As the year winds down, professional services sector in Australia—consultants, legal advisors, accountants, IT specialists, marketers, and other knowledge-based providers—are often reflecting on a year of hard work, milestones, and lessons learned. This is a time to celebrate successes, analyse challenges, and prepare for a new year filled with opportunities. The professional services industry thrives…
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Growing a small business in Australia can be both exciting and challenging. The Australian market offers incredible opportunities for entrepreneurs, with a diverse and supportive community of small businesses making up a significant part of the economy. However, with rising costs, increased competition, and shifting consumer expectations, sustainable growth requires more than just great products…
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Managing cash flow is one of the most critical aspects of running a successful small business, especially in today’s challenging economic environment. Rising costs and cautious consumer spending can place significant pressure on businesses, making it essential to focus on strategies that improve and stabilise cash flow. Whether you’re in retail, hospitality, or a service-based…
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The festive season presents unique financial opportunities and challenges for small businesses across all industries in Australia. Whether you operate a consultancy, a hospitality venue, a professional service, or a retail store, careful financial planning is crucial to maximize profits and avoid pitfalls. Here are ten practical tips to help you manage your finances effectively…
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The shift to working from home during the COVID-19 pandemic has led many taxpayers to question the extent to which they can claim deductions for home office expenses. One area of confusion involves occupancy expenses, such as rent, mortgage interest, and home insurance, particularly when a specific area of the home is used exclusively for…
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On 15 July 2024, the Australian Taxation Office (ATO) reminded rental property owners to correctly classify their deductions for repairs and improvements in their income tax returns. Proper classification is essential for compliance with tax regulations and to maximize tax benefits. Here’s a comprehensive guide to help you understand the differences between repairs, maintenance, capital…
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With the start of the 2023-2024 financial year, Australia is seeing significant changes in prices, policies, and payments. Here’s a breakdown of what’s happening and how it will affect you. Stage 3 tax cuts Starting July 1, the long-awaited Stage 3 tax cuts come into effect. Rather than receiving a lump sum, these tax cuts…
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As tax time approaches, the Australian Taxation Office (ATO) has highlighted three common errors that taxpayers should avoid. Here’s what you need to know to ensure a smooth and compliant tax return process. Incorrect Work-Related Expenses The ATO is focusing on taxpayers who claim incorrect work-related expenses. Last year, the rules for working-from-home deductions changed.…
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As of 7 March 2024, the Australian Taxation Office (ATO) has reiterated the application of a 12.5% foreign residents capital gains withholding (FRCGW) on all property transactions exceeding $750,000 conducted by non-resident individuals. This entails withholding a minimum of $93,750 from the sale proceeds, unless a variation is approved. Variations Vendors are eligible to seek…
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Looking ahead to 2024, the small business landscape is poised for significant growth and change. Are you ready to seize the opportunities?
