Below you'll find a list of all posts that have been tagged as “Small Business”
Small business owners can benefit by using the Tax Office’s small business benchmarks to compare their business performance with industry averages. What are Small Business Benchmarks? The small business benchmarks are financial ratios that have been extracted from more than a million lodged income tax and BAS returns. What are Small Business Benchmarks used for? The benchmark data is used …
A simple definition of a trust is: “A relationship in which one person (the trustee) holds assets (money, property, a business) for the benefit of another (the beneficiary).” Other parties in a trust structure include a “settlor” who contributes the initial trust asset (which may be anything, including a nominal $10 cash or even a house) to bring the trust …
Here are a few quick tips to help you minimise your tax. Bad Debts Review your debtors and write off the bad debts before 30 June to get the deduction. Consumables Buy any necessary loose tools, stationery, printer toners, paper, water etc before 30 June. Defer Income Delay issuing the last week of June bills to customers until 1 July. Employee Bonus Consider committing …
Research shows businesses that are good at meeting their GST and activity statement obligations tend to run more successful businesses. This can be because the systems and processes they use to keep financial records and manage their tax affairs also help them keep track of their business performance and make sound business decisions. By maintaining proper records of dates, sales, …
