We’ve all cherished the stereotypical idea of an accountant sitting in a lonesome office crunching away at numbers for hours on end, but this is just not true anymore for the modern-day accountant. Although there are many accountants out there who still practice accounting from the Jurassic period, I think there are some traits of…
You hear it all the time but what is professional indemnity insurance? If you run a business, it’s important to protect your business against potential legal costs and claims by third parties for damages that may arise from acts, omissions or breach of professional duty/contract during the course of operating your business. In cases where…
Tax Payments Annual Report, otherwise known as TPAR, is a specific report that must be lodged by businesses to the Australian Taxation Office (ATO) detailing payments your business has made to contractors in particular industries. This includes submitting information on the contractor’s ABN, name, address and the gross amount paid to the contractor, including GST….
Failure to lodge penalties are enforced by the ATO when businesses are not meeting their reporting obligations. If you have received such a penalty, don’t despair just yet. In this article, we explain exactly how you can have this remitted. How Much is the Failure to Lodge Penalty? For small business entities, the failure to…
Single Touch Payroll (STP) is a new method of reporting tax and superannuation information to the ATO. Your payroll or accounting software can potentially offer STP reporting and will result in you sending your employees’ tax and super information to the ATO each time you run payroll and pay your employees. However, how you pay…
What to look out for when hiring your first employee Looking at hiring your first employee? Achieving entrepreneurial success isn’t just about picking anyone for your company. It’s also about making sound decisions and implementing the right strategy in attracting the best prospective employees. The first few stages in the life of your business are…
It’s never too early to have business risk management processes in place. No matter the size of your business, it’s important to identify where the potential pitfalls exist within your business that can put not only your profits at jeopardy but your entire business’ existence. When I first started my business, this was extremely high…
When winding up a company, you must follow the correct process to ensure that your proprietary limited company has officially ceased to exist. Without doing so, you are still obligated to perform regulatory reporting and incur fees on an annual basis. Furthermore, the company will be at risk for exposure to future liabilities that may…
If you’re a small business and looking to increase productivity and organisation, there are some must-have apps small business owners! it’s important to utilise the power of apps and software that can greatly increase the production of your business. In this article, we not only cut through the noise of seemingly endless sea of business…
Figuring out your contractor business tax deductions and what expenses can be claimed on your business can cause incredible confusion with all of the different rules that apply to different types of expenses. Expenses for a contractor business can be claimed against your assessable income to offset and reduce your tax liability. But there are…
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