Staying on Top of Tax and BAS: Avoiding Payment Plan Pitfalls
Falling behind on tax or BAS payments can happen to any business — especially when cash flow is tight. In the past, the ATO was more flexible in allowing payment plans to be set up. But recently, it’s become noticeably harder to arrange them, and the conditions can be...
Tax Tips for Airbnb and Short-Term Rental Hosts
Renting out a room or property through Airbnb or other short-term platforms can be a great way to earn extra income—but it also comes with tax obligations. The Australian Taxation Office (ATO) has ramped up its data-matching capabilities and is closely monitoring...
Cash Flow vs Profit: Why Your Business Can Be Profitable and Still Struggle
Many business owners are puzzled when their accountant tells them they’ve made a profit, but their bank account tells a different story. If you’ve ever asked, “Where did the money go?”, you’re not alone. The answer lies in the key difference between profit and cash...
Capital Gains Tax on Property: What You Need to Know
When you sell a property in Australia, you may make a capital gain—the difference between your sale price and the cost base (what you paid for the property plus certain expenses). This gain is subject to Capital Gains Tax (CGT), which is included in your income tax...
What’s the Difference between Accounting and Tax Depreciation?
Depreciation is a key concept in business accounting and taxation, but many business owners are unclear about how it really works—especially the difference between accounting depreciation and tax depreciation, and what happens when you sell an asset. Let’s break it...
Is Your Hobby Becoming a Business?
Many Australians start a hobby simply for enjoyment—whether it’s baking cupcakes, making jewellery, or selling handmade crafts online. But what happens when your weekend passion starts bringing in steady income? You might be crossing the line from hobby to...
Understanding Common Financial Reports: A Guide for Small Business Owners
As a small business owner, understanding financial reports is crucial to keeping your business on track and making informed decisions. Financial reports offer valuable insights into your company’s performance, health, and future potential. Here’s a guide to some of...
Tax Planning Tips: How to Legally Reduce Your Tax Before 30 June
With 30 June just around the corner, now is the perfect time to take a close look at your finances and implement smart strategies to reduce your tax bill. Effective tax planning can save you money, improve cash flow, and keep you compliant with the ATO. Here are some...
Record-Keeping Tips to Make Year-End a Breeze
Keeping your tax documents organised throughout the year doesn’t just save you time — it can also help you maximise your deductions and reduce stress when it’s time to lodge your tax return. Here are some practical, easy-to-implement tips to help you stay on top of...
Productivity Tips When Working from Home
Working from home offers great flexibility, but it can also present unique challenges when it comes to staying focused and productive. Without the structure of a traditional office environment, it’s easy to get distracted or lose track of time. To help you maximize...
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