small business tax Archives | Cashflow Manager

2020 Federal Budget Breakdown

On Tuesday 6th October 2020, Treasurer Josh Frydenberg delivered a budget that aims to jumpstart the economy, as we move through the uncertain times COVID has created. There’s a lot to take in, so we’ve highlighted the changes that will benefit small business almost immediately. Instant asset write-off extension: The Government has extended the instant asset write off that had already been expanded, so small businesses can claim a tax deduction for the full value of assets purchased until 30th June 2022, rather than claim depreciation amounts over several years. Find out [...]

Small Business Bookkeeping Deadly Sin #6: Incorrectly Accounting For GST

The goods and services tax (GST) has been in effect since 1 July 2000, but despite an Australian Tax Office education campaign, many small business owners still struggle to understand what is required of them. The different processes such as when to charge and claim back GST can be confusing. There are also many different rules you must follow, but if you have the right tools to help you with the process, you will see that accounting for GST is [...]

17/11/2015 By kelly.connor accounting, General, My Cashflow Manager, small business gst, small business tax 0 Comments

The Beginner’s Cheat Sheet to Small Business Taxes

It you are starting up your own business, you need to get a grasp on your tax terms pronto! Here are some terms you will have heard thrown around: GST: Goods and Services Tax And with GST comes your BAS:Business Activity Statement. PAYG: Pay as you Go withholding and installments Let’s break it down… GST (Goods and Services Tax) GST is a tax which is based on the transactions made within a business, sales and purchases. There are some sales and purchases that may [...]

02/06/2014 By Kelly accounting, small business accounting, small business, small business tax 4 Comments

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