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Category: Tax

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 […]

What is Fringe Benefits Tax?

  • On July 12, 2019
Fringe Benefits Tax (FBT) is a tax payable by employers for benefits paid to an employee (or an employee’s associate e.g. a family member) in place of salary or wages. This is separate to income tax and is calculated on the taxable value of the fringe benefits provided. In simple terms, it is a tax […]

Issue payment summaries for non-employees you have withheld tax for this year

  • On July 4, 2019
Annual payment summaries must be provided to your employees and any other people you have withheld tax for by the 14th of July. Start reviewing the year’s payroll and relevant supplier reports now so that you can issue the payment summaries without delay. If you have withheld tax on behalf of people who are not […]