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.
How to Reduce BAS Payments for Your Business
As a business owner or manager in Australia, one of the most crucial responsibilities you’ll encounter is managing your Business Activity Statement (BAS). Having an Australian business number (ABN) is essential for registering for GST and receiving a BAS automatically...
End of Financial Year Checklist for Australian Business Owners
End of Financial Year Checklist for Australian Business Owners The end of the financial year period can be overwhelming, with plenty of tasks and deadlines to juggle. However, being proactive and organised can make the process smoother and less stressful. In this...
How Long Should You Keep Tax Records For?
It's a common misconception that throwing out those piles of receipts and invoices is permissible once tax season is over. On the contrary – keeping accurate tax records is not only a good idea, but also a legal requirement. If the Australian Taxation Office (ATO)...
Are Division 7A Loans Bad?
Are Division 7A loans bad? This query has echoed louder in the financial corridors with the recent uptick in interest rates. This article unpacks the intricacies and ramifications of Division 7A loans, shedding light on their real impact amidst evolving financial...
Federal Budget 2023-24: What the Changes Mean For Your Small Business
As the ink dries on the freshly announced Federal Budget for 2023–24, many small business owners across Australia are likely finding themselves knee-deep in complex financial jargon, trying to decipher what these changes mean for their operations. It's no secret...
Understanding the NSW COVID Government Grants
last updated 09/08/2021 Everything you need to know about the July 2021 NSW COVID-19 Grants With the latest lockdown restrictions extended for another two weeks, the New South Wales government has introduced a few new support measures on 15th July 2021 for both...
Everything You Need to Know About the 2020-21 Australian Federal Budget
With claims that the 2020-21 federal budget is the most significant budget in decades, it’s crucial to understand how it will affect you and where you can save. This year’s budget has a heavy focus on encouraging spending on multiple levels, as well as a range of...
An Accountant’s Tips on Dealing with Cashflow Boost Audits
The ATO has announced that it will be actively reviewing entitlements by conducting cashflow boost audits and JobKeeper audits. At our accounting firm, we’ve seen this happen with several clients despite meeting eligible obligations, which has signalled that the ATO...
JobKeeper Audits: How to Deal with the ATO
JobKeeper audits will form a big focus for the ATO as JobKeeper 1.0 comes to an end. The ATO has assigned 3,000 staff to the review process of JobKeeper and Cashflow Boost with many accountants (including ourselves) expecting there to be some significant requests to...
Small Business Recovery Grant | Box Bulletin July 2020
As the NSW Government progressively lifts the restrictions on movement and business trading, this means businesses can now reopen. If you're a small business or not-for-profit that has experienced a decline in turnover, you could be eligible for this Small Business...
Have You Underpaid Super? Things to Know About the Superannuation Guarantee Amnesty
The Superannuation Guarantee Amnesty has been officially passed as law on 6 March 2020. With the introduction of Single Touch Payroll and several other increase reporting capabilities, the ATO has increased visibility in identifying any employers who have underpaid...
