So you’ve heard all the hype about negative gearing in Australia and want to know what it’s all about? Or maybe you’re buying a property and trying to decide if negative or positive gearing is for you. This article will explain what it is and who it’s for, share some tips, and debunk some myths…
The government has confirmed that the Stage 3 tax cuts are in place for most Australian workers as of 1 July 2024. These tax cuts were announced as part of the federal budget and aimed to provide financial relief to Australian workers. This article explains the Stage 3 tax cuts, how they affect employees at…
As a business owner in Australia, you are likely familiar with Business Activity Statement (BAS) payments. Every quarter, you report your business’s Goods and Services Tax (GST), Pay-As-You-Go (PAYG) withholding, PAYG instalments, and possibly other taxes via your BAS. For many businesses, this can feel like a heavy financial burden, particularly if your cash flow…
Starting a business is an exciting journey filled with lucrative opportunities, growth, and the chance to pursue your passion. One of the most common ways to open a business is under a company structure, which provides a range of unique benefits, such as limited liability and the ability to raise capital. However, with this structure…
As a business owner, you have a lot of responsibilities. Not only do you need to worry about tax obligations and payroll, but you also have to stay on top of financial reporting. Although it can be a lot to keep track of, it’s important to make sure that your business is compliant with all…
It is not uncommon for new sole trader or partnership businesses to operate at a loss for the first few years as they grow. To keep the business growing, sole traders and partners often have to cover the loss with other forms of income, usually salary income. Typically, in the initial stages of growing their…
When most people think about starting a business, they imagine a long and complicated process that requires a significant amount of money. And for many entrepreneurs, that is enough to put their dreams on the back burner. But what if you were told that starting a business in Australia could cost as little as $650?…
Starting your own business can be an exciting and rewarding experience, and one of the simplest ways to do it is by becoming a sole trader. As a sole trader, you’ll have full control over your business and be solely responsible for its debts and liabilities. But, while it may seem like the most straightforward…
The end of the financial year is around the corner, which means it’s time for small businesses to save some money on taxes. Let’s be honest – no small business wants to pay more tax than they have to. Fortunately, the Australian Tax Office (ATO) recognises the vital role that small businesses play in the…
As of 27 July 2022, the Australian Government is introducing the Treasury Laws Amendment (Electric Car Discount) Bill 2022 to exempt cars that are provided to employees for private use with zero or low emissions from fringe benefits tax (FBT). These include battery electric, plug‑in hybrid electric, and hydrogen fuel cell electric cars.
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