The end of the financial year and all of its obligations can be a taxing time for small business owners, writes Suzanne Mitchell, Australia Market Lead for GoDaddy. From reconciling records to examining expenses, the financial year end is time consuming, especially if you aren’t as organised or your business is not as automated… Read more »
With the Federal Budget imminent, I’ve been doing some crystal ball-gazing and considering what tax measures might – and what might not – be announced, and their impact on small businesses, writes Mark Chapman, Director of Tax Communications, H&R Block. Sadly, when it comes to tax, this year’s Budget (due on 9 May 2023)… Read more »
It’s quite common for people to structure their professional affairs by setting up an entity to run their business through. This could be a trust, a partnership or, most often, a company. However, the Australian Taxation Office has a mechanism to stop businesses taking advantage of these structures. Here’s what you need to know… Read more »
Do you run a business from home? Running a home-based business offers a number of advantages including convenience, flexibility, freedom and cost savings. It’s great for looking after the kids, and also for starting out your business when you can’t afford separate premises. And when it comes to your tax return, you may be… Read more »
Ready to kick EOFY stress to the kerb? Ben Thompson, co-founder and CEO of people-management platform, Employment Hero and Phillip Bernie, Head of Product – Payroll at workforce management and payroll solution, KeyPay share four key to-dos to make the end of financial year a breeze for small businesses. The end of financial year (EOFY)… Read more »
To ensure the best tax return for your business, it pays to know all the expenses and costs you can claim. Here’s a few key areas to tap into this tax season, writes Gerry Incollingo, managing partner of LCI Partners. As a small business, it’s important to know what you can claim this tax time.… Read more »
We get it – sorting your taxes isn’t fun for anyone. Fun, no. But difficult, painful, boring and exhausting? Also no. If tax time is making your cry, you need a different approach to how you’re doing your admin. Here’s the thing: the way you keep your books can find you in a jumbled mess at… Read more »
For business owners, EOFY can be one of the most overwhelming times of the year, with seemingly endless paperwork to gather and confusion over business tax requirements and the grants and deductions available for small businesses. Elise Balsillie, Head of Thryv Australia, shares three things you should definitely do to make it easier in the… Read more »
With the end of the tax year approaching, it’s time to take action to minimise the tax liability for your small business. Here are six top tips for end of year tax planning by Mark Chapman, Director of Tax Communications at H&R Block. 6 small business tax tips for the EOFY 1. Take advantage of temporary… Read more »
Many businesses have taken a hit to the bottom line during the COVID-19 pandemic. Fortunately, for those businesses who trade through companies, relief is available by taking advantage of the government’s new loss carry back scheme, writes Mark Chapman, director of Tax Communications at H&R Block. The loss carry back scheme enables companies which have… Read more »
Don’t run around like a headless chook come tax time! Start preparing now for the transition to a new financial year, with this tax checklist for business owners and the self-employed, writes Helen Baker, financial advisor and author of On Your Own Two Feet: The Essential Guide to Financial Independence for all Women. 6 tax… Read more »
Now that the dust has settled on last week’s Federal Budget announcements, we’re able to take a clearer look at how the measures on offer will benefit small businesses in Australia. While tax cuts and technology investment boosts will help, they won’t be a long term fix, writes Mark Chapman, Director of Tax Communications at… Read more »
Weekly business news and insights, delivered to your inbox.
