For your small business to survive and thrive, managing cash flow effectively is crucial. By conducting regular cash flow ‘health checks’, you’ll be able to see where you are spending your money, where you can improve, and most importantly… where you can grow.
As business accountants, we regularly meet Australians who are interested in buying an existing business. This type of business ownership can be both exhilarating… and daunting. Before you plunge into buying a business, here are some questions you should ask.
Valuing a business is more than just the dollars in the bank… it includes all your physical assets and intangible elements such as customer loyalty and brand recognition. These all have significant worth and must be taken into account when determining business value.
Should you be a sole trader or set up a company? Structuring your business effectively from the get-go could give you the best tax outcome and save you plenty of hassle come tax time. But a lot of new small business owners don’t always get it right.
There’s no doubt tax time can feel like a time-consuming hassle for those running their own business. Here are seven essential tax tips every small business owner, self-employed or sole trader needs to know this EOFY.
Information is power. If you have the right information about your business – your cash flow, your shortfalls, your revenue, your employees – then you have the capability to make changes for the better, at the right time. That’s the power of real-time business accounting.
Selecting a business accountant is one of the most important decisions you can make. While there are many accountants who are good at what they do… they might not be the best fit for your business. The right accountant will save you time and money.
Planning for the new year ahead is often daunting. From budgets and goals to increasing productivity and adjusting business structures, it can all become a bit of a blur. But gaining clarity about your business is the best way to set solid foundations for the future.
Determining the correct structure for your business is one of the most important processes you can undertake. It’s crucial that you select the most appropriate structure for your circumstance. We can provide you with guidance and help you set up your business so that it can truly succeed.
Single Touch Payroll (STP) has changed where every employer will be required to use the system from 1 July 2019. If you are still using a manual system to pay your staff, you will need to change soon.
Officially, the $30,000 instant asset write-off has been passed by both houses of parliament on 4 April 2019. This means that from 7:30pm AEDT 2 April 2019 to 30 June 2020, assets purchased less than $30,000 will be entitled for an immediate write-off.
Are you drowning with paperwork and dream of a paperless office or home? Do you wish your accountant will stop harassing you for documents? This is a possible dream right now!
With the new super rules beginning on 1 July 2017, your requirement to report information about your SMSF and the pensions it pays you and other fund members may be changing. This is driven by the introduction of the new $1.6 million transfer balance cap which limits the amount of assets you can use to pay pensions from super with.
Tax incentives for early stage investors were announced by the government in its National Innovation and Science Agenda on 7 December 2015. The incentives are designed to promote entrepreneurship and innovation, by connecting start-up companies with investors to assist entrepreneurs in developing innovative companies.
Companies, trusts and partnerships can simplify their transfer pricing record-keeping requirements if any of following options applies.
From 1 July 2017, Simpler BAS will be the default GST reporting method for small businesses with a GST turnover of less than $10 million.
Okay, so you’ve registered a company name and you’ve got your own ABN. Does this necessarily mean you’re now automatically a contractor?
The following changes affecting small businesses have been recently passed by the federal government in principle and is currently waiting royal assent
Businesses are now required to have the transfer-pricing documentation prepared before the time the entity lodges its income tax return for the income year relevant to the matter (or matters).
A simpler BAS will become the default GST reporting method for all small businesses from 1 July 2017. This measure was originally announced in the 2016/17 Federal Budget and is designed to reduce GST compliance costs for small businesses,.
The accounting landscape for small and medium business enterprises has changed dramatically over the past few years and along with it the software used to manage businesses. The health care industry is no exception.
The small business entity turnover threshold will be increased from $2m to $10m from 1 July 2016. The increased threshold means businesses with an annual turnover of less than $10m will be able to access existing small business income tax concessions.
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Dee Why, NSW 2099
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