It is essential for small businesses to keep on top of their accounting, and plenty of tools are available to simplify this process. As a small business, you have no time to waste using faulty platforms and tools, so we have collated the top two accounting tools and software that will meet your needs and improve business accounting procedures. Why…
Navigating the tax world as a small business owner is a hefty challenge and can take a while to figure out. If you own a small business and are looking for top tax tips, keep reading as we cover some essential information you should know! 1. Prioritise Record Keeping Keeping your invoices and receipts safe while maintaining accurate records is…
Working from home is the new normal, but a new normal also demands some changes. If you work from the comfort of your home, you might be able to claim some of your home expenses. Wondering how to do that? Let’s discuss whether you can claim home expenses, how you can do so, and which costs you can and cannot…
Running a small business is no easy feat. You’re in charge of almost everything, which can cause hair-tearing stress when dealing with your tax liabilities. The good thing is you have several options for lowering your tax bill, and you can reinvest these savings into your business. Wondering what those are? Let’s figure it out. What Is Tax Liability? Tax liability is the tax…
Online currency can invite data breaches often. While some investors see cryptocurrency as a great investment, others may take it as an opportunity to hack systems, scam you, and steal your money online. In 2022 alone, cybercriminals targeted the cryptocurrency industry and stole over $2 billion from crypto exchanges. Plus, according to the cryptocurrency education platform HedgewithCrypto, 47 major cryptocurrency exchanges suffered major hacks…
Navigating the complex Australian tax system can be daunting. You have to understand many regulations and laws, such as the General Sales Tax (GST), income tax, and excise tax. But with some patience and determination, you can understand how to get through tax season without landing any penalties. Let’s look at how to navigate the complexities of the Australian tax…
The new superannuation laws came into effect on July 1, 2022. They saw the removal of the $450 threshold for super contributions. That means employers will have to pay superannuation from “dollar one” of an eligible employee’s wages. Superannuation is the retirement savings that build up for your employee. As a small business owner, you need to know precisely how…
Since it is the holiday season, it’s a tradition for employers and businesses to present their staff, clients, associates, and suppliers with end of year parties and often, gifts. While this time of the year is the most awaited season, the year-ending expenses for businesses carry an extensive range of tax treatments. Therefore, employers must ensure that they think through…
Accounting mistakes are one of the most common yet easily avoidable business pitfalls. You need accurate numbers to make sound financial decisions, and if your accounting is off by even a few dollars, you may find yourself in the red instead of the black. But don’t worry – here’s a list of 7 common accounting mistakes that put your business…
Christmas happens only once a year. Hence, it’s fair for companies to express their gratitude to their employees by giving them a wonderful end of year party for their dedication and hard work for the whole year, and in the coming New Year. Is your company’s Christmas party tax deductible? Christmas parties are disreputable for contracting FBT, also known as…