This morning, I had the absolute honour of speaking at the Bayview Golf Club about one of my favourite topics: the common traps small business owners fall into — and how to avoid them. Whether you’re just starting out or have been in business for a few years and are feeling burnt out, these lessons are golden.
When you hear the words “tax planning,” you might assume it’s only relevant for the wealthy or large companies. In reality, tax planning is one of the most powerful tools available to small business owners, sole traders, and individuals with investments or multiple income streams.
When done properly, it can help you legally reduce the amount of tax you pay, avoid unwelcome surprises at tax time, and plan ahead with confidence.
If you’re anything like me, juggling school holidays, running a business, not to mention – managing the school term and balancing it all in general can feel like spinning plates while riding a unicycle. It’s a crazy balancing act, but somehow, we manage to keep everything from crashing to the ground (most of the time, anyway).
As Accountants & Bookkeepers, we often see Afterpay expenses popping up in business books and personal finances alike. It’s clear that this buy-now-pay-later service has become a popular tool for many. While it can be convenient, we’ve noticed some common pitfalls that users may not be aware of which has prompted us to put together this blog post to help you understand the potential dangers of Afterpay and how to use it wisely.
Tax time can be a stressful and unknown period for many individuals and small business owners. Ultimately, we all want to maximise our tax outcome and we want the process to be as simple as possible!
Here are the top 16 questions that we get asked on a very regular basis by both new and existing clients.
Here at Freshwater, we encounter many stressed business owners with healthy turnovers but weak cost of sales and bottom line profits. Turnover is often seen as a key indicator of success and while having a high turnover is certainly a positive sign, it’s definitely not the be-all and end-all. Without a healthy net profit and well-managed Cost of Goods (or services) sold, your business may survive in the short term, however, it will likely struggle to achieve long-term sustainability and growth.
Unless you’re expecting a fat tax refund, sorting your taxes is commonly considered a tedious task that fills most people with dread. Every year here at Freshwater, we encounter countless new clients who have managed to fall years behind on their tax affairs DESPITE being owed refunds from each outstanding tax year.
On 14 May 2024, as part of the 2024–25 Budget, the government announced it will continue it’s aim to improve cash flow and reduce compliance costs for small businesses by extending the $20,000 instant asset write-off by a further 12 months until 30 June 2025. This measure was previously announced as part of the 2023–24 Budget in relation to the 2023–24 income year.
Running a business is no small feat, especially when you’re also a solo parent.
Over the course of my journey with Freshwater Tax, I’ve learned many invaluable lessons that have not only shaped my business but also helped me balance my personal responsibilities. Here are some insights and tips designed to help other busy business-owners in my situation (of which I know first-hand) there are plenty!
Navigating the intricacies of tax deductions for motor vehicle expenses can get a bit confusing! This is especially the case because the rules can differ slightly depending on if you are an employee versus self-employed. This blog will take you through the different ways in which you can claim your car costs, depending on your specific situation.
What are Annual Distribution Minutes?
Each year, a discretionary trust’s distributable income must be calculated and allocated to beneficiaries according to the trust deed. Trust law mandates that this allocation be determined and documented through trust minutes before June 30th.
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