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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 […]

In the complexities of managing a business, business owners often find themselves buried under piles of financial paperwork, compliance and administration work, struggling to keep up with the demands of bookkeeping while also trying to focus on growing their ventures. This juggling act can quickly lead to burnout and a significant imbalance between work and

In today’s competitive job market, employers are continually seeking ways to attract and retain top talent. One increasingly popular method is offering novated leases as part of employee benefit packages. Novated leases, which allow employees to finance a vehicle through salary packaging, come with a host of advantages for both employers and employees alike. In

A business and its competitive landscape continuously changes, and achieving operational excellence is essential for sustainable growth and competitive advantage. Operational excellence entails the continuous improvement of processes, systems, and practices to enhance efficiency, reduce costs, and deliver superior value to customers. While it requires a concerted effort across all departments, the role of a

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

At Omnia Business Solutions we work with many individuals who are looking to take the next step and start their own business. Whether it is a side-hustle or you are going to take on the world, it is important that you set yourself up correctly and then have the right tools to manage both your

As a business owner, it is important that if you are going to offer credit to customers, you have a credit policy in place to mitigate some of the risk. Your credit policy should be clear and protect both your business from non-payment and your clients from getting themselves into undue debt. Here are six

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

There is a critical importance for non-profit organizations and associations to ensure they have at minimum two (2) people within the board or committee approve all bank transactions. The adoption of advanced technologies in banking services has undoubtedly increased efficiency, but it has also exposed these entities to potential financial risks. One powerful strategy to