Contractor or Employee – What You Need to Know
What is the difference between a contractor and an employee and whose responsibility is it to get right? An employee 1.Works in the business and is integral to that business. 2.Has rights and entitlements under the Fair Work Act 2009. 3.Has a reasonable expectation of ongoing work, agreed hours and duties. 4.Is covered by the […]
R&D tax incentive for Australian businesses
The Australian Government’s R&D tax incentive provides targeted offsets that aim to encourage more companies to engage in R&D, in order to contribute to a stronger economy. The incentive is designed to encourage research and development activities that companies may not otherwise do due to uncertain returns and risk. What’s involved? The R&DTI offers two […]
Tax tips for self-managed superannuation funds
Having a self-managed superannuation fund (SMSF) gives you control and flexibility over how you make investments and prepare for retirement. It’s important to get your deductions and record keeping correct for the SMSF audit process and the tax return, as there are strict laws governing SMSFs. An SMSF must be set up as a trust […]
Tax Tips for Property Investors
If you have income from investment properties, now is the time to start gathering your records and reviewing your expenses for the 2021 financial year. Income to Declare All income earned from each property must be declared. If you have multiple properties, keep the records for each property separate to make the tax return more […]
Demystifying your Balance Sheet
Do you understand the story your Balance Sheet tells about your business? It’s important you understand the components of your Balance Sheet and the key ratios that measure the health of your business. 1. It measures the net worth of your business. You Balance Sheet is made up of all of your assets and liabilities; […]
How does an accountant save you money?
Turning a profit will be high on your list of goals as a business owner. And if you want to generate the best margins, that means keeping an eye on the money that’s going out of the business, as well as what’s coming in. So, how can your accountant help with this? The days where […]