One thing all businesses have in common is the need to be profitable. A strong turnover is essential for the longevity of any businesses to succeed. But how do you create profitability and where do you start? The downfall that many small business owners experience is the lack of knowledge to answer those exact questions. When discussing…

The question many people ask is should I go it alone….or should I hire a professional accountant to do it for me?  Most people who don’t work in the profession have a limited knowledge of tax, so whilst you will pay an accountant a small fee for doing your return, the return of your tax…

In the recent 2016-17 Victorian state budget there was one change to payroll tax that may positively impact a number of Victorian businesses. This was the increase in the threshold of Payroll tax from $550,000 to $650,000 progressively over the next 4 years. The payroll tax threshold has not changed since 2002 for Victoria.  How…

The new financial year will bring some new and very welcome tax breaks for small businesses. From July 1 the 1.5% reduction in tax handed down by the Treasurer in the May 2015 Federal Budget comes into effect for incorporated companies with an annual turnover of less than $2 million per annum. The new tax…

One of the benefits for small business springing from the May 2015 budget handed down by the Federal Government is the proposed expansion of accelerated depreciation on assets from the previous $1000 threshold. The proposal allows small businesses (with an annual turnover of less than $2 million) the opportunity to immediately claim their tax deduction…