Estate planning is often thought of in terms of personal assets—homes, investments, and superannuation. But for business owners, the business itself is often one of the most valuable assets they’ll ever hold. Planning for what happens to the business when you retire, step back, or pass away is essential for protecting its value and ensuring…
When it comes to retirement planning, there’s no shortage of advice — from rules of thumb like “you’ll need 70% of your pre-retirement income” to blanket strategies about when to downsize or how to invest. While these can be helpful starting points, the reality is that no two retirements look the same. Trying to apply…
If you own a rental property, there’s a good chance you’re claiming interest expenses as part of your tax deductions. It’s one of the most common (and often one of the largest) claims for landlords. But there’s a catch – you can only claim interest to the extent that it relates to earning assessable rental…
If your business pays contractors to provide certain services on your behalf, you may be required to lodge a Taxable Payments Annual Report (TPAR). The TPAR is part of the ATO’s efforts to ensure fairness in the business community by making sure all contractors report their income accurately. If you’re unsure whether it applies to…
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…
