On 1st August 2023, a new Australian law for small businesses (employers with fewer than 15 employees) came into effect: Paid Family and Domestic Violence Leave In this article, we explore the implications of this law on small businesses and what they need to know to adhere to the guidelines while fostering a compassionate work […]
Great news from Xero! They’ve added a smart new feature to Xero Central, their customer support and learning hub. This cool addition uses something called Generative AI (GenAI) to give customers lightning-fast, accurate answers. Why is this such a big deal? Well, Xero did some research and found out that small businesses think AI is […]
Landlords will be under special scrutiny this year by the ATO, especially those who claim interest on property loans. What you can and can’t claim is a complex area and one that about 80% of taxpayers with rental income get wrong. ATO Assistant Commissioner Tim Loh said “You can only claim interest on a loan […]
When it comes to entertainment and gifts for both staff and clients many businesses are confused about what is deductible and what is not. Client Entertainment and Gifts If you take a client out for lunch it is generally classified as entertainment and is not tax-deductible. This non-deductibility also means businesses can’t claim input tax […]
Proper accounting practices are essential for small business owners in Australia, especially during the busy holiday season. Here are our top five accounting tips for small business owners leading into Christmas: Budget and Cash Flow Management: Create a detailed budget that accounts for increased expenses, such as holiday marketing, extra staff, and additional inventory. Monitor […]
With the rising cost of living coupled with rising interest rates, many are struggling financially. It is a good time to take stock of your financial health and see how to improve your situation to help you get through these difficult times. Let’s break financial health down into its three components and have a look […]
It is now a way of life – all our private information is online and there for the taking. And we all assume it is safe because it is on a secure website. Nothing is secure! In recent times we have heard of banks, major communication companies and health funds falling victim to scammers. And […]
Single Touch Payroll (STP), is a term that employers have been hearing for the past couple of years and making changes in their payroll software to accommodate. However, it is also a term that many employers are a little bewildered by, unsure exactly what it is all about. Here is a brief, simplified explanation of […]
The clear benefits of Xero: Our Preferred Accounting Package Whether you’re a new business just starting up or you’ve been around for years, keeping up with “the books” is a really important aspect of your day to day functioning. In this post, we outline the benefits of Xero for your business. It can seem complicated […]
If you own your own business it can be easy to let the lines blur between private and business money – but don’t fall into the trap! Private and business funds are treated differently for tax purposes and it’s important to keep them distinct so you can ensure you don’t pay too much tax. There […]
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