Many business owners fall into the same tax traps, leading to unnecessary costs during the critical early stages of your business journey. In this article, we’ve outlined five of the most common types of tax mistakes that small business owners make and the steps you can take to avoid them.
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"Starting a hospitality business requires a combination of hands-on skills, a passion for working with people, and adequate funding to get off the ground. But ultimately, a key ingredient in your sustained success and profitability will also depend on having sound accounting practices in place to manage the financial and legal side of your business."
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With no need to pay rent and the ability to fulfil orders from a warehouse or home, running a successful online store has become an increasingly appealing option for many young entrepreneurs and aspiring business owners. Due to the availability of low-cost start-up options and the many online selling platforms now available, Australia has experienced a significant increase in the number of e-commerce businesses operating online in recent years.
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Any business owner must keep track of their finances in order to maintain ongoing financial health and the success of their business. Accounting is no less important for tradies, particularly in an economic climate of rising supply costs and tighter cash flow pressures.
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Keeping clean financial records is crucial when it comes to maintaining healthy cash flow, satisfying your tax requirements and tracking the success of your small business. Unfortunately, the process of bookkeeping as a small business owner can be overwhelming and difficult to understand, especially if you have no background in accounting.
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Tax time as a sole trader can be a stressful experience. Luckily, with a little planning and preparation, you won’t need to dread doing your next tax return. In this blog, you’ll find all the important tax information for sole traders and our eight best tips for minimising your 2022 tax bill.
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Prioritising your taxes until too late can mean you end up missing out on substantial deductions at tax time. For small business, tax planning is an essential part of managing your cash flow and limiting unnecessary expenditure.
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Effective cash flow management requires constant focus and organisation. Whilst your business may succeed at earning a profit, you can easily find yourself struggling to pay off necessary business costs.
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Many business owners experience times when they struggle to stay afloat. Running a business, particularly in its early days, can weigh you down with an endless stream of responsibilities and problems that require your undivided attention.
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There was a clear focus to ease the cost of living for Australian which has skyrocketed in the wake of the pandemic and the war in Ukraine. Tuesday’s budget focused on two key areas to help address this issue.
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