The Sydney Morning Herald reported back in December that $830,000 has been lost by taxpayers to convincing tax scams conducted by phone, with the scammers likely originating far outside of Australia. These callers would then trick taxpayers into providing their personal information, and ultimately their money, by threatening them with arrest and other scare tactics.
Amid all the stress of tax season, one of the bright lights is tax deductions. However, many Australian business owners aren’t getting all that they can from their tax deductions — simply because they don’t know about them or have forgotten about them. These tax deductions in particular often fly under the radar.
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.
It’s one thing to run a small business yourself for the love of it and earn whatever profits can be gained there. However, if you have plans to one day sell your small business and let it become something bigger, you have to start thinking about it in a different way. Much like in the conception of the business idea you had to think of what would make your business appeal to your customers, now you have to consider what would make your business appeal to other businesses or potential buyers.
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.