Starting a new business as a sole trader is rewarding and exciting, but it’s crucial to make sure you structure your business correctly to get many tax benefits. If you are starting small, you are required to register as a sole trader, which is, importantly, an...
GST-registered businesses need to issue tax invoices to their clients, gather GST and send it to the ATO with their business activity statement (BAS). There are certain ways you can make this easier to manage: Use business accounting software to generate tax invoices...
The Australian Taxation Office (ATO) focuses on businesses that are not adhering to rules set by legal authorities. This means that all companies in Australia need to be careful now. It has become important to stay on top of finances. There is more strictness on how...
You may be wondering: Can I claim deductions without receipts in Australia? This question may strike your mind when you fail to keep receipts. Well, this is a common concern, but it doesn’t mean that you have to skip those deductions. The good news is that the...
When the end of the financial year approaches, you need to evaluate your business's financial health. A mid-year financial check-up ensures that your business books are up to date, your budget is on track, and you are prepared for tax season. If you don’t review your...
Did you know that you can save a lot with fuel tax credits? But a simple mistake on your Business Activity Statement can get you into trouble. Don’t worry if you have made a mistake. Knowing how to correct an error can help you stay compliant, avoid penalties, and...
Running a business successfully involves fulfilling numerous responsibilities, but some tasks need to be handled by professionals. At the same time, DIY may seem like an effective way to reduce extra costs, but when it comes to your business finances, doing everything...
Many business owners are unaware of the potential tax deductions or government incentives for which they are eligible. To claim potential tax deductions to save more on taxes, it’s essential to stay on top of tax changes. Sometimes, they even forget to file a tax...
Cash flow is an indispensable aspect of a business. It allows you to perform daily operations, pay essential bills, and support staff salaries. Many business owners find it difficult to maintain a steady cash flow. Issues like unexpected expenses or delayed customer...
Did you know that eligible businesses can access a wide range of concessions to reduce the amount of tax they need to pay? Basically, it applies to partnerships, sole traders, companies and trusts. Eligibility requirements vary for different concessions. Before you...