Top business & contractor tips, ideas and news in the industry.
These articles help and inform small businesses and contractors by providing the best hand-picked tips, trends and news to maximise their potential.
7 Tips to Improve Your Business Cash Flow – Why Cash Flow is King!
Without fail, one of the most common issues I've run into is business owners come to me confused about why they are seeing a big profit in their financial statements but can not understand why there is no cash in the business. The reason? A large number of industries...
5 MUST HAVE Apps For Your Small Business
If you’re a small business owner and looking to increase productivity and organisation, 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...
How Do Tax Deductions Work?
Tax deductions can assist with increasing your tax refund. As a business owner, you can claim deductions for the majority of expenses you incur in running your business, as long as they are directly correlated to earning your taxable income. But, how exactly do they...
Why You NEED the Mamba Mentality for Your Business!
When I was working in corporate, a lot of people mistaken my tenacity for competitiveness. What I was striving for instead, was to be the best version of myself. There is no competition between myself and others, just myself. Kobe Bryant coined a term for this – the...
What Is Single Touch Payroll (SPT)?
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...
How to De-Risk Your Business
It's never too early to de-risk your business. 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...
How to Reduce BAS and Pay Less Tax
One of the most common questions that I get asked from small business owners and contractors is whether or not I think they are paying too much tax when they report their quarterly business activity statements (BAS) to the ATO. There are generally three primary areas...
The Small Business Grant that Businesses are Missing Out On
Are you a small business operating in NSW? Are you not liable for payroll tax and want to employ more staff? Then your business may be eligible for the Small Business Grant. As a small business, meeting the eligibility criteria will result in your business receiving a...
How to Close a Pty Ltd Company
When closing your Pty Ltd company, it’s imperative that you follow the correct process to ensure that your company has officially ceased to exist. Without doing so, you will still be obligated to perform regulatory reporting and incur fees on an annual basis....
Long Service Leave in the Construction Industry
Are you someone who works in the construction or building industry? If so, then good news! You may be eligible for long service leave as an employee in the construction and building industry. What is long service leave? Long service leave refers to extended period of...
Self-Managed Superannuation Funds – Everything You Need to Know
Self-Managed Superannuation Funds (SMSF) are an increasingly popular option that many Australians appear to be shifting towards. Fundamentally, SMSFs are a way for Australians to have full control over their investment options. However, there remain main legal,...
How to Pay Superannuation to your Employees
Businesses in Australia who have employees are generally required to make superannuation (or ‘super’) contributions on their behalf. This is a compulsory system enforced by law by the Australian government. What is superannuation? Superannuation is a contribution made...
Organising Payment Arrangements with the Australian Tax Office
Dealing with tax debts can be stressful, especially with those unpaid monthly and quarterly amounts incrementally building very quickly. In fact, many small and medium-sized business owners in Australia have a lot of tax to pay to the tax office and can't afford it....
Understanding Industry Awards
Industry awards (also known as modern awards) are a key type of legal document that must be understood in relation to having your own employees. This is essentially a legal document that sets out minimum employment conditions in addition to the National Employment...
EOFY Business and Tax Tips
Practical Tips for End of Financial Year (EOFY) at 30 June Running a small or medium-sized business may result to you having no time to plan. But with the end of financial year just around the corner, it's imperative that you should look at tax planning strategies to...
Federal Budget 2017 – How Will It Benefit Us?
THE 2017/2018 FEDERAL BUDGET On Tuesday 9 May 2017, the treasurer released the annual budget for 2017-2018. The federal budget includes the expenditure and revenue estimates for the next three years and shows what the governments social and political priorities are...
Does your business require Workers Compensation Insurance?
Does your business require workers compensation insurance? You will be quite surprised that worker’s compensation is a big deal for small business owners. There are not many insurances that are compulsory for businesses. Workers compensation however is compulsory if...
Purchasing a Company Car
Should you buy a Company Car Buying a car under the company normally allows for a healthy GST refund and tax savings. However, there is a common misconception that buying a company car will result to huge savings in tax. The rule is you are entitled to claim a...
Infographic on Choosing the best Christmas gifts for businesses
Are you planning to buy your clients Christmas gifts? Make sure you know how it affects your taxes! Is the gift tax deductible? Are there any FBT payable on the gift? Is there any GST credit? Check out our infographic below
ATO Guide for Small Businesses
ATO Guide for Small Businesses Here is a great guide for small businesses and contractors which goes through in detail all the tax obligations and entitlements of small businesses. We think it is a hidden gem and its actually hard to find now as it was an old guide...
