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Employing Workers in your Sole Trader business for the first time

If you’re a sole trader looking to employ someone in Australia, congratulations on taking a step towards growing and scaling up your business! By now you’ll likely already know that as a sole trader, you don’t pay yourself a wage per se, and there is no legal requirement to pay your own super (though this is highly recommended).

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Capital Gains Tax (CGT) – what it is / how it operates in Australia

Capital Gains Tax (CGT) is a tax liability that gets added to your taxable income for the financial year. It’s important to note that CGT is NOT a separate tax but rather a component of your income tax. (i.e. the more you earned during a financial year, the higher your income tax liability including your capital gains tax is likely to be).

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Are you adequately covered by Insurance?

Are you sure that your small business is adequately covered by insurance?

It is crucial for small business owners carefully consider all types of insurance that may apply to their operations because insurance provides essential protection against various risks and liabilities.

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Non-Commercial Loss Rules Explained

Explaining Non-Commercial Losses: Understanding the 5 Essential Rules

It’s quite common for new businesses operated by sole traders or partnerships to incur losses during their initial growth phase. To support their business’s development, these individuals often rely on income from other source

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personal tax / sole trader

Business or Hobby?

Quite often we get asked by our clients if their side hustle would actually be considered a hobby (and thus not required to be disclosed in their personal income tax return). In 95% of these cases, the answer ends up being that the client is running a legitimate business.

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Key Land Tax Considerations – Victoria

What is Land Tax?

Land tax is an annual tax determined by the cumulative taxable value of all the land you own in Victoria, except for exempt properties like your primary residence. It is assessed as of midnight on December 31st preceding the assessment year.

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