A business is classified as a small business entity where the aggregated annual turnover is less than $10 million. The aggregated turnover is based on the ordinary income earned in the course of running the business (annual turnover) plus the annual turnover of any business connected or affiliated with you.
SINGLE TOUCH PAYROLL: Single Touch Payroll (STP) is a new legal requirement to report salaries and wages, PAYG withholding and superannuation via STP-enabled software to the ATO each time you pay your employees.
Australia – as the saying goes – is a ‘lucky country’. Our standard of living, our climate, and our health care and social security systems all stand up well to international comparisons. But there is a downside, in the false sense of security that Australians live with in terms of their health, and their capacity
As a business owner, there are plenty of things you need to manage, and two of the most important of these are assets and risks. In other words, building your wealth and protecting your wealth.
Is your business built to stand the test of time? In the wake of a number of high profile collapses and insolvencies in the local construction industry, the Queensland Building and Construction Commission (QBCC) is proposing changes to the Minimum Financial Requirements (MFR).
The pen may be mightier than the sword – but can it beat the smartphone? When it comes to keeping track of vehicle mileage, we think not. When do you need to use a logbook?
Single Touch Payroll – The Australian Taxation Office has extended the STP obligations to all employers. Parliament has approved legislation to extend Single Touch Payroll (STP) reporting to include all small employers (fewer than 20 employees) from 1 July 2019. Don’t know what STP is?
Busy work. That work you have to get done, but somehow seems to take over your entire day and before you know it, you’ve reached the end of the week and still haven’t managed to make a dent on the most important task on your to do list. Sure, this can be about priorities, but
Hot Election Topic explained – Franking Credits Proposal What is the proposal? The House of Representatives Standing Committee on economics has announced an inquiry in the implications of removing refundable franking credits. The inquiry is going to report on the use of franking credits and who franking credits support and who would be impacted if
The Chance of Developing Stroke Sometime During One’s Lifespan Is 25% It’s a worldwide health threat. The probability of a person developing a stroke at some point during their remaining lifespan is seen at one in four globally on average, according to 2016 data from the Institute for Health Metrics and Evaluation. The lifetime stroke risk
Starting a business is part science, part art, and a large part hard work! It can get lost in all the excitement but you need to get the balance right. Approximately 20 percent of all small businesses fail in their first year; and your chances of your business making it to five years are around
While everyone wants their businesses to be successful and operate for a long time, you may not necessarily want to remain at the helm. At some point, you may want to pass the business on to your children, or to someone else in the company. You may want to sell your share to your business
Merry Christmas – Staff Bonuses If you are considering paying your staff a bonus before Christmas keep in mind tax on the bonus will need to be calculated manually. If you allow your software to calculate the tax it won’t be able to differentiate between a bonus and weekly wage, hence the need to calculate
If someone gave you the opportunity to attend a meeting where thousands of your prospects were also present, you’d be silly not to take them up on the offer…right? This opportunity might be staring you in the face. LinkedIn is the world’s largest database of professionals; hundreds of millions of professionals waiting there, ready to
Stepped versus level premiums is a conversation advisers should have with every client when considering long term life insurance cover. Choosing which is better is more than an economic consideration and depends on the client. To find out more click on the link below or contact Hayden from our office on 07 5437 9900. http://magazine.riskinfo.com.au/37/choosing-between-level-and-stepped-premiums/
So you’ve got a great idea for your business, but you don’t have the funds right now to get it off the ground. You could try applying for a government grant, but it’s often a long and arduous bureaucratic process of form filling and there are of course no guarantees you’ll get the money. Some
Australian Taxation Office Text Messages Over the last week we have been contacted by some concerned clients who have received ATO text messages. The ATO recently advised they will contact taxpayers via text message for overdue form lodgements or overdue payments of GST or Income Tax. However, the ATO will never ask you to respond via
With the banking review performed in March 2018 Lending rules have tightened. As part of this if any of you are considering applying for finance keep the below in mind: Finance applications are not being approved as quickly as they have been historically; Current financial information is required, this means current year tax returns and
Over the years we have witnessed first-hand what can happen when a client’s Estate Plan hasn’t been structured correctly. We think it’s important to preserve the Family Wealth and pass assets onto future generations, below are 5 key points to think about and act on.
Any business that isn’t planning for the future is planning to get left behind. While most business owners know that budgeting is a critical part of their planning, there is some confusion about which components should be included in a budget. There are three critical elements. Together, they provide the oversight you need for your
In a lot of situations, hiring a contractor to get a particular job done makes perfect sense. It may require expertise or skills none of your employees has. You may only need someone for a short timeframe to clear a backlog of work. Or maybe you just want to avoid having to go through a
“The cloud” is a phrase that means something very different these days, due to the increasing use of cloud computing. But what exactly is cloud computing? And is it a good option for small businesses? First, a quick definition. Without getting lost in ‘geekspeak’, cloud computing simply means both the software apps you use and
Thomas Edison once said that “Genius is one percent inspiration and 99 percent perspiration”. Unfortunately, going from that inspirational idea to the finished product takes a lot more than hard work. Just like Edison, you also need to invest in a lot of research and development. And R&D doesn’t come cheap. Fortunately the Federal Government
When Benjamin Franklin said that the only things certain in life were “death and taxes” most people didn’t consider that they may be closely linked. But problems with taxes can lead to the death of your small business unless you take steps to keep the taxman off your back.
Intellectual property. It’s a hot topic. Why? Because, in the globalised and ultra-connected world we live in, the intellectual property (IP) of individuals and businesses is increasingly at risk.
“Signing on the dotted line.” It wasn’t all that long ago that phrase meant signing pen-on-paper. Increasingly these days it can also mean signing on-screen with a stylus—or even with your finger tip!—or by using your computer and keyboard. So why have many businesses moved to using electronic signatures? What are the advantages over using
Two things first up: (1) If you want to (or have to) work past the age of 55, you need to read this article; or (2) If you know someone else who that applies to, please forward them this article or a link to it. They’ll thank you for it.
How highly do you value leads in your business? For any small or medium business, leads should be the most highly prized currency — to be consistently sought and converted.
As a business owner, do you or your managers spend a lot of time recruiting, conducting exit interviews, and onboarding new staff? When the ‘revolving door’ in and out of your business doesn’t stop revolving, it can impact so many parts of the business that it soon becomes a priority to address the problem.
Thinking of selling? Or just curious to know the value of your business in case you do decide to put it on the market at some point? Many business owners are well-wide of the mark when placing a value on their prized asset. They overvalue it and under-prepare for their exit, believing in a huge