Justin

Can a Sole Trader Have Employees? Unraveling the Myths and Facts for Business Owners

Many sole traders believe they must handle their business alone, but that’s not the case. Can a sole trader have employees? Yes, they can. Hiring employees as a sole trader opens up numerous growth opportunities for your business, along with a set of legal and financial responsibilities you’ll need to manage.  This article guides you …

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Do Sole Traders need to pay Superannuation?

Are you a sole trader wondering about superannuation? Securing your retirement starts with understanding and managing your super contributions. With no automatic super payments from an employer, you must take command of your superannuation strategy. This guide explains sole trader superannuation, detailing the steps you need to take to ensure a comfortable retirement, optimise your …

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Understanding What Is an LLC in Australia: Your Essential Guide to Business Structure

Are you considering starting a business in Australia and wondering what an LLC is? In the Australian business landscape, an LLC—commonly known as a ‘Proprietary Limited Company’ or ‘Pty Ltd’—offers limited liability protection to its shareholders.  This guide will walk you through the essential aspects of Australian LLCs, from their protections to their management flexibility …

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Why Your Accountant Is The Real Influencer You Would Want To Follow

Have you ever been swayed by the recommendations of social media influencers, only to regret your spending decisions later?  While content-producing influencers dominate the online space, there’s one real influencer whose guidance can significantly impact your financial well-being: your accountant. What’s Your Perception Of An ‘Accountant’? Beyond the traditional roles of producing financial statements and …

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18 Prosperous Business Practices for Lunar New Year: Embracing Wealth and Wisdom

As we approach the Lunar New Year, businesses worldwide are preparing to welcome wealth, prosperity, and good fortune. Beyond the festive celebrations, this season carries rich traditions and superstitions that can influence business success.  Let’s delve into some lighthearted yet potentially lucrative Chinese and Asian superstitions every business owner should know, unlocking the potential for …

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How to offset business losses for tax deductions

If your business has incurred losses, leveraging them for tax deductions requires navigating through specific tests designed to prevent misuse of tax benefits. Here’s a step-by-step guide: 1. Income Requirement: 2. Tests to Claim Loss: 3. Exceptions: 4. Grouping Business Activities: 5. Carrying Forward Losses: 6. Special Consideration: Navigating these tests ensures legitimate deductions without …

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Mastering Small Business Bookkeeping: Top 9 Tips for Success

Running a small business is exhilarating but comes with its challenges, and amidst the chaos, bookkeeping often takes a backseat. Yet, maintaining impeccable financial records is the linchpin of any successful venture. Whether you’re a seasoned entrepreneur or a newcomer, our top nine small business bookkeeping tips will empower you to navigate financial intricacies, ensuring …

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Small Business Bookkeeping: A Cornerstone for Business Success

Embarking on the journey of building a small business involves mastering various aspects, from marketing to operations. Amidst these priorities, the significance of small business bookkeeping often gets overlooked. Understanding the value of bookkeeping is crucial for laying a robust financial foundation and ensuring the long-term success of your business. The Foundation of Financial Health …

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Navigating the Landscape of Self-Managed Superannuation Funds (SMSFs) in Australia: A Comprehensive Overview

Australia’s mandatory superannuation system ensures most individuals accumulate substantial retirement savings by midlife. While many Australians build their retirement wealth within industry or retail superannuation funds, others opt for a self-managed superannuation fund (SMSF). With 610,287 funds and $878 billion in assets, SMSFs offer control and flexibility over investments, attracting those seeking to boost retirement …

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A Comprehensive Guide to Investment Taxation, Capital Gains, Dividends, and Beyond in 2024

Embarking on the journey of investing for financial growth involves more than market analysis; it requires a keen understanding of the ever-changing tax laws and brackets. As we enter 2024, potential changes to tax rules can significantly impact how investment gains are taxed, influencing the overall returns for investors. In this extensive guide, we delve …

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