business, Tips and Tricks Managing debtors (otherwise known as accounts receivable) is a requirement of doing business for most businesses, small and large. A key aspect of well managed cashflow is keeping the gap between receiving money from customers and paying money to suppliers as narrow as possible. A wide…
A 1.75% increase to the minimum wage has been announced.
June 25, 2020 | Business, Tips and Tricks A 1.75% increase to the minimum wage is on its way from 1 July 2020. This increase will apply to all awards, but the starting point for specific increases will be rolled out over three stages depending on the award applicable to your business. As most employees…
2020 end of financial year checklist.
June 16, 2020 | Business, Tax, Tips and Tricks We are now into June, which means another financial year is fast approaching. 2020 has certainly been a hectic time for all businesses with bushfires, floods, and COVID-19. Fortunately, the government stimulus measures have proven very effective but are wildly time-consuming in ensuring all the applications…
What’s the best Mac accounting software platform in Australia?
Australian small businesses using Macs have the same financial tasks as those using PCs. But often it’s a challenge to find Mac accounting software that’s as feature rich as the Windows version. So, if you’re on the hunt for the best accounting software to run on your Mac, you’ll find you answer here. Hint: It’s…
How To Protect Your Business During A Crisis
During a crisis it is important to take practical steps to help protect your business during and afterwards. These steps should be implemented into your business plan to be enacted when crisis strikes. However, it is important not to make the mistake of not responding at all, or making too drastic of a change. An…
How To Find A Great Business Idea
So, you want to join the exciting world of small business, be your own boss and shape your own career? All it takes is a great idea and you can get started. The trick is to find this great idea and run with it. Some ideas are crazy, and others are boring, but they still work. There are…
Cash vs Accruals, Which GST Reporting Method Is Better?
If your business is registered for GST you should be aware of the reporting requirements you have. Most businesses will need to report the GST they collected each quarter in a business activity statement (BAS). Where things can get confusing for some business owners is in the different reporting methods you can use. Often, business…