Investing in Australia can be a great way to build wealth and secure your financial future. To start investing in Australia, first, understand the economic situation of the country. Australia’s economy is stable and strong, supported by several sectors including mining, agriculture, tourism, and financial services. The government aims to maintain a business-friendly environment that … Continue reading Want More Money? Start INVESTING
Starting a business in Australia is an exciting and rewarding endeavour, but it can also be extremely challenging. A clear plan and a solid strategy are required for success in the competitive world of startups. This blog post looks at a simple formula for launching a successful startup in Australia. Identify the requirements The first … Continue reading The Simple Formula for Success in STARTUP in Australia
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
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
Are you one of the five million Australians who claim work-from-home deductions? If so, stricter record-keeping rules may now apply. For this financial year and moving forward, there are now only two methods to calculate your work-from-home claim: 1. Revised fixed rate method (with new rules applying) 2. Actual costs method (unchanged). The actual costs … Continue reading New work-from-home record-keeping requirements
On the superannuation front, we now have two major reports assessing how super accounts fared in the 2022 calendar year. SuperRatings issued its average balanced return recently and found it was minus 4.8%. Late last year, ChantWest undertook a similar exercise – reporting a figure of minus 4.6%. There have been four negative years since … Continue reading Crystalising capital losses
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
