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Annual GST due on the 28th February

The deadline for annual Goods and Service Tax (GST) returns is fast approaching. You can either lodge your GST return monthly, quarterly or annually depending on your eligibility. If your business reports annually, you must complete the return to report GST by the...

Legal Issues for Starting a Business

One of the first things to be aware of when setting up a new business is the host of legal issues that will affect you. Business names, Australian Business Numbers, licenses, business structures, contracts, copyright and the privacy act are all pertinent legal issues...

Calculating Depreciation on Assets

How to Calculate Depreciation All businesses and organisations need to account for the consumption, or depreciation, of their assets over time in a way which accounts for the assets’ declining value. Depreciation is defined as the value of an asset over its useful...

What is the Six Year CGT Rule?

If you’re planning on moving from your current home but don’t intend to sell, you may be eligible for the six year Capital Gains Tax (CGT) exemption. The six year CGT rule is an especially useful exemption to understand if you are moving interstate or overseas to live...

Dealing with Bad Business Debts

Get out of Debt Anyone who has experienced working with a client or supplier that didn’t pay their bills on time knows that dealing with business debts can be a painful experience. Avoiding late payment is vital to a business’ cash flow, financial viability and...

Comparing Business Structures

Sort your Business Structure When setting up or restructuring your business, there are several potential business structures you can choose. The most common types of business structures available to business owners are sole trader, partnership, company and trust. The...

Registering a Trademark

Registering your business name is a crucial action when setting up or redesigning your business, but if you want to gain better protection of your brand or logo you should consider registering it as a trademark. Unlike registering a business name, registering a...

The Consequences of Dying Without a Will

Death isn’t a topic anyone likes to dwell on, but the consequences of dying without a will can be far reaching and chaotic for those left behind. Making a valid will can be a confronting task, not least because it brings to mind the fact of our own mortality. But it’s...

Important ATO Business Lodgement Dates

Nobody means to be disorganised, but if you find yourself rushing to meet important Australian Tax Office (ATO) business lodgement dates throughout the year – or worse, missing them – start this year off right by creating a dedicated calendar outlining the dates most...

Simple Steps for Reducing Credit Card Debt

Credit cards are an important and useful instrument in managing finances but, for many, debts can swiftly get out of hand. If you find yourself in this situation, reducing credit card debt effectively can suddenly seem like an insurmountable task. It is possible,...