As a Small Business Owner did you know that you can claim the cost of an X-box, Foxtel or pinball machines as a tax deduction? If these are purchased for employees use only, at your work premises, then let your employees have some fun and benefit from a tax deduction. Even better: If they cost less than $20 000 then you can claim the full cost immediately. What a lot…
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…
Cash flow is the movement of money IN and OUT of your business just like the oxygen you breath. It is critical to the health and survival of your business that your Cash IN exceeds your Cash OUT. Unfortunately for most businesses this is not the case as evidenced by the report issued by the Australian Securities Commission in 2015. It reported that the most common cause of business…
Accountants are useful for different things at different levels of business growth. They are capable of handling a lot more than critical tax returns and payroll computation. If you want to build a perfect business, you will require the assistance of a skilled accountant. It is quite interesting to note that finances can become complicated in no time. As your business grows from a few clients to hundreds of clients,…