Let’s say, if you don’t account for it, you’ve got two car rego’s and they all come in the same week, you’re probably not going to have enough money to pay that if you’re following the system in your living expenses account.
READ MOREHow To Review Your Annual Leave Balances In Xero
Assuming your Xero is up to date and your payroll’s been done correctly, you can check where a team member is at if you’re considering restructuring your team or redundancy.
READ MOREAsset Protection Options For Business Owners
If you’re a sole trader, you’ve got very limited options to protect your personal assets. If I was a sole trader it would literally be Ben Walker, trading as Inspire CA. If something were to go wrong in the business and someone sued me, then any assets that I own would be exposed.
READ MORESet Up A System To Save Money On AutoPilot
“I’ve got 50 grand sitting there for a rainy day, and it’s a rainy day.”
READ MOREJobKeeper 2.0 Payment Changes You Need To Know About
After September, the payment amount is going to change.
READ MOREHow To Claim Tax Deductible Donations With Churches or Charities
There are two categories. With a charity, the way you know whether you can claim a tax deduction is to Google their ABN. They need to be what we call a DGR or a Deductible Gift Recipient.
READ MOREHow To Cut Your Tax Bill Through Super
With super, it’s not a trust distribution but a tax deduction from a trust. We need to consider our $25,000 cap per person, per year. If you do have under $500,000 in super on the 30 June of the previous financial year, you are able to carry forward any unused cap from 2019 onwards.
READ MOREInteresting Statistics About The Impact Of JobKeeper
We’ve gone through April, May and June with JobKeeper supporting Australian small businesses. Now we can see some results that we are able to extract from.
READ MOREThe Difference Between Businesses That Succeed And Those Who Fail
I had the pleasure of joining Natasha Hawker on a webinar last week around the topic of JobKeeper 2.0. Natasha is an employee expert and founder of Employee Matters.
READ MORERapid Fire Strategies To Pay a lot less tax
Don’t pay tax on money you haven’t received yet. This is applicable more so for service-based businesses where you’re primarily providing a service. You can choose to pay tax on what they call the receipts based method of your sales, rather than an accruals basis which is when you raise the invoice. So […]
READ MORE