Profit Boosters for Your Business
Simple ways to boost your business profits […]
Author: Morisset | Cooranbong BAS, Bookkeeping, Payroll
Posts by Morisset | Cooranbong BAS, Bookkeeping, Payroll
Unlocking Cash Flow: 5 Essential Strategies for Small Business Owners
The key to a profitable business is to manage and optimise your cash flow. You need to know how much money is coming in, where that money is going, and have a plan in place so that you can keep a good portion of it for profit! […]
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3 tips for better cash flow in your business
Cash flow management is absolutely vital if you want your business to thrive and stay afloat. The good news is, it doesn’t have to be complicated!
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How many accounts do you really need for your business?
Money comes in from clients and customers, money goes out on bills and expenses, hopefully, some money stays in the account for profits, taxes and paying yourself… but are you really across all of that money movement? […]
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Are You Focusing on Revenue or Are You Focusing on Profit?
If your focus remains solely on revenue, you may be overlooking a crucial aspect of sustainable business growth. […]
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How to stress less about money in your business.
As a business owner, you need to manage your cash flow, keep a close eye on your expenses, and make sure you have enough revenue to keep the business going. Follow these simple steps to stress less about money in your business. […]
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Five New Year’s Tax Resolutions for Small Business Owners
The New Year is a time to set new goals and start fresh. As a small business owner, it’s essential to stay on top of your tax and super responsibilities. Here are five new year’s resolutions to help you keep your finances in order for 2023. 1. Know if you’re in business or not:If you’re […]
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Maximise Efficiency with Tax and Super – Join the ATO’s Webinars
As a business owner, it’s important to prioritise good planning and spend your time wisely to focus on areas that can help your business succeed. The Australian Tax Office (ATO) recognises this and is offering two webinars in January and February to help streamline processes and improve profitability. The first webinar, “Connecting Online with the […]
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Employee Benefits with Electric Cars – A Tax-Exempt Option for Employers
Electric cars have been gaining popularity due to their eco-friendly nature and lower operating costs. As an employer, you now have the option to provide electric cars to your employees as a tax-exempt benefit. Previously, employers were required to pay Fringe Benefits Tax (FBT) on electric cars provided to employees, but as of July 1, […]
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3 ways to strengthen your protection against cyberattacks
With recent cyberattacks exposing millions of individuals’ personal information to the World Wide Web, now is the time more than ever before to strengthen your data from future attacks. With these 3 easy steps, you can prevent your data from being leaked. 1. Update your device and applications Updates not only provide new features to […]
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Fast-track worker onboarding
Gone are the days of paper based submission and lengthy processing times. Employees can complete tax file declaration forms using their myGov linked ATO account. Once your new employees are logged into the ATO portal, all they need to do is navigate to Employment > New Employment and complete the designated form. No input will […]
Apply for your director’s ID before it’s too late!
Director of companies in Australia have until the 30th of November to apply for their director’s ID number. Failure to obtain a director ID before the cut-off day is an offence under the Corporations Act 2001 and can result in heavy penalties of up to $13,200 criminally or $1,100,000 civilly. In the case of intending […]
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What you need to know about the MyGov update
If you have logged into your MyGov account recently, you may have noticed it has changed, and we’re pretty happy about it. The brand new interface makes it much easier to navigate, it has some great new features and all the government-related information you need all in one place! We’ve also noticed it runs a […]
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Top tips to get you through tax-time
Tax time is a busy, stressful time of year for business owners. You’re busy with the day-to-day demands of operating your business and then have to add the additional challenge of preparing for the end-of-financial year. During this labour-intensive time, it’s important to take care of yourself and prioritise the well-being of your staff members. […]
Everything you need to know about claiming business expenses
You only claim the business-use portion of an expense that’s for a mix of business and private use.You have records of each claimable expense. It’s important to know that there are two key types of deductions, operating and capital. Operating expenses are day-to-day operating costs such as office stationery and wages, which you must pay […]
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Need a director ID? Here’s what you need to know.
What is a director ID? A director ID is a unique identifier you apply for once and keep forever. It’s managed by Australian Business Registry Services (ABRS), which is governed by the ATO. The director ID aims to help prevent the use of fictitious director identities and create a fairer business environment by improving data […]
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Everything you need to know about eInvoicing
If you’re a business owner, you’ve probably heard about eInvoicing. But what is it, and why should you care? eInvoicing is the new, standardised way to send and receive electronic invoices directly through your accounting software. It’s not the same as sending an email or PDF through your software. Instead, invoices are sent directly between […]
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Important changes to fuel tax credits
Generally, GST-registered businesses are entitled to a credit for most types of fuels acquired. This includes for use by vehicles and certain non-vehicle uses, such as for plant and machinery. Exclusions include aviation fuel and the fuel used by vehicles weighing 4.5 tonnes or less travelling on public roads. The exclusion means, for example, that […]
Are you tax-return ready?
Leading up to the end of financial year it’s a good idea to brush up on your tax knowledge. Here’s a little quiz to test your knowledge to see if you’re tax ready. The TestAre the following statements True or False? Cash, cryptocurrency, online sales, capital gains and income from the sharing economy are all […]
COVID-19 tests tax deductions
One expense many companies will be dealing with this year is the purchase of COVID-19 RAT tests. Fortunately, COVID-19 tests purchased from 1 July 2021 for work purposes are tax-deductible. Anytime you have provided, or reimbursed, the cost of COVID-19 tests for your employees you will able to add it as a tax deduction. If […]