For businesses operating in Australia, navigating the intricacies of the Fringe Benefits Tax (FBT) is essential to ensure compliance with tax regulations and minimise financial liabilities. FBT is a tax paid on certain employee benefits in addition to their salary or wages. From understanding what constitutes a fringe benefit to managing FBT reporting requirements, here…
Starting and running a business is an exhilarating journey filled with opportunities for growth and success. However, along the way, entrepreneurs inevitably encounter trials and tribulations that test their resilience and determination. From economic downturns to unexpected setbacks, here are some common challenges businesses face and strategies for overcoming them: Economic Uncertainty: Economic downturns, market…
There exists a persistent and concerning gender gap in superannuation. Women often find themselves disadvantaged compared to their male counterparts when building wealth for their golden years. Superannuation plays a crucial role in this narrative, whether via income, career breaks or even Australia’s retirement savings system. Let us explore the factors contributing to the gender…
The Sharing Economy Reporting Regime (SERR) represents a significant development in Australia’s tax landscape, requiring certain businesses operating in the sharing economy to report specific transactions to the Australian Taxation Office (ATO). Commencing from 1 July 2023 for selected industries and expanding further from 1 July 2024, SERR aims to enhance tax compliance, increase transparency,…
With business operations underway, a new calendar year presents a perfect opportunity for entrepreneurs and business professionals to reflect on the past and set the stage for future success. Crafting a meaningful business resolution is not just about setting lofty goals; it’s about creating a plan that resonates with your unique aspirations and challenges. So,…
As a small business owner gearing up for retirement, selling your business can be a strategic move to give your nest egg that final boost. However, navigating the intricacies of selling a business requires careful consideration, especially when it comes to contributing the sale proceeds to your superannuation fund. Let’s explore these essential considerations and…
The recent spate of extreme weather events during the summer in various parts of Australia has presented unprecedented challenges for small businesses. As a result, the pressing concerns they face may not necessarily revolve around their tax obligations. However, amidst these trying times, business owners must be aware of the tax implications associated with the…
As the calendar year draws to a close, businesses often find themselves in a familiar but often challenging position – chasing invoices. A healthy cash flow is the lifeblood of any business, providing the necessary resources for day-to-day operations, expansion, and resilience in the face of unforeseen challenges. Timely invoice collection at the end of…