Photo By Scott Graham Banking business income to a private account The ATO has stated that it has “no concerns” with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn’t reported. Therefore, the ATO notes that a good way to avoid this problem is to establish a separate business bank account and only deposit sales and…  Read more

Photo By John Schnobrich Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Renewed hope for small business sector New data from Xero and the Australian Bureau of Statistics suggests that small businesses are doing better than before, but economists warn there may be more beneath the promising numbers. We have more millionaires than ever before According to…  Read more

When it comes to hiring seasonal employees, business owners tend to fall into two groups. Some look forward to hiring temporary workers, knowing that the need for seasonal workers reflects a business season. Some feel that it’s a necessary evil to get through times where the workload is heavy and the permanent workforce is lean. Unfortunately, the attitude is that seasonal employees are temporary, and are therefore not as skilled…  Read more

There are a few different methods that employers use to pay their employees, and while they may have similarities, they each also have their own implications for your business and its employees. On top of that, there may be a blended model at play, in which you offer two types of compensation at once, such as a wage and bonuses. How you pay your employees will impact your finances and…  Read more

Photo By Carlos Muza Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Property values experience biggest drop in nearly 40 years In August, Australian property values suffered their biggest monthly drop since 1983 as the market’s downturn accelerated. Every capital city apart from Darwin is now in a housing downturn. Large percentage of ParentsNext facilitators filing false…  Read more

Photo By Headway More COVID-19 business grants are now tax-free The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses. A State or Territory Government COVID-19 grant payment will generally be tax-free if: the payment is received under a grant program that is formally declared to be an eligible program; the recipient carried on a business and had an…  Read more

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Consensus emerging on how to fill gaps in the workforce Big business is calling for a two-year boost to the annual migration intake of 220,000 for all jobs earning more than $90,000. Qantas optimistic despite posting loss Qantas revealed its full-year results last week – a $1.86 billion loss.…  Read more

It’s an inevitability in every business – you have to raise your prices to continue making a profit. There are many factors that go into deciding how much to charge, all of which are dynamic. The rising cost of goods, inflation, and a changing market are just a few reasons why any small business has to reevaluate its rates regularly to stay competitive (and to stay in business). While it…  Read more

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Markets continue to wobble The ASX followed Wall Street’s shaky lead last week, closing flat. Traders are reacting to a handful of uncertainties including surging inflation, recession fears, ongoing supply chain issues, and record low unemployment. What rising interest rates mean for those who don’t have a mortgage It’s…  Read more

August 2022 Tax time focus on rental property income and deductions The ATO is focusing on four major concerns this tax season when it comes to rental properties. Concern 1: Include all rental income When preparing tax returns, make sure all rental income is included, such as from short-term rental arrangements, renting part of a home, and other rental-related income like insurance payouts and rental bond money retained. Concern 2:…  Read more

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Business Council suggests rebranding to entice overseas workers To help weather the storm of high inflation, supply chain issues, and a skilled worker shortfall, Business Council of Australia released a paper proposing we “rebrand” to convince foreign workers to relocate here and help the economy. Economy in trouble as…  Read more

When you start a business, you’re typically your only employee and payroll is about as simple as it gets. But as you grow, you hopefully find yourself in the position of needing to take on more employees. Before you know it, what was once a very straightforward task becomes a giant undertaking that’s sucking up most of your time. This is when it makes sense to outsource your payroll. While…  Read more

Most people need some help when it comes to financial planning and investing. That’s when we turn to financial advisors. With many options available, it’s important to ensure you choose a financial advisor that you can trust and feel comfortable with. So what are some signs that a financial advisor is a good fit for you? Here are some things to look for when deciding who is best for you…  Read more

When it comes to your finances, it’s a good idea to check in on your progress periodically, to see if any adjustments to your budget or changes in your habits are necessary. Even if you’ve set your budget for the year, you may learn a new strategy or have a priority come up suddenly that causes you to shift your thinking. Here are ways to take stock of your finances,…  Read more

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. How to keep your tax bill low With tax time upon us, here are 8 simple ways you can maximise your refund or keep your bill as small as possible. It’s a good time to catch up on your taxes It’s required to lodge your tax return every year,…  Read more

ATO priorities this tax time The ATO has announced four key areas that it will be focusing on for Tax Time 2022: –   Record-keeping. –   Work-related expenses. –   Rental property income and deductions. –   Capital gains from crypto assets, property, and shares. Before claiming income tax deductions for their expenses, taxpayers must ensure: –   they spent the money themselves and were not reimbursed; –   if an expense is for both…  Read more

A self-managed super fund (SMSF) is a private super fund that individuals can manage themselves, meaning that they can choose the investments and the insurance. An SMSF is a popular and effective way of saving for retirement. However, being the trustee of your own super fund is a big responsibility and can come with a risk, so it’s important to know the rules before starting one. Here are some important…  Read more