Our Latest Tips & Relevant Industry News

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5 common tax mistakes that small businesses often overlook

LAST UPDATED ON: October 21, 2021

Are you a small business owner in Victoria? Learning the basics of paying and filing your taxes is important, but did you know that there are many common tax mistakes that you're probably making? 

How to Make Tax a Form of Investment For Your Business 

LAST UPDATED ON: October 19, 2021

This may sound odd for anyone who views tax as nothing more than a necessary evil to be paid in order to operate their business. But in reality, there are many ways that businesses can make tax work for them....

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Understanding the Basics of Tax on Superannuation

LAST UPDATED ON: November 21, 2021

Do you know how much tax you pay on superannuation contributions and withdrawals?

The amount of tax depends on several factors, and it's possible to minimise the amount you pay by understanding how the tax on super works.

Keeping your business cash liquid – the difference between cashflow and profit

LAST UPDATED ON: Jan 10, 2022

The foundational goal of any business is to make a profit. As a business owner, that’s one of your key financial aims – to make enough sales, at a big enough margin, to generate profit from your enterprise. But how does profit differ from cash flow? And why is cash king?

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Do Your Employees Want to Cash Out Annual Leave? Here's the lowdown.

LAST UPDATED ON: Jan 20, 2022

Are your staff asking to cash out annual leave? There are some important rules to remember before paying out annual leave.

Firstly, you must review the employee’s modern award to check that cashing out leave is explicitly allowed.

How are cryptocurrency transactions taxed in Australia?

LAST UPDATED ON: Jan 20, 2022

Whether you’re currently involved in a cryptocurrency like bitcoin, or considering buying a cryptocurrency, it’s vital to explore the tax implications. While these will vary according to your circumstances, and it’s important to seek professional advice, there are some basic tenets you can start with.

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Are you considering an SMSF? Here’s what you need to know.

LAST UPDATED ON: Jan 16, 2022

It’s always a good idea to think about your retirement. Many people in Australia use a Super Fund to manage their retirement savings. But some people opt to do something a little different, and set up a self-managed super fund (SMSF).

Understanding the Basics of Personal Income Tax

LAST UPDATED ON: Jan 6, 2022

Australian residents pay income tax on all forms of income, after a tax-free threshold of $18,200. Tax is calculated at four different rates according to how much income you earn each year, and the tax rate increases the more you make. The highest tax bracket applies to those with a taxable income of more than $180,001.

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The benefits of engaging a BAS Agent for your business

LAST UPDATED ON: Jan 27, 2022

Many business owners starting out try to save on costs by doing their own bookkeeping, but this is one of the first tasks you can outsource to give yourself time and save money. If you can work on your business to generate more sales, why spend that valuable time on administration and accounts management?

What is bank reconciliation – and why should you be automating this process?

LAST UPDATED ON: Jan 30, 2022

Good bookkeeping is all about recording and matching your financial transactions. Over the course of a usual week of trading, you’ll have a range of payments being deposited into your bank account and a host of operational expenses being withdrawn from that same account.

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When Can You Deduct Money from an Employee’s Wages?

LAST UPDATED ON: Jan 30, 2022

There are only a few situations where you can lawfully deduct money from an employee’s wages. Make sure you check what’s allowed before deducting so that it's following the Fair Work Act.

Even if the employee agrees, it's important to ensure you're doing the right thing because unlawful deductions can result in heavy Fair Work penalties later.

Are You Suffering from Business Burnout?

LAST UPDATED ON: Jan 31, 2022

The last two years have been demanding and exhausting for many business owners. Are you one of them?

The challenges have been relentless, and we know many small business owners have had to navigate unprecedented demands because of the pandemic and related government regulations.

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