Director IDs are necessary in Australian business to ensure that companies are operating legally, with the best interests of the company at heart. It is used to prevent the use of false or fraudulent director identities. As an experienced accountant dedicated to enhancing corporate transparency and governance, I’m here to clarify the Director ID for …
What is a Director ID? Prevent Fraud, Ensure Integrity Read More »
Jumping into the startup world is exciting, but there’s one thing you really need to nail down from the start: Accounting. Here’s the thing: Accounting for startups isn’t just about filling out forms and ticking boxes; it’s what keeps your business on solid ground. If you overlook it or don’t get it right from the …
Accounting for Startups: Building a Solid Financial Base Read More »
For small business owners, the prospect of an audit by the Australian Taxation Office (ATO) can seem intimidating. Yet, it’s important to remember that these audits are a standard part of ensuring legal compliance and accuracy in your financial affairs. There’s no need for the word ‘audit’ to set off alarm bells. Managing an ATO …
ATO Audit Insights for Effective Business Management Read More »
As an accountant, one question I get all the time is, “When does a hobby become a business?” This is a critical distinction when it comes to your tax obligations. In this post, I’ll walk through the key factors that transform a hobby into a bonafide business in the eyes of the Australian Taxation Office …
Business vs Hobby: Navigating the Fine Line with ATO’s Rules Read More »
For most entrepreneurs, starting a business is a labour of love. You pour everything into building your company from the ground up. Long nights, early mornings, and years of hard work and sacrifice. But every founder needs an exit plan. One day, you’ll want to retire, pursue new ventures, or just take a permanent holiday. …
Succession Planning for Businesses: Steps to Protect Your Legacy Read More »
Many small businesses begin as sole traders, which is when an individual owns and runs the business by themselves. It’s a simple, inexpensive way to get started. However: Sole traders often consider switching to a company structure as the business grows.The question: What is a company structure? And when is the right time to make …
Sole Trader vs Company: Which Business Structure is Right for You? Read More »
As a small business owner, few things are more frustrating than dealing with clients who don’t pay their invoices on time. Having late payments can put your cash flow at risk and waste valuable time that could be spent growing your business. So, what should a small business owner do when those payments don’t come …
Cashflow. For many small business owners, just hearing the word evokes frustration and stress. Maintaining a healthy cash flow isn’t easy in today’s world of fluctuating revenue, looming expenses, and unpredictable hiccups. As an accountant, I’ve seen firsthand how cashflow problems can bring even the most promising ventures to their knees. But with the right …
How To Manage Cashflow: A Guide For Small Business Read More »
We all know the importance of having healthy relationships with our family, friends, and loved ones. But with your accountant…? Let me explain. Read on about one of our clients, James (name changed for confidentiality), and how his healthy relationship with the Central Coast accountants at MYC Partners helped him realise his dreams of owning …
Case study: The importance of a healthy relationship with your accountant Read More »
