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 »
The rise of social media has given birth to a new type of celebrity: The influencer. As these digital content creators have amassed huge followings, sponsored posts and affiliate promotions have become big business. However, the unpredictable income streams of influencers pose unique accounting and tax challenges. Unlike salaried jobs with regular paychecks, earnings can
Accounting for Influencers: Mastering the Digital Earnings Game Read More »
In the dynamic world of finance, cryptocurrencies like Bitcoin and Ethereum have emerged as game-changers. As more Aussies venture into this digital frontier, dreams of substantial returns often overshadow the intricate tax implications. But here’s the reality: While crypto offers a golden opportunity, it also presents a complex crypto tax maze that requires careful navigation.
Crypto Tax in Australia: An Accountant’s Insight Read More »
In recent years, the Australian Taxation Office (ATO) has been laser-focused on how professional services firms allocate and tax profits. After releasing draft guidance, the ATO finalised its profit allocation guidelines for these firms in December 2021 by publishing Practical Compliance Guideline PCG 2021/4. Professionals like accountants, lawyers, doctors and IT consultants should carefully study
Allocation of Professional Firm Profits: A Strategic Guide Read More »
Introduction: Medicare Levy vs Medicare Levy Surcharge As an accountant, one question frequently lands on my desk: “Do I need private health insurance?” It’s a question with many facets, especially when tax implications are involved. So, let’s dive into the details and shed some light on this topic. Now, you might be wondering: What’s the
Do I Need Private Health Insurance? A Deep Dive into Tax Implications 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
How To Deal With Late Payments In Your Business Read More »
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 »
As an experienced accountant, I’ve spent countless hours pouring over sole traders’ financial statements and ledgers. The satisfaction I feel from identifying hidden tax deductions and maximising refunds is unparalleled. Today, I want to share some insider tips with you, the hardworking sole traders, to help you make the most of your tax deductions. Motor
Sole Trader Tax Deductions – Top Tips 2023 Read More »
