Opting for a self-managed superannuation fund (SMSF) may give you more control over your investment strategy and allow you to be more agile as a fund in the market. But are you fully aware of the governance and compliance responsibilities of running an SMSF? Let’s take a look at the main areas you should be […]
With the 2023/24 financial year now wound up, it’s time to think about submitting your tax return and making sure you have the cash reserves put aside to pay the company’s tax bill. This short guide to getting your small business tax in order gives you the lowdown on which end-of-financial-year (EOFY) taxes you’re liable […]
Changes to foreign resident capital gains withholding tax rate and threshold. The withholding tax rate for the capital gains tax regime for non-residents is proposed to increase from 12.5 per cent to 15 per cent and the $750,000 property value threshold is proposed to be removed and reduced to nil. What you need to know. […]
Contracting or freelancing requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits. Understand your deductions Before you start, it’s essential to […]
New Migration Regulations: What Small Business Owners Need to Know Australia’s new Migration Amendment (Work-Related Visa Conditions) Regulations 2024 are shaking up the immigration landscape. These changes are important for small business owners as they impact both employers and the so-called ‘golden handcuffs’ that previously tied sponsored workers to their employers. Increased Worker Mobility The […]
For centuries, accounting was all about reviewing historic information – but that only told you about the past, not what was going to happen in the future. If you’re only looking back at past periods and historic numbers, this limits the insights you can achieve for your business. With a backward-looking ideology, it becomes difficult […]
Getting ready for an audit is unlikely to be one of your favourite things to do as a business owner. But being prepared, organised and ready can take some of the pain out of an audit. Planning for your audit helps your auditor get their job done more quickly, and also means there’s minimal disruption […]
In July 2024, the superannuation guarantee statutory rate will rise to 11.5%. Annually, the rate is increasing by 0.5% until July 2025 when it will reach the legislated 12%. Prepare Now for the July Rate Rise Review your current superannuation costs for all employees, both hourly and salaried. Review any salary packaging arrangements. Is the […]
Gone are the days when a business’s sole purpose was to make a profit. While being profitable is important, your purpose is why you exist for your customers; your reason for being. Focusing on your customers’ needs results in better profitability.
Gone are the days when a business’s sole purpose was to make a profit. While being profitable is important, your purpose is why you exist for your customers; your reason for being. Focusing on your customers’ needs results in better profitability.