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Record Keeping Made Simple

folder_open Record Keeping, Small Business Tips, Uncategorised
Record Keeping Made Simple The simple answer is … keep everything! The ATO requires that the relevant records exist to support all business transactions. It is a business owner’s responsibility to maintain and store accurate records for all financial transactions. To claim a business deduction for tax return or activity statement purposes, you must have…
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Cash Handling Best Practices

folder_open Record Keeping, Small Business Tips
Cash Handling Best Practices During the recent budget, the Government announced measures to continue targeting the black, or hidden, economy. Whilst this covers a lot more than just cash transactions, we thought it timely to provide information about cash handling best practices in your business. Apart from correct reporting to the Australian Taxation Office, implementing good…
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Sole Traders and Superannuation

folder_open Small Business Tips, Superannuation
Sole Traders and Superannuation—Don’t Cheat Yourself Out of Future Security It is easy to get caught up in running your solo operation, trying to be across all areas of the business and looking after your customers, suppliers and workers. While you are running your operations and looking after everyone else, are you also looking after…
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Legal Obligations of a Business Owner

folder_open BAS, Payroll, Small Business Tips
Legal Obligations of a Business Owner—Are you across all of them? Are you considering starting a business? Or perhaps you are already running a small business and you know just how much is involved! Either way, with this article we aim to give potential business owners an understanding of the areas to consider before starting…
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Single Touch Payroll–New Reporting Obligation for Employers

folder_open Employees, Payroll
Single Touch Payroll Single Touch Payroll (STP) is a government-initiated change in reporting obligations for all employers. The Australian Taxation Office has been developing this for some years and testing the system for the last year, and it is now in place and ready to receive employment data. The data to be reported is gross…
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Tips for Getting Invoices Paid on Time

folder_open Accounting, Bookkeeping, Small Business Tips
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Getting invoices paid on time has long been an issue in Australian small business. During 2017 the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) conducted an inquiry into payment times and has produced a report that shows just how badly Australia performs compared to other countries when we look at payment times. In fact,…
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