Small Business Tax and Growth Tips
Australia’s small businesses contribute significantly to the economy, adding nearly $590 billion in value last year alone.
However, managing finances and taxes can often feel overwhelming. Keeping on top of your financial management, accounting and tax planning can be a major challenge.
With this in mind, we set out tips and advice on everything you need to know to help you keep your tax on track:
> Starting a business – this course helps you set up your first business, with advice on common business structures and the registrations you need to run a small business.
> Using your business money and assets – this course gives an overview on paying yourself, with advice on the different options and the records you must keep.
> Record-keeping – advice on using technology to help your mandatory record-keeping, and on overview of the tax and super records you’ll be required to keep.
> Claiming small business tax deductions – this course covers expenses you can deduct immediately, expenses you can deduct over time and expenses you can never deduct, as well as motor vehicle expense deductions.
> Growing your small business – This course helps you plan the growth of your business, alongside other considerations like GST and capital gains tax (CGT).
> Goods & Services Tax (GST) – an overview of who must register for GST, how to calculate GST on sales and purchases, as well as other requirements such as invoicing, record-keeping, and reporting GST to the ATO.
These online resources are helpful when starting out as a business owner.
If you need deeper advice on mandatory record-keeping and tax, come and speak to us. We can take you through all elements of your tax requirements and record-keeping.
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