At first glance, “salary sacrificing” might sound like the last thing you’d want to do. But in reality, this strategy—also known as salary packaging—can be a smart move, especially when it comes to reducing your tax burden. By sacrificing a portion of your take-home pay in exchange for benefits from your employer, such as superannuation, […]
Want to pay less tax? This sacrifice could be worth making Read More »
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
Can a Sole Trader Have Employees? Unraveling the Myths and Facts for Business Owners Read More »
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
Do Sole Traders need to pay Superannuation? Read More »
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
Understanding What Is an LLC in Australia: Your Essential Guide to Business Structure Read More »
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
Why Your Accountant Is The Real Influencer You Would Want To Follow Read More »
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
18 Prosperous Business Practices for Lunar New Year: Embracing Wealth and Wisdom Read More »
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
How to offset business losses for tax deductions Read More »
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
Mastering Small Business Bookkeeping: Top 9 Tips for Success Read More »
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
Small Business Bookkeeping: A Cornerstone for Business Success Read More »
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