Starting your own business can be as daunting as it is exciting. There are many aspects that need to be considered when making the change to becoming your own boss. Here are a few of the essentials to get you moving. Commit to an idea:The possibilities of what you can achieve are vast but for…
The ATO has made recent changes to the application process for an Australian Business Number (ABN). The changes have been made as a measure to protect the process’ integrity and identify those who are attempting to misuse it. An ABN is a unique 11 digit number that identifies your business to the government and the…
Conducting meetings is a regular way of communicating what needs to be done around the office, but if nothing gets accomplished it can be discouraging. Business meetings that don’t produce results can cost companies’ time and money. When organised properly, however, business meetings can be effective and efficient. There are solutions available to counteract problems…
The ATO has identified particular areas relating to business expenses that are commonly entered incorrectly in tax returns. Owners should take the time to carefully review tax returns to ensure all information is correct. Individuals who use a motor vehicle entirely for their business can claim a deduction for the whole amount. However, if they…
Under the super downsizer scheme, eligible individuals that are 65 years and older may be able to make a contribution into their superannuation of up to $300,000 from the proceeds of selling their family home. This scheme came into effect on 1 July 2018 as one of several measures announced in the May 2017 Federal…
When it comes to investing your money, there is the possibility that it may not perform as well as expected with you losing some or all of the original investment. While no investment is free of risk, some carry more risk than others. The higher the expected return, there is generally a greater chance of…
When setting up your business, choosing a location can be a critical factor in its success. Unless you are completely home-based, you will need to decide where you will conduct your business either by leasing or buying premises. Each organisation has varying requirements, so it is necessary to consider your needs and priorities when deciding…
Self-managed super funds are regulated by the ATO and have specific eligibility criteria that members and trustees must follow. While anyone 18 years old or over can be a trustee or director of an SMSF, they mustn’t be under a legal disability such as mental incapacity, or a disqualified person. The ATO can render an…
Tax incentives may be available to investors that are considering putting their money into qualifying start-up businesses. Eligible businesses are defined by the ATO as early-stage innovation companies (ESICs). The two key tax incentives for eligible early-stage investors, also known as ‘angel investors’, who purchase new shares in an ESIC are: Non-refundable carry forward tax…
Starting a new business is an exciting time for many entrepreneurs. However, there are 5 common mistakes many new business owners make. By being aware of these mistakes, you will increase your chances of success and remove the risk of your new venture turning into a failure. Being unprepared:Organisation is key when it comes to…