What benefits can you provide to employees that will save tax?

CURRENT AS AT 28 AUGUST 2018   While there are less opportunities to get advantages from salary packaging as there once was, there are still some areas that can save you tax. The best areas are discussed below. Motor Vehicles Motor vehicle are one of the most used fringe benefits. Motor vehicles can be packaged to employees using either the … Read More

What do I have to do if I employ staff?

We are often asked what responsibilities businesses have when they employ staff. Below are the various responsibilities you are required to meet if you are in business and are employing staff.  Pay and employees entitlements The Fair Work Commission is responsible for the National Employment Standards and the national minimum wage. Employers must ensure that they are paying their employees … Read More

Businesses can benefit from understanding their numbers

If you’re finding that your business has experienced slim profit margins in recent years, is struggling with cashflow, or cannot afford to draw a decent salary or dividend at the end of each year, then you should keep reading. There is a need to focus on the most important numbers in your business. For instance, gross profit margin is often … Read More

Budget measures for small businesses

The Federal Budget was handed down on 3 May. A few days later, the Prime Minister confirmed that we would be heading to a 2 July election, leaving us with a caretaker government until then. In short, this leaves a high degree of uncertainty surrounding the implementation of measures announced in the Budget. With that said, the Budget did contain … Read More

Employee or Contractor?

The employment laws in Australia can be onerous for small businesses. This has led to many arguments over whether you should employ staff as an employee or as a contractor. There are numerous benefits of engaging a contractor instead of employing an employee, however when you hire a worker, forget the common myth that they are a contractor just because … Read More

Delegating tips to make your life easier

If you could free up an hour of your time a day, you could create a month a year for yourself. If you’re a business owner imagine what that could mean for you? Perhaps you could use this extra time to focus on growing your business. Or maybe you could simply take four weeks additional holiday. The following article gives … Read More

Time to review your business structure

  For small businesses, there’s never been a better time to review the effectiveness of your business structure. In the last Federal Budget, the government announced new measures to allow small businesses to change their legal structure without incurring a capital gains tax liability. Draft legislation was released in November, and the new measures are proposed to commence from 1 … Read More

Christmas gifts and parties – how do you treat them?

  It is that time of the year again and, like every other year, we receive numerous questions about how the normal Christmas gifts and parties should be treated for tax purposes. If properly planned you can ensure that they don’t cost you more than they have to. Below we have looked at the treatment of common Christmas items. Fringe … Read More

Why you need a good bookkeeper

Having a bookkeeper to do your normal bookkeeping is one thing, but having a good bookkeeper can really help improve your financial accounts and provide you with many other benefits. A good bookkeeper should be able to offer you the following: Handle all sales invoicing and debtors’ reconciliation. Handle all suppliers’ payments and creditors’ reconciliation. Give you timely financial accounts … Read More