Small Business Accounting Software Blog

Fringe benefits tax – what small business owners need to know

As a small business owner, you need a good understanding of which taxes apply to you right from the start. One tax that can be incredibly confusing for business owners with employees is fringe benefits tax (FBT). Let’s have a look at what FBT is, how you can prepare for it and what upcoming changes to the tax may affect your business. A fringe benefit is a benefit that an employee or their associate (spouse or child) receives because of [...]

07/03/2014 By kelly.connor accounting, My Cashflow Manager, small business accounting, bookkeeping, small business, small business tax 0 Comments

6 things small business owners can learn from the Winter Olympics

The Sochi Winter Olympics has been a masterclass on how to set goals and work to achieve them. The perseverance, time and dedication displayed by the talented athletes are inspiring and somewhat similar to what entrepreneurs do. Therefore I have drawn some parallels and found six things that the 2014 Sochi Winter Olympics can teach small business owners. To Reach Your Goals You Have to Put in the Hard Work Thousands of hours have gone into the training and [...]

25/02/2014 By kelly.connor General, small business business goals, small business 0 Comments

6 small business tips to help you plan for the new year

The silly season is almost upon us and 2014 is only weeks away. This period can be crazy for many small businesses, with staff absences, increased business activity, and extended trading hours. Business owners need to have a plan in place to kick off the new year in the best way possible. Review Your Products and Services Can you repackage or arrange promotions to make your products and services more attractive to changing customer needs for the holiday and new year [...]

15/12/2013 By kelly.connor accounting, General, small business business planning, small business 0 Comments

What you need to know about Taxable Payments Reporting

On July 21, 2013, businesses in the building and construction industry will have to submit their first taxable payments annual report to the ATO. The report outlines how much these businesses pay to contractors for building and construction services in the 2012-2013 financial year. The ATO’s aim is to improve tax obligation compliance by contractors who aren’t currently doing the right thing. As with any new tax legislation, it’s important for businesses to check they’re keeping the correct records. If [...]

15/07/2013 By Kelly accounting, small business accounting software, small business, taxable payments reporting 0 Comments

The small business guide to a stress-free end of financial year

The end of the financial year can be a stressful time for small business owners due to the reporting obligations you have to take care of as a business. You have commitments to the ATO that you need to meet and information you need to give to your accountant. It can be especially daunting if there are new laws or regulations that apply to running a business. There are a few changes coming into effect on July 1 2013 which [...]

15/06/2013 By kelly.connor accounting, small business accounting software, bookkeeping, small business 0 Comments