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Cashflow Forecasts

Now more than ever businesses should consider preparing cashflow forecasts. According to the Australian Bureau of Statistics, half of all small to medium businesses fail in the first three years of operation. The Australian Securities and…
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Employee Allowances

Do your employees travel for work? The ATO has issued new guidance to help employers determine whether to pay employees a travel allowance or a living-away-from-home allowance (LAFHA). There are some key differences between the treatment…

On-Boarding New Employees

With Australia now opening backup after the COVID restrictions, unemployment is tipped to fall to the lowest rate in just over 50years – down to under 4%. If over the coming period you hire new staff, there are certain steps you should follow…
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Home as a place of business during COVID: CGT implications

The COVID-19 pandemic has resulted in more employees working from home than ever before. This, in turn, has resulted in such people being able to claim a range of deductions for various “running expenses” associated with working from home.…

Christmas and the Taxman

When do employee gifts and celebrations attract fringe benefits tax (FBT)? And when are they exempt? Christmas is traditionally a time of giving – including employers showing gratitude towards staff for a job well done. However, Christmas…

The unique needs of small business owners

The main reason people go into business for themselves is quite simple – to have more control. However, owning a small business also brings the higher chance of failure and loss. Is the hard work and extra risk worth it? If you are a small…

A guide for selling or closing your business

As a hard-working small business owner you've spent years building your own livelihood and now, for whatever reason, you've decided the time has come to sell or close down your enterprise. To assist you, the Australian Tax Office provides…

How to treat work-related travel and living away from home costs

The ATO has released new guidance to help clarify the tax treatment of costs and allowances incurred when an employee travels – or spends time living away from home – for work. Certain conditions need to be met to ensure an allowance…

Employee or contractor? There is a difference.

We can understand during difficult economic times that business owners search for ways to reduce their costs and outgoings, however sometimes these decisions can affect others detrimentally. Recently we had a phone call from a client who…