Who owns your business?

13 February 2025 No Comments

Understanding who owns your business is foundational to navigating the legal, financial, and operational aspects of running a business in Australia. Each structure has its unique benefits and challenges, affecting everything from taxation to liability and control. Entrepreneurs should carefully consider their business goals, risk tolerance, and legal obligations when deciding on the most appropriate ownership structure. Consulting with professional accountants and legal advisors is crucial to making informed decisions that align with your business strategy and personal circumstances.

What is depreciation and how does it work?

12 February 2025 No Comments

Depreciation is a vital accounting and tax concept that allows businesses to spread the cost of assets over their useful lives, providing a more accurate representation of profit and facilitating tax savings. Understanding how to apply depreciation methods correctly and staying informed about the relevant tax laws is essential for maximising tax benefits and ensuring compliance. Businesses should consider consulting with a tax professional to navigate the complexities of depreciation and other tax-related matters efficiently.

Christmas sale business deductions

24 December 2024 No Comments

As the year draws to a close, consider how strategic asset purchases can support your business goals and tax planning efforts. With the right approach, you can enter the new year equipped with valuable assets that contribute to your business’s success while also enjoying the benefits of tax-efficient spending.

What are investment apps?

22 October 2024 No Comments

Investment apps can democratise access to financial markets, providing opportunities for wealth creation that were previously out of reach for many. However, the convenience and accessibility come with the responsibility of understanding the financial and tax implications of your investments.

Managing subscriptions

21 October 2024 No Comments

In summary, while subscriptions offer a convenient way to access various services and tools, their management plays a crucial role in financial efficiency and operational effectiveness. Adopting a strategic approach to subscription management can lead to significant benefits, including cost savings and improved productivity.

Drawing a salary from your business

18 October 2024 No Comments

Remember, the way you compensate yourself can have lasting impacts on your personal and business finances. Taking the time to make informed, strategic decisions regarding your salary or draws is essential for the sustainable growth and financial health of your business.

Upcoming November Deadlines

17 October 2024 No Comments

Meeting tax deadlines is an integral part of managing your business’s financial health. By following these tips and staying informed about your tax obligations, you can ensure that your business remains compliant and avoids unnecessary penalties.

ATO Audit Tips

16 October 2024 No Comments

Facing an ATO audit may never be a pleasant experience, but it doesn’t have to be a negative one. With careful preparation, professional assistance, and a constructive approach, you can manage the audit process effectively, ensuring compliance and potentially even gaining valuable insights into improving your tax practices for the future.

Who should own my investments?

15 October 2024 2 Comments

Navigating the complexities of investment ownership and tax planning requires careful consideration and professional advice. By understanding the different entities and structures available for holding investments, you can make informed decisions that optimise your financial and tax outcomes.

Signs of a struggling business

14 October 2024 1 Comment

Turning around a struggling business requires a combination of strategic insight, operational efficiency, and a commitment to continuous improvement. Recognising the warning signs early and taking decisive action can make all the difference in revitalising your business and setting it on a path to sustainable growth.