Investing your money is a great way to grow your wealth, but it can be intimidating to someone starting fresh. Investing is unique to each person because the time and money that everyone is willing to invest is different. Before you begin investing, you should think about what sort of investing style you would like…
If you are a small business owner, you might think that you can handle everything on your own, including your finances. There are a lot of things you need to work on in your business such as generating sales or income, marketing your products as well as managing your team if you have any. When…
If your business receives income before a service is rendered to a client, when is the income recognised? Is it when the income is received or after the service rendered? That was what the Arthur Murray case in tax law argued, creating a landmark decision regarding tax precedent that affected how pre-paid income derived from…
One of the most important decisions you must make before starting a business is in what structure your business will be operating under. This will be reflected in all facets of your business, so you should spend time understanding the implications of each structure before making a decision. Sole Proprietorship A sole proprietorship business structure…
Employee underpayment, whether a failure to pay penalty rates or unauthorised wage deductions, is a breach of the Fair Work Act and consequently can result in hefty employer penalties. Employers are responsible for paying staff members the minimum monetary amounts, including allowances, prescribed under an award or agreement. When an employer fails to do so,…
The end of the financial year is the best time to work out the potential debts your business may incur or have already incurred. Businesses can go into two kinds of debt – good debt and bad debt. Determining the type of debt is highly dependent on how the debt has been used for your…
There’s been a lot of buzz around superannuation since the 2023-24 Federal Budget was announced. One such buzz involves the concept of ‘payday super’. Payday super has been introduced by the government to avoid the discrepancies that those in lower-paid, casual and insecure work often encounter with their superannuation compared to others in more secure…
There are some things that an accountant is not allowed to advise on, which fall in the domain of financial advisers. A financial adviser can assist you with making financial decisions and planning for your future. Advice from a financial adviser may include advising on budgeting, investing, super, retirement planning, estate planning, insurance and taxation.…
Superannuation was not a source of significant surprises in this year’s Federal Budget, as many of the changes announced had already been previously discussed. However, these changes are still important to consider when planning your superannuation strategies for the next financial year. $3 Million Super Balances & Tax As announced in March 2023, extra tax…
The Federal Budget has reintroduced the $20,000 Instant Asset Write Off to benefit small businesses amidst the myriad of measures announced by the government. The instant asset write-off will return for the 2023-24 financial year (1 July 2023 to 30 June 2024). If you buy an asset to use for business purposes and it costs…