The end of financial year is here, so it’s time for small business owners to get on top of all their reporting requirements to ensure they are not selected for a tax audit. There are things you must provide the ATO with and information you need to pass on to your accountant. So where do you begin? Here is a list of some things you need to consider in the lead up to the new financial year. Make sure you [...]
In our recent blog “ATO announces simpler BAS reporting for Small Business” we discussed how the ATO’s introduction on 1 July 2017, of simplified BAS would make it considerably easier for small business to manage their returns. Basically, the reporting requirement for BAS has been simplified so that businesses only have to report the following GST information: GST on sales (1A) GST on purchases (1B) Total sales (G1) While the deadline for commencing with the new Simpler BAS reports is 1 July 2017, which [...]
It’s time to put your bookkeeping processes under the microscope again as we draw closer to the end of financial year. It seems that bookkeeping is either a task left in the ‘to do’ basket until it’s too late or done at the last minute, increasing the likelihood of mistakes. I know that many small to medium business owners are often juggling a variety of tasks, from managing staff and business developments, through to hands-on work. However, simple bookkeeping mistakes [...]
DISO Insurance and Property Restorations is a building company, renowned for its excellence in construction, structural building repair, and property restoration. DISO was established in Queensland in 2010, by licensed builder, Spiro Kemertzis. Originally specialising in small business works, DISO soon expanded into all areas of the building industry – most notably insurance repairs. Spiro was soon in such high demand that he had to hire a team of tradesmen to work for him. To address natural disasters, Spiro created a [...]
This week, the Australian government pledged to remove and replace the 457 visa entirely, so what will this mean if you run a small business that relies on this category of workers? We expect that more details will be coming soon, but here is what the government has released so far. On 18 April, the government announced that the Temporary Work (skilled) visa or 457 visa will be abolished and replaced with the new temporary skill shortage visa (TSS) in March [...]
As an entrepreneur, you probably have no shortage of ideas and dreams, but sometimes you can fall short when it comes to putting them into action. Even with the best plans in place, life can sometimes get in the way of you achieving your goals. Life throws you curveballs, or you get sidetracked with something else, and before you realise you are miles away from the original plan. Here are some tips for setting goals and objectives for your small [...]
It’s always a good idea to maintain healthy relationships with everyone you do business with. As someone who plays an important role in your finances, your accountant is definitely no exception. Luckily there are four really simple things you can start doing now that will help keep your accountant in high spirits, your professional relationship smooth and allow your accountant to do their best work for your small business. Keep Your Books Regularly Far too many small business owners neglect to [...]
On 1 January 2017, tax rates changed for working holidaymakers who are in Australia on a 417 or 462 visa. This is otherwise known as the ‘backpacker tax’. What does the ‘Backpacker Tax’ mean for you as an Employer? If you employ a working holidaymaker in Australia who holds a 417 or 462 Visa: • You must withhold 15% from every dollar earned up to $37,000 with foreign resident tax rates applying from $37,001 • You must register with the ATO to withhold at [...]
Having a successful small business is about more than just a great idea. It’s also about being a great leader. The thing is, not everybody is a natural born leader, however there are certain leadership skills that can be learned and developed. Skills such as listening, communicating, forward planning and delegating are important traits of a good leader and must be applied within your business whether you have 1 or 100 employees. So, what does it take to be an [...]
Small businesses seldom have the advantage of a dedicated marketing department, so building your brand is one of the most important things you need to do. A business with a healthy brand has a better chance of being seen and known in the market, having customers who are loyal and is even more profitable. You don’t need a “big” name, a flashy logo or a catchy slogan to have a strong brand. A strong brand is built on what [...]
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