A reminder to all Directors (including alternate directors). If you became a director before the 31st of October 2021 and you have not applied for your director ID. You must do this before the 30th of November 2022 or penalties may apply. For CATSI Directors (Aboriginal and Torres Strait Islander corporations) you have until the […]
For most of my readers whose family businesses are in the Building & Construction industry, the new mutterings of annualised salaries are not relevant to you, but not all of my readers operate under the Building & Construction award. Even if it is not impacting you now, it may impact you in the future if […]
It’s that time of year again, and I will no doubt be having the same conversation with many of my children’s friends who are new at lodging tax returns. They will want my help to get as much tax back as possible and explain why their expectations do not necessarily match the reality of the […]
My previous article was about tax planning for business. Business is unpredictable and requires planning towards the end of the financial year. For most individual taxpayers, the tax situation is relatively stable from year to year. While there are a few tips to help you get the best return, it is best to be planning […]
It is that time of year when business clients require tax planning. Tax planning prior to April can be rather useless for businesses as most have a level of unpredictability about their performance. By the end of March we have a reasonable idea of how the business has travelled and can make some predictions on […]
It is a common misconception among small business owners, particularly Tradies, that money withdrawn from the company account can be expensed under the guise of “petty cash”. I know that small business owners are often dipping into their pockets for bits and pieces, but petty cash is not the correct code for these random drawings […]
Cashflow is the lifeline that keeps a small business’s heart beating. If you have not had cashflow problems you are one of the lucky ones, but for most small business owners cashflow is the key issue that determines a business’s survival. The anxiety of not knowing when the money is coming in can set the […]
I really hate speaking in the ATO language which involves quoting legislation and expecting the Australian taxpayer to understand what they are talking about. Like Division 7A, there really is no other way to talk about Division 293 but by its name. We get asked more questions about this than anything else. If you receive […]
I am very much aware that when accountants refer to the Tax Act people’s eyes gloss over, they feel uncomfortable and would prefer to be thinking of anything else. As soon as a section of the Act is quoted it is like we are speaking in a different language and all comprehension of the issue […]
Cashflow is one of the biggest issues facing small business. We all complain about it and get upset at the client who has not made payment, particularly if you have gone out of your way to do a great job for them. In my business cashflow management is a huge issue as we have a […]