Tax for Small Business

Like many businesses in our current environment, you may be expecting a downturn in your turnover for the next financial year. We’ve put together some tips on how to prepare from a tax perspective. From staffing challenges and supplier constraints to customer behaviours and global

The end of financial year (EOFY) can be a stressful time for small business owners, especially if everything is left to the last minute. With June 30 fast approaching, it’s essential for small businesses to be across their entitlements and obligations, so they can neatly

At Smallbiz Week’s Smallbiz Forum last Wednesday, a panel of four executives spoke described Australian SMEs adopting e-invoicing in their finance processes as an absolute “no brainer”. The four experts spoke on the importance of e-invoicing, discussing the benefits of adopting the new technology and

The 2022/23 Budget was handed down last night by the government. While there was some targeted, boutique assistance for small business, the Budget was very much focused on addressing cost of living pressures faced by individuals and families. In a departure from recent years, the

1. Utilise incentives to upskill your workforce Can you use the skills and training boost for financial support to upskill your workforce? SME businesses will get an additional 20% deduction for the cost of external training courses provided to employees. There is no cap, but

Accounting firm BDO said the government should review the structures used by SMEs such as sole traders or partnerships because they mean business owners have to comply with complex tax and legal rules. The recommendation came as part of the firm’s pre-budget government submission and

In a recent update, the ATO said government agencies, business, and software providers across Australia were getting on board with electronic invoicing (e-invoicing). “You might like to consider the benefits of e-invoicing for your organisation, including faster payments from government agencies,” the ATO said. E-invoicing is

Giving gifts to clients at the end of the year is always popular and may help you retain high value clients and generate more income for your business. Under Australian Tax Office (ATO) rules, gifts given to a current or former client may be deductible at tax time