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Here are six of the most common mistakes new business owners make, and how you can avoid them.   Choosing the Wrong Structure for Your Goals Many entrepreneurs default to a sole trader setup because it’s the cheapest and fastest option. But if you plan to scale, bring in investors, or protect personal assets, you […]

It may sound like dry legal jargon, but in reality, your business structure is both your shield and your growth strategy. It determines your tax obligations, legal protection, and even how easy it is to bring in partners or investors.   What Exactly Is a Business Structure? Think of your business structure as the foundation […]

In this guide, we’ll walk you through the essential steps to officially set up your business, meet legal requirements, and get started on the right track.   Step 1: Decide on Your Business Structure The first decision you’ll make is choosing a business structure. Each option has different responsibilities, legal implications, and tax requirements: Sole […]

Waiting for the ATO to Enrol You Many sole traders think PAYG is automatic, but you don’t need to wait. Voluntarily opting in can prevent a nasty surprise at tax time.   Choosing the Wrong Instalment Method If your income is unpredictable, the fixed amount method could leave you short. Instead, use the instalment rate […]

What Are PAYG Instalments? PAYG instalments are prepayments towards your annual income tax. Think of them as breaking a big tax bill into smaller, more manageable pieces. Paid quarterly (or annually if eligible). Different from PAYG withholding, which applies to employees. As a sole trader, no one deducts tax for you, so instalments help keep […]

Key FBT Dates Every Small Business Must Know Just like income tax, FBT follows its own deadlines. Missing these can result in penalties, so keep these dates in mind: FBT Year Ends: 31 March FBT Return Due Date: 21 May (if self-lodging) Payment Due Date: 28 May (for most employers) 👉 Pro Tip: Automate reminders […]

Understanding how FBT works is essential to avoid penalties and ensure you’re managing staff perks effectively. Here’s what every small business owner should know.   What is Fringe Benefits Tax (FBT)? Fringe Benefits Tax is a separate tax applied to certain non-cash benefits that employers provide to employees or their associates. Unlike income tax, which […]

Scam emails are getting harder to detect. They often look like messages from trusted organisations, using official logos, urgent language, and even fake email addresses to trick you. But falling for these email scams can lead to stolen money or personal data.   Common Signs of a Scam Email Be on alert if the email: […]

This guide is specifically for Australian sole traders and bookkeepers looking to take well-earned leave while keeping their business on track.   Holiday Planning Tips for Sole Traders Give Clients Plenty of Notice Inform your clients about your planned leave at least 4 to 6 weeks in advance. Be clear about: Your last working day […]