As financial year-end approaches at the end of June, it’s time to start preparing. With some clever organisation, you can navigate the year-end easily. Here are some tips to help you effectively prepare: 1. Gather your paperwork Spend the next few weeks gathering what you’ll need, including: Financial records showing your income statements as well […]
Running a small business is a rewarding endeavour but tax compliance can bring unique challenges. There are a number of common mistakes that small business owners often make that can have significant financial implications. To help you avoid these, here are the top five tax mistakes Australian small business owners make with strategies for how […]
As a small business owner, you can take advantage of one of four capital gains tax (CGT) concessions offered by the Australian Tax Office. These allow you to reduce, disregard or defer some capital gain from an active asset used in your small business. Eligibility These concessions become available when you dispose of an active […]
As we start a new year, what were the best and worst economic events in 2023? CreditorWatch has compiled the list and given us an idea of what we can expect for 2024. Best economic trends 1. Declining inflation: While higher interest rates proved difficult for households and businesses, they did help lower inflation. Unfortunately, […]
Your self-managed superannuation fund (SMSF) must be run for the sole purpose of saving money for retirement. For this reason, there are strict rules for accessing the funds. As a trustee of your fund, it’s important that you understand the rules that apply. Preservation age Access to your super funds typically begins when you reach […]
If you are a foreign national who has been working in Australia and are planning to leave the country, you may be eligible for the Departing Australia Superannuation Payment, or better known as DASP. This is lump sum payment made to individuals who have earned superannuation whilst being employed in Australia and who are permanently […]
The processing of payroll sounds simple enough, however, with continuous changes to legislation and statutory obligation requirements, its never been more important to ensure your payroll is completed correctly. It is critical to get payroll right not only to avoid legal and financial complications but also ensure your most valuable asset, your employees remain positive […]
Do you ever look something up, scroll through Google, see a website you know and say “here we go, here’s the answer”? Do you ever wonder what gave you so much confidence in that business? The answer is trust built on thought leadership; the fact that you clicked there with so much confidence proves it. […]