As NSW and the rest of the country begins to reopen, business leaders are focusing on the proactive steps they can take now to operate with greater confidence. Here, we reflect on key lessons learned over the past two years, and consider the focus areas that will help deliver efficiencies, growth and success through the [...]
Since 27 September 2021, the National Employment Standard (NES) introduced ‘casual conversion’ which has provided casual employees with a pathway to becoming permanent employee. However, employer obligations differ for businesses that employe 14 or fewer employees. […]
Most of the ATO’s Single Touch Payroll (STP) concessions will be coming to an end on 1 July 2021. If you have a current concession, you will need to be reporting each pay day through STP by this date. Small employers (with 19 or fewer payees) have so far been exempt from reporting amounts paid [...]
It is not unusual for business owners to have financial blind spots. These can be caused by a lack of confidence in either their own financial knowledge or in the systems they use for gathering financial data. Sometimes it’s a general disinterest in accounts and back of house matters brought about by a lack of [...]
Q: Does my Business pay tax on Government Cash Flow Boosts? A: No. Cash flow boost amounts are non-assessable non-exempt income. However, you may still need to report the amounts in your tax return for other purposes. Q: Am I entitled to a deduction for the payments made to workers. A: Yes, provided you have [...]
The end of financial year is an important time for business owners as you complete end-of-year activities and begin planning for the new financial year. End of financial year planning is worthwhile and can help your business to be more prepared to take advantage of opportunities in the year ahead. There can also be consequences [...]
Selling a business will always be a complex and multi-faceted process, but there are ways to make it easier. Even if selling is not on your horizon, there are still advantages of making your business sale-ready now. Being sale-ready is about being prepared if an emergency forces you to sell. It also gives you greater [...]
Many business owners and increasing numbers of property investors are now enjoying the numerous benefits of cloud accounting services. As an innovative technology, cloud accounting has been surrounded by media hype at the expense of relevant, clear and concise information that allows you to objectively evaluate cloud accounting for your own situation. In this article [...]
In my last article I highlighted the importance of companies correctly applying Division 7A Â and the significant tax penalties that can arise if you get it wrong. Here, in what is a companion article, I explore what you need to know about Unpaid Present Entitlements (UPE) between related private companies and trusts that arise where [...]
Defer your income Income becomes taxable when it is derived. If your business operates on a cash basis, this occurs when you receive the income. If instead, you operate on an accruals basis, then the income is derived when you have completed the work or the sale. So, either way, as the end of the [...]
