Single Touch Payroll (STP) is a new and mandatory way of reporting your employees’ income and tax information to the Australian Taxation Office (ATO). It was introduced on 1 July 2018 and replaced the need to manually submit PAYG summaries and other payroll information each financial year. When introducing the Single Touch Payroll reporting regime,…
Running a business is not always easy. One of the most important aspects for businesses, especially those who are just starting out, is to ensure they are compliant with company tax laws in the Australian tax system. There’s no point in working hard to build your company if you’re going to get fined or penalised…
It’s not uncommon for business owners to experience losses in their business operations. From a tax perspective, however, this isn’t always a bad thing. The good news is that there are several ways Australian business owners can minimise tax and still keep their companies profitable. One way is by carrying forward tax loss – which…
Knowing the difference between the two accounting methods is vital as a business owner because it can significantly impact your business. You must decide between two primary methods: accrual accounting or cash accounting. Cash accounting is the oldest form of accounting for businesses. As its name suggests, it records income that flows into your bank…
Company directors play a critical role in the running of a company. They are appointed by shareholders to act as their representatives on an organisation’s board and are typically given power over different aspects of the business and company’s affairs, such as signing off on major transactions or approving budgets for new projects. Beyond that,…
In an effort to promote good corporate conduct, tackle illegal phoenix activity and prevent fraudulent director identities, the Australian government has introduced the director identification number initiative as part of their Modernising Business Registers (MBR) Program. A director identification number (DIN) is a unique 15-digit number that will be given to all directors or persons…
The last thing that any business owner wants to think about is closing their company. However, considering the worldwide pandemic and how tough the last two years have been on our economy, it has become an inevitable consideration for many business owners. Unfortunately, in the event that this occurs, the process is not as simple…
Considering the current state of the worldwide economy and the effects of the pandemic, it’s no surprise that business owners are rethinking their exit strategies, particularly in terms of liquidation. Some business owners have seriously weighed up the option of closing their doors to avoid possible negative consequences. But for others, the negative impact of…
It’s no secret that capital gains tax (CGT) is a complicated topic. In fact, CGT can be one of the most confusing taxes for business owners to understand and usually last on the list of considerations when selling a business. But, there are many things to consider when you’re looking to sell your company, including…
When starting your own business, it’s easy to not think about when you’ll need a business exit strategy. But as life happens and priorities change, so might your vision for your small business venture. That’s why it’s important to have a clear and concise business exit strategy in place; not only to help protect you…
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