Importance of Timely Tax Payments: Meeting your tax obligations in full and on time helps you avoid unnecessary interest (currently at 11.38%) and penalties. Paying your taxes promptly is essential for maintaining good financial health for your business. Tips to Smooth Out Cash Flow and Ensure Timely Payments: Set up a separate bank account for … Continue reading Small businesses, save by paying your tax on time!
Read MoreSmall and medium-sized businesses (SMEs) have weathered the storm in recent years, but economic conditions are expected to get tougher in 2024. Here are the key challenges SMEs may face and strategies to overcome them: Economic Growth Slowdown: ANZ predicts Australia’s economy will slow down in 2024, with modest movements in inflation and interest rates. … Continue reading Grow your SME in 2024…
Read MoreA business plan is a crucial tool for any business, especially if you’re starting a new venture. Let’s break down the key points: What Is a Business Plan? A business plan is a document that outlines your business’s goals, strategies, and overall functioning. It includes essential information such as organizational structure, key staff, and details … Continue reading Business planning
Read MoreThe Australian Taxation Office (ATO) has been cracking down on Self-Managed Superannuation Funds (SMSFs). Their focus is on illegal early access to superannuation funds. When individuals access their super early without valid reasons, it can significantly reduce their retirement savings and result in additional tax and penalties. Recently, the ATO disqualified 149 trustees due to … Continue reading The ATO is cracking down on SMSF trustees…
Read MoreTap in to your existing potential Most business owners start by trying to get more customers – which although is one way to grow – overlooks their existing clients. Your customers are already familiar with you, making it the first place to look when looking to expand. An easy way to do this is to … Continue reading Grow your business in 5 steps
Read MoreVictorian retiree Bill Murray was informed by the Australian Taxation Office (ATO) that he owed $419 without any further details. Upon inquiry, he discovered that the debt was related to a pay-as-you-go instalment from 2008. Murray expressed concern about the lack of specific information and the fact that the ATO had 15 years to deduct … Continue reading News on ‘robotax’
Read MoreWhat does it mean? Moving all your super into one account, making it easier to manage and saving you money on unnecessary fees. Before making the move, here’s what to keep in mind… Check if your employer’s contribution will be affected due to the fund you change to, it often varies. Additionally, your insurance be … Continue reading Consolidating your super funds
Read MoreAre you contemplating the future direction of your firm, and would consider a transaction as part of an exit or succession plan for your practice? There’s a way to sell your practice with ZERO broker fees. I welcome the opportunity to discuss. We are a thriving and successful accounting practice, and we are looking to … Continue reading An opportunity for your accounting practice…
Read MoreJessica Ryan published a short article on moneysmart.gov.au providing the following points… Reviewing your bank and credit card statements is the best start, so that you can see where your money is being spent. This makes it easier to set smarter and more reasonable goals. Create a budget that includes all your essentials, and … Continue reading Getting finances in check for 2024
Read MoreCash accounting Any cost, sale or transaction is only recorded in your books once the payment had been made. This is a simpler method for accounting, and suits smaller businesses, especially those that mainly have cash transactions. However, it doesn’t show any money you owe others, or vice versa. Accrual accounting Expenses and sales are … Continue reading What method should you use to manage your business’ books…?
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