Director ID Requirements

From 1 November 2021 (now) all company directors in Australia will need to apply for a unique Director Identification Number (DIN). Your DIN will be used by ASIC in a similar way to how the ATO uses your TFN – that is, it is a unique number that will be issued once you have verified your identity with Australian Business Registry Services (ABRS).

Stapling of Superfunds: What is it, and what do you need to do?

There’s some new rules coming into effect from 1 November for ‘Stapling’ of superfunds to employees, and as an employer there are a few things you may need to do to get ready. But before we get into that, let’s take a look at what “Stapling” actually is. Put simply, Stapling is an Australian Government superannuation reform that means an existing super account is linked, or ‘stapled’, to an individual employee so that it follows them as they change jobs.

When is my Hobby a Business?

Most businesses stem from a passion, and many passions show themselves in our recreational and hobby activities.  The lines begin to blur when we start making money from what we love, whether it be a full time or ‘spare time’ pursuit.

Motor Vehicle Deductions – The Basics

The methods for claiming your car expenses have changed in the last 12 months in an effort to ‘simplify’ the way deductions are made.

Think You Can’t Afford Xero? Think Again

Confused about Xero and think you need $50/mth to start? We’ve had quite a few small business owners tell us recently they can’t get started with Xero as they can’t afford $50/mth from their business yet, and they are probably right.  But you don’t need $50/mth to get started. That’s what we love about Xero.

2016 Tax Planning Tips

Tax Planning Tips for 2016! Find out how to minimise your tax with a few easy steps.

2016/2017 Federal Budget Overview for Small Business

Small businesses operating as companies are one of the bigger winners out of this year’s budget.

Use these 5 Ratios to Grow Your Business

Understanding your business numbers isn’t always easy.  So here are 5 Financial Ratio’s you can use to gain further insight into the performance of your business.

Investment Property Deductions

You’re looking to buy an investment property and wondering how it will affect your tax situation?

Firstly, it’s important to note the difference between a residential or commercial property. If you purchase a residential investment property, there is no GST applicable. This also means you cannot claim any GST, however a commercial property will require you to charge GST and lodge BAS on a Quarterly basis. There will also likely be GST on the purchase and sale which you need to consider.

To hire an Employee or a Contractor?

Our advice to clients is to try to set things up correctly from the outset, but if you are in a situation with workers who really need to be moved over to be employees start planting the seeds and making them aware things will need to change. It can take time and you want to avoid losing good team members if you can.