Reading Time: 5 minutes With 30 June 2018 fast approaching, now is a good time to ensure your year-end strategies are in place. In doing so, it is worthwhile considering the following list of ‘Business Considerations’. Base rate entities From 1 July 2017, the tax rate for companies that meet the definition of a “base rate entity” is 27.5%. […]
Reading Time: < 1 minute A new arrangement will come into effect from 1 July 2017 that will allow the Australian Tax Office to contribute information to credit reporting bureaus (including CreditorWatch) about Australian businesses with unsettled tax debts over $10,000 that are 90 days overdue. Businesses that have not paid their tax debts to the ATO will likely hurt […]
Reading Time: 2 minutes With the launch of its second co-investment fund, this month, Sydney Angels is seeking to raise between $10 and 20 million to invest in high-growth potential early-stage ventures. Sidecar Fund 2 follows the first Sidecar Fund, which Sydney Angels launched in 2012. Sidecar Fund 1 attracted $10 million in capital from outside investors, to invest […]
Reading Time: 2 minutes Businesses with 19 or fewer employees have less than two weeks to transition to SuperStream – the new, mandatory electronic standard for paying superannuation contributions. “The Australian Taxation Office (ATO) is pleased that more than 75 per cent of small businesses are already SuperStream compliant however, there is still a way to go to ensure […]
Reading Time: 2 minutes It’s that time of year again: tax time. When the challenge of filing personal taxes is compounded by the need to sift through work-related travel expenses, it’s no wonder many workers would rather visit the dentist. Knowing how to file business travel expenses can be one of the most confusing areas when submitting expenses to the Australian Taxation Office (ATO). In […]
Reading Time: 3 minutes Taxes are high in Australia. But when it comes to taxation policies, our government is too lenient on some large businesses and too hard on small business. Some large multi-national companies have been able to utilise tax structures that allow them to avoid paying their required tax in Australia, which has enabled them to lower their […]
Reading Time: 3 minutes Many of Australia’s small businesses might be missing out on potentially valuable tax deductions by not consulting with a financial expert, according to research highlighted by finance and tax software developer Intuit. Conducted with Galaxy Research, the study involved a survey of 400 small business owners in May, this year. The researchers found that, as the countdown to EOFY […]
Reading Time: 3 minutes The end of the financial year can be a stressful time for small businesses, especially if your finances aren’t completely in order. Unfortunately, that’s an all-too-common situation. A recent Xero survey found that three-quarters of Australian small businesses still store their receipts in shoeboxes. With the average Australian business churning through 100 receipts and invoices […]
Reading Time: < 1 minute A survey involving more than 400 practices across Australia shows that accounting firms are embracing cloud technology for themselves and clients. According to The Cloud Readiness Survey from Digital First, 43 per cent of accounting practices are anticipating a shift to cloud software in the next 12 months. The survey revealed that accounting firms understood how cloud […]
Reading Time: < 1 minute According to national SME finance specialist, Scottish Pacific, many small businesses may be using the Australian Tax Office (ATO) as a line of credit being unaware of alternative funding solutions. Scottish Pacific CEO, Peter Langham said the ATO was owed $35.3 billion in 2013-14 according to a recent report by the Inspector-General of Taxation. “It […]