2019 Business Tax Planning Strategies The end of the 2018/19 financial year is almost here, so now’s the time to review what strategies you can use to minimise your tax for your Business. Below is one page of tips: • Bad debts Trade Debtors should be reviewed prior to 30 June to identify and write off any bad ones • Scrap assets Review your asset ledger and write off all…
Attention Small Businesses operating in the Cleaning and Courier Industries The taxable payments reporting system is applicable to you as from 1 July 2018. Previously only businesses operating in the construction industries were affected. What does this mean? You need to keep a record of the subcontractors you pay during the year and submit their details to the ATO by August 2019 for the 2018 year. Your accounting software…
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Cash Flow, Small Business, Xero
Think of the amount of time you spend on collecting your invoices. What a waste of productive time! You have provided your client with work timeously so why should you wait for payment beyond your agreed terms? Below are some tips that will help you collect your invoices quickly. Agree on the value of the invoice and the payment terms with your customer before you commence the work. This will…