Business Accounting

Managing cash flow in your small business

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.

What to know before buying a business

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.

Why you should know your business value

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.

Small business tax – understanding the difference between sole trader vs company

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.

Seven essential tax tips for SME and sole traders

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.

The benefits of real-time business accounting

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.

Do you have the right business accountant?

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.

Business planning for 2020

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.

The importance of your business structure

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 for everyone

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.

Extension and increase for instant asset write-off

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.

Helping you get rid of your paper clutter once and for all

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!

Implementing Single Touch Payroll (STP)

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.

Early stage innovation companies (ESIC)

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.

Transfer pricing record-keeping made simple

Companies, trusts and partnerships can simplify their transfer pricing record-keeping requirements if any of following options applies.

Simpler BAS reporting from 1 July 2017

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.

Six key differences between a contractor and an employee

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?

Assistance for unincorporated small business

The following changes affecting small businesses have been recently passed by the federal government in principle and is currently waiting royal assent

Changes to transfer pricing documentation requirements

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).

Simpler Business Activity Statement (BAS) for small businesses from 1 July 2017

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,.

Health care professionals – Xero & Cliniko

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.

Small business turnover threshold to increase to $10m

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.

We'd love to help you build a successful business and grow your personal wealth. Get in touch to book a free consultation.

Business Accounting

Managing cash flow in your small business

What to know before buying a business

Why you should know your business value

Small business tax – understanding the difference between sole trader vs company

Seven essential tax tips for SME and sole traders

The benefits of real-time business accounting

Do you have the right business accountant?

Business planning for 2020

The importance of your business structure

Single Touch Payroll for everyone

Extension and increase for instant asset write-off

Helping you get rid of your paper clutter once and for all

Implementing Single Touch Payroll (STP)

Early stage innovation companies (ESIC)

Transfer pricing record-keeping made simple

Simpler BAS reporting from 1 July 2017

Six key differences between a contractor and an employee

Assistance for unincorporated small business

Changes to transfer pricing documentation requirements

Simpler Business Activity Statement (BAS) for small businesses from 1 July 2017

Health care professionals – Xero & Cliniko

Small business turnover threshold to increase to $10m