Small Business CGT Concessions
There are four Capital Gains Tax (CGT) concessions for small businesses that allow you to lessen the impact of a capital gain from an active asset that is being used in a small business. All four concessions rely on the same basic conditions to be met: you’re a small business with an aggregated annual turnover […]
3 Ways to Get the Most out of Your Advisor
Many small business owners visit their financial advisor at the end of the financial year (EOFY) to get help with things like tax deductions and reporting. However, advisors are a valuable resource you should utilise all year round. If you are only consulting with your advisor every now and again, you’re probably not making the […]
5 Ways to Kickstart the New Financial Year
Before you dive headfirst into the new financial year, why not take stock, dust off your finances, and use these five strategies to kickstart the new financial year. 1. Streamline your systems Are you doing things the way they’ve always been done? The new financial year is a great time to take a critical look […]
Cyber Security Awareness & Risk Reduction
Two out of every five small businesses have experienced a cyber attack. That is a staggering statistic. So what are you going to do about it? Now is the time to make cyber security and risk reduction a top priority. It is time to review processes and platforms, and determine what scams or cyber attacks […]
Get Everything Organised for the End of Financial Year
The end of financial year is fast approaching which means it’s time to get your affairs in order before June 30 to help maximise your tax refund. Here are five options that you could potentially use to maximise your tax refund this year. 1. Organise your records Now is the time to collate and organise […]
Understand & Reduce Your Operating Costs
One of the biggest financial challenges faced by small businesses is operating expenses. According to Semrush, 66% of small businesses face financial challenges, with 43% claiming the most prominent challenge is paying operating expenses. Operating expenses cover labour costs, employee benefits, insurances, necessary tools etc. With 2020 proving to be too much for some small […]
4 common business accounting mistakes to avoid
A strong financial foundation is critical for growing your business. Avoid leaving money on the table by getting your accounts and processes up to scratch. There are countless businesses who make these four common accounting mistakes: Relying on spreadsheets Incorrectly setting up their chart of accounts Accounting on a cash basis Not using an industry […]
4 Reasons Why You Need an Accurate Business Activity Statement (BAS)
Your Business Activity Statement (BAS) is one of your most important tools when it comes to operating a business in Australia. Keeping your records up to date and accurate will save you time and money when it comes time to submit your BAS. We are going to share 4 reasons why you need to keep […]
Cash Flow Problems? Consider These Tips
Cash flow is the number one reason businesses fail. If you’re in this tough position you’re not alone and we’re here to help you get back on top. We’ll outline likely causes of cash flow problems as well as tips to help you deal with them. What went wrong? Asking this simple question to better […]
Employee vs Contractor – Which is Right for Your Business?
If you’re new to employing a team (even if you’re not, but you’re not 100% clear) thinking about the difference between a contractor and an employee can be confusing. Furthermore, there are some well established myths that are misleading at the very least. Even though it can be confusing, it’s important to be clear about […]
