Christmas Parties and Presents – and Tax!

On December 17, 2019

Christmas is a splendid time to acknowledge and reward your employees and other associates by celebrating and giving gifts. But don’t get caught out by entertainment rules! Claiming entertainment and gifts as business expenses is not always straight-forward, as there are implications for GST, income tax and fringe benefits tax (FBT). Is it Entertainment? Entertainment […]

Do you run your business from home?

On December 10, 2019

ATO has issued some new guidance to businesses claiming home office expenses for home-based businesses. What are Home-Based Businesses? A home-based business can be run at home like a boutique or from home like an electrician who visits the client’s site but does all the admin work from home and stores tools etc. Home Office Expenses Normally, if you […]

Personal Services Income. What is it?

On November 29, 2019

This article aims to cover Personal Services Income (PSI) issues faced by contractors, freelancers, medical professionals etc. Though Personal service income act has been in existence for a while, it is still a deeply misunderstood tax act. The article starts by explaining what PSI is and why was it introduced. Then it goes onto cover PSI rules […]

Tax Deductions for Tradies

On September 15, 2019

No one likes paying taxes, but with a little proactiveness, one can end up easing the tax burden. Tradies busy in meeting vigorous work targets and tough deadlines hardly get a chance to learn about any tax deductions they may be entitled to. But in order to avoid an excruciating tax bill, they must take […]

Cash vs Accrual Accounting – It’s All About Timing

On September 2, 2019

What are the two methods? Understanding cash and accrual accounting comes down to timing. In a cash-based accounting system you recognise income and expenses when they happen, that is, when the money arrives into or leaves your bank. In an accrual-based accounting system, income is recognised at the date the customer is invoiced and expenses […]

Tips for Buying an Investment Property in Australia

On August 20, 2019

Without a doubt, purchasing an investment property continues to be one of the most popular ways for individuals to invest in Australia. And this is evident from the country’s tax data where 10 per cent of the taxpayers are landlords who have been continuing to invest in properties. One cannot undermine the significance of investing […]

Are you playing in the Business growth game?

On August 15, 2019

What’s your business growth looking like and where were you 12 months ago compared to today? If you haven’t given it much thought it is probably because you’re always stuck in the day-to-day operations. But it is worth spending some dedicated time to do some reflecting and planning. Growth doesn’t need to mean more risk, […]

The importance of tax planning for directors

On August 8, 2019

Paying tax is something you’re likely to see as a necessary (but not hugely enjoyable) part of running your business. But are you doing enough to plan your own personal tax liabilities? As a director, you’ll pay your income tax annually on a self-assessment basis. But there are plenty of ways to make this a […]

Put the customer at the centre of your business to drive sales

On July 29, 2019

A starter’s guide to selling relevantly Advances in technology have impacted the way customers research products and services, and how they shop. Customers have often done their homework and researched all the various options available, and as a result, they think they have all the answers. They will confidently walk into your business telling you […]

Supercharge your business and improve business performance

On July 22, 2019

Here are ten ways to make sure that you continue to drive through each business quarter with purpose, vision and the courage to super-charge your business. 1. Eliminate distractions: Time is the scarcest resource and biggest killer for most businesses. Owners get distracted and focus too much time and energy on the wrong things. Be brave […]

Category: Tax