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With June 30th fast approaching, small businesses around Australia are busily ensuring their tax obligations are met. However, in the rush to meet the June 30 deadline, it can be difficult to keep track of the changes coming into effect on July 1st. The changes include increases to the national minimum wage, ASIC fees and…
If you’ve ever worked for a company that offers private health insurance, gym memberships, or property as part of your employment, then you’ve likely already received some form of payroll tax fringe benefits. As a practice used by many businesses across Australia, fringe benefits are an excellent way to stay competitive, provide added value to…
While taxes may not be the most thrilling of subjects to talk about, it is a necessary factor of a functioning society. Therefore, it is useful to understand the different forms of taxes, and essential if you’re running a small business that employs staff. One of the common areas where people are uneducated is the…
Because one of the most important aspects of your business is your employees, choosing the proper payroll system is critical to ensuring the health and success of your business. Your payroll system is responsible for making sure your employees are properly compensated for their services, your company remains in compliance with governmental regulations and your…
Payroll taxes are the financial obligations you and your employees are required to pay. There are various types of payroll taxes – some paid to the federal government and others paid to the state or territory authorities. There is a specific tax called the payroll tax that is paid to state and territory authorities on…
Does your business owe ATO tax? If your operation owes the tax office $100,000 or more, details of your debt could be passed on to credit reporting agencies by ATO. A debt of this size showing up on your credit report might seriously affect your ability to borrow, potentially putting your future business plans in…
How strong is your cash flow management? Particularly when a business is just starting or undergoing some form of transition, cash flow can be a deciding factor in whether it survives. Some people may be asking, what is cash flow? Cash flow meaning in accounting, is defined as the net cash flow coming into and…
Whether you’re investing in crypto yourself, you know someone who is, or you’ve heard about it on the news, cryptocurrency is big business. From highly volatile coins to coins with a steady increase and incredible value, many see bitcoin and similar currencies as a quick and effective way to make cash. But as a relatively…
One of the most important decisions you’ll make when you set up a business in Australia is what kind of structure your business will have, and your choice depends entirely on you and your circumstances. Put simply, it’s a question of whether the business is a separate legal entity to you, or whether you are…
The accounting profession is full of acronyms, phrases and terminologies that can make it difficult for small business owners with little or no accounting experience to understand what’s going on. But while accounting sounds confusing on the face of it, once you understand a few basic accounting concepts, there isn’t all that much to it.…