You may be able to offset your business loss against other income (such as salary and wages) if you’re a sole trader or in a partnership. Firstly, however, your loss must not be non-commercial. A non-commercial business loss is a loss you incur, either as a sole trader or in partnership, from a business activity...

All existing directors of a company, registered Australian body, registered foreign company, or a director of corporate trustees of an SMSF are required to apply for a director identification number (director ID) by 30 November 2022…so act now! If you are a director of an Aboriginal or Torres Strait Islander corporation (CATSI), you have an...

Do you run a business and have or are thinking about hiring workers? If so, it’s important to understand the difference between contractors and employees, as you have different tax and superannuation responsibilities depending on the status of the worker. What’s the difference between contractors and employees? Generally speaking, an employee works in your business...

The ATO is anticipating a significant upward spike in the number of businesses using eInvoicing over the coming 12 months. Already, more than 18,000 businesses are using eInvoicing to make their transactions faster, simpler and more secure. eInvoicing is the new, standardised way to send and receive electronic invoices directly in software, via a secure...

With unemployment at historic lows, workers are in demand and are also switching jobs at record rates. There are a range of issues employers should be aware of when hiring. Know the law Before hiring a new employee, make sure you know your rights and responsibilities. The minimum terms and conditions of employment come from...

Now that the financial year has come to a close, it’s good time to check all things GST. Registration If you are not already registered, you may over the coming period need to register for GST if: your business or enterprise begins to have a GST turnover of $75,000 or more per year (gross income...

Are you a small business owner or work in a profession where you are open to being sued? If so, have you thought about what might happen to your superannuation should your circumstances change and you become bankrupt? The risk of bankruptcy Self-employed people, company directors and ‘at risk’ professionals such as doctors, dentists, accountants,...

Cashflow is one of the biggest killers of small business. One of the major contributors to this is bad debtors – customers who have obtained goods or services from you but are late with their payment. Following are some tips to manage your debtors.  Follow-ups/reminders To remind customers of when to pay, you firstly need...

Employers need to make STP finalisation declarations by 14 July each year. As your registered agent, we can assist you in this important, upcoming process. If you have 20 or more employees, you should be reporting closely-held (related) payees each pay day along with arms-length employees. The finalisation due date for closely-held payees is 30...

The ATO has released a tax time tool kit to assist businesses and us as your tax advisor to nail your 2021/22 business tax return. The ATO has also flagged what it will be focusing on for small business tax returns for 2021–22: deductions that are private in nature and not related to business income,...