Starting a side hustle has become increasingly popular in Australia as more people seek additional income streams, personal fulfilment, or a way to test business ideas while maintaining their full-time jobs. While there are numerous benefits to having a side hustle, there are also challenges to consider. Let’s examine the pros and cons of starting…
If you’re a contractor, freelancer, or self-employed, you’re probably already juggling multiple responsibilities, from managing clients to keeping track of your income. One area that often gets overlooked is superannuation, but it’s crucial to think about your future. Even though you may not have an employer making regular super contributions on your behalf, you can…
Small businesses, especially family-run ones, require careful attention to payroll for closely held employees, such as family members, directors, and shareholders. The Australian Tax Office (ATO) mandates that all employers adhere to Single Touch Payroll (STP) reporting requirements regardless of the employee’s relationship to the business. However, small businesses with fewer than 19 employees have…
Running a small business is an exciting and rewarding endeavour but comes with a fair share of responsibilities. Among the most important are the financial obligations that keep your business compliant and financially healthy. That’s where an accountant can be your best ally. With their expertise, accountants can help small businesses navigate the complexities of…
Superannuation is one of the most essential tools you have for securing a comfortable retirement. While most people are familiar with the basics—like making contributions and choosing investment options—some hidden gems within the superannuation system can really make a difference. Whether you’re just starting out or on your way to retirement, here are some lesser-known…
It’s important to know how the tax-free threshold works, especially if you’re earning income from more than one job. Many people mistakenly claim the tax-free threshold from multiple employers, which can lead to an unexpected tax bill. This guide will help you understand how to manage the tax-free threshold while juggling multiple sources of income,…
As a business owner, you’re always on the lookout for ways to grow and adapt in an ever-changing market. One strategy that many businesses consider is product diversification. Simply put, this means expanding your product line or offering new products that complement your existing ones. But like any business strategy, product diversification has its pros…
As a young professional, planning for retirement is a distant priority. However, starting early with your superannuation contributions can significantly impact your financial future. Prioritising superannuation now sets the foundation for a wealthier and more comfortable retirement. Benefits of Early Contributions 1. Maximising Compound Interest One of the most compelling reasons to start contributing to…
