Tips and Tricks
5 Tips To Organising Your Small Business Finances
Becoming self-employed is a great goal. Starting your own business is a part of an exciting journey to financial freedom. You are in good company too, according to the Australian Government 98% of all Australian businesses are small businesses. The trick to finding success when starting your own business is to become financially savvy. If…
5 Things For Your Business To Avoid This Christmas Time
The Christmas crush is almost here. As the dates tick down to the 25th of December consumers go crazy, rushing to buy all the presents they need for their friends and family. This can be a stressful time for business owners. There is a delicate balance across the business’ processes to ensure that the entire business…
5 FBT Tips For Christmas
Everyone loves a great Christmas party. They are a great way to let your employees know that their hard work is well appreciated. However, a little tax planning is necessary to ensure you aren’t copped with a huge FBT (Fringe Benefits Tax) bill at the end of the fun. Generally, the three primary benefits employers will provide their…
How To Claim An Extra $25.80 in Fuel Tax Credits per 100 Litres of Fuel
*FTC rates in this article apply for the period 5 August 2019 to 31 January 2020 Many businesses claim Fuel Tax Credits (FTC) on the vehicles they use in their day to day operations. FTC’s assist businesses by providing a credit on their BAS depending on the amount of eligible fuel used each period.…
What Not to Leave Out of Your 2019 Tax Return
The ATO is constantly improving their data matching abilities. Leaps in technology and big data mean that the 2019 tax year will see the ATO have access to more information than ever before. The ATO is constantly collecting information about you from a variety of sources – while this means efficiencies when it comes to providing…
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…
Don’t Forget to Claim Investment Property Depreciation This Financial Year
As a property investor, depreciation deductions can make a big difference to your cashflow. The Australian Tax Office (ATO) allows property owners to claim depreciation on their property as a deduction. Unfortunately, it is common for depreciation to be missed by property owners as it is a non-cash deduction. However, because it is a non-cash deduction, it can have an…
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…
5 Essential End of Financial Year (EOFY) Accounting To Dos for Business Owners
The end of financial year can get hectic for business owners. It’s stressful trying to ensure that everything is in order and that you haven’t missed anything. To help you along we have created a list of 5 to dos for the EOFY. 1. Get organised The first step to any end of financial…