Small businesses are the backbone of the Australian economy, employing over 6 million people and accounting for over 97% of all businesses. Regardless, there are many myths about small businesses that can lead to misunderstandings and missed opportunities. In this blog, we will read about five of Australia’s most common myths about small businesses. Myth … Continue reading 5 Crushing Myths About Small Business
As the end of the fiscal year approaches, Every business scramble to get their books in order and seeks the assistance of accountants to ensure their financial affairs are in order. Accountants are an important part of any business, but their role is frequently misunderstood, and their impact on business success is frequently underestimated. In … Continue reading A fascinating behind-the-scenes look at an accountant’s life
Already rolling into March…2023 is flying by! From a superannuation standpoint, the following are just some of the changes you can expect this year: Super guarantee increase Employers face an increase in their SG liability this year. The rate of SG will increase from 10.5% to 11% from 1 July 2023, before gradually hitting 12% … Continue reading Super in 2023 BONUS
In February, the Commissioner released Taxpayer Alert TA 2023/1: Interposition of a holding Company to access Company profits tax-free. In the Alert, the Commissioner says the ATO is currently reviewing arrangements where an individual accesses the profits of a private company in a tax-free form (that is, without an additional tax liability for the individual) by … Continue reading ATO reviews arrangements where profits pass through interposed
Last year 9,700 individuals applied for compassionate release of supper for dental treatment expenses, and 82% were approved. Out of those approved, 9% were for a dependent child’s dental treatment, which could include braces. What is the pathway for access? While normally superannuation must be preserved for retirement, there are limited exceptions. One of these … Continue reading Super teething issues
What You Need to Know The Australian Securities and Investments Commission (ASIC) has recently cancelled the registration of 374 auditors of self-managed superannuation funds (SMSFs) who failed to lodge their annual statements. This is a crucial step taken by ASIC to maintain trust and confidence in the SMSF sector, which holds more than $865 billion … Continue reading ASIC Cancels Registration of 374 SMSF Auditors
As a tradesperson, managing your finances can be a daunting task. From keeping accurate records to staying compliant with tax laws, there are many challenges that can arise when managing your accounting and bookkeeping. In this blog, we will outline some of the key challenges faced by tradies and how to overcome them. 1. Keeping … Continue reading Top 10 Challenges As A Tradie To Manage Your Finance
A customer credit policy is an important aspect of any business, as it helps to manage the financial risk associated with extending credit to customers. By setting clear guidelines for credit approval, credit limits, and collections, a credit policy can help to ensure that a business is able to maintain a healthy cash flow and … Continue reading 10 Easy Steps You Can Turn Customer Credit Policy Into Success
