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Beginning a new business venture can be intimidating, but the process can be less daunting if you choose to operate it from your home or garage. Nevertheless, it is important to consider both the benefits and drawbacks of this decision before embarking on it. Advantages and disadvantages of starting a business at home Starting your […]
Some business owners will try to do their own bookkeeping to save money. After all, business admin doesn’t make any money. They don’t consider what the opportunity cost is. In this instance, opportunity cost means: what are you giving up in order to do your bookkeeping? Are you giving up spending time with your family? […]
With two months left in this financial year, it’s time to get started on ensuring your records are up to date. Working from home is becoming the norm for many people. It’s important to think about the deductible expenses that you may be able to claim when working from home and make sure you include […]
A business mentor can provide guidance and support, so you make the right decisions and stay focused on the end goal as a business owner. They can also help you move forward by providing advice and feedback on what steps to take to reach the pinnacle of success. But have you ever thought of your […]
Keeping up-to-date records of your business transactions sounds boring. It sounds easy enough, but in reality businesses may not claim everything they are entitled to due to misplaced receipts or not keeping a car log book for business travel. Having accurate and up-to-date bookkeeping is actually one of the core ways to keep your finances […]
There are several factors that affect whether superannuation is payable to a contractor. It all depends on the specific circumstances of the contractor’s engagement. What is the contractor’s business structure? Superannuation is only payable by your business if the contractor is a sole trader or partnership. If the contractor is a company or trust, then […]
In July 2023, the superannuation guarantee statutory rate will rise to 11%. Annually, the rate is increasing by 0.5% until July 2025 when it will reach the legislated 12%. What rate you use during June (10.5%) and July (11%) depends on what date the wages are actually paid. For example, if the pay period finishes […]
You need to lodge your superannuation for January to March very soon. Most superannuation clearing houses (including SuperStream compliant software companies) require payment by the 14th of the month in order to distribute the funds to the relevant super funds for each employee. However, if you use the ATO Small business Clearing House (SBSCH) you […]
As a business owner, CEO or managing director, it’s important to look forwards. Your job is to guide the course of the company and to provide the roadmap for a successful year. But navigating the hurdles and driving the business to success is never easy – especially when you’re confronted with a market and economy […]