Last week Xero released an enhancement to their invoice reminders. The release allows you to bulk-select groups of invoices to switch reminders on or off from the main Invoicing list.
What’s your New Year’s Resolution: “stay fit”, “stress less”, “save more”? The New Year is a welcome opportunity for some personal reflection and goal setting, but are you making any resolutions to help make your business better than ever? January is a great time to consider your business goals and to plan what you’d like to achieve in the coming twelve months.
There are more and more sharing economy, or collaborative consumption, websites and apps hitting the market in Australia and they are making their way from the big cities into the Tasmanian market. With the holiday season upon us, short-term vacation rentals through apps like Airbnb and Stayz will be in full swing. And now that Uber has arrived in Hobart – just in time for the silly season – Tasmanians and our tourists are embracing the ride-sourcing phenomenon.
But before you decide to rent your house out for summer with Airbnb or earn some extra money driving for Uber, you need to consider the tax implications – you may need to pay GST and income tax on your earnings and you may be liable for CGT down the track.
We all know that, left unchecked, stress can grind down your passion and undermine your performance – not to mention, take a serious toll on your physical and mental health. So when you consider the pressures of starting and running a business it seems wise to add effective stress-management to the list of skills you need to develop to build and sustain a successful business.
Everybody experiences stress sometimes. But it is possible to stop stress from derailing your productivity, profits, and overall well-being. Follow these practical tips to avoid the main causes of “business-owner stress.”
Christmas will be here before we know it, and once again many employers will be thinking about recognising their employee’s efforts throughout the year and getting everyone together for some fun and relaxation. While we don’t want to be the party-stoppers, we do think we should let you know that it’s worth thinking about how to manage tax and Christmas. While you should feel free to celebrate, make sure that you don’t get stung with unexpected taxes; particularly fringe benefit tax (FBT) and associated income tax and GST pitfalls.
Delivering his first Federal Budget on 3rd May 2016, Treasurer Scott Morrison said that tax breaks have been given to small businesses first as they are “more likely to reinvest their earning and more likely to be Australian owned.”
The final tranche of 2015 small business budget announcements have made it into law, now expanding the tax relief available for small businesses to change the legal structure of their business. This new arrangement is designed to provide greater flexibility for small businesses to change legal structures without incurring an immediate CGT liability, and allowing it to defer CGT to a later point in time.
Choosing a business structure can be tricky. How you choose to legally structure your business can have many tax, legal and financial implications.
There are four commonly used legal business structures in Australia: sole trader, partnership, company and trust. The advantage and disadvantages of each should be carefully considered before you decide which one is best for you.
Is there a problem with using your company’s assets for yourself? Assets that belong to your business, but which are used for your own benefit or enjoyment, can potentially trigger a tax issue known as “Division 7A”.
With less than 100 days until the 30 June 2016 deadline, the ATO is reminding Australian small businesses to get “SuperStream ready”.