Over 1 million independent contractors in Australia thrive on the benefits of this employment type, including enhanced flexibility and autonomy. With the freedom of being your own boss comes the responsibility of managing your tax commitments effectively. If you’re new to independent work, the intricacies of tax can seem overwhelming. We’ve gathered four vital tips […]
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Businesses and individuals are legally obliged to pay taxes to contribute to Australia’s welfare. Funding supports vital societal attributes like healthcare, education, transport, and defence. Missed payments could yield serious consequences, like penalties, that hit your business financially and reputationally. Understanding tax penalties and their impact on small businesses can help you take preventative measures
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When you’re running a business, sales tax, more commonly referred to as the Goods and Services Tax (GST), is a key concept you’ll need to be familiar with – both for financial stability and to stay compliant with the Australian Taxation Office (ATO). So, in this article, we’ll be providing an overview of all you
Small business owners need to consider many things, and effectively managing your finances will likely be high on your list. Accounting software is a valuable and highly efficient tool that can lead to more effective business management. In this guide, we’ll detail how to use accounting software to efficiently manage your small business finances, providing
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Independent contractors provide services like consultancy, maintenance, or cleaning under their own payment terms and work arrangements. Contractors’ tax obligations differ quite significantly from those of employees, and their responsibilities extend into documentation and filing additional financial documents to the Australian Taxation Office. As an independent contractor, you must ensure you hit ATO deadlines and
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Why is my tax refund so small? The tax refund many Australians expect has dramatically reduced. We show you why. There is a psychology to tax refunds that successive Governments have been reticent to tamper with. As a nation, Australia relies heavily on personal and corporate income tax, with personal income tax including taxes on
Using cloud-based software solutions may sound intimidating if you’ve always stuck to older, more traditional accounting means. However, cloud-based accounting is valuable software to invest in and could make your life as a small business owner much more manageable. In this guide, we’ll detail the six main benefits of using cloud-based accounting, providing insight into
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As a small business, you must stay on top of your taxes and abide by the law as your business grows. Whilst organising your taxes can be daunting initially, it’ll become easier each time and is essential to running a business of any size. Our guide details four important steps you need to know about
Creating a balance sheet is one of the best ways to provide accountants and lenders with an overview of your company’s critical financial data, detailing liabilities, assets, and equity to measure your business’s financial health. Creating a balance sheet will be straightforward when you have a sound accounting system and your financial records are up-to-date.
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Recently during the 2022-23 budget announcement two boosts related to small business, which were announced last year, were flagged again. While not legislated at the time of writing this article, this is great news for the small businesses looking to invest in training their employees and businesses looking to invest in digital services and assets. Both initiatives are
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