Paying Superannuation Guarantee

Always Pay Your Superannuation Guarantee Under Australian Legislation employees are entitled to 9.5% Superannuation Guarantee payment on top of their gross wage. It is compulsory for every employer to pay their employees Superannuation Guarantee which has to be paid into the employees nominated superfund every quarter, by the due date. ⚠️ The due date forContinue reading “Paying Superannuation Guarantee”

Procrastination the Rival of Progress

Procrastination, the Rival of Progress Have you ever battled with this? Starting your day with a whole heap of things to do & then somehow finishing it no better then you started. Even when you are working hard it can feel like you aren’t getting anywhere..  For me this was something I always struggled withContinue reading “Procrastination the Rival of Progress”

Reading the Balance Sheet

Now that your using your Profit & Loss to track your income and expenditure it’s important you also take some time to look over the Balance Sheet! The Balance Sheet lists out all the assets, liabilities and owner’s equity that your business holds showing you how well it is performing financially. Put simply this reportContinue reading “Reading the Balance Sheet”

Minimising Capital Gains On Your Property

Here are some ways you can reduce or avoid Capital Gains Tax when selling your property: 🏡 Your Principal Place of Residence (PPOR)If you can verify a property has always been your PPOR & wasn’t used to produce income then any Capital Gain will be exempt. You can only claim this exemption on one propertyContinue reading “Minimising Capital Gains On Your Property”

Keep Track Of Your Profit & Loss Statement

Be sure to keep a close eye on your Profit & Loss Statement. Regularly looking over your income and expenses is a great way for you to monitor and review your business performance. Xero will let you easily adjust your P&L to show monthly, quarterly or yearly comparisons. Comparing the different periods allows you toContinue reading “Keep Track Of Your Profit & Loss Statement”

10 Tips To Lead Your Team Towards Your Business Goals!

10 Tips To Lead Your Team Towards Your Business Goals! It’s easy to think of where you would like to see your business in 5 or 10 years. What’s more difficult though is mapping out the objectives & communicating these to your team in a manner that will make your vision a reality. Creating aContinue reading “10 Tips To Lead Your Team Towards Your Business Goals!”

Choosing the Right Business Structure

Choosing the right structure for your business is an important decision that should be made after considering your needs and weighing up the pros and cons of the four main business types in Australia:   1. Sole Trader (Individual) Pros: – Low set-up & ongoing costs – Low reporting requirements – Easy to re-structure –Continue reading “Choosing the Right Business Structure”

Are They Employees Or Subcontractors?

Have you Hired a Contractor or an Employee? It’s important to understand the difference to get this right as the ATO has been imposing large penalties on businesses that have incorrectly distinguished between the two. So just because a worker says “they have a valid ABN” or that “they’re only working for a short time”Continue reading “Are They Employees Or Subcontractors?”