September 16, 2020 Buying an existing business can be a great way to get started as a business owner, or to expand operations if you are already running a business successfully. Established businesses have already done the hard work of setting up a business, so you can get up and running on day one without a lengthy formation […]
September 16, 2020 The small business Instant Asset Write Off was increased to $150,000 in March 2020 as part of the Governments COVID-19 response measure. Small businesses can now claim an instant write off for business assets purchased and installed ready for use by 31 December 2020, where the purchase price is below $150,000. However, one important item […]
September 3, 2020 Have you been wondering if there are any government grants available for your business? As a small to medium business, you might be eligible for a range of Australian and state government incentives to give you a leg up and accelerate your growth. We have teamed up with the experts from Axito Pty Ltd to […]
August 21, 2020 Making time to look over your financial reports each month is an important task for any business owner. If you are not taking the time to do this, either because you’re too busy, or perhaps you don’t really understand what you’re looking at and it doesn’t make sense to you, then here are 6 reasons […]
August 21, 2020 It’s vital for businesses to free up as much cash as possible, particularly in these tough economic times. Your ‘lock up days’ is the number of days it takes to convert your debtors, stock and work in progress into cash. A high number of lock up days means your business needs to have more cash […]
August 19, 2020 Paid a tradie? TPAR reporting is due the 28th of August. You need to lodge a TPAR if you pay contractors for building and construction services and: -you earn 𝟓𝟎% 𝐨𝐫 𝐦𝐨𝐫𝐞 𝐨𝐟 𝐲𝐨𝐮𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐢𝐧𝐜𝐨𝐦𝐞 from building and construction services, or -𝟓𝟎% 𝐨𝐫 𝐦𝐨𝐫𝐞 𝐨𝐟 𝐲𝐨𝐮𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐚𝐜𝐭𝐢𝐯𝐢𝐭𝐲 is from building and construction services. […]
August 14, 2020 With the release of JobKeeper 3.0 some of the eligibility rules have changed from fortnight 10. The relevant date of employment has been moved from 1 March 2020 to 1 July 2020. This means employees who were previously not eligible, may now be eligible for the current Jobkeeper period as well as the extended periods. […]
August 14, 2020 The Super Guarantee (SG) amnesty is a one-off opportunity to correct past unpaid SG amounts. Employers have until the 7th September 2020 to disclose, lodge and pay unpaid SG amounts for their employees without penalties. The period of unpaid SG amounts is from 1 July 1992 until 31 March 2018. The benefits of the Superannuation […]
August 5, 2020 Repairs and improvements made to a rental property or shed you own may sound very similar however their respective tax treatment is very different. Many taxpayers find the topic of repairs versus improvements difficult to understand particularly when it comes to what can be claimed as immediate deductions or what must be capitalised when maintaining […]
July 22, 2020 The Government is extending the JobKeeper Payment by a further six months to March 2021. Support will be targeted to businesses and not-for-profits that continue to be significantly impacted by the Coronavirus. The payment rate will be reduced and a lower payment rate will be introduced for those who work fewer hours. Other eligibility rules […]