Serving Sydney’s Inner West
Many small business owners invest not only financial resources in their business but also significant time, blood, sweat and tears not to mention emotional energy in building their business. When it comes time to sell, it’s good to know that tax concessions are available so that the capital gains you’ve worked hard to achieve aren’t all eaten up by tax. Continue reading “Small business and capital gains tax”
In the last couple of weeks, I’ve had conversations with several clients about what to do with customers who don’t pay their bills either on time or at all. No one likes doing all the work and not getting paid. In small business, keeping a good cash flow is absolutely critical. If you have significant funds tied up in your accounts receivables, you have less working capital to fund the business, more stress, sleepless nights and less time to do the good stuff. And the longer debts remain outstanding, the harder they are to collect. So, what can you do to stay on top of your debtors, maximise your cash reserves and minimise the risk of not getting paid. Continue reading “Tips for managing your debtors”
We’re in our 20th year of the Goods & Services Tax (GST) in Australia, so it’s only old timers like me who can remember the angst within the business community before it came into being! Largely, there have been very few changes to the system (helped I’m sure by any major changes needing to be approved by state governments) but I often get GST questions from people about to embark on their small business adventure. So, today is a refresher on some GST basics. Continue reading “A quick guide to navigating the GST”
This week I was asked a fairly straightforward question – I am a sole trader, operating with an ABN, can I claim travel to client premises? What’s the big deal you say, of course she can! But as is always the case with tax, the devil is in the detail. The other part of the email gave me some more facts. There is only one client, payment is made on an hourly rate and the travel involves a three hour round trip by car. Suddenly Personal Services Income (PSI) alarm bells were ringing and the answer becomes much more complex. Continue reading “Personal Services Income – Are you affected?”
Want to sort out your Assets from your Accruals? Here are some commonly used accounting terms so you can talk like an accountant! Continue reading “Sorting through the accounting jargon”
You’ve either been operating as a sole trader for a while or you’re about to embark on the entrepreneur journey. You’ve heard about companies, but is it worthwhile? Continue reading “Should I incorporate?”