Should you buy or lease your business assets?

On March 24, 2021

There are certain items of equipment, machinery and hardware that are essential to the operation of your business – whether it’s the delivery van you use to run your home-delivery food service, or the high-end digital printer you use to run your print business. But when a critical business asset is required, should you buy […]

My GovID App: Things you need to know

On February 8, 2021

Introduction The Australian Government through The Australian Tax Office has introduced “My GovID”, a new & safer way to access public services for individuals & businesses. Launched in January 2020, My GovId has replaced the earlier “Auskey” as the government approved digital identification method for using Australian Government websites. With the coming of My GovId, […]

What is Capital Gains Tax?

On November 12, 2020

A capital gain or loss is the difference between what you paid for an asset and what you sold it for. Capital assets include Shares, Real Estate, Precious metals etc. Capital gains tax applies to Capital gains made when you dispose of any asset. By the end of this article you’ll get to know: What […]

Contractor or Employee – What You Need to Know

On October 27, 2020

What is the difference between a contractor and an employee and whose responsibility is it to get right? An employee works in the business and is integral to that business has rights and entitlements under the Fair Work Act 2009 has a reasonable expectation of ongoing work, agreed hours and duties is covered by the […]

6 Common Tax Mistakes That Small Business Owners Make

On September 21, 2020

Managing tax is indeed a pain for many self-employed individuals and small business owners. There are so many tasks that you have to manage, and the last thing on your mind is to sit and look through your books for hours. However, it’s vital to keep your tax under control if you want to avoid […]

Common Tax Deduction for Health Professionals

On September 14, 2020

Working in the healthcare industry can be daunting and physically exhausting. The work demand makes it understandable why nurses, pharmacists, and other health care professionals don’t have the time to worry about their tax deductions. Some of them are working for long hours, double shifts, and in emergencies, leaving them with little to no time […]

6 Reasons To Look at Your Financial Reports

On August 18, 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 […]

JobKeeper Scheme extended and Amended

On August 8, 2020

The government has announced changes to the JobKeeper payment scheme, which will see it continue until March 2021. The current system will remain unchanged until 27 September 2020 as planned, providing $1,500 per fortnight for employees and eligible business participants. However, from 28 September the changes will apply. There are several amendments that business owners […]

New Super Carry Forward Rules – Maximise Your Contributions

On August 7, 2020

If your superannuation fund balance is less than $500,000, a new rule means you are now able to carry forward any unused concessional contribution from prior years into following years. This allows you to maximise the tax benefits of contributing the upper limit concessional amount. It also gives you some flexibility with being able to […]

Taxable payments annual reporting(TPAR)

On August 1, 2020

The TPAR details payments made to contractors for providing services. Some government entities also need to report the grants they have paid. If your business makes payments to contractors or subcontractors you may need to lodge a Taxable payments annual report (TPAR) by 28 August each year. TPAR reporting is applicable for the following Industries: Building & Construction services Cleaning […]

Author: Yash Arora