ATO benchmarks – a handy business check-up
The ATO’s business benchmark data is a useful tool for smart business owners. Learn how you can access these benchmarks to judge your business’ performance against industry standards, identify your ATO audit risk and other tax compliance issues, and prompt new thinking about ways to improve your profit margins. This data is available for over […]
Small business tax concessions
Businesses that satisfy a certain turnover threshold may qualify as a small business entity. The advantages of being a small business entity includes access to a range of tax concessions including lower tax rates, capital allowance concession, trading stock concession, as well as FBT and GST concessions. If you think your business is a small […]
Get ready for e-Audits
The ATO is finally catching up with the times by using computer assisted verification techniques to conduct audits, a process they are calling e-Audits. The process for selecting taxpayers for an e-Audit is the same as a normal audit. Although because the ATO can do these types of audits cheaper and more efficiently, it might […]
Starting a new business
Starting a new business is an exciting time for the soon-to-be business owners! They’re full of great ideas, positivity and endless amounts of passion – key ingredients to a business’ success. However there are so many things to consider when starting out, that some of the key areas go un-noticed. Here is a list of a few […]
Small Business Benchmarks
Starting a business is hard work. It starts much earlier than your first day of trading. Lots of planning, building and training goes in to the venture before you can even open the doors! This brings with it a heap of worrying thoughts. What if it doesn’t work? What if i run out of money? […]
Accountability in Business
Most small business owners know exactly what they want to achieve from their business, but very few communicate their goals to their support team. It’s very easy to get bogged down in the day to day requirements of your business (i.e. working in the business), that we forget to take the time to take a […]
Contractors Vs Employees
This topic is one of great confusion to many small business owners. They engage with a contractor. The contractor provides them with a valid invoice, maybe even registered for GST. So what’s th problem? In many cases, there is no problem. Sometimes though the ATO may deem the people you treat as ‘contractors’ for accounting […]
Do I need a budget?
Happy New (financial) Year!! The beginning of a new year is a great time to not only reflect on last year’s performance (and the key drivers towards that performance), but also to set some goals for the next 12 months. Without goals, we are pretty much running blind, with no real posts to aim for. […]
Should I move to Xero?
The end of a financial year is a great time to reflect on how your business has performed over the last 12 months. The lead up to 30th June is also a great time to consider what goals you have for the next financial year, both financially and non financially. A lot of clients use […]
The Cloud & Xero – what, why and how?
We love The Cloud – which is why we have based The Accounting Division on it! Some might say that we’re a little bit addicted to Xero (our fave cloud accounting software)… but really, we’re just super excited about the benefits it provides our clients with, and so we just want to spread the word […]
