In Australia, any income earned by a job may be considered taxable income. Those who receive their income via the sharing economy are no exception to the rule. In fact, further complications can result from incorrect understandings of how the income tax and goods & services tax may apply to those individuals. ‘ The sharing…
A website is no longer the only way to get your business more online visibility. Business blogs have emerged as new and effective marketing channels besides their business’s primary websites, but rarely are they fully utilised as connected business channels. Here are a few key steps to consider when building a successful business blog. Plan…
While lodgement of your tax return can begin from 1 July, you have a much higher chance of submitting a return with incorrect or missing information. This is because some information that will automatically be pre-filled on your return (such as PAYG or STP information from your employer) will likely not have been lodged with…
There are critical differences between having a hobby and running a business, and they mostly have to do with your tax, insurance and legal obligations. Understanding the characteristics of businesses and hobbies is essential to ensure you correctly determine your activities. Are You In Business? While there is no single, defining factor that determines whether…
Budgeting is the most important tool in your arsenal when it comes to your business. It is how you organise your company and plan for possible future circumstances. It forecasts all cash sources and expenditures and can greatly enhance your success by helping you estimate your future needs and plan profits, spending and overall cash…
One of the outcomes that business owners and staff alike want to achieve is an efficient workplace. An efficient workplace not only saves time and money but can also improve overall productivity and morale. With the challenges facing companies in today’s business environment, technological innovation and adaptability are critical to ensuring efficiency and productivity do…
Have you ever wondered what happens to superannuation when someone claims bankruptcy? Bankruptcy is a legal process that can be commenced when you are declared unable to pay your debts. It is a process that can release you from most debts, provide relief and allow you to make a fresh start. However, bankruptcy is not…
Changes to flexible working arrangements have been in place since 6 June 2023. If you haven’t done so already, now is the time to get acquainted with the new legislation (The Secure Jobs, Better Pay Act 2022 (Act)). The legislation has updated the laws governing requests for flexible working arrangements and introduced new provisions that…
Do you trust that your employer is paying you the right amount of superannuation just because it says so on your payslip? Every year, thousands of employers fail to pay their staff the correct amount of superannuation, costing those workers billions of dollars every year. In many instances, it’s an honest mistake and easily rectified.…
Small business owners may be able to claim deductions for the costs of using their home as a principal place of business when filing their income tax returns. A home-based business is one where an area of your home is set aside and used exclusively as a place of business. If you do not have…