With the Christmas season underway, many businesses are planning parties or providing gifts for their employees. Some may have even considered offering tokens of appreciation to clients and customers. While this is, of course, all in good cheer, there are still a few details you’ll want to consider tax-wise, before you get that party fully started.
With the announcement of the Federal Government’s possible new funding package, there has never been a better time to start a small business. Usually, with rates that are often higher than home loans, this is a result of the high interest rates on business loans. Now that new funding proposals are in place, the idea behind it all is that the larger banks will have competition, pushing interest rates for small business loans down all around. If this happens, you have the recipe for a market that is ripe and ready for building a small business, or even expanding your current one.
Successfully creating and running a small business is no easy task. You will often be tasked with finding ways to save your business money. Budgeting and adjusting your expenses as soon as possible will add up quickly for your business. Here are a few way to modify your business in small ways that will save you big money in the long run.
With the new financial year in full swing, this is the ideal time to focus on getting and staying organized. Properly maintaining your business’ records from the start of the year is something you’ll thank yourself for when EOFY comes back around.
Here are the top 4 ways you can make bookkeeping a breeze this year:
Deciding which payment methods to offer customers is an often overlooked area of business. Many small businesses begin by accepting cash-only payments, while others venture early into the ever-growing world of electronic payment. There’s no question that, at least for the time being, cash is clearly still an important part of our transactions, but it may be worth it to your business to consider offering electronic methods, as well.
No matter your age, if you’re employed, you’ve heard of superannuation. This is money that your employer pays into an account set up for your future after retirement. Since superannuation provides for your retirement, it’s an incredibly important asset. Even knowing this, many Australians are understandably confused by the details of superannuation. The truth is, understanding how superannuation works is a vital part of your financial health — and it really isn’t as complicated as it sounds.
That cloud accounting is the future can hardly be doubted anymore. If you need help migrating to a cloud accounting software, book an appointment with TCA Darwin today.
Over the past few years, the Australian Tax Office has gotten more and more accurate at discovering errors in tax returns. When you lodge your return this year, the ATO will be at their most accurate yet. With the use of advanced technology and data collection practices, they can quickly and easily identify problems with tax returns.
Do you have goals for your business? Actually, let's just assume you do.
The better question is how often you set immediate goals? While it’s good to have a variety of goals, one of the most effective methods when it comes to organizing your goals is to set quarterly goals. Here are a few reasons why quarterly goals might help you run your business more smoothly.
People are becoming more and more interested in beginning a side business; separate from their usual means of making an income. You may simply desire additional income, or maybe you want your side gig to eventually become your career. Particularly with these changing career desires and needs, when it comes to your taxes, it’s vitally important to understand the difference between a side business and a hobby.
The audit is a dreaded part of tax filing that every Australian would like to avoid. Each year, the Australian Taxation Office announces which pieces of your financial information will be their main focus. While the best way to avoid an audit is to be clear, consistent, and honest with your reporting, there are some key things you can do to avoid finding yourself under the watchful glare of the ATO.